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false2026Q100019016129/3011http://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#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatingxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregbdc4:segmentgbdc4:componentiso4217:EURiso4217:GBPgbdc4:portfolioCompany00019016122025-10-012025-12-3100019016122026-02-0600019016122025-12-3100019016122025-09-3000019016122024-10-012025-09-3000019016122024-10-012024-12-310001901612us-gaap:CommonStockMember2024-09-300001901612us-gaap:AdditionalPaidInCapitalMember2024-09-300001901612us-gaap:RetainedEarningsMember2024-09-3000019016122024-09-300001901612us-gaap:CommonStockMember2024-10-012024-12-310001901612us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310001901612us-gaap:RetainedEarningsMember2024-10-012024-12-310001901612us-gaap:CommonStockMember2024-12-310001901612us-gaap:AdditionalPaidInCapitalMember2024-12-310001901612us-gaap:RetainedEarningsMember2024-12-3100019016122024-12-310001901612us-gaap:CommonStockMember2025-09-300001901612us-gaap:AdditionalPaidInCapitalMember2025-09-300001901612us-gaap:RetainedEarningsMember2025-09-300001901612us-gaap:CommonStockMember2025-10-012025-12-310001901612us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310001901612us-gaap:RetainedEarningsMember2025-10-012025-12-310001901612us-gaap:CommonStockMember2025-12-310001901612us-gaap:AdditionalPaidInCapitalMember2025-12-310001901612us-gaap:RetainedEarningsMember2025-12-310001901612Jeppesen Holdings, LLC, One stop 12025-12-310001901612Jeppesen Holdings, LLC, One stop 22025-12-310001901612PPW Aero Buyer, Inc., One stop 12025-12-310001901612PPW Aero Buyer, Inc., One stop 22025-12-310001901612PPW Aero Buyer, Inc., One stop 32025-12-310001901612PPW Aero Buyer, Inc., One stop 42025-12-310001901612PPW Aero Buyer, Inc., One stop 52025-12-310001901612PPW Aero Buyer, Inc., One stop 62025-12-310001901612PPW Aero Buyer, Inc., One stop 72025-12-310001901612Titan BW Borrower L.P., One stop 12025-12-310001901612Titan BW Borrower L.P., One stop 22025-12-310001901612Titan BW Borrower L.P., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2025-12-310001901612RJW Group Holdings, Inc., One stop 12025-12-310001901612RJW Group Holdings, Inc., One stop 22025-12-310001901612RJW Group Holdings, Inc., One stop 32025-12-310001901612RJW Group Holdings, Inc., One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:AirFreightAndLogisticsMember2025-12-310001901612Arnott, LLC, One stop 12025-12-310001901612Arnott, LLC, One stop 22025-12-310001901612Collision SP Subco, LLC, One stop 12025-12-310001901612Collision SP Subco, LLC, One stop 22025-12-310001901612Collision SP Subco, LLC, One stop 32025-12-310001901612Collision SP Subco, LLC, One stop 42025-12-310001901612Collision SP Subco, LLC, One stop 52025-12-310001901612OEConnection, LLC, One stop 12025-12-310001901612OEConnection, LLC, One stop 22025-12-310001901612OEConnection, LLC, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:AutoComponentsSectorMember2025-12-310001901612CAP-KSI Holdings, LLC, One stop 12025-12-310001901612CAP-KSI Holdings, LLC, One stop 22025-12-310001901612High Bar Brands Operating, LLC, Senior secured 12025-12-310001901612High Bar Brands Operating, LLC, Senior secured 22025-12-310001901612High Bar Brands Operating, LLC, Senior secured 32025-12-310001901612High Bar Brands Operating, LLC, Senior secured 42025-12-310001901612Lincoln Acq Buyer, LLC, One stop 12025-12-310001901612Lincoln Acq Buyer, LLC, One stop 22025-12-310001901612Lincoln Acq Buyer, LLC, One stop 32025-12-310001901612National Express Wash Parent Holdco, LLC, One stop 12025-12-310001901612National Express Wash Parent Holdco, LLC, One stop 22025-12-310001901612National Express Wash Parent Holdco, LLC, One stop 32025-12-310001901612National Express Wash Parent Holdco, LLC, One stop 42025-12-310001901612Quick Quack Car Wash Holdings, LLC, One stop 12025-12-310001901612Quick Quack Car Wash Holdings, LLC, One stop 22025-12-310001901612Quick Quack Car Wash Holdings, LLC, One stop 32025-12-310001901612Quick Quack Car Wash Holdings, LLC, One stop 42025-12-310001901612Quick Quack Car Wash Holdings, LLC, One stop 52025-12-310001901612TWAS Holdings, LLC, One stop 12025-12-310001901612TWAS Holdings, LLC, One stop 22025-12-310001901612Yorkshire Parent, Inc., One stop 12025-12-310001901612Yorkshire Parent, Inc., One stop 22025-12-310001901612Yorkshire Parent, Inc., One stop 32025-12-310001901612Yorkshire Parent, Inc., One stop 42025-12-310001901612Yorkshire Parent, Inc., One stop 52025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2025-12-310001901612OSP Hamilton Purchaser, LLC, One stop 12025-12-310001901612OSP Hamilton Purchaser, LLC, One stop 22025-12-310001901612OSP Hamilton Purchaser, LLC, One stop 32025-12-310001901612OSP Hamilton Purchaser, LLC, One stop 42025-12-310001901612Empyrean Solutions, LLC, One stop 12025-12-310001901612Empyrean Solutions, LLC, One stop 22025-12-310001901612Empyrean Solutions, LLC, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:BanksSectorMember2025-12-310001901612Financial Information Technologies, LLC, One stop 12025-12-310001901612Financial Information Technologies, LLC, One stop 22025-12-310001901612Financial Information Technologies, LLC, One stop 32025-12-310001901612Financial Information Technologies, LLC, One stop 42025-12-310001901612Spindrift Beverage Co. Inc., One stop 12025-12-310001901612Spindrift Beverage Co. Inc., One stop 22025-12-310001901612Spindrift Beverage Co. Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:BeveragesSectorMember2025-12-310001901612BECO Holding Company, Inc., One stop 12025-12-310001901612BECO Holding Company, Inc., One stop 22025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:BuildingProductsSectorMember2025-12-310001901612BlueMatrix Holdings, LLC, One stop 12025-12-310001901612BlueMatrix Holdings, LLC, One stop 22025-12-310001901612BlueMatrix Holdings, LLC, One stop 32025-12-310001901612BlueMatrix Holdings, LLC, One stop 42025-12-310001901612BlueMatrix Holdings, LLC, One stop 52025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:CapitalMarketsSectorMember2025-12-310001901612AP Adhesives Holdings, LLC, One stop 12025-12-310001901612AP Adhesives Holdings, LLC, One stop 22025-12-310001901612AP Adhesives Holdings, LLC, One stop 32025-12-310001901612JSG II, Inc. and Checkers USA, Inc., One stop 12025-12-310001901612JSG II, Inc. and Checkers USA, Inc., One stop 22025-12-310001901612JSG II, Inc. and Checkers USA, Inc., One stop 32025-12-310001901612Krayden Holdings, Inc., Senior secured 12025-12-310001901612Krayden Holdings, Inc., Senior secured 22025-12-310001901612Krayden Holdings, Inc., Senior secured 32025-12-310001901612us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2025-12-310001901612CHA Vision Holdings, Inc., One stop 12025-12-310001901612CHA Vision Holdings, Inc., One stop 22025-12-310001901612CHA Vision Holdings, Inc., One stop 32025-12-310001901612CHA Vision Holdings, Inc., One stop 42025-12-310001901612CHA Vision Holdings, Inc., One stop 52025-12-310001901612Dispatch Acquisition Holdings, LLC, One stop 12025-12-310001901612Dispatch Acquisition Holdings, LLC, One stop 22025-12-310001901612Kleinfelder Intermediate, LLC, One stop 12025-12-310001901612Kleinfelder Intermediate, LLC, One stop 22025-12-310001901612Kleinfelder Intermediate, LLC, One stop 32025-12-310001901612Pearl Acquisition Buyer, Inc., One stop 12025-12-310001901612Pearl Acquisition Buyer, Inc., One stop 22025-12-310001901612Pearl Acquisition Buyer, Inc., One stop 32025-12-310001901612PSC Parent, Inc., One stop 12025-12-310001901612PSC Parent, Inc., One stop 22025-12-310001901612PSC Parent, Inc., One stop 32025-12-310001901612PSC Parent, Inc., One stop 42025-12-310001901612Trinity Air Consultants Holdings Corporation, One stop 12025-12-310001901612Trinity Air Consultants Holdings Corporation, One stop 22025-12-310001901612Trinity Air Consultants Holdings Corporation, One stop 32025-12-310001901612Trinity Air Consultants Holdings Corporation, One stop 42025-12-310001901612Trinity Air Consultants Holdings Corporation, One stop 52025-12-310001901612WRE Holding Corp., One stop 12025-12-310001901612WRE Holding Corp., One stop 22025-12-310001901612WRE Holding Corp., One stop 32025-12-310001901612WRE Holding Corp., One stop 42025-12-310001901612WRE Holding Corp., One stop 52025-12-310001901612WRE Holding Corp., One stop 62025-12-310001901612WRE Holding Corp., One stop 72025-12-310001901612WRE Holding Corp., One stop 82025-12-310001901612WRE Holding Corp., One stop 92025-12-310001901612WRE Holding Corp., One stop 102025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2025-12-310001901612Consor Intermediate II, LLC, One stop 12025-12-310001901612Consor Intermediate II, LLC, One stop 22025-12-310001901612Consor Intermediate II, LLC, One stop 32025-12-310001901612DCCM, LLC, One stop 12025-12-310001901612DCCM, LLC, One stop 22025-12-310001901612DCCM, LLC, One stop 32025-12-310001901612Royal Holdco Corporation, One stop 12025-12-310001901612Royal Holdco Corporation, One stop 22025-12-310001901612Royal Holdco Corporation, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:ConstructionAndEngineeringSectorMember2025-12-310001901612Packaging Coordinators Midco, Inc., One stop 12025-12-310001901612Packaging Coordinators Midco, Inc., One stop 22025-12-310001901612Packaging Coordinators Midco, Inc., One stop 32025-12-310001901612Packaging Coordinators Midco, Inc., One stop 42025-12-310001901612Packaging Coordinators Midco, Inc., One stop 52025-12-310001901612Packaging Coordinators Midco, Inc., One stop 62025-12-310001901612Packaging Coordinators Midco, Inc., One stop 72025-12-310001901612us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001901612ABC Legal Holdings, LLC, One stop 12025-12-310001901612ABC Legal Holdings, LLC, One stop 22025-12-310001901612ABC Legal Holdings, LLC, One stop 32025-12-310001901612Action Termite Control, LLC, Senior secured 12025-12-310001901612Action Termite Control, LLC, Senior secured 22025-12-310001901612Action Termite Control, LLC, Senior secured 32025-12-310001901612Any Hour, LLC, One stop 12025-12-310001901612Any Hour, LLC, One stop 22025-12-310001901612Any Hour, LLC, One stop 32025-12-310001901612Any Hour, LLC, One stop 42025-12-310001901612Apex Service Partners, LLC, One stop 12025-12-310001901612Apex Service Partners, LLC, One stop 22025-12-310001901612Apex Service Partners, LLC, One stop 32025-12-310001901612Apex Service Partners, LLC, One stop 42025-12-310001901612Apex Service Partners, LLC, One stop 52025-12-310001901612Apex Service Partners, LLC, One stop 62025-12-310001901612Aptive Environmental, LLC, One stop 72025-12-310001901612Aptive Environmental, LLC, One stop 82025-12-310001901612Aptive Environmental, LLC, One stop 92025-12-310001901612CHVAC Services Investment, LLC, One stop 12025-12-310001901612CHVAC Services Investment, LLC, One stop 22025-12-310001901612CHVAC Services Investment, LLC, One stop 32025-12-310001901612CHVAC Services Investment, LLC, One stop 42025-12-310001901612Entomo Brands Acquisitions, Inc., Senior secured 12025-12-310001901612Entomo Brands Acquisitions, Inc., Senior secured 22025-12-310001901612Entomo Brands Acquisitions, Inc., Senior secured 32025-12-310001901612HS Spa Holdings, Inc., One stop 12025-12-310001901612HS Spa Holdings, Inc., One stop 22025-12-310001901612HS Spa Holdings, Inc., One stop 32025-12-310001901612Kodiak Buyer, LLC, One stop 12025-12-310001901612Kodiak Buyer, LLC, One stop 22025-12-310001901612Kodiak Buyer, LLC, One stop 32025-12-310001901612Litera Bidco, LLC, One stop 12025-12-310001901612Litera Bidco, LLC, One stop 22025-12-310001901612Litera Bidco, LLC, One stop 32025-12-310001901612Litera Bidco, LLC, One stop 42025-12-310001901612Mario Purchaser, LLC, One stop 12025-12-310001901612Mario Purchaser, LLC, One stop 22025-12-310001901612Mario Purchaser, LLC, One stop 32025-12-310001901612Mario Purchaser, LLC, One stop 42025-12-310001901612Mario Purchaser, LLC, One stop 52025-12-310001901612NSG Buyer, Inc., One stop 12025-12-310001901612NSG Buyer, Inc., One stop 22025-12-310001901612NSG Buyer, Inc., One stop 32025-12-310001901612Salisbury House, LLC, One stop 12025-12-310001901612Salisbury House, LLC, One stop 22025-12-310001901612Salisbury House, LLC, One stop 32025-12-310001901612Severin Acquisition, LLC, One stop 12025-12-310001901612Severin Acquisition, LLC, One stop 22025-12-310001901612Severin Acquisition, LLC, One stop 32025-12-310001901612SCP CDH Buyer, Inc., One stop 12025-12-310001901612SCP CDH Buyer, Inc., One stop 22025-12-310001901612SCP CDH Buyer, Inc., One stop 32025-12-310001901612Stellar Brands, LLC, Senior secured 12025-12-310001901612Stellar Brands, LLC, Senior secured 22025-12-310001901612Virginia Green Acquisition, LLC, One stop 12025-12-310001901612Virginia Green Acquisition, LLC, One stop 22025-12-310001901612Virginia Green Acquisition, LLC, One stop 32025-12-310001901612Virginia Green Acquisition, LLC, One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-12-310001901612Baker Tilly Advisory Group, LP, One stop 12025-12-310001901612Baker Tilly Advisory Group, LP, One stop 22025-12-310001901612Baker Tilly Advisory Group, LP, One stop 32025-12-310001901612Baker Tilly Advisory Group, LP, One stop 42025-12-310001901612Banker's Toolbox, Inc., One stop 12025-12-310001901612Banker's Toolbox, Inc., One stop 22025-12-310001901612Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-12-310001901612Ceres Groupe SAS & Ceres PikCo, One stop 12025-12-310001901612Ceres Groupe SAS & Ceres PikCo, One stop 22025-12-310001901612Ceres Groupe SAS & Ceres PikCo, One stop 32025-12-310001901612Corsair Blade IV S.A R.L., One stop 12025-12-310001901612Corsair Blade IV S.A R.L., One stop 22025-12-310001901612Deerfield Dakota Holding, LLC, One stop 12025-12-310001901612Deerfield Dakota Holding, LLC, One stop 22025-12-310001901612Equity Methods, LLC, One stop2025-12-310001901612Higginbotham Insurance Agency, Inc., One stop 12025-12-310001901612Higginbotham Insurance Agency, Inc., One stop 22025-12-310001901612Higginbotham Insurance Agency, Inc., One stop 32025-12-310001901612Equity Methods, LLC, One stop 12025-12-310001901612Equity Methods, LLC, One stop 22025-12-310001901612Finastra USA, Inc., One stop2025-12-310001901612Medlar Bidco Limited, One stop 12025-12-310001901612Medlar Bidco Limited, One stop 22025-12-310001901612Medlar Bidco Limited, One stop 32025-12-310001901612Wealth Enhancement Group, LLC, One stop 12025-12-310001901612Wealth Enhancement Group, LLC, One stop 22025-12-310001901612Wealth Enhancement Group, LLC, One stop 32025-12-310001901612Wealth Enhancement Group, LLC, One stop 42025-12-310001901612Wealth Enhancement Group, LLC, One stop 52025-12-310001901612Wealth Enhancement Group, LLC, One stop 62025-12-310001901612Wealth Enhancement Group, LLC, One stop 72025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2025-12-310001901612Smart Energy Systems, Inc., One stop 12025-12-310001901612Smart Energy Systems, Inc., One stop 22025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricUtilitiesSectorMember2025-12-310001901612Power Grid Holdings, Inc., One stop 12025-12-310001901612Power Grid Holdings, Inc., One stop 22025-12-310001901612Wildcat TopCo, Inc., One stop 12025-12-310001901612Wildcat TopCo, Inc., One stop 22025-12-310001901612Wildcat TopCo, Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricalEquipmentSectorMember2025-12-310001901612CST Holding Company, One stop 12025-12-310001901612CST Holding Company, One stop 22025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001901612GMF Parent, Inc., One stop 12025-12-310001901612GMF Parent, Inc., One stop 22025-12-310001901612GMF Parent, Inc., One stop 32025-12-310001901612GMF Parent, Inc., One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:FoodAndStaplesRetailingSectorMember2025-12-310001901612Blast Bidco Inc., One stop 12025-12-310001901612Blast Bidco Inc., One stop 22025-12-310001901612Eagle Family Foods Group, LLC, One stop 12025-12-310001901612Eagle Family Foods Group, LLC, One stop 22025-12-310001901612Sphynx UK Bidco, Ltd., One stop 12025-12-310001901612Sphynx UK Bidco, Ltd., One stop 22025-12-310001901612Sphynx UK Bidco, Ltd., One stop 32025-12-310001901612Zullas, L.C., One stop 12025-12-310001901612Zullas, L.C., One stop 22025-12-310001901612Zullas, L.C., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:FoodProductsSectorMember2025-12-310001901612Bayou Intermediate II, LLC, One stop 12025-12-310001901612Bayou Intermediate II, LLC, One stop 22025-12-310001901612Bayou Intermediate II, LLC, One stop 32025-12-310001901612Belmont Instrument, LLC, One stop 12025-12-310001901612Belmont Instrument, LLC, One stop 22025-12-310001901612Blades Buyer, Inc., Senior secured 12025-12-310001901612Blades Buyer, Inc., Senior secured 22025-12-310001901612CCSL Holdings, LLC, One stop2025-12-310001901612Centegix Intermediate II, LLC, One stop 12025-12-310001901612Centegix Intermediate II, LLC, One stop 22025-12-310001901612Centegix Intermediate II, LLC, One stop 32025-12-310001901612HuFriedy Group Acquisition, LLC, One stop 12025-12-310001901612HuFriedy Group Acquisition, LLC, One stop 22025-12-310001901612HuFriedy Group Acquisition, LLC, One stop 32025-12-310001901612HuFriedy Group Acquisition, LLC, One stop 42025-12-310001901612Isto Group, Inc., One stop 12025-12-310001901612Isto Group, Inc., One stop 22025-12-310001901612Isto Group, Inc., One stop 32025-12-310001901612RTI Surgical, Inc., One stop 12025-12-310001901612RTI Surgical, Inc., One stop 22025-12-310001901612TIDI Legacy Products, Inc., One stop 12025-12-310001901612TIDI Legacy Products, Inc., One stop 22025-12-310001901612TIDI Legacy Products, Inc., One stop 32025-12-310001901612YI, LLC, One stop 12025-12-310001901612YI, LLC, One stop 22025-12-310001901612ZimVie, Inc., One stop 12025-12-310001901612ZimVie, Inc., One stop 22025-12-310001901612ZimVie, Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2025-12-310001901612Active Day, Inc., One stop 12025-12-310001901612Active Day, Inc., One stop 22025-12-310001901612Active Day, Inc., One stop 32025-12-310001901612Bamboo US Bidco LLC, One stop 12025-12-310001901612Bamboo US Bidco LLC, One stop 22025-12-310001901612Bamboo US Bidco LLC, One stop 32025-12-310001901612Bamboo US Bidco LLC, One stop 42025-12-310001901612Bamboo US Bidco LLC, One stop 52025-12-310001901612Bamboo US Bidco LLC, One stop 62025-12-310001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-12-310001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-12-310001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-12-310001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-12-310001901612BHG Holdings, LLC, One stop 12025-12-310001901612BHG Holdings, LLC, One stop 22025-12-310001901612BHG Holdings, LLC, One stop 32025-12-310001901612Community Care Partners, LLC, One stop2025-12-310001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-12-310001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-12-310001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-12-310001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-12-310001901612FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12025-12-310001901612FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22025-12-310001901612HP TLE Buyer, Inc., One stop 12025-12-310001901612HP TLE Buyer, Inc., One stop 22025-12-310001901612LOV Acquisition LLC, Senior secured 12025-12-310001901612LOV Acquisition LLC, Senior secured 22025-12-310001901612PPV Intermediate Holdings, LLC, One stop 12025-12-310001901612PPV Intermediate Holdings, LLC, One stop 22025-12-310001901612PPV Intermediate Holdings, LLC, One stop 32025-12-310001901612PPV Intermediate Holdings, LLC, One stop 42025-12-310001901612PPV Intermediate Holdings, LLC, One stop 52025-12-310001901612PPV Intermediate Holdings, LLC, One stop 62025-12-310001901612PPV Intermediate Holdings, LLC, One stop 72025-12-310001901612PPV Intermediate Holdings, LLC, One stop 82025-12-310001901612Premise Health Holding Corp., One stop 12025-12-310001901612Premise Health Holding Corp., One stop 22025-12-310001901612Premise Health Holding Corp., One stop 32025-12-310001901612Premise Health Holding Corp., One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2025-12-310001901612Amberfield Acquisition Co., One stop 12025-12-310001901612Amberfield Acquisition Co., One stop 22025-12-310001901612Amberfield Acquisition Co., One stop 32025-12-310001901612Color Intermediate, LLC, Senior secured2025-12-310001901612Crow River Buyer, Inc., One stop 12025-12-310001901612Crow River Buyer, Inc., One stop 22025-12-310001901612Crow River Buyer, Inc., One stop 32025-12-310001901612GHX Ultimate Parent Corporation, One stop 12025-12-310001901612GHX Ultimate Parent Corporation, One stop 22025-12-310001901612Healthmark Holdings, L.P., One stop 12025-12-310001901612Healthmark Holdings, L.P., One stop 22025-12-310001901612Healthmark Holdings, L.P., One stop 32025-12-310001901612Kona Buyer, LLC, One stop 12025-12-310001901612Kona Buyer, LLC, One stop 22025-12-310001901612Kona Buyer, LLC, One stop 32025-12-310001901612Kona Buyer, LLC, One stop 42025-12-310001901612Kona Buyer, LLC, One stop 52025-12-310001901612Kona Buyer, LLC, One stop 62025-12-310001901612Kona Buyer, LLC, One stop 72025-12-310001901612Kona Buyer, LLC, One stop 82025-12-310001901612Lacker Bidco Limited, One stop 12025-12-310001901612Lacker Bidco Limited, One stop 22025-12-310001901612Lacker Bidco Limited, One stop 32025-12-310001901612Lacker Bidco Limited, One stop 42025-12-310001901612Modernizing Medicine, Inc., One stop 12025-12-310001901612Modernizing Medicine, Inc., One stop 22025-12-310001901612Neptune Holdings, Inc., One stop 12025-12-310001901612Neptune Holdings, Inc., One stop 22025-12-310001901612Netsmart Technologies, Inc., One stop 12025-12-310001901612Netsmart Technologies, Inc., One stop 22025-12-310001901612Netsmart Technologies, Inc., One stop 32025-12-310001901612Netsmart Technologies, Inc., One stop 42025-12-310001901612Plasma Buyer LLC, One stop 12025-12-310001901612Plasma Buyer LLC, One stop 22025-12-310001901612Plasma Buyer LLC, One stop 32025-12-310001901612QF Holdings, Inc., One stop 12025-12-310001901612QF Holdings, Inc., One stop 22025-12-310001901612QF Holdings, Inc., One stop 32025-12-310001901612Signant Finance One Limited, One stop 12025-12-310001901612Signant Finance One Limited, One stop 22025-12-310001901612Signant Finance One Limited, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-12-310001901612Barteca Restaurants, LLC, One stop 12025-12-310001901612Barteca Restaurants, LLC, One stop 22025-12-310001901612Barteca Restaurants, LLC, One stop 32025-12-310001901612Barteca Restaurants, LLC, One stop 42025-12-310001901612CB Sports Holdings Bidco, LLC, One stop 12025-12-310001901612CB Sports Holdings Bidco, LLC, One stop 22025-12-310001901612CB Sports Holdings Bidco, LLC, One stop 32025-12-310001901612CB Sports Holdings Bidco, LLC, One stop 42025-12-310001901612CR Fitness Holdings, LLC, Senior secured 12025-12-310001901612CR Fitness Holdings, LLC, Senior secured 22025-12-310001901612CR Fitness Holdings, LLC, Senior secured 32025-12-310001901612Crumbl Enterprises, LLC, One stop 12025-12-310001901612Crumbl Enterprises, LLC, One stop 22025-12-310001901612ESN Venture Holdings, LLC, One stop 12025-12-310001901612ESN Venture Holdings, LLC, One stop 22025-12-310001901612ESN Venture Holdings, LLC, One stop 32025-12-310001901612ESN Venture Holdings, LLC, One stop 42025-12-310001901612ESN Venture Holdings, LLC, One stop 52025-12-310001901612ESN Venture Holdings, LLC, One stop 62025-12-310001901612ESN Venture Holdings, LLC, One stop 72025-12-310001901612ESN Venture Holdings, LLC, One stop 82025-12-310001901612ESN Venture Holdings, LLC, One stop 92025-12-310001901612ESN Venture Holdings, LLC, One stop 102025-12-310001901612GFP Atlantic Holdco 2, LLC, One stop 12025-12-310001901612GFP Atlantic Holdco 2, LLC, One stop 22025-12-310001901612Health Buyer, LLC, Senior secured 12025-12-310001901612Health Buyer, LLC, Senior secured 22025-12-310001901612Health Buyer, LLC, Senior secured 32025-12-310001901612Olo Parent, Inc., One stop 12025-12-310001901612Olo Parent, Inc., One stop 22025-12-310001901612Patriot Acquireco, LLC, One stop 12025-12-310001901612Patriot Acquireco, LLC, One stop 22025-12-310001901612PB Group Holdings, LLC, One stop 12025-12-310001901612PB Group Holdings, LLC, One stop 22025-12-310001901612QSR Acquisition Co., One stop 12025-12-310001901612QSR Acquisition Co., One stop 22025-12-310001901612QSR Acquisition Co., One stop 32025-12-310001901612Rooster BidCo Limited, One stop 12025-12-310001901612Rooster BidCo Limited, One stop 22025-12-310001901612Rooster BidCo Limited, One stop 32025-12-310001901612Saguaro Buyer, LLC, One stop 12025-12-310001901612Saguaro Buyer, LLC, One stop 22025-12-310001901612Saguaro Buyer, LLC, One stop 32025-12-310001901612Saguaro Buyer, LLC, One stop 42025-12-310001901612SDC Holdco, LLC, One stop 12025-12-310001901612SDC Holdco, LLC, One stop 22025-12-310001901612SSRG Holdings, LLC, One stop 12025-12-310001901612SSRG Holdings, LLC, One stop 22025-12-310001901612YE Brands Holding, LLC, One stop 12025-12-310001901612YE Brands Holding, LLC, One stop 22025-12-310001901612YE Brands Holding, LLC, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-12-310001901612TLB Holdings I, LLC, One stop 12025-12-310001901612TLB Holdings I, LLC, One stop 22025-12-310001901612TLB Holdings I, LLC, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:HouseholdDurablesSectorMember2025-12-310001901612WU Holdco, Inc., One stop 12025-12-310001901612WU Holdco, Inc., One stop 22025-12-310001901612WU Holdco, Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:HouseholdProductsSectorMember2025-12-310001901612Dwyer Instruments, Inc., One stop 12025-12-310001901612Dwyer Instruments, Inc., One stop 22025-12-310001901612Dwyer Instruments, Inc., One stop 32025-12-310001901612Dwyer Instruments, Inc., One stop 42025-12-310001901612Dwyer Instruments, Inc., One stop 52025-12-310001901612Dwyer Instruments, Inc., One stop 62025-12-310001901612Dwyer Instruments, Inc., One stop 72025-12-310001901612Dwyer Instruments, Inc., One stop 82025-12-310001901612Dwyer Instruments, Inc., One stop 92025-12-310001901612Essential Services Holdings Corporation, One stop 12025-12-310001901612Essential Services Holdings Corporation, One stop 22025-12-310001901612Essential Services Holdings Corporation, One stop 32025-12-310001901612Excelitas Technologies Corp., One stop 12025-12-310001901612Excelitas Technologies Corp., One stop 22025-12-310001901612Excelitas Technologies Corp., One stop 32025-12-310001901612Excelitas Technologies Corp., One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2025-12-310001901612Bellwether Buyer, LLC, One stop 12025-12-310001901612Bellwether Buyer, LLC, One stop 22025-12-310001901612Bellwether Buyer, LLC, One stop 32025-12-310001901612Ben Nevis Midco Limited, One stop 12025-12-310001901612Ben Nevis Midco Limited, One stop 22025-12-310001901612Ben Nevis Midco Limited, One stop 32025-12-310001901612Ben Nevis Midco Limited, One stop 42025-12-310001901612Captive Resources Midco, LLC, One stop 12025-12-310001901612Captive Resources Midco, LLC, One stop 22025-12-310001901612Doxa Insurance Holdings LLC, One stop 12025-12-310001901612Doxa Insurance Holdings LLC, One stop 22025-12-310001901612Doxa Insurance Holdings LLC, One stop 32025-12-310001901612Doxa Insurance Holdings LLC, One stop 42025-12-310001901612Gimlet Bidco GMBH, One stop 12025-12-310001901612Gimlet Bidco GMBH, One stop 22025-12-310001901612Gimlet Bidco GMBH, One stop 32025-12-310001901612Huskies Parent, Inc., One stop2025-12-310001901612Integrity Marketing Acquisition, LLC, One stop 12025-12-310001901612Integrity Marketing Acquisition, LLC, One stop 22025-12-310001901612Integrity Marketing Acquisition, LLC, One stop 32025-12-310001901612Koala Investment Holdings, Inc., One stop 12025-12-310001901612Koala Investment Holdings, Inc., One stop 22025-12-310001901612Koala Investment Holdings, Inc., One stop 32025-12-310001901612MRH Trowe Germany GMBH, One stop 12025-12-310001901612MRH Trowe Germany GMBH, One stop 22025-12-310001901612MRH Trowe Germany GMBH, One stop 32025-12-310001901612Oakbridge Insurance Agency LLC, One stop 12025-12-310001901612Oakbridge Insurance Agency LLC, One stop 22025-12-310001901612Oakbridge Insurance Agency LLC, One stop 32025-12-310001901612Oakbridge Insurance Agency LLC, One stop 42025-12-310001901612Oakbridge Insurance Agency LLC, One stop 52025-12-310001901612Pareto Health Intermediate Holdings, Inc., One stop 12025-12-310001901612Pareto Health Intermediate Holdings, Inc., One stop 22025-12-310001901612Pareto Health Intermediate Holdings, Inc., One stop 32025-12-310001901612Wasabi Lower Holdco, LLC, Senior secured 12025-12-310001901612Wasabi Lower Holdco, LLC, Senior secured 22025-12-310001901612World Insurance Associates, LLC, One stop 12025-12-310001901612World Insurance Associates, LLC, One stop 22025-12-310001901612us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001901612CivicPlus, LLC, One stop 12025-12-310001901612CivicPlus, LLC, One stop 22025-12-310001901612ContractPod Technologies, Ltd., One stop 12025-12-310001901612ContractPod Technologies, Ltd., One stop 22025-12-310001901612ContractPod Technologies, Ltd., One stop 32025-12-310001901612Critical Start, Inc., One stop 12025-12-310001901612Critical Start, Inc., One stop 22025-12-310001901612Critical Start, Inc., One stop 32025-12-310001901612Goldcup 31018 AB, One stop 12025-12-310001901612Goldcup 31018 AB, One stop 22025-12-310001901612Goldcup 31018 AB, One stop 32025-12-310001901612Netwrix Corporation, One stop 12025-12-310001901612Netwrix Corporation, One stop 22025-12-310001901612Netwrix Corporation, One stop 32025-12-310001901612Netwrix Corporation, One stop 42025-12-310001901612PDQ.com Corporation, One stop 12025-12-310001901612PDQ.com Corporation, One stop 22025-12-310001901612PDQ.com Corporation, One stop 32025-12-310001901612ReliaQuest Holdings, LLC, One stop 12025-12-310001901612ReliaQuest Holdings, LLC, One stop 22025-12-310001901612ReliaQuest Holdings, LLC, One stop 32025-12-310001901612ReliaQuest Holdings, LLC, One stop 42025-12-310001901612WPEngine, Inc., One stop 12025-12-310001901612WPEngine, Inc., One stop 22025-12-310001901612Zarya Holdco, Inc., One stop 12025-12-310001901612Zarya Holdco, Inc., One stop 22025-12-310001901612Zarya Holdco, Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2025-12-310001901612Crunch Holdings, LLC, One stop 12025-12-310001901612Crunch Holdings, LLC, One stop 22025-12-310001901612Movement Holdings, LLC, One stop 12025-12-310001901612Movement Holdings, LLC, One stop 22025-12-310001901612Movement Holdings, LLC, One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:LeisureProductsSectorMember2025-12-310001901612Celerion Buyer, Inc., One stop 12025-12-310001901612Celerion Buyer, Inc., One stop 22025-12-310001901612Celerion Buyer, Inc., One stop 32025-12-310001901612Celerion Buyer, Inc., One stop 42025-12-310001901612Diamondback Acquisition, Inc., One stop 12025-12-310001901612Diamondback Acquisition, Inc., One stop 22025-12-310001901612Diamondback Acquisition, Inc., One stop 32025-12-310001901612PAS Parent Inc., One stop 12025-12-310001901612PAS Parent Inc., One stop 22025-12-310001901612PAS Parent Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-12-310001901612AI Titan Parent, Inc., One stop 12025-12-310001901612AI Titan Parent, Inc., One stop 22025-12-310001901612AI Titan Parent, Inc., One stop 32025-12-310001901612Blackbird Purchaser, Inc., One stop 12025-12-310001901612Blackbird Purchaser, Inc., One stop 22025-12-310001901612Blackbird Purchaser, Inc., One stop 32025-12-310001901612Thermogenics, Inc., One stop 12025-12-310001901612Thermogenics, Inc., One stop 22025-12-310001901612Thermogenics, Inc., One stop 32025-12-310001901612Thermogenics, Inc., One stop 42025-12-310001901612Thermogenics, Inc., One stop 52025-12-310001901612Thermogenics, Inc., One stop 62025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:MachinerySectorMember2025-12-310001901612Lotus Topco, Inc., One stop 12025-12-310001901612Lotus Topco, Inc., One stop 22025-12-310001901612Lotus Topco, Inc., One stop 32025-12-310001901612Lotus Topco, Inc., One stop 42025-12-310001901612Shout! Factory, LLC, One stop 12025-12-310001901612Shout! Factory, LLC, One stop 22025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:MediaSectorMember2025-12-310001901612Edition Holdings, Inc., One stop 12025-12-310001901612Edition Holdings, Inc., One stop 22025-12-310001901612Edition Holdings, Inc., One stop 32025-12-310001901612Edition Holdings, Inc., One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:OilGasAndConsumableFuelsSectorMember2025-12-310001901612ACP Ulysses Buyer, Inc., One stop2025-12-310001901612Caerus Midco 3 S.A.R.L., One stop 12025-12-310001901612Caerus Midco 3 S.A.R.L., One stop 22025-12-310001901612Caerus Midco 3 S.A.R.L., One stop 32025-12-310001901612Caerus Midco 3 S.A.R.L., One stop 42025-12-310001901612Caerus Midco 3 S.A.R.L., One stop 52025-12-310001901612Creek Parent, Inc., One stop 12025-12-310001901612Creek Parent, Inc., One stop 22025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2025-12-310001901612ALKU Intermediate Holdings, LLC, One stop 12025-12-310001901612ALKU Intermediate Holdings, LLC, One stop 22025-12-310001901612bswift, LLC, One stop 12025-12-310001901612bswift, LLC, One stop 22025-12-310001901612bswift, LLC, One stop 32025-12-310001901612Denali Intermediate Holdings, Inc., One stop 12025-12-310001901612Denali Intermediate Holdings, Inc., One stop 22025-12-310001901612DISA Holdings Corp., Senior secured 12025-12-310001901612DISA Holdings Corp., Senior secured 22025-12-310001901612DISA Holdings Corp., Senior secured 32025-12-310001901612DISA Holdings Corp., Subordinated debt2025-12-310001901612DISA Holdings Corp., Senior secured 42025-12-310001901612DISA Holdings Corp., One stop2025-12-310001901612DISA Holdings Corp., Senior secured 52025-12-310001901612Eclipse Buyer, Inc., One stop 12025-12-310001901612Eclipse Buyer, Inc., One stop 22025-12-310001901612Eclipse Buyer, Inc., One stop 32025-12-310001901612Varicent Intermediate Holdings Corporation, One stop 12025-12-310001901612Varicent Intermediate Holdings Corporation, One stop 22025-12-310001901612Varicent Intermediate Holdings Corporation, One stop 32025-12-310001901612Varicent Intermediate Holdings Corporation, One stop 42025-12-310001901612Varicent Intermediate Holdings Corporation, One stop 52025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2025-12-310001901612Anaplan, Inc., One stop 12025-12-310001901612Anaplan, Inc., One stop 22025-12-310001901612Armstrong Bidco Limited, One stop 12025-12-310001901612Armstrong Bidco Limited, One stop 22025-12-310001901612Arrow Buyer, Inc., One stop 12025-12-310001901612Arrow Buyer, Inc., One stop 22025-12-310001901612Arrow Buyer, Inc., One stop 32025-12-310001901612Artifact Bidco, Inc., One stop 12025-12-310001901612Artifact Bidco, Inc., One stop 22025-12-310001901612Artifact Bidco, Inc., One stop 32025-12-310001901612Artifact Bidco, Inc., One stop 42025-12-310001901612Azurite Intermediate Holdings, Inc., One stop 12025-12-310001901612Azurite Intermediate Holdings, Inc., One stop 22025-12-310001901612Azurite Intermediate Holdings, Inc., One stop 32025-12-310001901612Baxter Planning Systems, LLC, One stop 12025-12-310001901612Baxter Planning Systems, LLC, One stop 22025-12-310001901612Baxter Planning Systems, LLC, One stop 32025-12-310001901612BestPass, Inc., One stop 12025-12-310001901612BestPass, Inc., One stop 22025-12-310001901612BestPass, Inc., One stop 32025-12-310001901612Bloomerang, LLC, One stop 12025-12-310001901612Bloomerang, LLC, One stop 22025-12-310001901612Bloomerang, LLC, One stop 32025-12-310001901612Blue Bidco Limited, One stop 12025-12-310001901612Blue Bidco Limited, One stop 22025-12-310001901612Blue Bidco Limited, One stop 32025-12-310001901612Blue Bidco Limited, One stop 42025-12-310001901612Blue Bidco Limited, One stop 52025-12-310001901612Burning Glass Intermediate Holdings Company, Inc., One stop 12025-12-310001901612Burning Glass Intermediate Holdings Company, Inc., One stop 22025-12-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-12-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-12-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-12-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-12-310001901612Camelia Bidco Limited, One stop 12025-12-310001901612Camelia Bidco Limited, One stop 22025-12-310001901612Camelia Bidco Limited, One stop 32025-12-310001901612Camelia Bidco Limited, One stop 42025-12-310001901612CB Buyer, Inc., One stop 12025-12-310001901612CB Buyer, Inc., One stop 22025-12-310001901612CB Buyer, Inc., One stop 32025-12-310001901612Coupa Holdings, LLC, One stop 12025-12-310001901612Coupa Holdings, LLC, One stop 22025-12-310001901612Coupa Holdings, LLC, One stop 32025-12-310001901612Crewline Buyer, Inc., One stop 12025-12-310001901612Crewline Buyer, Inc., One stop 22025-12-310001901612Denali Bidco Limited, One stop 12025-12-310001901612Denali Bidco Limited, One stop 22025-12-310001901612Denali Bidco Limited, One stop 32025-12-310001901612Denali Bidco Limited, Subordinated debt 12025-12-310001901612Denali Bidco Limited, Subordinated debt 22025-12-310001901612Einstein Parent, Inc., One stop 12025-12-310001901612Einstein Parent, Inc., One stop 22025-12-310001901612Espresso Bidco, Inc., One stop 12025-12-310001901612Espresso Bidco, Inc., One stop 22025-12-310001901612Espresso Bidco, Inc., One stop 32025-12-310001901612Evergreen IX Borrower 2023, LLC, One stop 12025-12-310001901612Evergreen IX Borrower 2023, LLC, One stop 22025-12-310001901612Evergreen IX Borrower 2023, LLC, One stop 32025-12-310001901612Flexera Software, LLC, One stop 12025-12-310001901612Flexera Software, LLC, One stop 22025-12-310001901612Flexera Software, LLC, One stop 32025-12-310001901612Flexera Software, LLC, One stop 42025-12-310001901612GTIV, LLC, One stop2025-12-310001901612GTY Technology Holdings, Inc., One stop 12025-12-310001901612GTY Technology Holdings, Inc., One stop 22025-12-310001901612GTY Technology Holdings, Inc., One stop 32025-12-310001901612GTY Technology Holdings, Inc., One stop 42025-12-310001901612GTY Technology Holdings, Inc., One stop 52025-12-310001901612GTY Technology Holdings, Inc., One stop 62025-12-310001901612GTY Technology Holdings, Inc., One stop 72025-12-310001901612Gurobi Optimization, LLC, One stop 12025-12-310001901612Gurobi Optimization, LLC, One stop 22025-12-310001901612Hyland Software, Inc., One stop 12025-12-310001901612Hyland Software, Inc., One stop 22025-12-310001901612Icefall Parent, Inc., One stop 12025-12-310001901612Icefall Parent, Inc., One stop 22025-12-310001901612ICIMS, Inc., One stop 12025-12-310001901612ICIMS, Inc., One stop 22025-12-310001901612IQN Holding Corp., One stop 12025-12-310001901612IQN Holding Corp., One stop 22025-12-310001901612IQN Holding Corp., One stop 32025-12-310001901612Island Bidco AB, One stop 12025-12-310001901612Island Bidco AB, One stop 22025-12-310001901612Island Bidco AB, One stop 32025-12-310001901612Island Bidco AB, One stop 42025-12-310001901612Island Bidco AB, One stop 52025-12-310001901612Kairos Bidco Limited, One stop 12025-12-310001901612Kairos Bidco Limited, One stop 22025-12-310001901612Kairos Bidco Limited, One stop 32025-12-310001901612Kairos Bidco Limited, One stop 42025-12-310001901612LeadsOnline, LLC, One stop 12025-12-310001901612LeadsOnline, LLC, One stop 22025-12-310001901612LeadsOnline, LLC, One stop 32025-12-310001901612LeadsOnline, LLC, One stop 42025-12-310001901612Lighthouse Bidco GMBH, One stop 12025-12-310001901612Lighthouse Bidco GMBH, One stop 22025-12-310001901612Lighthouse Bidco GMBH, One stop 32025-12-310001901612LogicMonitor, Inc., One stop 12025-12-310001901612LogicMonitor, Inc., One stop 22025-12-310001901612LogicMonitor, Inc., One stop 32025-12-310001901612Matrix42 Holding GMBH, One stop2025-12-310001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-12-310001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-12-310001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-12-310001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-12-310001901612MYOB Invest Co Pty Ltd, One stop2025-12-310001901612Navex Global Holdings Corporation, One stop 12025-12-310001901612Navex Global Holdings Corporation, One stop 22025-12-310001901612Navex Global Holdings Corporation, One stop 32025-12-310001901612Onit, Inc., One stop 12025-12-310001901612Onit, Inc., One stop 22025-12-310001901612Onit, Inc., One stop 32025-12-310001901612Onit, Inc., One stop 42025-12-310001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-12-310001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-12-310001901612Panzura, LLC, One stop2025-12-310001901612Pineapple German Bidco GMBH, One stop 12025-12-310001901612Pineapple German Bidco GMBH, One stop 22025-12-310001901612Pineapple German Bidco GMBH, One stop 32025-12-310001901612Pineapple German Bidco GMBH, One stop 42025-12-310001901612Pineapple German Bidco GMBH, One stop 52025-12-310001901612Pineapple German Bidco GMBH, One stop 62025-12-310001901612Pineapple German Bidco GMBH, One stop 72025-12-310001901612Quant Buyer, Inc., One stop 12025-12-310001901612Quant Buyer, Inc., One stop 22025-12-310001901612Quant Buyer, Inc., One stop 32025-12-310001901612Quant Buyer, Inc., One stop 42025-12-310001901612Rainforest Bidco Limited, One stop 12025-12-310001901612Rainforest Bidco Limited, One stop 22025-12-310001901612Rainforest Bidco Limited, One stop 32025-12-310001901612Rainforest Bidco Limited, One stop 42025-12-310001901612Rainforest Bidco Limited, One stop 52025-12-310001901612Rainforest Bidco Limited, One stop 62025-12-310001901612Rainforest Bidco Limited, One stop 72025-12-310001901612Sapphire Bidco Oy, One stop2025-12-310001901612Spark Bidco Limited, One stop 12025-12-310001901612Spark Bidco Limited, One stop 22025-12-310001901612Spark Bidco Limited, One stop 32025-12-310001901612Spark Bidco Limited, One stop 42025-12-310001901612Spark Bidco Limited, One stop 52025-12-310001901612Templafy APS and Templafy, LLC, One stop 12025-12-310001901612Templafy APS and Templafy, LLC, One stop 22025-12-310001901612Togetherwork Holdings, LLC, One stop 12025-12-310001901612Togetherwork Holdings, LLC, One stop 22025-12-310001901612Togetherwork Holdings, LLC, One stop 32025-12-310001901612Transform Bidco Limited, One stop 12025-12-310001901612Transform Bidco Limited, One stop 22025-12-310001901612Transform Bidco Limited, One stop 32025-12-310001901612Transform Bidco Limited, One stop 42025-12-310001901612Transform Bidco Limited, One stop 52025-12-310001901612Transform Bidco Limited, One stop 62025-12-310001901612Transform Bidco Limited, One stop 72025-12-310001901612Tricentis Operations Holdings, Inc., One stop 12025-12-310001901612Tricentis Operations Holdings, Inc., One stop 22025-12-310001901612Tricentis Operations Holdings, Inc., One stop 32025-12-310001901612Vanco Payment Solutions, LLC, One stop 12025-12-310001901612Vanco Payment Solutions, LLC, One stop 22025-12-310001901612Vantage Bidco GMBH, One stop 12025-12-310001901612Vantage Bidco GMBH, One stop 22025-12-310001901612Varinem German Midco GMBH, One stop 12025-12-310001901612Varinem German Midco GMBH, One stop 22025-12-310001901612Viper Bidco, Inc., One stop 12025-12-310001901612Viper Bidco, Inc., One stop 22025-12-310001901612Viper Bidco, Inc., One stop 32025-12-310001901612Viper Bidco, Inc., One stop 42025-12-310001901612Viper Bidco, Inc., One stop 52025-12-310001901612Zendesk, Inc., One stop 12025-12-310001901612Zendesk, Inc., One stop 22025-12-310001901612Zendesk, Inc., One stop 32025-12-310001901612Zendesk, Inc., One stop 42025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2025-12-310001901612Biscuit Parent, LLC, One stop 12025-12-310001901612Biscuit Parent, LLC, One stop 22025-12-310001901612Biscuit Parent, LLC, One stop 32025-12-310001901612Cavender Stores L.P., Senior secured2025-12-310001901612Consilio Midco Limited, Subordinated debt2025-12-310001901612Consilio Midco Limited, Senior secured 12025-12-310001901612Consilio Midco Limited, Senior secured 22025-12-310001901612Consilio Midco Limited, Senior secured 32025-12-310001901612Consilio Midco Limited, Senior secured 42025-12-310001901612Consilio Midco Limited, Senior secured 52025-12-310001901612Consilio Midco Limited, Subordinated debt 22025-12-310001901612Consilio Midco Limited, Subordinated debt 32025-12-310001901612CVP Holdco, Inc., One stop 12025-12-310001901612CVP Holdco, Inc., One stop 22025-12-310001901612CVP Holdco, Inc., One stop 32025-12-310001901612Metal Supermarkets US Buyer, LLC, One stop 12025-12-310001901612Metal Supermarkets US Buyer, LLC, One stop 22025-12-310001901612PetVet Care Centers LLC, One stop 12025-12-310001901612PetVet Care Centers LLC, One stop 22025-12-310001901612Radiance Borrower, LLC, One stop 12025-12-310001901612Radiance Borrower, LLC, One stop 22025-12-310001901612Salon Lofts Group, LLC, Senior secured 12025-12-310001901612Salon Lofts Group, LLC, Senior secured 22025-12-310001901612Salon Lofts Group, LLC, Second lien 12025-12-310001901612Salon Lofts Group, LLC, Second lien 22025-12-310001901612Salon Lofts Group, LLC, Senior secured 32025-12-310001901612Salon Lofts Group, LLC, Senior secured 42025-12-310001901612Salon Lofts Group, LLC, Second lien 32025-12-310001901612Salon Lofts Group, LLC, Senior secured 52025-12-310001901612Salon Lofts Group, LLC, Senior secured 62025-12-310001901612Salon Lofts Group, LLC, Second lien 42025-12-310001901612Salon Lofts Group, LLC, Senior secured 72025-12-310001901612Salon Lofts Group, LLC, Senior secured 82025-12-310001901612Salon Lofts Group, LLC, Senior secured 92025-12-310001901612Salon Lofts Group, LLC, Senior secured 102025-12-310001901612Salon Lofts Group, LLC, Senior secured 112025-12-310001901612Salon Lofts Group, LLC, Senior secured 122025-12-310001901612Salon Lofts Group, LLC, Senior secured 132025-12-310001901612Salon Lofts Group, LLC, Second lien 52025-12-310001901612Salon Lofts Group, LLC, Senior secured 142025-12-310001901612Salon Lofts Group, LLC, Senior secured 152025-12-310001901612Salon Lofts Group, LLC, Second lien 62025-12-310001901612Salon Lofts Group, LLC, Senior secured 162025-12-310001901612Salon Lofts Group, LLC, Second lien 72025-12-310001901612Salon Lofts Group, LLC, Second lien 82025-12-310001901612Salon Lofts Group, LLC, Senior secured 172025-12-310001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-12-310001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-12-310001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-12-310001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-12-310001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-12-310001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-12-310001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-12-310001901612LDS Intermediate Holdings, LLC, One stop 12025-12-310001901612LDS Intermediate Holdings, LLC, One stop 22025-12-310001901612LDS Intermediate Holdings, LLC, One stop 32025-12-310001901612LDS Intermediate Holdings, LLC, One stop 42025-12-310001901612LDS Intermediate Holdings, LLC, One stop 52025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:TransportationInfrastructureSectorMember2025-12-310001901612S.J. Electro Systems, LLC, One stop 12025-12-310001901612S.J. Electro Systems, LLC, One stop 22025-12-310001901612Vessco Midco Holdings, LLC, One stop 12025-12-310001901612Vessco Midco Holdings, LLC, One stop 22025-12-310001901612Vessco Midco Holdings, LLC, One stop 32025-12-310001901612Vessco Midco Holdings, LLC, One stop 42025-12-310001901612Vessco Midco Holdings, LLC, One stop 52025-12-310001901612us-gaap:DebtSecuritiesMembergbdc4:WaterUtilitiesSectorMember2025-12-310001901612us-gaap:DebtSecuritiesMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:AirFreightAndLogisticsMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:AutoComponentsSectorMember2025-12-310001901612CAP-KSI Holdings, LLC, LLC interest2025-12-310001901612CAP-KSI Holdings, LLC, Preferred stock2025-12-310001901612National Express Wash Parent Holdco, LLC, LP interest2025-12-310001901612Quick Quack Car Wash Holdings, LLC, LLC units2025-12-310001901612Quick Quack Car Wash Holdings, LLC, LLC interest2025-12-310001901612Yorkshire Parent, Inc., LP interest2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:BeveragesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001901612Action Termite Control, LLC, Preferred stock2025-12-310001901612Action Termite Control, LLC, Common stock2025-12-310001901612CHVAC Services Investment, LLC, Common stock2025-12-310001901612DP Flores Holdings, LLC, LLC interest2025-12-310001901612Kodiak Buyer, LLC, Common stock2025-12-310001901612HS Spa Holdings, Inc., Common stock2025-12-310001901612NSG Buyer, Inc., LP units2025-12-310001901612SCP CDH Buyer, Inc., Preferred stock2025-12-310001901612SCP CDH Buyer, Inc., Common stock2025-12-310001901612Virginia Green Acquisition, LLC, LP interest2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:ElectricUtilitiesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:ElectricalEquipmentSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:FoodAndStaplesRetailingSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:FoodProductsSectorMember2025-12-310001901612Isto Group, Inc., LP interest2025-12-310001901612Centegix Intermediate II, LLC, LLC interest2025-12-310001901612ZimVie, Inc., LP interest2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareEquipmentServiceSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2025-12-310001901612Amberfield Acquisition Co., Common stock2025-12-310001901612Modernizing Medicine, Inc., Preferred stock2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-12-310001901612Patriot Acquireco, LLC, Common stock2025-12-310001901612PB Group Holdings, LLC, LP interest2025-12-310001901612Rooster BidCo Limited, Preferred stock2025-12-310001901612Saguaro Buyer, LLC, Common stock2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:HotelsRestaurantsLeisureSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001901612Critical Start, Inc., Common stock2025-12-310001901612Netwrix Corporation, LLC interest2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:LeisureProductsSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:PharmaceuticalsSectorMember2025-12-310001901612Eclipse Buyer, Inc., Preferred stock2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:ProfessionalServicesSectorMember2025-12-310001901612Anaplan, Inc., LP interest2025-12-310001901612CB Buyer, Inc., LP interest2025-12-310001901612Cynet Security Ltd., Preferred stock2025-12-310001901612Denali Bidco Limited, LP units2025-12-310001901612Energy Worldnet, LLC, LLC interest2025-12-310001901612GTY Technology Holdings, Inc., LP interest2025-12-310001901612Gurobi Optimization, LLC, Common stock2025-12-310001901612Kaseya Inc., Preferred stock2025-12-310001901612Kaseya Inc., LP interest2025-12-310001901612LogicMonitor, Inc., LP interest2025-12-310001901612Navex Global Holdings Corporation, LP interest2025-12-310001901612Menlo Ridgeview Co-Invest, LLC, LLC interest2025-12-310001901612Onit, Inc., Common stock2025-12-310001901612Panzura, LLC, LLC units2025-12-310001901612StrongDM, Inc., Preferred stock2025-12-310001901612Templafy APS and Templafy, LLC, Warrant2025-12-310001901612Togetherwork Holdings, LLC, Preferred stock2025-12-310001901612Transform Bidco Limited, LP interest2025-12-310001901612Tricentis Operations Holdings, Inc., LP interest2025-12-310001901612Zendesk, Inc., Common stock2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2025-12-310001901612Metal Supermarkets US Buyer, LLC, Common stock2025-12-310001901612Metal Supermarkets US Buyer, LLC, Preferred stock2025-12-310001901612Salon Lofts Group, LLC, Common stock2025-12-310001901612us-gaap:EquitySecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-12-310001901612us-gaap:EquitySecuritiesMember2025-12-310001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582) 2025-12-310001901612gbdc4:NonQualifyingAssetMembergbdc4:AssetConcentrationRiskMembergbdc4:InvestmentsAtFairValueMember2025-10-012025-12-310001901612PPW Aero Buyer, Inc., One stop 12025-09-300001901612PPW Aero Buyer, Inc., One stop 22025-09-300001901612PPW Aero Buyer, Inc., One stop 32025-09-300001901612PPW Aero Buyer, Inc., One stop 42025-09-300001901612PPW Aero Buyer, Inc., One stop 52025-09-300001901612PPW Aero Buyer, Inc., One stop 62025-09-300001901612PPW Aero Buyer, Inc., One stop 72025-09-300001901612Titan BW Borrower L.P., One stop 12025-09-300001901612Titan BW Borrower L.P., One stop 22025-09-300001901612Titan BW Borrower L.P., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2025-09-300001901612RJW Group Holdings, Inc., One stop 12025-09-300001901612RJW Group Holdings, Inc., One stop 22025-09-300001901612RJW Group Holdings, Inc., One stop 32025-09-300001901612RJW Group Holdings, Inc., One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AirFreightAndLogisticsMember2025-09-300001901612Arnott, LLC, One stop 12025-09-300001901612Arnott, LLC, One stop 22025-09-300001901612Collision SP Subco, LLC, One stop 12025-09-300001901612Collision SP Subco, LLC, One stop 22025-09-300001901612Collision SP Subco, LLC, One stop 32025-09-300001901612Collision SP Subco, LLC, One stop 42025-09-300001901612Collision SP Subco, LLC, One stop 52025-09-300001901612OEConnection, LLC, One stop 12025-09-300001901612OEConnection, LLC, One stop 22025-09-300001901612OEConnection, LLC, One stop 32025-09-300001901612OEConnection, LLC, One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutoComponentsSectorMember2025-09-300001901612CAP-KSI Holdings, LLC, One stop 12025-09-300001901612CAP-KSI Holdings, LLC, One stop 22025-09-300001901612High Bar Brands Operating, LLC, Senior secured 12025-09-300001901612High Bar Brands Operating, LLC, Senior secured 22025-09-300001901612High Bar Brands Operating, LLC, Senior secured 32025-09-300001901612High Bar Brands Operating, LLC, Senior secured 42025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 12025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 22025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 32025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 42025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 12025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 22025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 32025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 42025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 52025-09-300001901612Yorkshire Parent, Inc., One stop 12025-09-300001901612Yorkshire Parent, Inc., One stop 22025-09-300001901612Yorkshire Parent, Inc., One stop 32025-09-300001901612Yorkshire Parent, Inc., One stop 42025-09-300001901612Yorkshire Parent, Inc., One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2025-09-300001901612Empyrean Solutions, LLC, One stop 12025-09-300001901612Empyrean Solutions, LLC, One stop 22025-09-300001901612Empyrean Solutions, LLC, One stop 32025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 12025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 22025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 32025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BanksSectorMember2025-09-300001901612Financial Information Technologies, LLC, One stop 12025-09-300001901612Financial Information Technologies, LLC, One stop 22025-09-300001901612Financial Information Technologies, LLC, One stop 32025-09-300001901612Financial Information Technologies, LLC, One stop 42025-09-300001901612Financial Information Technologies, LLC, One stop 52025-09-300001901612Spindrift Beverage Co. Inc., One stop 12025-09-300001901612Spindrift Beverage Co. Inc., One stop 22025-09-300001901612Spindrift Beverage Co. Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BeveragesSectorMember2025-09-300001901612BECO Holding Company, Inc., One stop 12025-09-300001901612BECO Holding Company, Inc., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BuildingProductsSectorMember2025-09-300001901612BlueMatrix Holdings, LLC, One stop 12025-09-300001901612BlueMatrix Holdings, LLC, One stop 22025-09-300001901612BlueMatrix Holdings, LLC, One stop 32025-09-300001901612BlueMatrix Holdings, LLC, One stop 42025-09-300001901612BlueMatrix Holdings, LLC, One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CapitalMarketsSectorMember2025-09-300001901612AP Adhesives Holdings, LLC, One stop 12025-09-300001901612AP Adhesives Holdings, LLC, One stop 22025-09-300001901612AP Adhesives Holdings, LLC, One stop 32025-09-300001901612JSG II, Inc. and Checkers USA, Inc., One stop 12025-09-300001901612JSG II, Inc. and Checkers USA, Inc., One stop 22025-09-300001901612JSG II, Inc. and Checkers USA, Inc., One stop 32025-09-300001901612Krayden Holdings, Inc., Senior secured 12025-09-300001901612Krayden Holdings, Inc., Senior secured 22025-09-300001901612Krayden Holdings, Inc., Senior secured 32025-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2025-09-300001901612BradyIFS Holdings, LLC, One stop 12025-09-300001901612BradyIFS Holdings, LLC, One stop 22025-09-300001901612CHA Vision Holdings, Inc., One stop 12025-09-300001901612CHA Vision Holdings, Inc., One stop 22025-09-300001901612CHA Vision Holdings, Inc., One stop 32025-09-300001901612CHA Vision Holdings, Inc., One stop 42025-09-300001901612CHA Vision Holdings, Inc., One stop 52025-09-300001901612Kleinfelder Intermediate, LLC, One stop 12025-09-300001901612Kleinfelder Intermediate, LLC, One stop 22025-09-300001901612Kleinfelder Intermediate, LLC, One stop 32025-09-300001901612North Haven Stack Buyer, LLC, One stop2025-09-300001901612North Haven Stack Buyer, LLC, Second lien2025-09-300001901612PSC Parent, Inc., One stop 12025-09-300001901612PSC Parent, Inc., One stop 22025-09-300001901612PSC Parent, Inc., One stop 32025-09-300001901612PSC Parent, Inc., One stop 42025-09-300001901612WRE Holding Corp., One stop 12025-09-300001901612WRE Holding Corp., One stop 22025-09-300001901612WRE Holding Corp., One stop 32025-09-300001901612WRE Holding Corp., One stop 42025-09-300001901612WRE Holding Corp., One stop 52025-09-300001901612WRE Holding Corp., One stop 62025-09-300001901612WRE Holding Corp., One stop 72025-09-300001901612WRE Holding Corp., One stop 82025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2025-09-300001901612Consor Intermediate II, LLC, One stop 12025-09-300001901612Consor Intermediate II, LLC, One stop 22025-09-300001901612Consor Intermediate II, LLC, One stop 32025-09-300001901612DCCM, LLC, One stop 12025-09-300001901612DCCM, LLC, One stop 22025-09-300001901612DCCM, LLC, One stop 32025-09-300001901612Royal Holdco Corporation, One stop 12025-09-300001901612Royal Holdco Corporation, One stop 22025-09-300001901612Royal Holdco Corporation, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ConstructionAndEngineeringSectorMember2025-09-300001901612Packaging Coordinators Midco, Inc., One stop 12025-09-300001901612Packaging Coordinators Midco, Inc., One stop 22025-09-300001901612Packaging Coordinators Midco, Inc., One stop 32025-09-300001901612Packaging Coordinators Midco, Inc., One stop 42025-09-300001901612Packaging Coordinators Midco, Inc., One stop 52025-09-300001901612Packaging Coordinators Midco, Inc., One stop 62025-09-300001901612Packaging Coordinators Midco, Inc., One stop 72025-09-300001901612Packaging Coordinators Midco, Inc., One stop 82025-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001901612ABC Legal Holdings, LLC, One stop 12025-09-300001901612ABC Legal Holdings, LLC, One stop 22025-09-300001901612ABC Legal Holdings, LLC, One stop 32025-09-300001901612Any Hour, LLC, One stop 12025-09-300001901612Any Hour, LLC, One stop 22025-09-300001901612Any Hour, LLC, One stop 32025-09-300001901612Any Hour, LLC, One stop 42025-09-300001901612Apex Service Partners, LLC, One stop 12025-09-300001901612Apex Service Partners, LLC, One stop 22025-09-300001901612Apex Service Partners, LLC, One stop 32025-09-300001901612Apex Service Partners, LLC, One stop 42025-09-300001901612Apex Service Partners, LLC, One stop 52025-09-300001901612Apex Service Partners, LLC, One stop 62025-09-300001901612CHVAC Services Investment, LLC, One stop 12025-09-300001901612CHVAC Services Investment, LLC, One stop 22025-09-300001901612CHVAC Services Investment, LLC, One stop 32025-09-300001901612CHVAC Services Investment, LLC, One stop 42025-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 12025-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 22025-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 32025-09-300001901612HS Spa Holdings, Inc., One stop 12025-09-300001901612HS Spa Holdings, Inc., One stop 22025-09-300001901612HS Spa Holdings, Inc., One stop 32025-09-300001901612Kodiak Buyer, LLC, One stop 12025-09-300001901612Kodiak Buyer, LLC, One stop 22025-09-300001901612Kodiak Buyer, LLC, One stop 32025-09-300001901612Litera Bidco, LLC, One stop 12025-09-300001901612Litera Bidco, LLC, One stop 22025-09-300001901612Litera Bidco, LLC, One stop 32025-09-300001901612Litera Bidco, LLC, One stop 42025-09-300001901612Mario Purchaser, LLC, One stop 12025-09-300001901612Mario Purchaser, LLC, One stop 22025-09-300001901612Mario Purchaser, LLC, One stop 32025-09-300001901612Mario Purchaser, LLC, One stop 42025-09-300001901612Mario Purchaser, LLC, One stop 52025-09-300001901612NSG Buyer, Inc., One stop 12025-09-300001901612NSG Buyer, Inc., One stop 22025-09-300001901612NSG Buyer, Inc., One stop 32025-09-300001901612Salisbury House, LLC, One stop 12025-09-300001901612Salisbury House, LLC, One stop 22025-09-300001901612Salisbury House, LLC, One stop 32025-09-300001901612Severin Acquisition, LLC, One stop 12025-09-300001901612Severin Acquisition, LLC, One stop 22025-09-300001901612Severin Acquisition, LLC, One stop 32025-09-300001901612Stellar Brands, LLC, Senior secured 12025-09-300001901612Stellar Brands, LLC, Senior secured 22025-09-300001901612Virginia Green Acquisition, LLC, One stop 12025-09-300001901612Virginia Green Acquisition, LLC, One stop 22025-09-300001901612Virginia Green Acquisition, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-09-300001901612Baker Tilly Advisory Group, LP, One stop 12025-09-300001901612Baker Tilly Advisory Group, LP, One stop 22025-09-300001901612Baker Tilly Advisory Group, LP, One stop 32025-09-300001901612Baker Tilly Advisory Group, LP, One stop 42025-09-300001901612Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 12025-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 22025-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 32025-09-300001901612Corsair Blade IV S.A R.L., One stop 12025-09-300001901612Corsair Blade IV S.A R.L., One stop 22025-09-300001901612Deerfield Dakota Holding, LLC, One stop 12025-09-300001901612Deerfield Dakota Holding, LLC, One stop 22025-09-300001901612Equity Methods, LLC, One stop 12025-09-300001901612Equity Methods, LLC, One stop 22025-09-300001901612Equity Methods, LLC, One stop 32025-09-300001901612Finastra USA, Inc., One stop 2025-09-300001901612Higginbotham Insurance Agency, Inc., One stop 12025-09-300001901612Higginbotham Insurance Agency, Inc., One stop 22025-09-300001901612Medlar Bidco Limited, One stop 12025-09-300001901612Medlar Bidco Limited, One stop 22025-09-300001901612Medlar Bidco Limited, One stop 32025-09-300001901612Wealth Enhancement Group, LLC, One stop 12025-09-300001901612Wealth Enhancement Group, LLC, One stop 22025-09-300001901612Wealth Enhancement Group, LLC, One stop 32025-09-300001901612Wealth Enhancement Group, LLC, One stop 42025-09-300001901612Wealth Enhancement Group, LLC, One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2025-09-300001901612Smart Energy Systems, Inc., One stop 12025-09-300001901612Smart Energy Systems, Inc., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricUtilitiesSectorMember2025-09-300001901612Power Grid Holdings, Inc., One stop 12025-09-300001901612Power Grid Holdings, Inc., One stop 22025-09-300001901612Wildcat TopCo, Inc., One stop 12025-09-300001901612Wildcat TopCo, Inc., One stop 22025-09-300001901612Wildcat TopCo, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricalEquipmentSectorMember2025-09-300001901612CST Holding Company, One stop 12025-09-300001901612CST Holding Company, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001901612Blast Bidco Inc., One stop 12025-09-300001901612Blast Bidco Inc., One stop 22025-09-300001901612Eagle Family Foods Group, LLC, One stop 12025-09-300001901612Eagle Family Foods Group, LLC, One stop 22025-09-300001901612Sphynx UK Bidco, Ltd., One stop 12025-09-300001901612Sphynx UK Bidco, Ltd., One stop 22025-09-300001901612Sphynx UK Bidco, Ltd., One stop 32025-09-300001901612Zullas, L.C., One stop 12025-09-300001901612Zullas, L.C., One stop 22025-09-300001901612Zullas, L.C., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:FoodProductsSectorMember2025-09-300001901612Belmont Instrument, LLC, One stop 12025-09-300001901612Belmont Instrument, LLC, One stop 22025-09-300001901612Centegix Intermediate II, LLC, One stop 12025-09-300001901612Centegix Intermediate II, LLC, One stop 22025-09-300001901612Centegix Intermediate II, LLC, One stop 32025-09-300001901612HuFriedy Group Acquisition, LLC, One stop 12025-09-300001901612HuFriedy Group Acquisition, LLC, One stop 22025-09-300001901612HuFriedy Group Acquisition, LLC, One stop 32025-09-300001901612Isto Group, Inc., One stop 12025-09-300001901612Isto Group, Inc., One stop 22025-09-300001901612Isto Group, Inc., One stop 32025-09-300001901612RTI Surgical, Inc., One stop 12025-09-300001901612RTI Surgical, Inc., One stop 22025-09-300001901612TIDI Legacy Products, Inc., One stop 12025-09-300001901612TIDI Legacy Products, Inc., One stop 22025-09-300001901612TIDI Legacy Products, Inc., One stop 32025-09-300001901612YI, LLC, One stop 12025-09-300001901612YI, LLC, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2025-09-300001901612Bamboo US Bidco LLC, One stop 12025-09-300001901612Bamboo US Bidco LLC, One stop 22025-09-300001901612Bamboo US Bidco LLC, One stop 32025-09-300001901612Bamboo US Bidco LLC, One stop 42025-09-300001901612Bamboo US Bidco LLC, One stop 52025-09-300001901612Bamboo US Bidco LLC, One stop 62025-09-300001901612Bayou Intermediate II, LLC, One stop 12025-09-300001901612Bayou Intermediate II, LLC, One stop 22025-09-300001901612Bayou Intermediate II, LLC, One stop 32025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-09-300001901612BHG Holdings, LLC, One stop 12025-09-300001901612BHG Holdings, LLC, One stop 22025-09-300001901612BHG Holdings, LLC, One stop 32025-09-300001901612Community Care Partners, LLC, One stop2025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-09-300001901612HP TLE Buyer, Inc., One stop 12025-09-300001901612HP TLE Buyer, Inc., One stop 22025-09-300001901612LOV Acquisition LLC, Senior secured 12025-09-300001901612LOV Acquisition LLC, Senior secured 22025-09-300001901612PPV Intermediate Holdings, LLC, One stop 12025-09-300001901612PPV Intermediate Holdings, LLC, One stop 22025-09-300001901612PPV Intermediate Holdings, LLC, One stop 32025-09-300001901612PPV Intermediate Holdings, LLC, One stop 42025-09-300001901612PPV Intermediate Holdings, LLC, One stop 52025-09-300001901612PPV Intermediate Holdings, LLC, One stop 62025-09-300001901612PPV Intermediate Holdings, LLC, One stop 72025-09-300001901612PPV Intermediate Holdings, LLC, One stop 82025-09-300001901612Premise Health Holding Corp., One stop 12025-09-300001901612Premise Health Holding Corp., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2025-09-300001901612Amberfield Acquisition Co., One stop 12025-09-300001901612Amberfield Acquisition Co., One stop 22025-09-300001901612Amberfield Acquisition Co., One stop 32025-09-300001901612Color Intermediate, LLC, Senior secured2025-09-300001901612Crow River Buyer, Inc., One stop 12025-09-300001901612Crow River Buyer, Inc., One stop 22025-09-300001901612Crow River Buyer, Inc., One stop 32025-09-300001901612GHX Ultimate Parent Corporation, One stop 12025-09-300001901612GHX Ultimate Parent Corporation, One stop 22025-09-300001901612Healthmark Holdings, L.P., One stop 12025-09-300001901612Healthmark Holdings, L.P., One stop 22025-09-300001901612Healthmark Holdings, L.P., One stop 32025-09-300001901612Kona Buyer, LLC, One stop 12025-09-300001901612Kona Buyer, LLC, One stop 22025-09-300001901612Kona Buyer, LLC, One stop 32025-09-300001901612Kona Buyer, LLC, One stop 42025-09-300001901612Kona Buyer, LLC, One stop 52025-09-300001901612Kona Buyer, LLC, One stop 62025-09-300001901612Kona Buyer, LLC, One stop 72025-09-300001901612Kona Buyer, LLC, One stop 82025-09-300001901612Lacker Bidco Limited, One stop 12025-09-300001901612Lacker Bidco Limited, One stop 22025-09-300001901612Lacker Bidco Limited, One stop 32025-09-300001901612Modernizing Medicine, Inc., One stop 12025-09-300001901612Modernizing Medicine, Inc., One stop 22025-09-300001901612Neptune Holdings, Inc., One stop 12025-09-300001901612Neptune Holdings, Inc., One stop 22025-09-300001901612Netsmart Technologies, Inc., One stop 12025-09-300001901612Netsmart Technologies, Inc., One stop 22025-09-300001901612Netsmart Technologies, Inc., One stop 32025-09-300001901612Plasma Buyer LLC, One stop 12025-09-300001901612Plasma Buyer LLC, One stop 22025-09-300001901612Plasma Buyer LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-09-300001901612Barteca Restaurants, LLC, One stop 12025-09-300001901612Barteca Restaurants, LLC, One stop 22025-09-300001901612Barteca Restaurants, LLC, One stop 32025-09-300001901612Barteca Restaurants, LLC, One stop 42025-09-300001901612Crumbl Enterprises, LLC, One stop 12025-09-300001901612Crumbl Enterprises, LLC, One stop 22025-09-300001901612ESN Venture Holdings, LLC, One stop 12025-09-300001901612ESN Venture Holdings, LLC, One stop 22025-09-300001901612ESN Venture Holdings, LLC, One stop 32025-09-300001901612ESN Venture Holdings, LLC, One stop 42025-09-300001901612ESN Venture Holdings, LLC, One stop 52025-09-300001901612ESN Venture Holdings, LLC, One stop 62025-09-300001901612ESN Venture Holdings, LLC, One stop 72025-09-300001901612ESN Venture Holdings, LLC, One stop 82025-09-300001901612ESN Venture Holdings, LLC, One stop 92025-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 12025-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 22025-09-300001901612Health Buyer, LLC, Senior secured 12025-09-300001901612Health Buyer, LLC, Senior secured 22025-09-300001901612Health Buyer, LLC, Senior secured 32025-09-300001901612Health Buyer, LLC, Senior secured 42025-09-300001901612Health Buyer, LLC, Senior secured 52025-09-300001901612Olo Parent, Inc., One stop 12025-09-300001901612Olo Parent, Inc., One stop 22025-09-300001901612Patriot Acquireco, LLC, One stop 12025-09-300001901612Patriot Acquireco, LLC, One stop 22025-09-300001901612PB Group Holdings, LLC, One stop 12025-09-300001901612PB Group Holdings, LLC, One stop 22025-09-300001901612QSR Acquisition Co., One stop 12025-09-300001901612QSR Acquisition Co., One stop 22025-09-300001901612QSR Acquisition Co., One stop 32025-09-300001901612Rooster BidCo Limited, One stop 12025-09-300001901612Rooster BidCo Limited, One stop 22025-09-300001901612Rooster BidCo Limited, One stop 32025-09-300001901612Saguaro Buyer, LLC, One stop 12025-09-300001901612Saguaro Buyer, LLC, One stop 22025-09-300001901612Saguaro Buyer, LLC, One stop 32025-09-300001901612Saguaro Buyer, LLC, One stop 42025-09-300001901612SDC Holdco, LLC, One stop 12025-09-300001901612SDC Holdco, LLC, One stop 22025-09-300001901612SSRG Holdings, LLC, One stop 12025-09-300001901612SSRG Holdings, LLC, One stop 22025-09-300001901612Super REGO, LLC, Subordinated debt2025-09-300001901612YE Brands Holding, LLC, One stop 12025-09-300001901612YE Brands Holding, LLC, One stop 22025-09-300001901612YE Brands Holding, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-09-300001901612WU Holdco, Inc., One stop 12025-09-300001901612WU Holdco, Inc., One stop 22025-09-300001901612WU Holdco, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HouseholdProductsSectorMember2025-09-300001901612Dwyer Instruments, Inc., One stop 12025-09-300001901612Dwyer Instruments, Inc., One stop 22025-09-300001901612Dwyer Instruments, Inc., One stop 32025-09-300001901612Dwyer Instruments, Inc., One stop 42025-09-300001901612Dwyer Instruments, Inc., One stop 52025-09-300001901612Dwyer Instruments, Inc., One stop 62025-09-300001901612Dwyer Instruments, Inc., One stop 72025-09-300001901612Dwyer Instruments, Inc., One stop 82025-09-300001901612Dwyer Instruments, Inc., One stop 92025-09-300001901612Essential Services Holdings Corporation, One stop 12025-09-300001901612Essential Services Holdings Corporation, One stop 22025-09-300001901612Essential Services Holdings Corporation, One stop 32025-09-300001901612Excelitas Technologies Corp., One stop 12025-09-300001901612Excelitas Technologies Corp., One stop 22025-09-300001901612Excelitas Technologies Corp., One stop 32025-09-300001901612Excelitas Technologies Corp., One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2025-09-300001901612Bellwether Buyer, LLC, One stop 12025-09-300001901612Bellwether Buyer, LLC, One stop 22025-09-300001901612Bellwether Buyer, LLC, One stop 32025-09-300001901612Ben Nevis Midco Limited, One stop 12025-09-300001901612Ben Nevis Midco Limited, One stop 22025-09-300001901612Ben Nevis Midco Limited, One stop 32025-09-300001901612Ben Nevis Midco Limited, One stop 42025-09-300001901612Captive Resources Midco, LLC, One stop 12025-09-300001901612Captive Resources Midco, LLC, One stop 22025-09-300001901612Doxa Insurance Holdings LLC, One stop 12025-09-300001901612Doxa Insurance Holdings LLC, One stop 22025-09-300001901612Doxa Insurance Holdings LLC, One stop 32025-09-300001901612Doxa Insurance Holdings LLC, One stop 42025-09-300001901612Gimlet Bidco GMBH, One stop 12025-09-300001901612Gimlet Bidco GMBH, One stop 22025-09-300001901612Gimlet Bidco GMBH, One stop 32025-09-300001901612Integrated Specialty Coverages, LLC, One stop 12025-09-300001901612Integrated Specialty Coverages, LLC, One stop 22025-09-300001901612Integrated Specialty Coverages, LLC, One stop 32025-09-300001901612Integrity Marketing Acquisition, LLC, One stop 42025-09-300001901612Integrity Marketing Acquisition, LLC, One stop 52025-09-300001901612Integrity Marketing Acquisition, LLC, One stop 62025-09-300001901612Koala Investment Holdings, Inc., One stop 12025-09-300001901612Koala Investment Holdings, Inc., One stop 22025-09-300001901612Koala Investment Holdings, Inc., One stop 32025-09-300001901612MRH Trowe Germany GMBH, One stop 12025-09-300001901612MRH Trowe Germany GMBH, One stop 22025-09-300001901612MRH Trowe Germany GMBH, One stop 32025-09-300001901612Oakbridge Insurance Agency LLC, One stop 12025-09-300001901612Oakbridge Insurance Agency LLC, One stop 22025-09-300001901612Oakbridge Insurance Agency LLC, One stop 32025-09-300001901612Oakbridge Insurance Agency LLC, One stop 42025-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 12025-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 22025-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 32025-09-300001901612Wasabi Lower Holdco, LLC, Senior secured 12025-09-300001901612Wasabi Lower Holdco, LLC, Senior secured 22025-09-300001901612World Insurance Associates, LLC, One stop 12025-09-300001901612World Insurance Associates, LLC, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001901612ContractPod Technologies, Ltd., One stop 12025-09-300001901612ContractPod Technologies, Ltd., One stop 22025-09-300001901612ContractPod Technologies, Ltd., One stop 32025-09-300001901612Critical Start, Inc., One stop 12025-09-300001901612Critical Start, Inc., One stop 22025-09-300001901612Critical Start, Inc., One stop 32025-09-300001901612Goldcup 31018 AB, One stop 12025-09-300001901612Goldcup 31018 AB, One stop 22025-09-300001901612Goldcup 31018 AB, One stop 32025-09-300001901612Netwrix Corporation, One stop 12025-09-300001901612Netwrix Corporation, One stop 22025-09-300001901612Netwrix Corporation, One stop 32025-09-300001901612Netwrix Corporation, One stop 42025-09-300001901612PDQ Intermediate, Inc., Subordinated debt2025-09-300001901612ReliaQuest Holdings, LLC, One stop 12025-09-300001901612ReliaQuest Holdings, LLC, One stop 22025-09-300001901612ReliaQuest Holdings, LLC, One stop 32025-09-300001901612ReliaQuest Holdings, LLC, One stop 42025-09-300001901612WPEngine, Inc., One stop 12025-09-300001901612WPEngine, Inc., One stop 22025-09-300001901612Zarya Holdco, Inc., One stop 12025-09-300001901612Zarya Holdco, Inc., One stop 22025-09-300001901612Zarya Holdco, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2025-09-300001901612Crunch Holdings, LLC, One stop 12025-09-300001901612Crunch Holdings, LLC, One stop 22025-09-300001901612Movement Holdings, LLC, One stop 12025-09-300001901612Movement Holdings, LLC, One stop 22025-09-300001901612Movement Holdings, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LeisureProductsSectorMember2025-09-300001901612Celerion Buyer, Inc., One stop 12025-09-300001901612Celerion Buyer, Inc., One stop 22025-09-300001901612Celerion Buyer, Inc., One stop 32025-09-300001901612Celerion Buyer, Inc., One stop 42025-09-300001901612Diamondback Acquisition, Inc.,One stop 12025-09-300001901612Diamondback Acquisition, Inc.,One stop 22025-09-300001901612Diamondback Acquisition, Inc.,One stop 32025-09-300001901612PAS Parent Inc., One stop 12025-09-300001901612PAS Parent Inc., One stop 22025-09-300001901612PAS Parent Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-09-300001901612AI Titan Parent, Inc., One stop 12025-09-300001901612AI Titan Parent, Inc., One stop 22025-09-300001901612AI Titan Parent, Inc., One stop 32025-09-300001901612Thermogenics, Inc., One stop 12025-09-300001901612Thermogenics, Inc., One stop 22025-09-300001901612Thermogenics, Inc., One stop 32025-09-300001901612Thermogenics, Inc., One stop 42025-09-300001901612Thermogenics, Inc., One stop 52025-09-300001901612Blackbird Purchaser, Inc., One stop 12025-09-300001901612Blackbird Purchaser, Inc., One stop 22025-09-300001901612Blackbird Purchaser, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MachinerySectorMember2025-09-300001901612Lotus Topco, Inc., One stop 12025-09-300001901612Lotus Topco, Inc., One stop 22025-09-300001901612Lotus Topco, Inc., One stop 32025-09-300001901612Lotus Topco, Inc., One stop 42025-09-300001901612Shout! Factory, LLC, One stop 12025-09-300001901612Shout! Factory, LLC, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MediaSectorMember2025-09-300001901612Envernus, Inc., One stop 12025-09-300001901612Envernus, Inc., One stop 22025-09-300001901612Envernus, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:OilGasAndConsumableFuelsSectorMember2025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 12025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 22025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 32025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 42025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 52025-09-300001901612Creek Parent, Inc., One stop 12025-09-300001901612Creek Parent, Inc., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2025-09-300001901612ALKU Intermediate Holdings, LLC, One stop 12025-09-300001901612ALKU Intermediate Holdings, LLC, One stop 22025-09-300001901612bswift, LLC, One stop 12025-09-300001901612bswift, LLC, One stop 22025-09-300001901612Denali Intermediate Holdings, Inc.,One stop 12025-09-300001901612Denali Intermediate Holdings, Inc.,One stop 22025-09-300001901612DISA Holdings Corp., Senior secured 12025-09-300001901612DISA Holdings Corp., Senior secured 22025-09-300001901612DISA Holdings Corp., Senior secured 32025-09-300001901612DISA Holdings Corp., Subordinated debt2025-09-300001901612DISA Holdings Corp., Senior secured 42025-09-300001901612DISA Holdings Corp., One stop2025-09-300001901612DISA Holdings Corp., Senior secured 52025-09-300001901612Eclipse Buyer, Inc., One stop 12025-09-300001901612Eclipse Buyer, Inc., One stop 22025-09-300001901612Eclipse Buyer, Inc., One stop 32025-09-300001901612Varicent Intermediate Holdings Corporation, One stop 12025-09-300001901612Varicent Intermediate Holdings Corporation, One stop 22025-09-300001901612Varicent Intermediate Holdings Corporation, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2025-09-300001901612VRS Buyer, Inc., Senior secured 12025-09-300001901612VRS Buyer, Inc., Senior secured 22025-09-300001901612VRS Buyer, Inc., Senior secured 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:RoadRailSectorMember2025-09-300001901612Anaplan, Inc., One stop 12025-09-300001901612Anaplan, Inc., One stop 22025-09-300001901612Armstrong Bidco Limited, One stop 12025-09-300001901612Armstrong Bidco Limited, One stop 22025-09-300001901612Arrow Buyer, Inc., One stop 12025-09-300001901612Arrow Buyer, Inc., One stop 22025-09-300001901612Arrow Buyer, Inc., One stop 32025-09-300001901612Artifact Bidco, Inc., One stop 12025-09-300001901612Artifact Bidco, Inc., One stop 22025-09-300001901612Artifact Bidco, Inc., One stop 32025-09-300001901612Artifact Bidco, Inc., One stop 42025-09-300001901612Azurite Intermediate Holdings, Inc., One stop 12025-09-300001901612Azurite Intermediate Holdings, Inc., One stop 22025-09-300001901612Azurite Intermediate Holdings, Inc., One stop 32025-09-300001901612Baxter Planning Systems, LLC, One stop 12025-09-300001901612Baxter Planning Systems, LLC, One stop 22025-09-300001901612Baxter Planning Systems, LLC, One stop 32025-09-300001901612BestPass, Inc., One stop 12025-09-300001901612BestPass, Inc., One stop 22025-09-300001901612BestPass, Inc., One stop 32025-09-300001901612Bloomerang, LLC, One stop 12025-09-300001901612Bloomerang, LLC, One stop 22025-09-300001901612Bloomerang, LLC, One stop 32025-09-300001901612Blue Bidco Limited, One stop 12025-09-300001901612Blue Bidco Limited, One stop 22025-09-300001901612Blue Bidco Limited, One stop 32025-09-300001901612Blue Bidco Limited, One stop 42025-09-300001901612Blue Bidco Limited, One stop 52025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-09-300001901612Camelia Bidco Limited, One stop 12025-09-300001901612Camelia Bidco Limited, One stop 22025-09-300001901612Camelia Bidco Limited, One stop 32025-09-300001901612Camelia Bidco Limited, One stop 42025-09-300001901612CB Buyer, Inc., One stop 12025-09-300001901612CB Buyer, Inc., One stop 22025-09-300001901612CB Buyer, Inc., One stop 32025-09-300001901612Coupa Holdings, LLC, One stop 12025-09-300001901612Coupa Holdings, LLC, One stop 22025-09-300001901612Coupa Holdings, LLC, One stop 32025-09-300001901612Crewline Buyer, Inc., One stop 12025-09-300001901612Crewline Buyer, Inc., One stop 22025-09-300001901612Denali Bidco Limited, One stop 12025-09-300001901612Denali Bidco Limited, One stop 22025-09-300001901612Denali Bidco Limited, One stop 52025-09-300001901612Denali Bidco Limited, Subordinated debt 12025-09-300001901612Denali Bidco Limited, Subordinated debt 22025-09-300001901612Einstein Parent, Inc., One stop 12025-09-300001901612Einstein Parent, Inc., One stop 22025-09-300001901612Espresso Bidco, Inc., One stop 12025-09-300001901612Espresso Bidco, Inc., One stop 22025-09-300001901612Espresso Bidco, Inc., One stop 32025-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 12025-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 22025-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 32025-09-300001901612Flexera Software, LLC, One stop 12025-09-300001901612Flexera Software, LLC, One stop 22025-09-300001901612Flexera Software, LLC, One stop 32025-09-300001901612GTY Technology Holdings, Inc., One stop 12025-09-300001901612GTY Technology Holdings, Inc., One stop 22025-09-300001901612GTY Technology Holdings, Inc., One stop 32025-09-300001901612GTY Technology Holdings, Inc., One stop 42025-09-300001901612GTY Technology Holdings, Inc., One stop 52025-09-300001901612GTY Technology Holdings, Inc., One stop 62025-09-300001901612GTY Technology Holdings, Inc., One stop 72025-09-300001901612Gurobi Optimization, LLC, One stop 12025-09-300001901612Gurobi Optimization, LLC, One stop 22025-09-300001901612Hornet Security Holding GMBH, One stop 12025-09-300001901612Hornet Security Holding GMBH, One stop 22025-09-300001901612Hornet Security Holding GMBH, One stop 32025-09-300001901612Hornet Security Holding GMBH, One stop 42025-09-300001901612Hyland Software, Inc., One stop 12025-09-300001901612Hyland Software, Inc., One stop 22025-09-300001901612Icefall Parent, Inc., One stop 12025-09-300001901612Icefall Parent, Inc., One stop 22025-09-300001901612ICIMS, Inc., One stop 12025-09-300001901612ICIMS, Inc., One stop 22025-09-300001901612IQN Holding Corp., One stop 12025-09-300001901612IQN Holding Corp., One stop 22025-09-300001901612IQN Holding Corp., One stop 32025-09-300001901612Island Bidco AB, One stop 12025-09-300001901612Island Bidco AB, One stop 22025-09-300001901612Island Bidco AB, One stop 32025-09-300001901612Island Bidco AB, One stop 42025-09-300001901612Island Bidco AB, One stop 52025-09-300001901612Kairos Bidco Limited, One stop 12025-09-300001901612Kairos Bidco Limited, One stop 22025-09-300001901612Kairos Bidco Limited, One stop 32025-09-300001901612Kairos Bidco Limited, One stop 42025-09-300001901612LeadsOnline, LLC, One stop 12025-09-300001901612LeadsOnline, LLC, One stop 22025-09-300001901612LeadsOnline, LLC, One stop 32025-09-300001901612LeadsOnline, LLC, One stop 42025-09-300001901612Lighthouse Bidco GMBH, One stop 12025-09-300001901612Lighthouse Bidco GMBH, One stop 22025-09-300001901612Lighthouse Bidco GMBH, One stop 32025-09-300001901612LogicMonitor, Inc., One stop 12025-09-300001901612LogicMonitor, Inc., One stop 22025-09-300001901612Matrix42 Holding GMBH, One stop2025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-09-300001901612MYOB Invest Co Pty Ltd, One stop2025-09-300001901612Navex TopCo, Inc., One stop 12025-09-300001901612Navex TopCo, Inc., One stop 22025-09-300001901612Onit, Inc., One stop 12025-09-300001901612Onit, Inc., One stop 22025-09-300001901612Onit, Inc., One stop 32025-09-300001901612Onit, Inc., One stop 42025-09-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-09-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-09-300001901612Panzura, LLC, One stop2025-09-300001901612Pineapple German Bidco GMBH, One stop 12025-09-300001901612Pineapple German Bidco GMBH, One stop 22025-09-300001901612Pineapple German Bidco GMBH, One stop 32025-09-300001901612Pineapple German Bidco GMBH, One stop 42025-09-300001901612Pineapple German Bidco GMBH, One stop 52025-09-300001901612Pineapple German Bidco GMBH, One stop 62025-09-300001901612Pineapple German Bidco GMBH, One stop 72025-09-300001901612PING Identity Holding Corp., One stop 12025-09-300001901612PING Identity Holding Corp., One stop 22025-09-300001901612Quant Buyer, Inc., One stop 12025-09-300001901612Quant Buyer, Inc., One stop 22025-09-300001901612Quant Buyer, Inc., One stop 32025-09-300001901612Quant Buyer, Inc., One stop 42025-09-300001901612Quant Buyer, Inc., One stop 52025-09-300001901612Rainforest Bidco Limited, One stop 12025-09-300001901612Rainforest Bidco Limited, One stop 22025-09-300001901612Rainforest Bidco Limited, One stop 32025-09-300001901612Rainforest Bidco Limited, One stop 42025-09-300001901612Rainforest Bidco Limited, One stop 52025-09-300001901612Rainforest Bidco Limited, One stop 62025-09-300001901612Rainforest Bidco Limited, One stop 72025-09-300001901612Spark Bidco Limited, One stop 12025-09-300001901612Spark Bidco Limited, One stop 22025-09-300001901612Spark Bidco Limited, One stop 32025-09-300001901612Spark Bidco Limited, One stop 42025-09-300001901612Templafy APS and Templafy, LLC, One stop 12025-09-300001901612Templafy APS and Templafy, LLC, One stop 22025-09-300001901612Togetherwork Holdings, LLC, One stop 12025-09-300001901612Togetherwork Holdings, LLC, One stop 22025-09-300001901612Togetherwork Holdings, LLC, One stop 32025-09-300001901612Transform Bidco Limited, One stop 12025-09-300001901612Transform Bidco Limited, One stop 22025-09-300001901612Transform Bidco Limited, One stop 32025-09-300001901612Transform Bidco Limited, One stop 42025-09-300001901612Transform Bidco Limited, One stop 52025-09-300001901612Transform Bidco Limited, One stop 62025-09-300001901612Transform Bidco Limited, One stop 72025-09-300001901612Tricentis Operations Holdings, Inc., One stop 12025-09-300001901612Tricentis Operations Holdings, Inc., One stop 22025-09-300001901612Tricentis Operations Holdings, Inc., One stop 32025-09-300001901612Vantage Bidco GMBH, One stop 12025-09-300001901612Vantage Bidco GMBH, One stop 22025-09-300001901612Varinem German Midco GMBH, One stop 12025-09-300001901612Varinem German Midco GMBH, One stop 22025-09-300001901612Viper Bidco, Inc., One stop 12025-09-300001901612Viper Bidco, Inc., One stop 22025-09-300001901612Viper Bidco, Inc., One stop 32025-09-300001901612Viper Bidco, Inc., One stop 42025-09-300001901612Viper Bidco, Inc., One stop 52025-09-300001901612Zendesk, Inc., One stop 12025-09-300001901612Zendesk, Inc., One stop 22025-09-300001901612Zendesk, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2025-09-300001901612Biscuit Parent, LLC, One stop 12025-09-300001901612Biscuit Parent, LLC, One stop 22025-09-300001901612Biscuit Parent, LLC, One stop 32025-09-300001901612Cavender Stores L.P., Senior secured2025-09-300001901612CVP Holdco, Inc., One stop 12025-09-300001901612CVP Holdco, Inc., One stop 22025-09-300001901612CVP Holdco, Inc., One stop 32025-09-300001901612Consilio Midco Limited, Senior secured 12025-09-300001901612Consilio Midco Limited, Senior secured 22025-09-300001901612Consilio Midco Limited, Senior secured 32025-09-300001901612Consilio Midco Limited, Senior secured 42025-09-300001901612Consilio Midco Limited, Senior secured 52025-09-300001901612Consilio Midco Limited, Subordinated debt 12025-09-300001901612Consilio Midco Limited, Subordinated debt 22025-09-300001901612Consilio Midco Limited, Subordinated debt 32025-09-300001901612Metal Supermarkets US Buyer, LLC, One stop 12025-09-300001901612Metal Supermarkets US Buyer, LLC, One stop 22025-09-300001901612PetVet Care Centers LLC, One stop 12025-09-300001901612PetVet Care Centers LLC, One stop 22025-09-300001901612PetVet Care Centers LLC, One stop 32025-09-300001901612Radiance Borrower, LLC, One stop 12025-09-300001901612Radiance Borrower, LLC, One stop 22025-09-300001901612Salon Lofts Group, LLC, Senior secured 12025-09-300001901612Salon Lofts Group, LLC, Second lien 12025-09-300001901612Salon Lofts Group, LLC, Second lien 22025-09-300001901612Salon Lofts Group, LLC, Senior secured 22025-09-300001901612Salon Lofts Group, LLC, Senior secured 32025-09-300001901612Salon Lofts Group, LLC, Senior secured 42025-09-300001901612Salon Lofts Group, LLC, Second lien 32025-09-300001901612Salon Lofts Group, LLC, Senior secured 52025-09-300001901612Salon Lofts Group, LLC, Senior secured 62025-09-300001901612Salon Lofts Group, LLC, Senior secured 72025-09-300001901612Salon Lofts Group, LLC, Senior secured 82025-09-300001901612Salon Lofts Group, LLC, Senior secured 92025-09-300001901612Salon Lofts Group, LLC, Senior secured 102025-09-300001901612Salon Lofts Group, LLC, Senior secured 112025-09-300001901612Salon Lofts Group, LLC, Second lien 42025-09-300001901612Salon Lofts Group, LLC, Senior secured 122025-09-300001901612Salon Lofts Group, LLC, Senior secured 132025-09-300001901612Salon Lofts Group, LLC, Second lien 52025-09-300001901612Salon Lofts Group, LLC, Senior secured 142025-09-300001901612Salon Lofts Group, LLC, Second lien 62025-09-300001901612Salon Lofts Group, LLC, Second lien 72025-09-300001901612Salon Lofts Group, LLC, Senior secured 152025-09-300001901612Salon Lofts Group, LLC, Senior secured 162025-09-300001901612Salon Lofts Group, LLC, Senior secured 172025-09-300001901612Salon Lofts Group, LLC, Second lien 82025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-09-300001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-09-300001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-09-300001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-09-300001901612LDS Intermediate Holdings, LLC, One stop 12025-09-300001901612LDS Intermediate Holdings, LLC, One stop 22025-09-300001901612LDS Intermediate Holdings, LLC, One stop 32025-09-300001901612LDS Intermediate Holdings, LLC, One stop 42025-09-300001901612LDS Intermediate Holdings, LLC, One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:TransportationInfrastructureSectorMember2025-09-300001901612Vessco Midco Holdings, LLC, One stop 12025-09-300001901612Vessco Midco Holdings, LLC, One stop 22025-09-300001901612Vessco Midco Holdings, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:WaterUtilitiesSectorMember2025-09-300001901612us-gaap:DebtSecuritiesMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AirFreightAndLogisticsMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutoComponentsSectorMember2025-09-300001901612CAP-KSI Holdings, LLC, Common stock2025-09-300001901612CAP-KSI Holdings, LLC, Preferred Stock2025-09-300001901612National Express Wash Parent Holdco, LLC, LLC units2025-09-300001901612Quick Quack Car Wash Holdings, LLC, LLC units2025-09-300001901612Quick Quack Car Wash Holdings, LLC, Preferred stock2025-09-300001901612Yorkshire Parent, Inc., LP interest2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:BeveragesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001901612CHVAC Services Investment, LLC, Preferred stock2025-09-300001901612DP Flores Holdings, LLC, Preferred stock2025-09-300001901612HS Spa Holdings, Inc., Warrant2025-09-300001901612Kodiak Buyer, LLC, LP interest2025-09-300001901612NSG Buyer, Inc., Preferred stock2025-09-300001901612Virginia Green Acquisition, LLC, Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ElectricUtilitiesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ElectricalEquipmentSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:FoodProductsSectorMember2025-09-300001901612Centegix Intermediate II, LLC, Preferred stock2025-09-300001901612Isto Group, Inc., LP units2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2025-09-300001901612Amberfield Acquisition Co., Preferred stock2025-09-300001901612Modernizing Medicine, Inc., Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-09-300001901612Patriot Acquireco, LLC, LP units2025-09-300001901612PB Group Holdings, LLC, Preferred stock2025-09-300001901612Rooster BidCo Limited, LLC units2025-09-300001901612Saguaro Buyer, LLC, LP units2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001901612Critical Start, Inc., LLC units2025-09-300001901612Netwrix Corporation, Common stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:LeisureProductsSectorMember2025-09-300001901612Celerion Buyer, Inc., LLC interest2025-09-300001901612Celerion Buyer, Inc., Common stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:PharmaceuticalsSectorMember2025-09-300001901612Eclipse Buyer, Inc., Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ProfessionalServicesSectorMember2025-09-300001901612Anaplan, Inc., LLC units2025-09-300001901612CB Buyer, Inc., Preferred stock2025-09-300001901612Cynet Security Ltd., Preferred stock2025-09-300001901612Denali Bidco Limited, LP units2025-09-300001901612Energy Worldnet, LLC, Preferred stock2025-09-300001901612GTY Technology Holdings, Inc., Common stock2025-09-300001901612Gurobi Optimization, LLC, LLC units2025-09-300001901612Kaseya Inc., Preferred Stock2025-09-300001901612Kaseya Inc., Common stock2025-09-300001901612LogicMonitor, Inc., LLC units2025-09-300001901612Menlo Ridgeview Co-Invest, LLC, LLC units2025-09-300001901612Onit, Inc., Common stock2025-09-300001901612Panzura, LLC, LLC units2025-09-300001901612StrongDM, Inc., Preferred Stock2025-09-300001901612Templafy APS and Templafy, LLC, Preferred stock2025-09-300001901612Togetherwork Holdings, LLC, Preferred Stock2025-09-300001901612Transform Bidco Limited, LP units2025-09-300001901612Tricentis Operations Holdings, Inc., Preferred stock2025-09-300001901612Zendesk, Inc., LP units2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2025-09-300001901612Metal Supermarkets US Buyer, LLC, Preferred stock2025-09-300001901612Metal Supermarkets US Buyer, LLC, LLC units2025-09-300001901612Salon Lofts Group, LLC, Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMember2025-09-300001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 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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 December 31, 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 February 6, 2026, the Registrant had 78,092,055.384 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 December 31, 2025 (unaudited) and September 30, 2025			3
			Consolidated Statements of Operations for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)			5
			Consolidated Statements of Cash Flows for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)			6
			Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025			8
			Notes to Consolidated Financial Statements (unaudited)			52
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			85
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			110
Item 4.			Controls and Procedures			112
Part II. Other Information
Item 1.			Legal Proceedings			113
Item 1A.			Risk Factors			113
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			113
Item 3.			Defaults Upon Senior Securities			113
Item 4.			Mine Safety Disclosures			113
Item 5.			Other Information			113
Item 6.			Exhibits			114

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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)

						December 31, 2025						September 30, 2025
						(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $2,349,527 and $2,176,447, respectively)						$	2,382,163					$	2,209,174
Cash						10,810						792
Cash equivalents						8,948						13,499
Foreign currencies (cost of $1,599 and $3,100, respectively)						1,656						3,529
Restricted cash						31,406						12,998
Restricted cash equivalents						81,143						32,542
Restricted foreign currencies (cost of $5,205 and $2,869, respectively)						5,218						2,947
Interest receivable						20,046						19,645
Receivable for investments						2,626						1,355
Capital call receivable						472						94
Other assets						841						840
Total Assets						$	2,545,329					$	2,297,415
Liabilities
Debt						$	1,319,957					$	1,189,555
Less unamortized debt issuance costs						(7,317)						(8,281)
Debt less unamortized debt issuance costs						1,312,640						1,181,274
Interest payable						30,980						18,244
Distributions payable						20,489						19,791
Management and income incentive fees payable						7,442						5,741
Payable for investments purchased						427						—
Unrealized depreciation on forward currency contracts						874						864
Accrued trustee fees						142						52
Accounts payable and other liabilities						2,946						2,894
Total Liabilities						1,375,940						1,228,860
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 December 31, 2025 and September 30, 2025						—						—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 77,959,283.765 and 71,236,992.933 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively						78						71
Paid in capital in excess of par						1,168,936						1,068,109
Distributable earnings (losses)						375						375
Total Net Assets						1,169,389						1,068,555
Total Liabilities and Total Net Assets						$	2,545,329					$	2,297,415
Number of common shares outstanding						77,959,283.765						71,236,992.933
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 December 31,
						2025						2024
Investment income
Interest income						$	53,004					$	35,491
Payment-in-kind interest income						3,768						2,306
Dividend income						392						161
Fee income						225						114
Total investment income						57,389						38,072
Expenses
Interest and other debt financing expenses						19,593						14,808
Base management fee						8,104						4,979
Incentive fee						6,785						4,427
Administrative service fee						732						436
Professional fees						522						389
General and administrative expenses						85						74
Total expenses						35,821						25,113
Base management fee waived (Note 4)						(5,157)						(3,168)
Incentive fee waived (Note 4)						(3,351)						(2,055)
Net expenses						27,313						19,890
Net investment income						30,076						18,182
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Foreign currency transactions						236						136
Net realized gain (loss) on investment transactions						236						136
Net change in unrealized appreciation (depreciation) from:
Investments						(154)						2,756
Forward currency contracts						(10)						97
Translation of assets and liabilities in foreign currencies						(184)						(879)
Net change in unrealized appreciation (depreciation) on investment transactions						(348)						1,974
Net gain (loss) on investment transactions						(112)						2,110
Net increase (decrease) in net assets resulting from operations						$	29,964					$	20,292
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 11)						$	0.41					$	0.46
Basic and diluted weighted average common shares outstanding (Note 11)						72,547,078						44,111,474

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, 2024			43,346,830.170						$	43					$	649,853					$	306					$	650,202
Issuance of common stock			6,725,731.752						7						100,879						—						100,886
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						18,182						18,182
Net realized gain (loss) on investment transactions			—						—						—						136						136
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						1,974						1,974
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			277,492.973						—						4,163						—						4,163
Distributions from distributable earnings (losses)			—						—						—						(5,494)						(5,494)
Distributions declared and payable			—						—						—						(14,798)						(14,798)
Total increase (decrease) for the three months ended December 31, 2024			7,003,224.725						7						105,042						—						105,049
Balance at December 31, 2024			50,350,054.895						$	50					$	754,895					$	306					$	755,251
Balance at September 30, 2025			71,236,992.933						$	71					$	1,068,109					$	375					$	1,068,555
Issuance of common stock			6,337,944.133						7						95,062						—						95,069
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						30,076						30,076
Net realized gain (loss) on investment transactions			—						—						—						236						236
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						(348)						(348)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			384,346.699						—						5,765						—						5,765
Distributions from distributable earnings (losses)			—						—						—						(9,475)						(9,475)
Distributions declared and payable			—						—						—						(20,489)						(20,489)
Total increase (decrease) for the three months ended December 31, 2025			6,722,290.832						7						100,827						—						100,834
Balance at December 31, 2025			77,959,283.765						$	78					$	1,168,936					$	375					$	1,169,389

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)

						Three months ended December 31,
						2025						2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations						$	29,964					$	20,292
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						990						951
Amortization of deferred offering costs						—						35
Accretion of discounts and amortization of premiums						(2,156)						(953)
Net realized (gain) loss on foreign currency transactions						(236)						(136)
Net change in unrealized (appreciation) depreciation on investments						154						(2,756)
Net change in unrealized (appreciation) depreciation on forward currency contracts						10						(97)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies						184						879
Proceeds from (fundings of) revolving loans, net						(6,620)						(1,799)
Fundings of investments						(267,910)						(226,080)
Proceeds from principal payments and sales of portfolio investments						108,251						6,459
Payment-in-kind interest capitalized						(3,767)						(2,298)
Non-cash dividends capitalized						(240)						(94)
Changes in operating assets and liabilities:
Interest receivable						(401)						2,263
Receivable for investments						(1,271)						4,184
Other assets						(1)						8
Interest payable						12,736						2,077
Management and income incentive fees payable						1,701						224
Payable for investments purchased						427						—
Accrued trustee fees						90						—
Accounts payable and other liabilities						52						400
Net cash provided by (used in) operating activities						(128,043)						(196,441)
Cash flows from financing activities
Borrowings on debt						220,676						578,077
Repayments of debt						(90,995)						(459,179)
Capitalized debt issuance costs						(26)						(31)
Proceeds from issuance of common shares						94,692						100,714
Distributions paid						(23,502)						(16,832)
Net cash provided by (used in) financing activities						200,845						202,749
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies						72,802						6,308
Effect of foreign currency exchange rates						72						(1,343)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period						66,307						34,847
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period						$	139,181					$	39,812
Supplemental disclosure of cash flow information:
Cash paid during the period for interest						$	5,685					$	11,779
Distributions declared for the period						29,964						20,292
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable						$	378					$	172
Stock issued in connection with dividend reinvestment plan						5,765						4,163
Change in distributions payable						698						(704)

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, cash equivalents, foreign currencies, restricted cash, restricted 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
			December 31, 2025						September 30, 2025
Cash			$	10,810					$	792
Cash equivalents			8,948						13,499
Foreign currencies (cost of $1,599 and $3,100, respectively)			1,656						3,529
Restricted cash			31,406						12,998
Restricted cash equivalents			81,143						32,542
Restricted foreign currencies (cost of $5,205 and $2,869, respectively)			5,218						2,947
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows (1)			$	139,181					$	66,307

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

December 31, 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
			Jeppesen Holdings, LLC#			One stop						SF +			4.75%			(j)						8.59%															11/2032						$	17,940					$	17,875					1.5			%			$	17,806
			Jeppesen Holdings, LLC(5)			One stop																		N/A(6)															11/2032						—						(3)						—						(7)
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															09/2031						14,539						14,235						1.2						14,539
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(4)						—						—
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(1)						—						—
			PPW Aero Buyer, Inc.*^			One stop						SF +			5.00%			(j)						8.67%															09/2031						2,099						2,078						0.2						2,099
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															09/2031						2,443						2,421						0.2						2,443
			PPW Aero Buyer, Inc.#			One stop						SF +			5.00%			(j)						8.67%															09/2031						615						612						0.1						615
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(10)						—						—
			Titan BW Borrower L.P.#(25)			One stop						SF +			5.38%			(j)						6.38%			cash/			2.88%			PIK						07/2032						4,824						4,779						0.4						4,824
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(8)						—						—
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(2)						—						—
																																													42,460						41,972						3.6						42,319
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(j)						8.67%															11/2031						12,449						12,235						1.0						12,449
			RJW Group Holdings, Inc.			One stop						SF +			5.00%			(k)						8.73%															11/2031						786						771						0.1						786
			RJW Group Holdings, Inc.#			One stop						SF +			5.00%			(j)						8.67%															11/2031						9,108						9,021						0.8						9,108
			RJW Group Holdings, Inc.(5)			One stop																		N/A(6)															11/2031						—						(7)						—						—
																																													22,343						22,020						1.9						22,343
			Auto Components
			Arnott, LLC^			One stop						SF +			4.75%			(k)						8.62%															11/2030						1,257						1,246						0.1						1,219
			Arnott, LLC			One stop						SF +			4.75%			(k)						8.50%															11/2030						121						120						—						115
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(j)						8.59%															01/2030						9,916						9,782						0.9						9,916
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(j)(k)						8.45%															01/2030						5,788						5,748						0.5						5,788
			Collision SP Subco, LLC			One stop						SF +			4.75%			(j)						8.57%															01/2030						238						216						—						238
			Collision SP Subco, LLC#			One stop						SF +			4.75%			(j)						8.59%															01/2030						70						70						—						70
			Collision SP Subco, LLC			One stop						SF +			4.75%			(j)(k)						8.48%															01/2030						161						153						—						161
			OEConnection, LLC*#^			One stop						SF +			4.50%			(i)						8.23%															12/2032						21,858						21,697						1.9						21,894
			OEConnection, LLC(5)			One stop																		N/A(6)															12/2032						—						(16)						—						4
			OEConnection, LLC(5)			One stop																		N/A(6)															12/2032						—						(8)						—						4
																																													39,409						39,008						3.4						39,409
			Automobiles
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(a)(j)						9.48%															06/2030						351						341						—						351
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25%			(j)						8.98%															06/2030						8,282						8,193						0.7						8,282
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(j)						8.92%															12/2029						794						783						0.1						794
			High Bar Brands Operating, LLC#			Senior secured						SF +			5.25%			(j)						8.92%															12/2029						165						163						—						165
			High Bar Brands Operating, LLC(5)			Senior secured																		N/A(6)															12/2029						—						(3)						—						—
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(j)						8.92%															12/2029						140						139						—						140
			Lincoln Acq Buyer, LLC#			One stop						SF +			4.50%			(i)						8.22%															11/2032						1,943						1,933						0.2						1,933
			Lincoln Acq Buyer, LLC			One stop						SF +			4.50%			(i)(j)						8.22%															11/2032						57						57						—						56
			Lincoln Acq Buyer, LLC			One stop						SF +			4.50%			(j)						8.20%															11/2032						29						23						—						23
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(k)						8.87%															07/2029						86						83						—						86

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)

December 31, 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)
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00%			(j)						8.67%															07/2029						$	30,243					$	30,016					2.6			%			$	30,243
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(k)						8.60%															07/2029						397						392						—						397
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						8.67%															07/2029						387						385						—						387
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(i)						8.47%															06/2031						462						454						0.1						462
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(i)						8.47%															06/2031						1,086						1,082						0.1						1,086
			Quick Quack Car Wash Holdings, LLC*^			One stop						SF +			4.75%			(i)						8.47%															06/2031						28,261						28,077						2.4						28,261
			Quick Quack Car Wash Holdings, LLC(5)			One stop																		N/A(6)															06/2031						—						(16)						—						—
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75%			(i)						8.47%															06/2031						1,587						1,567						0.1						1,587
			TWAS Holdings, LLC#			One stop						SF +			4.75%			(i)						8.47%															12/2029						742						739						0.1						739
			TWAS Holdings, LLC(5)			One stop																		N/A(6)															12/2029						—						(12)						—						(13)
			Yorkshire Parent, Inc.			One stop						SF +			5.00%			(j)						8.84%															12/2029						7						6						—						7
			Yorkshire Parent, Inc.#			One stop						SF +			5.00%			(j)						8.84%															12/2029						42						42						—						42
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(j)						9.17%															12/2029						17,435						17,255						1.5						17,435
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(j)						9.17%															12/2029						706						667						0.1						706
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(j)						9.34%															12/2029						4,831						4,787						0.4						4,831
																																													98,033						97,153						8.4						98,000
			Banks
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75%			(j)						8.59%															12/2029						3,860						3,828						0.3						3,860
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75%			(j)						8.64%															12/2029						3,692						3,662						0.3						3,692
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(j)						8.59%															12/2029						337						331						—						337
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(j)						8.61%															12/2029						307						292						—						307
			Empyrean Solutions, LLC^			One stop						SF +			4.50%			(j)						8.17%															11/2031						1,484						1,478						0.2						1,484
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(3)						—						—
																																													9,680						9,587						0.8						9,680
			Beverages
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(j)						8.42%															06/2030						6,394						6,314						0.5						6,394
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(j)						8.42%															06/2030						2,607						2,583						0.2						2,607
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(4)						0.1						—
			Financial Information Technologies, LLC#			One stop						SF +			4.75%			(j)						8.42%															06/2030						9,428						9,407						0.8						9,428
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(11)						—						—
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(3)						—						—
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00%			(j)						8.94%															02/2032						5,073						5,018						0.4						5,073
																																													23,502						23,304						2.0						23,502
			Building Products
			BECO Holding Company, Inc.*			One stop						SF +			5.25%			(j)						9.07%															11/2028						1,029						1,025						0.1						1,029
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2028						—						(10)						—						—
																																													1,029						1,015						0.1						1,029
			Capital Markets
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															01/2031						14,022						13,900						1.2						14,022
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(j)						8.42%															01/2031						1,473						1,449						0.1						1,473
			BlueMatrix Holdings, LLC*			One stop						SF +			4.75%			(j)						8.42%															01/2031						4,717						4,676						0.4						4,717
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															01/2031						1,716						1,705						0.2						1,716
			BlueMatrix Holdings, LLC#			One stop						SF +			4.75%			(j)						8.42%															01/2031						2,050						2,043						0.2						2,050
																																													23,978						23,773						2.1						23,978
			Chemicals
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(1)						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75%			(j)						8.66%															04/2032						1,662						1,655						0.2						1,662
			JSG II, Inc. and Checkers USA, Inc.#			One stop						SF +			4.50%			(i)						8.23%															09/2032						3,521						3,504						0.3						3,521
			JSG II, Inc. and Checkers USA, Inc.(5)			One stop																		N/A(6)															09/2032						—						(2)						—						—
			JSG II, Inc. and Checkers USA, Inc.(5)			One stop																		N/A(6)															09/2032						—						(2)						—						—

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)

December 31, 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)
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75%			(i)						8.42%															03/2029						$	926					$	920					0.1			%			$	926
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(i)(j)						8.46%															03/2029						105						103						—						105
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(i)						8.42%															03/2029						289						284						—						289
																																													6,503						6,459						0.6						6,503
			Commercial Services & Supplies
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(j)						8.87%															01/2031						18,306						18,153						1.6						18,306
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(j)						8.87%															01/2031						5,959						5,910						0.5						5,959
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2030						—						(12)						—						—
			CHA Vision Holdings, Inc.#			One stop						SF +			5.00%			(j)						8.87%															01/2031						939						934						0.1						939
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(j)						8.82%															01/2031						117						107						—						117
			Dispatch Acquisition Holdings, LLC#			One stop						SF +			4.75%			(j)						8.42%															11/2032						19,546						19,450						1.7						19,449
			Dispatch Acquisition Holdings, LLC			One stop						SF +			4.75%			(a)(j)						8.59%															11/2032						1,288						1,271						0.1						1,271
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00%			(j)						8.84%															09/2030						2,011						1,967						0.2						2,011
			Kleinfelder Intermediate, LLC(5)			One stop																		N/A(6)															09/2028						—						(3)						—						—
			Kleinfelder Intermediate, LLC			One stop						SF +			5.00%			(j)						8.84%															09/2030						218						216						—						218
			Pearl Acquisition Buyer, Inc.			One stop						SF +			4.50%			(j)						8.17%															12/2032						22						21						—						21
			Pearl Acquisition Buyer, Inc.#			One stop						SF +			4.50%			(j)						8.17%															12/2032						2,330						2,324						0.2						2,324
			Pearl Acquisition Buyer, Inc.(5)			One stop																		N/A(6)															12/2032						—						(2)						—						(2)
			PSC Parent, Inc.			One stop						SF +			5.25%			(i)						9.00%															04/2031						809						803						0.1						809
			PSC Parent, Inc.^			One stop						SF +			5.25%			(i)						8.97%															04/2031						1,074						1,070						0.1						1,074
			PSC Parent, Inc.			One stop						SF +			5.25%			(i)						8.97%															04/2030						523						514						—						523
			PSC Parent, Inc.^			One stop						SF +			5.25%			(i)						8.99%															04/2031						6,444						6,395						0.6						6,444
			Trinity Air Consultants Holdings Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						(1)
			Trinity Air Consultants Holdings Corporation			One stop						SF +			4.50%			(j)						8.50%															06/2029						143						142						—						141
			Trinity Air Consultants Holdings Corporation			One stop						SF +			4.50%			(i)(j)						8.44%															06/2029						426						425						—						422
			Trinity Air Consultants Holdings Corporation#			One stop						SF +			4.50%			(j)						8.48%															06/2029						903						894						0.1						894
			Trinity Air Consultants Holdings Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						(2)
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2031						—						(13)						—						—
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.71%															07/2031						229						228						—						229
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2030						—						(16)						—						—
			WRE Holding Corp.*^			One stop						SF +			5.00%			(k)						8.87%															07/2031						14,444						14,329						1.2						14,444
			WRE Holding Corp.^			One stop						SF +			5.00%			(k)						8.62%															07/2031						1,585						1,579						0.1						1,585
			WRE Holding Corp.^			One stop						SF +			5.00%			(k)						8.60%															07/2031						955						952						0.1						955
			WRE Holding Corp.^			One stop						SF +			5.00%			(k)						8.60%															07/2031						743						740						0.1						743
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						260						259						—						260
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						266						265						—						266
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						165						164						—						165
																																													79,705						79,064						6.8						79,564
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(21)						—						—
			Consor Intermediate II, LLC			One stop						SF +			4.50%			(j)						8.17%															05/2031						494						485						—						494
			Consor Intermediate II, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2031						13,586						13,534						1.2						13,586
			DCCM, LLC#			One stop						SF +			4.75%			(i)						8.47%															06/2032						1,951						1,942						0.2						1,951
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(4)						—						—
			Royal Holdco Corporation			One stop						SF +			4.50%			(j)						8.20%															12/2030						108						106						—						108
			Royal Holdco Corporation			One stop						SF +			4.50%			(j)						8.29%															12/2030						125						122						—						125
			Royal Holdco Corporation^			One stop						SF +			4.50%			(j)						8.24%															12/2030						1,734						1,720						0.1						1,734
																																													17,998						17,882						1.5						17,998

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)

December 31, 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)
			Containers & Packaging
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.50%			(j)						8.34%															07/2032						$	1,689					$	1,663					0.1			%			$	1,689
			Packaging Coordinators Midco, Inc.(5)			One stop																		N/A(6)															07/2032						—						(2)						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop						SF +			4.50%			(j)						8.34%															07/2032						10						10						—						10
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.(9)			One stop						SN +			4.50%			(g)						8.22%															07/2032						3,374						3,290						0.3						3,374
			Packaging Coordinators Midco, Inc.(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
																																													5,073						4,960						0.4						5,073
			Diversified Consumer Services
			ABC Legal Holdings, LLC#			One stop						SF +			4.50%			(j)						8.34%															08/2032						5,150						5,126						0.4						5,150
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(5)						—						—
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(7)						—						—
			Action Termite Control, LLC(5)			Senior secured																		N/A(6)															12/2032						—						(2)						—						(2)
			Action Termite Control, LLC			Senior secured						SF +			4.25%			(j)						7.96%															12/2032						729						725						0.1						725
			Action Termite Control, LLC(5)			Senior secured																		N/A(6)															12/2032						—						(11)						—						(11)
			Any Hour, LLC			One stop						SF +			5.25%			(j)						8.92%															05/2030						228						215						—						216
			Any Hour, LLC(25)			One stop						N/A												13.00%			PIK												05/2031						3,047						3,009						0.2						2,620
			Any Hour, LLC			One stop						SF +			5.25%			(i)(j)						8.96%															05/2030						1,038						1,024						0.1						963
			Any Hour, LLC*^			One stop						SF +			5.25%			(j)						8.92%															05/2030						8,062						7,975						0.6						7,578
			Apex Service Partners, LLC#			One stop						SF +			5.00%			(j)						8.84%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.81%															10/2030						34						34						—						34
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.78%															10/2030						50						50						—						50
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(j)						8.82%															10/2030						5,645						5,536						0.5						5,660
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.71%															10/2029						483						450						—						483
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(j)						8.82%															10/2030						23,719						23,236						2.0						23,779
			Aptive Environmental, LLC#			One stop						SF +			4.75%			(i)						8.47%															10/2032						12,567						12,445						1.1						12,441
			Aptive Environmental, LLC(5)			One stop																		N/A(6)															10/2032						—						(11)						—						(11)
			Aptive Environmental, LLC(5)			One stop																		N/A(6)															10/2032						—						(3)						—						(6)
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2030						4,273						4,230						0.4						4,273
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.23%															05/2030						326						315						—						326
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2030						16,423						16,293						1.4						16,423
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(j)						8.17%															05/2030						18						7						—						18
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50%			(j)						9.32%															07/2029						855						848						0.1						855
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(j)						9.32%															07/2029						7						7						—						7
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(j)						9.32%															07/2029						249						247						—						249
			HS Spa Holdings, Inc.^			One stop						SF +			5.25%			(j)						9.07%															06/2029						1,136						1,125						0.1						1,136
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(a)(i)						8.97%															06/2028						23						22						—						23
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(j)						9.09%															06/2029						603						601						0.1						603
			Kodiak Buyer, LLC*			One stop						SF +			4.50%			(j)						8.17%															07/2032						2,025						2,016						0.2						2,025
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(3)						—						—
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(3)						—						—
			Litera Bidco, LLC(5)			One stop																		N/A(6)															05/2028						—						(2)						—						—
			Litera Bidco, LLC			One stop						SF +			5.00%			(i)						8.72%															05/2028						3,008						3,003						0.3						3,008
			Litera Bidco, LLC			One stop																		N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC^			One stop						SF +			5.00%			(i)						8.72%															05/2028						7,533						7,511						0.6						7,533
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(j)						9.84%															04/2029						651						646						0.1						624
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(j)						9.84%															04/2029						844						836						0.1						811
			Mario Purchaser, LLC(25)			One stop						N/A												14.84%			PIK												04/2032						489						485						—						479
			Mario Purchaser, LLC			One stop						SF +			5.75%			(j)						9.74%															04/2028						65						64						—						63
			Mario Purchaser, LLC			One stop						SF +			5.75%			(j)						9.84%															04/2029						397						394						—						381
			NSG Buyer, Inc. ^			One stop						SF +			5.00%			(j)						8.67%															11/2029						15,347						15,112						1.3						15,347
			NSG Buyer, Inc.			One stop						SF +			5.00%			(j)						8.67%															11/2028						146						138						—						146
			NSG Buyer, Inc. (5)			One stop																		N/A(6)															11/2029						—						(8)						—						—

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)

December 31, 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)
			Salisbury House, LLC			One stop						SF +			5.00%			(i)						8.72%															08/2032						$	206					$	199					—			%			$	206
			Salisbury House, LLC(5)			One stop																		N/A(6)															08/2032						—						(10)						—						—
			Salisbury House, LLC*			One stop						SF +			5.00%			(k)						8.73%															08/2032						10,224						10,175						0.9						10,224
			Severin Acquisition, LLC^(25)			One stop						SF +			4.75%			(i)						6.22%			cash/			2.25%			PIK						10/2031						9,243						9,169						0.8						9,150
			Severin Acquisition, LLC(5)			One stop																		N/A(6)															10/2031						—						(9)						—						(11)
			Severin Acquisition, LLC(25)			One stop						SF +			4.75%			(i)						6.22%			cash/			2.25%			PIK						10/2031						402						395						—						383
			SCP CDH Buyer, Inc.#			One stop						SF +			4.50%			(j)						8.17%															12/2032						3,560						3,542						0.3						3,524
			SCP CDH Buyer, Inc.(5)			One stop																		N/A(6)															12/2032						—						(2)						—						(4)
			SCP CDH Buyer, Inc.(5)			One stop																		N/A(6)															12/2032						—						(5)						—						(10)
			Stellar Brands, LLC^			Senior secured						SF +			4.50%			(j)						8.17%															02/2031						2,063						2,050						0.2						2,063
			Stellar Brands, LLC(5)			Senior secured																		N/A(6)															02/2031						—						(1)						—						—
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2030						—						(13)						—						(13)
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25%			(k)						8.86%															12/2030						26,006						25,819						2.2						25,875
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2029						—						(21)						—						(16)
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2030						—						(11)						—						(8)
																																													166,924						164,996						14.1						165,412
			Diversified Financial Services
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2030						—						(12)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75%			(i)						8.47%															06/2031						5,161						5,106						0.5						5,174
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.25%			(i)						7.97%															06/2031						1,941						1,932						0.2						1,941
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2031						—						(3)						—						—
			Banker's Toolbox, Inc.#			One stop						SF +			4.50%			(j)						8.17%															07/2029						1,579						1,569						0.1						1,579
			Banker's Toolbox, Inc.(5)			One stop																		N/A(6)															07/2029						—						(6)						—						—
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)(25)			Subordinated debt						E +			8.00%			(d)						10.08%			PIK												07/2032						902						826						0.1						902
			Ceres Groupe SAS & Ceres PikCo*(8)(9)(20)			One stop						E +			4.75%			(d)						6.83%															07/2031						1,399						1,278						0.1						1,399
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)			One stop						E +			4.75%			(d)						6.85%															07/2031						198						178						—						198
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corsair Blade IV S.A R.L.(8)(13)(25)			One stop						SF +			5.75%			(j)						9.76%			cash/			0.25%			PIK						12/2030						252						252						—						252
			Corsair Blade IV S.A R.L.(8)(9)(13)(25)			One stop						SN +			5.75%			(g)						9.22%			cash/			0.25%			PIK						12/2030						81						63						—						81
			Deerfield Dakota Holding, LLC(5)			One stop																		N/A(6)															09/2032						—						(14)						—						—
			Deerfield Dakota Holding, LLC#(25)			One stop						SF +			5.75%			(j)						6.67%			cash/			2.75%			PIK						09/2032						15,629						15,481						1.3						15,629
			Equity Methods, LLC^			One stop						SF +			4.75%			(j)						8.42%															04/2032						7,549						7,515						0.7						7,549
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50%			(i)(j)						8.22%															06/2031						5,201						5,179						0.4						5,189
			Higginbotham Insurance Agency, Inc.(5)			One stop																		N/A(6)															06/2031						—						(1)						—						(1)
			Higginbotham Insurance Agency, Inc.(5)			One stop																		N/A(6)															06/2031						—						—						—						(1)
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(6)						—						—
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(8)						—						—
			Finastra USA, Inc.^(8)(10)			One stop						SF +			7.25%			(j)						10.97%															09/2029						2,721						2,721						0.2						2,721
			Medlar Bidco Limited#(8)(9)(21)			One stop						SN +			5.00%			(g)						8.72%															05/2032						9,432						9,246						0.8						9,432
			Medlar Bidco Limited(5)(8)(9)(21)			One stop																		N/A(6)															05/2032						—						(19)						—						—
			Medlar Bidco Limited#(8)(9)(21)			One stop						E +			5.00%			(c)						6.99%															05/2032						11,720						11,212						1.0						11,720
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.49%															10/2028						106						106						—						106
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.49%															10/2028						475						474						—						475
			Wealth Enhancement Group, LLC			One stop																		N/A(6)															10/2028						—						—						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50%			(j)						8.49%															10/2028						734						733						0.1						734
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50%			(j)						8.49%															10/2028						1,017						1,016						0.1						1,017
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.36%															10/2028						905						901						0.1						905
			Wealth Enhancement Group, LLC(5)			One stop																		N/A(6)															10/2028						—						(4)						—						—
																																													67,002						65,715						5.7						67,001

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)

December 31, 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.(25)			One stop						SF +			7.50%			(j)						7.74%			cash/			3.75%			PIK						01/2030						$	192					$	189					—			%			$	188
			Smart Energy Systems, Inc.#(25)			One stop						SF +			7.50%			(j)						7.74%			cash/			3.75%			PIK						01/2030						1,739						1,708						0.2						1,704
																																													1,931						1,897						0.2						1,892
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75%			(j)						8.42%															12/2030						510						500						—						505
			Power Grid Holdings, Inc.			One stop						P +			3.75%			(a)						10.50%															12/2030						17						15						—						16
			Wildcat TopCo, Inc.^			One stop						SF +			4.50%			(j)						8.32%															11/2031						5,274						5,222						0.5						5,274
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(9)						—						—
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(5)						—						—
																																													5,801						5,723						0.5						5,795
			Electronic Equipment, Instruments & Components
			CST Holding Company^			One stop						SF +			5.00%			(i)						8.82%															11/2028						5,331						5,184						0.5						5,331
			CST Holding Company(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
																																													5,331						5,183						0.5						5,331
			Food & Staples Retailing
			GMF Parent, Inc.(5)			One stop																		N/A(6)															12/2032						—						(2)						—						(2)
			GMF Parent, Inc.#			One stop						SF +			4.50%			(j)						8.20%															12/2032						1,953						1,943						0.2						1,943
			GMF Parent, Inc.(5)			One stop																		N/A(6)															12/2032						—						(2)						—						(2)
			GMF Parent, Inc.(5)			One stop																		N/A(6)															12/2032						—						(3)						—						(3)
																																													1,953						1,936						0.2						1,936
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00%			(j)						9.67%															10/2030						16,813						16,639						1.4						16,813
			Blast Bidco Inc.(5)			One stop																		N/A(6)															10/2029						—						(19)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00%			(k)						8.79%															08/2030						3,111						3,086						0.3						3,111
			Eagle Family Foods Group, LLC(5)			One stop																		N/A(6)															08/2030						—						(3)						—						—
			Sphynx UK Bidco, Ltd.#(8)(9)(10)			One stop						A +			4.50%			(e)						8.23%															09/2032						1,683						1,634						0.2						1,683
			Sphynx UK Bidco, Ltd.#(8)(9)(10)			One stop						E +			4.50%			(c)						6.52%															09/2032						1,640						1,615						0.1						1,640
			Sphynx UK Bidco, Ltd.#(8)(9)(10)			One stop						SN +			4.50%			(g)						8.22%															09/2032						7,589						7,500						0.7						7,589
			Zullas, L.C.(5)			One stop																		N/A(6)															06/2031						—						(2)						—						—
			Zullas, L.C.^			One stop						SF +			4.75%			(i)						8.47%															06/2031						1,445						1,438						0.1						1,445
			Zullas, L.C.			One stop						SF +			4.75%			(i)						8.47%															06/2031						237						230						—						237
																																													32,518						32,118						2.8						32,518
			Healthcare Equipment & Supplies
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(4)						—						—
			Bayou Intermediate II, LLC#			One stop						SF +			4.75%			(j)						8.42%															09/2032						5,607						5,580						0.5						5,607
			Bayou Intermediate II, LLC			One stop						SF +			4.75%			(i)(j)						8.43%															09/2032						607						599						0.1						607
			Belmont Instrument, LLC^			One stop						SF +			5.25%			(j)						8.92%															08/2028						4,117						4,071						0.4						4,117
			Belmont Instrument, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Blades Buyer, Inc.(5)			Senior secured																		N/A(6)															03/2028						—						(1)						—						(2)
			Blades Buyer, Inc.(5)			Senior secured																		N/A(6)															03/2028						—						(11)						—						(23)
			CCSL Holdings, LLC			One stop						SF +			5.75%			(i)						9.47%															12/2028						317						314						—						317
			Centegix Intermediate II, LLC#(25)			One stop						SF +			6.00%			(j)						6.63%			cash/			3.25%			PIK						08/2032						11,065						11,013						0.9						11,065
			Centegix Intermediate II, LLC			One stop						SF +			5.50%			(j)						9.31%															08/2032						1,097						1,088						0.1						1,097
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(15)						—						—
			HuFriedy Group Acquisition, LLC*^			One stop						SF +			5.50%			(j)						9.32%															06/2031						10,768						10,684						0.9						10,768
			HuFriedy Group Acquisition, LLC(5)			One stop																		N/A(6)															05/2030						—						(9)						—						—
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(j)(k)						9.18%															06/2031						2,357						2,324						0.2						2,357
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(j)						9.26%															06/2031						450						443						—						450
			Isto Group, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Isto Group, Inc.#			One stop						SF +			4.75%			(j)						8.46%															09/2032						1,941						1,932						0.2						1,941
			Isto Group, Inc.(5)			One stop																		N/A(6)															09/2032						—						(6)						—						—
			RTI Surgical, Inc.(5)			One stop																		N/A(6)															09/2032						—						(10)						—						—
			RTI Surgical, Inc.#			One stop						SF +			4.75%			(i)						8.47%															09/2032						10,007						9,959						0.9						10,007

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)

December 31, 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)
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50%			(i)						8.22%															12/2029						$	2,164					$	2,156					0.2			%			$	2,164
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.			One stop						SF +			4.50%			(i)						8.22%															12/2029						580						574						0.1						580
			YI, LLC^			One stop						SF +			5.75%			(i)						9.49%															12/2029						8,429						8,307						0.7						8,429
			YI, LLC(5)			One stop																		N/A(6)															12/2029						—						(11)						—						—
			ZimVie, Inc.			One stop						SF +			4.75%			(j)						8.42%															10/2032						1,129						1,112						0.1						1,111
			ZimVie, Inc.#			One stop						SF +			4.75%			(j)						8.42%															10/2032						21,166						21,064						1.8						21,061
			ZimVie, Inc.(5)			One stop																		N/A(6)															10/2032						—						(17)						—						(18)
																																													81,801						81,135						7.1						81,635
			Healthcare Providers & Services
			Active Day, Inc.#			One stop						SF +			5.00%			(i)						8.72%															05/2027						1,822						1,814						0.2						1,813
			Active Day, Inc.(5)			One stop																		N/A(6)															05/2027						—						(4)						—						(4)
			Active Day, Inc.			One stop						SF +			5.00%			(i)						8.72%															05/2027						623						620						—						620
			Bamboo US Bidco LLC#(9)			One stop						E +			5.00%			(c)						7.07%															09/2030						3,595						3,181						0.3						3,595
			Bamboo US Bidco LLC			One stop						SF +			5.00%			(i)(j)						8.83%															09/2030						351						349						—						351
			Bamboo US Bidco LLC			One stop						SF +			5.00%			(i)						8.79%															09/2030						292						292						—						292
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(j)						9.09%															09/2030						753						750						0.1						753
			Bamboo US Bidco LLC(5)			One stop																		N/A(6)															10/2029						—						(20)						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(j)						9.09%															09/2030						4,920						4,823						0.4						4,920
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			4.75%			(j)						8.57%															11/2030						1,322						1,315						0.1						1,322
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(1)						—						—
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(4)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			4.75%			(j)						8.57%															11/2030						7,991						7,948						0.7						7,991
			BHG Holdings, LLC^			One stop						SF +			5.50%			(j)						9.34%															04/2032						15,901						15,775						1.4						15,901
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(16)						—						—
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(36)						—						—
			Community Care Partners, LLC			One stop						SF +			6.00%			(i)						9.83%															06/2026						343						342						—						343
			Datix Bidco Limited and RL Datix Holdings, Inc.#(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															04/2031						3,099						2,846						0.3						3,099
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															04/2031						—						(9)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.#(8)(10)			One stop						SF +			5.00%			(k)						8.73%															04/2031						4,967						4,892						0.4						4,967
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															10/2030						—						(13)						—						—
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(9)(12)			One stop						CA +			5.00%			(l)						7.30%															09/2029						1,920						1,871						0.2						1,920
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)			One stop						CA +			5.00%			(l)						7.30%															09/2029						707						685						0.1						707
			HP TLE Buyer, Inc.#			One stop						SF +			4.75%			(j)						8.42%															07/2032						15,508						15,436						1.3						15,508
			HP TLE Buyer, Inc.(5)			One stop																		N/A(6)															07/2032						—						(16)						—						—
			LOV Acquisition LLC^			Senior secured						SF +			4.25%			(i)						7.97%															11/2031						6,738						6,710						0.6						6,738
			LOV Acquisition LLC(5)			Senior secured																		N/A(6)															11/2031						—						(3)						—						—
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												14.75%			PIK												08/2030						9,679						9,543						0.8						9,679
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.75%			(j)						9.57%															08/2029						6,513						6,453						0.5						6,448
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						997						987						0.1						964
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						230						229						—						223
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						42						42						—						41
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						42						40						—						40
			PPV Intermediate Holdings, LLC			One stop						SF +			5.75%			(j)						9.63%															08/2029						48						44						—						45
			PPV Intermediate Holdings, LLC			One stop						SF +			5.25%			(j)						9.07%															08/2029						861						849						0.1						839

See Notes to Consolidated Financial Statements

14

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Premise Health Holding Corp.#			One stop						SF +			4.50%			(j)						8.17%															11/2032						$	2,167					$	2,146					0.2			%			$	2,146
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															11/2032						—						(4)						—						(9)
			Premise Health Holding Corp.^			One stop						SF +			4.50%			(j)						8.17%															11/2032						18,758						18,502						1.6						18,571
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															11/2031						—						(30)						—						(24)
																																													110,189						108,328						9.4						109,799
			Healthcare Technology
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(j)						9.17%															05/2030						203						194						—						203
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(j)						9.17%															05/2030						278						274						—						278
			Amberfield Acquisition Co.^			One stop						SF +			5.50%			(j)						9.17%															05/2030						8,227						8,167						0.7						8,227
			Color Intermediate, LLC^			Senior secured						SF +			4.75%			(j)						8.52%															10/2029						2,324						2,298						0.2						2,324
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(j)						9.84%															01/2029						999						988						0.1						999
			Crow River Buyer, Inc.(5)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(i)						9.72%															01/2029						2,334						2,316						0.2						2,334
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75%			(j)						8.42%															12/2031						28,704						28,457						2.5						28,704
			GHX Ultimate Parent Corporation(5)			One stop																		N/A(6)															12/2031						—						(23)						—						—
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(3)						—						—
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(4)						—						—
			Healthmark Holdings, L.P.#			One stop						SF +			4.50%			(j)						8.32%															07/2032						4,462						4,441						0.4						4,462
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50%			(j)						8.36%															07/2031						1,277						1,267						0.1						1,277
			Kona Buyer, LLC			One stop						SF +			4.50%			(j)						8.36%															07/2031						75						75						—						75
			Kona Buyer, LLC			One stop						SF +			4.50%			(j)						8.36%															07/2031						21						21						—						21
			Lacker Bidco Limited(8)(9)(10)			One stop						SN +			5.50%			(g)						9.22%															02/2031						198						199						—						164
			Lacker Bidco Limited#(8)(9)(10)			One stop						SN +			5.75%			(g)						9.47%															02/2031						4,144						3,839						0.4						4,144
			Lacker Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(10)						—						—
			Lacker Bidco Limited(8)(9)(10)			One stop						SN +			5.75%			(g)						9.47%															02/2031						5,526						5,403						0.5						5,526
			Modernizing Medicine, Inc.#(25)			One stop						SF +			4.75%			(j)						6.17%			cash/			2.25%			PIK						04/2032						23,261						23,054						2.0						23,261
			Modernizing Medicine, Inc.(5)			One stop																		N/A(6)															04/2032						—						(19)						—						—
			Neptune Holdings, Inc.^			One stop						SF +			4.50%			(j)						8.17%															09/2030						6,207						6,119						0.5						6,207
			Neptune Holdings, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.#(25)			One stop						SF +			5.20%			(i)						6.22%			cash/			2.70%			PIK						08/2031						7,619						7,600						0.7						7,619
			Netsmart Technologies, Inc.*#^(25)			One stop						SF +			5.20%			(i)						6.22%			cash/			2.70%			PIK						08/2031						23,623						23,469						2.0						23,623
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(20)						—						—
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Plasma Buyer LLC^(7)(25)			One stop						SF +			5.75%			(j)						9.42%			PIK												05/2029						501						472						—						411
			Plasma Buyer LLC(7)(25)			One stop						SF +			5.75%			(j)						9.42%			PIK												05/2028						57						54						—						47
			Plasma Buyer LLC(7)(25)			One stop						SF +			5.75%			(j)						9.42%			PIK												05/2029						19						18						—						16
			QF Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						(4)						—						(9)
			QF Holdings, Inc.#			One stop						SF +			4.50%			(j)						8.19%															12/2032						13,273						13,240						1.1						13,207
			QF Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						(7)						—						(14)
			Signant Finance One Limited(5)			One stop																		N/A(6)															10/2031						—						(6)						—						(6)
			Signant Finance One Limited#(25)			One stop						SF +			4.75%			(j)						8.42%			PIK												10/2031						6,012						5,953						0.5						5,952
			Signant Finance One Limited(5)			One stop																		N/A(6)															10/2031						—						(7)						—						(14)
																																													139,344						137,803						11.9						139,038

See Notes to Consolidated Financial Statements

15

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC^			One stop						SF +			6.00%			(j)(k)						9.82%															08/2028						$	1,429					$	1,422					0.1			%			$	1,429
			Barteca Restaurants, LLC#			One stop						SF +			6.00%			(k)						9.95%															08/2028						72						72						—						72
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(j)(k)						9.94%															08/2028						100						100						—						100
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(j)						9.82%															08/2028						409						386						—						409
			CB Sports Holdings Bidco, LLC(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(1)
			CB Sports Holdings Bidco, LLC#			One stop						SF +			4.50%			(j)						8.20%															12/2032						1,255						1,250						0.1						1,250
			CB Sports Holdings Bidco, LLC(5)			One stop																		N/A(6)															12/2032						—						(4)						—						(4)
			CB Sports Holdings Bidco, LLC(5)			One stop																		N/A(6)															12/2032						—						—						—						(3)
			CR Fitness Holdings, LLC			Senior secured						SF +			4.25%			(j)						7.92%															10/2031						535						528						0.1						528
			CR Fitness Holdings, LLC#			Senior secured						SF +			4.25%			(j)						7.92%															10/2032						25,323						25,262						2.2						25,260
			CR Fitness Holdings, LLC(5)			Senior secured																		N/A(6)															10/2032						—						(14)						—						(14)
			Crumbl Enterprises, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2032						17,788						17,707						1.5						17,788
			Crumbl Enterprises, LLC(5)			One stop																		N/A(6)															05/2032						—						(6)						—						—
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.25%			(j)						6.69%			cash/			3.38%			PIK						10/2029						840						836						0.1						840
			ESN Venture Holdings, LLC#(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						375						372						—						375
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						332						329						—						332
			ESN Venture Holdings, LLC#(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						318						315						—						318
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						4,588						4,532						0.4						4,588
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						693						685						0.1						693
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						155						154						—						155
			ESN Venture Holdings, LLC(5)			One stop																		N/A(6)															10/2029						—						(3)						—						—
			ESN Venture Holdings, LLC(5)(25)			One stop						SF +			6.26%			(j)						6.54%			cash/			3.38%			PIK						10/2029						1						(4)						—						1
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(j)						6.54%			cash/			3.38%			PIK						10/2029						784						778						0.1						784
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00%			(j)						9.87%															11/2027						3,585						3,547						0.3						3,585
			GFP Atlantic Holdco 2, LLC			One stop						SF +			6.00%			(j)						9.85%															11/2027						2,682						2,619						0.2						2,682
			Health Buyer, LLC			Senior secured						SF +			4.75%			(i)						8.48%															04/2030						19						18						—						19
			Health Buyer, LLC(5)			Senior secured																		N/A(6)															04/2030						—						(2)						—						—
			Health Buyer, LLC#			Senior secured						SF +			4.75%			(j)						8.42%															04/2030						525						519						—						525
			Olo Parent, Inc.(5)			One stop																		N/A(6)															09/2032						—						(4)						—						—
			Olo Parent, Inc.#			One stop						SF +			4.50%			(j)						8.32%															09/2032						16,095						16,056						1.4						16,095
			Patriot Acquireco, LLC			One stop						SF +			4.50%			(j)						8.18%															09/2032						300						292						—						300
			Patriot Acquireco, LLC*#			One stop						SF +			4.50%			(j)						8.17%															09/2032						14,943						14,871						1.3						14,943
			PB Group Holdings, LLC^(25)			One stop						SF +			5.50%			(i)						6.47%			cash/			2.75%			PIK						08/2030						9,717						9,681						0.8						9,717
			PB Group Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															08/2030						472						467						0.1						472
			QSR Acquisition Co.*^			One stop						SF +			4.25%			(i)						7.97%															06/2032						27,997						27,900						2.4						27,997
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(22)						—						—
			Rooster BidCo Limited(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															03/2032						35						33						—						35
			Rooster BidCo Limited(5)(8)(9)(10)			One stop																		N/A(6)															03/2032						—						(7)						—						—
			Rooster BidCo Limited#(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															03/2032						1,452						1,383						0.1						1,452
			Saguaro Buyer, LLC^			One stop						SF +			4.50%			(j)						8.17%															07/2032						1,316						1,310						0.1						1,316
			Saguaro Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(j)						8.34%															07/2032						718						714						0.1						718
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(j)						8.17%															07/2032						178						173						—						178
			SDC Holdco, LLC(5)			One stop																		N/A(6)															07/2032						—						(6)						—						—
			SDC Holdco, LLC*			One stop						SF +			4.38%			(i)						8.10%															07/2032						10,144						10,096						0.9						10,144
			SSRG Holdings, LLC(5)			One stop																		N/A(6)															11/2029						—						(5)						—						—
			SSRG Holdings, LLC#			One stop						SF +			4.75%			(j)						8.42%															11/2029						2,230						2,220						0.2						2,230
			YE Brands Holding, LLC			One stop						SF +			4.75%			(j)						8.42%															10/2027						998						991						0.1						998
			YE Brands Holding, LLC^			One stop						SF +			4.75%			(j)						8.42%															10/2027						7,014						6,978						0.6						7,014
			YE Brands Holding, LLC			One stop						SF +			4.75%			(j)						8.42%															10/2027						12						12						—						12
																																													155,429						154,520						13.3						155,332

See Notes to Consolidated Financial Statements

16

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Household Durables
			TLB Holdings I, LLC(5)			One stop																		N/A(6)															10/2031						$	—					$	(3)					—			%			$	(3)
			TLB Holdings I, LLC#			One stop						SF +			4.75%			(j)						8.62%															10/2031						1,833						1,824						0.2						1,824
			TLB Holdings I, LLC(5)			One stop																		N/A(6)															10/2031						—						(4)						—						(5)
																																													1,833						1,817						0.2						1,816
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															04/2032						2,737						2,725						0.2						2,737
			WU Holdco, Inc.			One stop						SF +			4.75%			(j)						8.44%															04/2032						18						17						—						18
			WU Holdco, Inc.(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
																																													2,755						2,741						0.2						2,755
			Industrial Conglomerates
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(j)						8.42%															07/2029						572						567						0.1						572
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.69%															07/2029						373						366						—						373
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(j)						8.42%															07/2029						145						144						—						145
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(j)						8.42%															07/2029						73						72						—						73
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.42%															07/2029						86						84						—						86
			Dwyer Instruments, Inc.(5)(9)			One stop																		N/A(6)															07/2029						—						(10)						—						—
			Dwyer Instruments, Inc.#(9)			One stop						E +			5.00%			(c)						7.02%															07/2029						18,042						16,072						1.5						18,042
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.42%															07/2029						2,189						2,170						0.2						2,189
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(j)						8.42%															07/2029						505						501						—						505
			Essential Services Holdings Corporation*^			One stop						SF +			5.00%			(j)						8.88%															06/2031						10,198						10,118						0.9						10,096
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(j)						8.88%															06/2030						500						491						—						490
			Essential Services Holdings Corporation(5)			One stop																		N/A(6)															06/2031						—						(8)						—						(20)
			Excelitas Technologies Corp.(5)			One stop																		N/A(6)															08/2029						—						(91)						—						—
			Excelitas Technologies Corp.^			One stop						SF +			5.25%			(i)						8.97%															08/2029						643						636						0.1						643
			Excelitas Technologies Corp.#(9)			One stop						E +			5.25%			(b)						7.15%															08/2029						128						112						—						128
			Excelitas Technologies Corp.			One stop																		N/A(6)															08/2028						—						—						—						—
																																													33,454						31,224						2.8						33,322
			Insurance
			Bellwether Buyer, LLC(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			Bellwether Buyer, LLC#			One stop						SF +			4.50%			(i)						8.23%															04/2032						1,446						1,439						0.1						1,446
			Bellwether Buyer, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(j)						9.34%															03/2028						2,486						2,459						0.2						2,486
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(j)						9.29%															03/2028						1,672						1,672						0.1						1,672
			Ben Nevis Midco Limited(8)(10)			One stop						SF +			5.50%			(j)						9.34%															03/2028						429						427						—						429
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(j)						9.34%															03/2028						2,058						2,031						0.2						2,058
			Captive Resources Midco, LLC^			One stop						SF +			4.50%			(i)						8.22%															07/2029						9,104						9,037						0.8						9,104
			Captive Resources Midco, LLC(5)			One stop																		N/A(6)															07/2028						—						(2)						—						—
			Doxa Insurance Holdings LLC^			One stop						SF +			4.50%			(j)						8.17%															12/2030						14,048						13,911						1.2						14,048
			Doxa Insurance Holdings LLC			One stop						SF +			4.50%			(j)						8.17%															12/2029						368						348						—						368
			Doxa Insurance Holdings LLC			One stop						SF +			4.50%			(j)						8.17%															12/2030						13,361						13,266						1.1						13,361
			Doxa Insurance Holdings LLC(5)			One stop						SF +			4.50%			(j)						8.34%															12/2030						8						(32)						—						8
			Gimlet Bidco GMBH#(8)(9)(19)			One stop						E +			5.75%			(c)						7.82%															04/2031						7,661						6,846						0.7						7,661
			Gimlet Bidco GMBH(8)(9)(19)			One stop						E +			5.75%			(b)(c)						7.82%															04/2031						2,989						2,791						0.3						2,989
			Gimlet Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															04/2031						—						(10)						—						—
			Huskies Parent, Inc.			One stop						SF +			6.00%			(i)						9.82%															11/2029						1,577						1,562						0.1						1,545
			Integrity Marketing Acquisition, LLC^			One stop						SF +			5.00%			(j)						8.82%															08/2028						11,548						11,477						1.0						11,548
			Integrity Marketing Acquisition, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Integrity Marketing Acquisition, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Koala Investment Holdings, Inc.#			One stop						SF +			4.50%			(j)						8.17%															08/2032						12,469						12,410						1.1						12,469
			Koala Investment Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(5)						—						—
			Koala Investment Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(11)						—						—

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)

December 31, 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)
			MRH Trowe Germany GMBH(5)(8)(9)(19)			One stop																		N/A(6)															11/2031						$	—					$	(1)					—			%			$	—
			MRH Trowe Germany GMBH#(8)(9)(19)			One stop						E +			5.00%			(d)						7.11%															05/2032						2,369						2,247						0.2						2,369
			MRH Trowe Germany GMBH(8)(9)(19)			One stop						E +			5.00%			(c)						7.03%															05/2032						368						365						—						368
			Oakbridge Insurance Agency LLC(5)			One stop																		N/A(6)															11/2029						—						(13)						—						(26)
			Oakbridge Insurance Agency LLC			One stop						SF +			5.00%			(i)						8.72%															11/2029						1,223						1,201						0.1						1,215
			Oakbridge Insurance Agency LLC^			One stop						SF +			4.75%			(i)						8.47%															11/2029						9,082						9,001						0.8						8,991
			Oakbridge Insurance Agency LLC			One stop						SF +			4.75%			(i)						8.48%															11/2029						504						491						—						489
			Oakbridge Insurance Agency LLC			One stop						SF +			4.75%			(i)						8.47%															11/2029						4,386						4,347						0.4						4,342
			Pareto Health Intermediate Holdings, Inc.^			One stop						SF +			4.75%			(k)						8.35%															06/2030						19,357						19,165						1.7						19,357
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2030						—						(15)						—						—
			Wasabi Lower Holdco, LLC(5)			Senior secured																		N/A(6)															06/2032						—						(3)						—						—
			Wasabi Lower Holdco, LLC			Senior secured						SF +			4.50%			(i)						8.22%															06/2032						990						978						0.1						990
			World Insurance Associates, LLC			One stop						SF +			5.00%			(j)						8.68%															04/2030						1,318						1,313						0.1						1,318
			World Insurance Associates, LLC(5)			One stop																		N/A(6)															04/2030						—						(1)						—						—
																																													120,821						118,685						10.3						120,605
			IT Services
			CivicPlus, LLC(5)			One stop																		N/A(6)															08/2030						—						(2)						—						—
			CivicPlus, LLC(5)			One stop																		N/A(6)															08/2030						—						(13)						—						—
			ContractPod Technologies, Ltd.#(8)(10)(25)			One stop						SF +			6.50%			(j)						6.92%			cash/			3.25%			PIK						07/2030						1,223						1,218						0.1						1,223
			ContractPod Technologies, Ltd.(8)(10)(25)			One stop						SF +			6.50%			(j)						7.09%			cash/			3.25%			PIK						07/2030						301						298						—						301
			ContractPod Technologies, Ltd.(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(3)						—						—
			Critical Start, Inc.#(25)			One stop						SF +			6.76%			(j)						6.99%			cash/			3.63%			PIK						05/2028						548						546						—						542
			Critical Start, Inc.#(25)			One stop						SF +			6.76%			(j)						6.99%			cash/			3.63%			PIK						05/2028						278						276						—						275
			Critical Start, Inc.			One stop						P +			5.25%			(a)						12.00%															05/2028						13						13						—						13
			Goldcup 31018 AB#(8)(9)(15)(25)			One stop						E +			6.50%			(d)						8.61%			PIK												07/2029						916						791						0.1						877
			Goldcup 31018 AB(8)(9)(15)(25)			One stop						E +			6.50%			(d)						8.61%			PIK												07/2029						87						78						—						83
			Goldcup 31018 AB(8)(9)(15)			One stop						E +			6.25%			(d)						8.36%															01/2029						47						41						—						41
			Netwrix Corporation^			One stop						SF +			4.50%			(j)						8.32%															06/2029						1,422						1,414						0.1						1,422
			Netwrix Corporation*^			One stop						SF +			4.50%			(j)						8.32%															06/2029						12,453						12,409						1.1						12,453
			Netwrix Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			4.50%			(j)						8.32%															06/2029						624						593						0.1						624
			PDQ.com Corporation(5)			One stop																		N/A(6)															10/2032						—						—						—						(1)
			PDQ.com Corporation#			One stop						SF +			4.75%			(j)						8.42%															10/2032						2,087						2,082						0.2						2,077
			PDQ.com Corporation(5)			One stop																		N/A(6)															10/2032						—						(2)						—						(3)
			ReliaQuest Holdings, LLC#(25)			One stop						SF +			6.00%			(j)						6.59%			cash/			3.25%			PIK						04/2031						51						51						—						51
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(12)						—						—
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(6)						—						—
			ReliaQuest Holdings, LLC*(25)			One stop						SF +			6.00%			(j)						6.59%			cash/			3.25%			PIK						04/2031						24,743						24,600						2.1						24,743
			WPEngine, Inc.#			One stop						SF +			5.75%			(j)						9.45%															08/2029						1,069						1,056						0.1						1,069
			WPEngine, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(j)						10.32%															07/2027						364						360						—						364
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(j)						10.32%															07/2027						959						959						0.1						959
			Zarya Holdco, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
																																													47,185						46,746						4.0						47,113
			Leisure Products
			Crunch Holdings, LLC*^			One stop						SF +			4.50%			(i)						8.22%															09/2031						29,221						29,154						2.5						29,221
			Crunch Holdings, LLC(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Movement Holdings, LLC^(8)(10)			One stop						SF +			5.50%			(j)						9.32%															03/2030						6,979						6,929						0.6						6,979
			Movement Holdings, LLC(8)(10)			One stop						SF +			5.50%			(j)						9.32%															03/2030						237						229						—						237
			Movement Holdings, LLC(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(33)						—						—
																																													36,437						36,270						3.1						36,437

See Notes to Consolidated Financial Statements

18

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.89%															11/2029						$	10,425					$	10,249					0.9			%			$	10,373
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.89%															11/2029						5,859						5,814						0.5						5,830
			Celerion Buyer, Inc.#			One stop						SF +			5.00%			(j)						8.69%															11/2029						13,303						13,237						1.1						13,237
			Diamondback Acquisition, Inc.#			One stop						SF +			4.50%			(i)						8.22%															09/2032						5,997						5,983						0.5						5,982
			Diamondback Acquisition, Inc.(5)			One stop																		N/A(6)															09/2032						—						(3)						—						(3)
			Diamondback Acquisition, Inc.			One stop						SF +			4.50%			(i)						8.22%															09/2032						155						153						—						153
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2031						—						(6)						—						—
			PAS Parent Inc.#			One stop						SF +			4.50%			(i)						8.22%															08/2032						1,023						1,014						0.1						1,023
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2032						—						(7)						—						—
																																													36,762						36,433						3.1						36,595
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.50%			(i)						8.22%															08/2031						2,705						2,683						0.2						2,678
			AI Titan Parent, Inc.			One stop						SF +			4.50%			(i)						8.32%															08/2031						122						120						—						116
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						(3)
			Blackbird Purchaser, Inc.^			One stop						SF +			5.75%			(j)						9.42%															12/2030						25,705						25,539						2.2						25,705
			Blackbird Purchaser, Inc.(5)			One stop																		N/A(6)															12/2030						—						(13)						—						—
			Blackbird Purchaser, Inc.			One stop						SF +			5.75%			(i)(j)						9.43%															12/2029						2,166						2,144						0.2						2,166
			Thermogenics, Inc.(8)(12)			One stop						SF +			4.25%			(j)						7.92%															06/2032						349						347						—						349
			Thermogenics, Inc.#(8)(9)(12)			One stop						CA +			4.25%			(m)						6.51%															06/2032						463						463						—						463
			Thermogenics, Inc.(5)(8)(12)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			Thermogenics, Inc.#(8)(12)			One stop						SF +			4.25%			(j)						7.92%															06/2032						594						591						0.1						594
			Thermogenics, Inc.(5)(8)(12)			One stop																		N/A(6)															06/2032						—						(7)						—						—
			Thermogenics, Inc.(8)(9)(12)			One stop						CA +			4.25%			(m)						6.51%															06/2032						47						47						—						47
																																													32,151						31,909						2.7						32,115
			Media
			Lotus Topco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(8)						—						—
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															06/2030						7,064						7,025						0.6						7,064
			Lotus Topco, Inc.			One stop						SF +			4.75%			(j)						8.42%															06/2030						894						874						0.1						894
			Lotus Topco, Inc.#			One stop						SF +			4.75%			(j)						8.42%															06/2030						2,112						2,097						0.2						2,112
			Shout! Factory, LLC*			One stop						SF +			5.25%			(j)						8.92%															06/2031						4,768						4,735						0.4						4,768
			Shout! Factory, LLC			One stop						SF +			5.25%			(j)						8.93%															06/2031						71						67						—						71
																																													14,909						14,790						1.3						14,909
			Oil, Gas & Consumable Fuels
			Edition Holdings, Inc.#			One stop						SF +			4.50%			(j)						8.20%															12/2032						2,175						2,167						0.2						2,167
			Edition Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(1)
			Edition Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(2)
			Edition Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(1)
																																													2,175						2,164						0.2						2,163
			Pharmaceuticals
			ACP Ulysses Buyer, Inc.#			One stop						SF +			4.75%			(j)						8.42%															02/2030						932						895						0.1						932
			Caerus Midco 3 S.A.R.L.^(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						771						763						0.1						771
			Caerus Midco 3 S.A.R.L.#(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						138						136						—						138
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						118						117						—						118
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(i)						8.73%															05/2029						78						77						—						78
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						20						20						—						20
			Creek Parent, Inc.^			One stop						SF +			5.00%			(i)						8.73%															12/2031						20,131						19,829						1.7						20,131
			Creek Parent, Inc.(5)			One stop																		N/A(6)															12/2031						—						(40)						—						—
																																													22,188						21,797						1.9						22,188
			Professional Services
			ALKU Intermediate Holdings, LLC^			One stop						SF +			6.25%			(j)						9.92%															05/2029						1,250						1,239						0.1						1,225
			ALKU Intermediate Holdings, LLC#			One stop						SF +			5.50%			(j)						9.17%															05/2029						138						136						—						133
			bswift, LLC^			One stop						SF +			4.75%			(j)						8.66%															11/2028						1,108						1,092						0.1						1,102

See Notes to Consolidated Financial Statements

19

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			bswift, LLC^			One stop						SF +			4.75%			(j)						8.69%															11/2028						$	7,968					$	7,936					0.7			%			$	7,925
			bswift, LLC#			One stop						SF +			4.75%			(i)						8.57%															11/2028						1,521						1,513						0.1						1,512
			Denali Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(43)						—						—
			Denali Intermediate Holdings, Inc.*#			One stop						SF +			5.50%			(i)						9.23%															08/2032						45,455						45,023						3.9						45,455
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(j)						8.99%															09/2028						1,424						1,412						0.1						1,424
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(j)						8.98%															09/2028						1,046						1,036						0.1						1,046
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(j)						8.99%															09/2028						704						697						0.1						704
			DISA Holdings Corp.(25)			Subordinated debt						SF +			8.50%			(j)						10.38%			cash/			2.00%			PIK						03/2029						53						52						—						53
			DISA Holdings Corp.#			Senior secured						SF +			5.00%			(j)						8.99%															09/2028						81						80						—						81
			DISA Holdings Corp.#			One stop						SF +			5.00%			(j)						8.99%															09/2028						95						95						—						95
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(j)						8.98%															09/2028						114						110						—						114
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(15)						—						—
			Eclipse Buyer, Inc.^			One stop						SF +			4.50%			(i)						8.25%															09/2031						3,676						3,646						0.3						3,676
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(3)						—						—
			Varicent Intermediate Holdings Corporation#(8)(12)(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						08/2031						4,667						4,644						0.4						4,644
			Varicent Intermediate Holdings Corporation(5)(8)(12)			One stop																		N/A(6)															08/2031						—						(5)						—						(5)
			Varicent Intermediate Holdings Corporation*(8)(12)(25)			One stop						SF +			6.26%			(j)						6.54%			cash/			3.38%			PIK						08/2031						16,194						16,013						1.4						16,112
			Varicent Intermediate Holdings Corporation(5)(8)(12)			One stop																		N/A(6)															08/2031						—						(25)						—						(12)
			Varicent Intermediate Holdings Corporation(5)(8)(12)			One stop																		N/A(6)															08/2031						—						(14)						—						(11)
																																													85,494						84,619						7.3						85,273
			Software
			Anaplan, Inc.*^			One stop						SF +			4.50%			(j)						8.32%															06/2029						32,737						32,601						2.8						32,737
			Anaplan, Inc.			One stop																		N/A(6)															06/2028						—						—						—						—
			Armstrong Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(g)						8.97%															06/2029						689						616						0.1						689
			Armstrong Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(g)						8.97%															06/2029						360						312						—						360
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															07/2030						4,622						4,546						0.4						4,622
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(j)						8.67%															07/2030						293						292						—						293
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															07/2030						303						302						—						303
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.^			One stop						SF +			4.15%			(j)						7.82%															05/2031						1,341						1,330						0.1						1,341
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(i)						9.72%															03/2031						2,452						2,425						0.2						2,452
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(i)						9.72%															03/2031						5,573						5,509						0.5						5,573
			Azurite Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															03/2031						—						(10)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(4)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(4)						—						—
			Baxter Planning Systems, LLC*(25)			One stop						SF +			6.26%			(j)						6.72%			cash/			3.38%			PIK						05/2031						3,815						3,794						0.3						3,815
			BestPass, Inc.*^			One stop						SF +			4.75%			(i)						8.47%															08/2031						17,991						17,918						1.5						17,991
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						—
			BestPass, Inc.			One stop						SF +			4.75%			(i)						8.47%															08/2031						2,389						2,380						0.2						2,389
			Bloomerang, LLC*#(25)			One stop						SF +			6.50%			(j)						6.67%			cash/			3.50%			PIK						12/2029						13,655						13,565						1.2						13,655
			Bloomerang, LLC			One stop						P +			5.00%			(a)(j)						10.71%															12/2029						1,514						1,494						0.1						1,514
			Bloomerang, LLC(25)			One stop						SF +			6.50%			(j)						6.67%			cash/			3.50%			PIK						12/2029						1,365						1,338						0.1						1,365
			Blue Bidco Limited#(8)(9)(10)			One stop						E +			5.00%			(d)						7.17%															06/2032						2,034						1,954						0.2						2,034
			Blue Bidco Limited#(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															06/2032						3,536						3,505						0.3						3,536
			Blue Bidco Limited(8)(9)(10)			One stop																		N/A(6)															06/2032						—						—						—						—
			Blue Bidco Limited#(8)(10)			One stop						SF +			5.00%			(k)						8.68%															06/2032						510						507						—						510
			Blue Bidco Limited(8)(10)			One stop						SF +			5.00%			(k)						8.68%															06/2032						1,047						1,047						0.1						1,047
			Burning Glass Intermediate Holdings Company, Inc.			One stop						SF +			4.50%			(j)						8.32%															06/2028						114						114						—						114
			Burning Glass Intermediate Holdings Company, Inc.#			One stop						SF +			4.50%			(j)						8.32%															06/2028						2,022						2,017						0.2						2,022

See Notes to Consolidated Financial Statements

20

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(8)(18)			One stop						SF +			6.00%			(j)						9.86%															01/2029						$	956					$	941					0.1			%			$	956
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(8)(18)			One stop						SF +			6.00%			(j)						9.86%															01/2029						365						359						—						365
			Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(18)			One stop																		N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(18)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited#(8)(9)(10)			One stop						SN +			5.50%			(g)						9.22%															08/2030						690						643						0.1						690
			Camelia Bidco Limited#(8)(9)(10)			One stop						A +			5.50%			(f)						9.05%															08/2030						42						41						—						42
			Camelia Bidco Limited(8)(9)(10)			One stop						SN +			5.50%			(g)						9.22%															08/2030						135						126						—						135
			Camelia Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(21)						—						—
			CB Buyer, Inc.			One stop						SF +			5.25%			(i)						8.97%															07/2031						114						100						—						96
			CB Buyer, Inc.*^			One stop						SF +			5.25%			(j)						8.92%															07/2031						17,494						17,363						1.5						17,319
			CB Buyer, Inc.			One stop						SF +			5.25%			(j)						8.92%															07/2031						191						172						—						161
			Coupa Holdings, LLC^			One stop						SF +			5.25%			(j)						9.09%															02/2030						8,266						8,127						0.7						8,266
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2030						—						(7)						—						—
			Crewline Buyer, Inc.*#			One stop						SF +			6.75%			(j)						10.59%															11/2030						28,293						28,000						2.4						28,293
			Crewline Buyer, Inc.(5)			One stop																		N/A(6)															11/2030						—						(31)						—						—
			Denali Bidco Limited#(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															09/2031						7,351						7,133						0.6						7,351
			Denali Bidco Limited#(8)(9)(10)			One stop						E +			5.00%			(c)						7.02%															09/2031						15,189						14,456						1.3						15,189
			Denali Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															09/2031						—						(38)						—						—
			Denali Bidco Limited(8)(9)(10)(25)			Subordinated debt						N/A												11.20%			PIK												09/2032						6,937						6,890						0.6						6,937
			Denali Bidco Limited(8)(9)(10)(25)			Subordinated debt						N/A												9.80%			PIK												09/2032						10,458						10,338						0.9						10,458
			Einstein Parent, Inc.#			One stop						SF +			6.50%			(j)						10.36%															01/2031						12,284						12,077						1.1						12,284
			Einstein Parent, Inc.(5)			One stop																		N/A(6)															01/2031						—						(21)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(10)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(9)						—						—
			Espresso Bidco, Inc.#(25)			One stop						SF +			5.76%			(j)						6.30%			cash/			3.13%			PIK						03/2032						5,320						5,250						0.5						5,320
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(j)						8.42%															09/2030						13,040						12,765						1.1						13,040
			Evergreen IX Borrower 2023, LLC(5)			One stop																		N/A(6)															10/2029						—						(28)						—						—
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(j)						8.42%															09/2030						1,139						1,130						0.1						1,139
			Flexera Software, LLC#			One stop						SF +			4.50%			(j)						8.35%															08/2032						6,097						6,090						0.5						6,074
			Flexera Software, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(2)
			Flexera Software, LLC#(9)			One stop						E +			4.50%			(b)						6.43%															08/2032						2,161						2,151						0.2						2,153
			Flexera Software, LLC#			One stop						SF +			4.50%			(j)						8.19%															08/2032						1,566						1,561						0.1						1,561
			GTIV, LLC#			One stop						SF +			4.75%			(i)(j)						8.59%															02/2031						7,281						7,263						0.6						7,263
			GTY Technology Holdings, Inc.#(25)			One stop						SF +			6.63%			(j)						6.27%			cash/			4.13%			PIK						07/2029						8,716						8,613						0.7						8,716
			GTY Technology Holdings, Inc.*(25)			One stop						SF +			6.63%			(j)						6.17%			cash/			4.13%			PIK						07/2029						4,474						4,436						0.4						4,474
			GTY Technology Holdings, Inc.*(25)			One stop						SF +			6.63%			(j)						6.17%			cash/			4.13%			PIK						07/2029						2,925						2,896						0.3						2,925
			GTY Technology Holdings, Inc.*(25)			One stop						SF +			6.63%			(j)						6.17%			cash/			4.13%			PIK						07/2029						536						533						0.1						536
			GTY Technology Holdings, Inc.(5)			One stop																		N/A(6)															07/2029						—						(14)						—						—
			GTY Technology Holdings, Inc.(25)			One stop						SF +			6.63%			(j)						6.27%			cash/			4.13%			PIK						07/2029						1,647						1,620						0.1						1,647
			GTY Technology Holdings, Inc.*(25)			One stop						SF +			6.63%			(j)						6.40%			cash/			4.13%			PIK						07/2029						704						700						0.1						704
			Gurobi Optimization, LLC(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Gurobi Optimization, LLC^			One stop						SF +			4.50%			(j)						8.17%															09/2031						12,165						12,060						1.0						12,165
			Hyland Software, Inc.*^			One stop						SF +			5.00%			(j)						8.67%															09/2030						24,402						24,153						2.1						24,402
			Hyland Software, Inc.(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.#			One stop						SF +			4.50%			(j)						8.17%															01/2030						24,603						24,269						2.1						24,603
			Icefall Parent, Inc.(5)			One stop																		N/A(6)															01/2030						—						(32)						—						—
			ICIMS, Inc.^			One stop						SF +			5.75%			(j)						9.61%															08/2028						5,814						5,774						0.5						5,582
			ICIMS, Inc.			One stop						SF +			5.75%			(j)						9.59%															08/2028						53						52						—						46
			IQN Holding Corp. (25)			One stop						SF +			5.76%			(j)						6.30%			cash/			3.13%			PIK						05/2029						1,573						1,560						0.1						1,573
			IQN Holding Corp. ^(25)			One stop						SF +			5.76%			(j)						6.30%			cash/			3.13%			PIK						05/2029						1,486						1,479						0.1						1,486
			IQN Holding Corp.			One stop						SF +			5.25%			(j)						8.93%															05/2028						72						71						—						72

See Notes to Consolidated Financial Statements

21

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Island Bidco AB#(8)(9)(15)(25)			One stop						E +			7.25%			(d)						2.12%			cash/			7.25%			PIK						07/2028						$	807					$	720					0.1			%			$	798
			Island Bidco AB#(8)(15)(25)			One stop						SF +			7.00%			(k)						7.10%			cash/			3.50%			PIK						07/2028						327						325						—						323
			Island Bidco AB(8)(15)			One stop						SF +			6.50%			(k)						10.26%															07/2028						44						43						—						43
			Island Bidco AB(5)(8)(9)(15)			One stop																		N/A(6)															07/2028						—						(1)						—						(1)
			Island Bidco AB*(8)(15)(25)			One stop						SF +			7.00%			(k)						7.10%			cash/			3.50%			PIK						07/2028						3,271						3,254						0.3						3,238
			Kairos Bidco Limited			One stop						SF +			4.75%			(j)						8.42%															07/2032						34						33						—						34
			Kairos Bidco Limited#			One stop						SF +			4.75%			(j)						8.42%															07/2032						1,992						1,983						0.2						1,992
			Kairos Bidco Limited(5)			One stop																		N/A(6)															07/2032						—						(3)						—						—
			Kairos Bidco Limited			One stop						SF +			4.75%			(j)						8.42%															07/2032						300						298						—						300
			LeadsOnline, LLC^			One stop						SF +			4.50%			(j)						8.48%															02/2028						4,894						4,828						0.4						4,894
			LeadsOnline, LLC^			One stop						SF +			4.50%			(j)						8.48%															02/2028						864						852						0.1						864
			LeadsOnline, LLC(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—
			LeadsOnline, LLC^			One stop						SF +			4.50%			(j)						8.17%															02/2028						594						592						0.1						594
			Lighthouse Bidco GMBH(8)(9)(19)			One stop						E +			4.75%			(d)						6.87%															06/2031						131						128						—						131
			Lighthouse Bidco GMBH#(8)(9)(19)			One stop						E +			4.75%			(c)						6.77%															12/2031						1,420						1,255						0.1						1,420
			Lighthouse Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															12/2031						—						(7)						—						—
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(7)						—						(14)
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(9)						—						(22)
			LogicMonitor, Inc.#			One stop						SF +			5.50%			(j)						9.34%															11/2031						16,498						16,410						1.4						16,292
			Matrix42 Holding GMBH(8)(9)(19)			One stop						E +			6.25%			(c)						8.31%															12/2029						5,983						5,877						0.5						5,983
			Metatiedot Bidco Oy & Metatiedot US, LLC#(8)(14)			One stop						SF +			5.00%			(j)						8.82%															11/2031						2,931						2,894						0.3						2,931
			Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(14)			One stop						E +			5.00%			(c)						7.06%															11/2030						930						917						0.1						930
			Metatiedot Bidco Oy & Metatiedot US, LLC#(8)(9)(14)			One stop						E +			5.00%			(c)						7.07%															11/2031						4,597						4,083						0.4						4,597
			Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(14)			One stop						E +			5.00%			(c)						7.06%															11/2031						411						397						—						411
			MYOB Invest Co Pty Ltd#(8)(9)(11)(25)			One stop						A +			5.25%			(e)						6.19%			cash/			2.75%			PIK						06/2030						26,288						25,361						2.2						26,288
			Navex Global Holdings Corporation(5)			One stop																		N/A(6)															10/2031						—						(6)						—						(13)
			Navex Global Holdings Corporation(5)			One stop																		N/A(6)															10/2032						—						(2)						—						(4)
			Navex Global Holdings Corporation#^			One stop						SF +			5.00%			(j)						8.91%															10/2032						29,764						29,289						2.5						29,616
			Onit, Inc.^			One stop						SF +			4.75%			(j)						8.59%															01/2032						1,448						1,436						0.1						1,452
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(2)						—						—
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(3)						—						—
			Onit, Inc.#			One stop						SF +			4.50%			(j)						8.34%															01/2032						561						560						—						561
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(8)(9)(18)			One stop						E +			5.00%			(c)						7.02%															11/2029						100						84						—						100
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(8)(9)(18)			One stop						E +			5.75%			(c)						7.77%															11/2029						3,186						2,873						0.3						3,194
			Panzura, LLC(25)			One stop						N/A												7.00%			cash/			8.00%			PIK						08/2027						67						65						—						60
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						7,343						6,695						0.6						7,343
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						504						456						—						504
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						2,276						2,055						0.2						2,276
			Pineapple German Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															01/2031						—						(20)						—						—
			Pineapple German Bidco GMBH(8)(19)(25)			One stop						SF +			5.26%			(j)						5.78%			cash/			3.13%			PIK						01/2031						1,073						1,064						0.1						1,073
			Pineapple German Bidco GMBH(8)(19)(25)			One stop						SF +			5.26%			(j)						5.78%			cash/			3.13%			PIK						01/2031						495						486						—						495
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						378						326						—						378
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(j)						9.03%															06/2029						4,346						4,274						0.4						4,302
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(j)						9.07%															06/2029						6,378						6,348						0.5						6,315
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(j)						9.08%															06/2029						8,898						8,842						0.8						8,809
			Quant Buyer, Inc.			One stop						SF +			5.25%			(j)						9.07%															06/2029						115						114						—						114
			Rainforest Bidco Limited#(8)(9)(10)(25)			One stop						SN +			5.18%			(g)						7.22%			cash/			1.68%			PIK						07/2029						802						701						0.1						802

See Notes to Consolidated Financial Statements

22

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Rainforest Bidco Limited#(8)(10)(25)			One stop						SF +			5.18%			(h)						7.16%			cash/			1.68%			PIK						07/2029						$	141					$	140					—			%			$	141
			Rainforest Bidco Limited#(8)(9)(10)(25)			One stop						SN +			5.18%			(g)						7.22%			cash/			1.68%			PIK						07/2029						59						52						—						59
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			4.93%			(g)						7.22%			cash/			1.43%			PIK						07/2029						7,378						6,955						0.6						7,378
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			5.18%			(h)						7.16%			cash/			1.68%			PIK						07/2029						1,830						1,830						0.2						1,830
			Rainforest Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															07/2029						—						(23)						—						—
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			5.18%			(h)						7.16%			cash/			1.68%			PIK						07/2029						1,275						1,275						0.1						1,275
			Sapphire Bidco Oy(8)(9)(14)			One stop						E +			4.75%			(c)						6.83%															07/2029						656						649						0.1						656
			Spark Bidco Limited(8)(9)(10)			One stop						SN +			3.98%			(g)						7.70%															10/2032						512						509						—						512
			Spark Bidco Limited#(8)(10)			One stop						SF +			4.75%			(j)						8.69%															10/2032						16,238						16,132						1.4						16,238
			Spark Bidco Limited(5)(8)(10)			One stop																		N/A(6)															10/2032						—						(16)						—						—
			Spark Bidco Limited#(8)(10)			One stop						SF +			4.75%			(j)						8.69%															10/2032						5,876						5,876						0.5						5,876
			Spark Bidco Limited#(8)(9)(10)			One stop						A +			4.75%			(e)						8.33%															10/2032						3,360						3,300						0.3						3,360
			Templafy APS and Templafy, LLC*(8)(17)			One stop						SF +			6.00%			(j)						9.97%															07/2028						543						536						0.1						543
			Templafy APS and Templafy, LLC(8)(17)			One stop																		N/A(6)															07/2028						—						—						—						—
			Togetherwork Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															05/2031						633						605						0.1						633
			Togetherwork Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															05/2031						339						321						—						339
			Togetherwork Holdings, LLC^			One stop						SF +			5.00%			(i)						8.72%															05/2031						25,268						25,098						2.2						25,268
			Transform Bidco Limited(8)(10)			One stop						SF +			6.50%			(i)						10.73%															06/2030						376						364						—						376
			Transform Bidco Limited#(8)(10)(25)			One stop						SF +			6.75%			(j)						10.69%			PIK												01/2031						9,228						9,110						0.8						9,228
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(13)						—						—
			Transform Bidco Limited#(8)(10)(25)			One stop						SF +			6.90%			(j)						7.94%			cash/			2.90%			PIK						01/2031						1,272						1,251						0.1						1,272
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(9)						—						—
			Transform Bidco Limited(8)(9)(10)(25)			One stop						A +			6.75%			(e)(j)						7.62%			cash/			2.75%			PIK						01/2031						780						755						0.1						780
			Transform Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.75%			(g)						7.72%			cash/			2.75%			PIK						01/2031						123						116						—						123
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(9)						—						—
			Tricentis Operations Holdings, Inc.#(25)			One stop						SF +			6.26%			(j)						5.22%			cash/			4.88%			PIK						02/2032						16,914						16,842						1.4						16,914
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(14)						—						—
			Vanco Payment Solutions, LLC(5)			One stop																		N/A(6)															12/2031						—						(1)						—						(1)
			Vanco Payment Solutions, LLC#			One stop						SF +			4.75%			(j)						8.42%															12/2031						3,059						3,029						0.3						3,029
			Vantage Bidco GMBH*(8)(9)(19)			One stop						E +			6.00%			(c)						8.02%															04/2031						8,140						7,312						0.7						8,140
			Vantage Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															10/2030						—						(14)						—						—
			Varinem German Midco GMBH*(8)(9)(19)			One stop						E +			5.50%			(d)						7.57%															07/2031						6,888						6,346						0.6						6,888
			Varinem German Midco GMBH(8)(9)(19)			One stop						E +			4.75%			(d)						6.82%															07/2031						1,834						1,696						0.2						1,834
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(8)						—						—
			Viper Bidco, Inc.*^			One stop						SF +			4.75%			(j)						8.42%															11/2031						21,606						21,516						1.9						21,659
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(9)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(5)						—						—
			Viper Bidco, Inc.#(9)			One stop						SN +			4.75%			(g)						8.47%															11/2031						9,954						9,262						0.9						9,979
			Zendesk, Inc.(5)			One stop																		N/A(6)															11/2028						—						(8)						—						—
			Zendesk, Inc.			One stop						SF +			5.00%			(j)						8.69%															11/2028						1,562						1,550						0.1						1,562
			Zendesk, Inc.			One stop																		N/A(6)															11/2028						—						—						—						—
			Zendesk, Inc.^			One stop						SF +			5.00%			(j)						8.69%															11/2028						9,690						9,598						0.8						9,690
																																													628,485						616,259						53.6						627,367
			Specialty Retail
			Biscuit Parent, LLC^			One stop						SF +			4.75%			(j)						8.42%															02/2031						17,454						17,356						1.5						17,454
			Biscuit Parent, LLC(5)			One stop																		N/A(6)															02/2031						—						(30)						—						—
			Biscuit Parent, LLC			One stop						SF +			4.75%			(j)						8.42%															02/2031						25						25						—						25
			Cavender Stores L.P.^			Senior secured						SF +			5.00%			(j)						8.67%															10/2029						24,500						24,345						2.1						24,500
			Consilio Midco Limited(8)(9)(10)(25)			Subordinated debt						E +			7.50%			(d)						9.60%			PIK												04/2033						1,421						1,368						0.1						1,421
			Consilio Midco Limited#(8)(9)(10)			Senior secured						E +			4.75%			(c)						6.77%															04/2032						4,841						4,664						0.4						4,841
			Consilio Midco Limited#(8)(10)			Senior secured						SF +			4.75%			(j)						8.42%															04/2032						3,938						3,920						0.4						3,938
			Consilio Midco Limited#(8)(10)			Senior secured						SF +			4.75%			(j)						8.42%															04/2032						2,427						2,416						0.2						2,427
			Consilio Midco Limited(5)(8)(10)			Senior secured																		N/A(6)															04/2032						—						(7)						—						—

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)

December 31, 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)
			Consilio Midco Limited(8)(10)			Senior secured																		N/A(6)															04/2032						$	—					$	—					—			%			$	—
			Consilio Midco Limited(8)(10)(25)			Subordinated debt						SF +			7.50%			(j)						11.23%			PIK												04/2033						1,791						1,779						0.2						1,791
			Consilio Midco Limited(8)(10)(25)			Subordinated debt						SF +			7.50%			(j)						11.82%			PIK												04/2033						2						2						—						2
			CVP Holdco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(10)						—						—
			CVP Holdco, Inc.*^			One stop						SF +			4.75%			(i)						8.47%															06/2031						11,983						11,889						1.0						11,983
			CVP Holdco, Inc.			One stop						SF +			4.75%			(i)						8.47%															06/2031						734						722						0.1						734
			Metal Supermarkets US Buyer, LLC^(8)(12)			One stop						SF +			4.75%			(j)						8.42%															12/2030						3,081						3,069						0.3						3,081
			Metal Supermarkets US Buyer, LLC(8)(12)			One stop						SF +			4.75%			(j)						8.42%															12/2030						82						81						—						82
			PetVet Care Centers LLC^			One stop						SF +			6.00%			(i)						9.72%															11/2030						12,771						12,596						1.0						11,494
			PetVet Care Centers LLC			One stop						SF +			6.00%			(i)						9.84%															11/2029						194						169						—						29
			Radiance Borrower, LLC			One stop						SF +			5.25%			(i)						8.97%															06/2031						182						170						—						182
			Radiance Borrower, LLC^(25)			One stop						SF +			5.25%			(i)						8.97%															06/2031						19,440						19,329						1.7						19,440
			Salon Lofts Group, LLC(5)			Senior secured																		N/A(6)															08/2028						—						(6)						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						204						202						—						204
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						1,436						1,427						0.1						1,439
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						637						633						0.1						639
			Salon Lofts Group, LLC			Senior secured						SF +			5.25%			(j)						8.92%															08/2028						639						636						0.1						639
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						4,357						4,330						0.4						4,367
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						707						702						0.1						708
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						293						291						—						294
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						285						283						—						285
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						183						179						—						184
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						225						224						—						226
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						94						93						—						94
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						196						193						—						196
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						71						71						—						71
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						66						66						—						66
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						416						412						—						417
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						521						517						—						522
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						375						372						—						376
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						129						128						—						129
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						87						87						—						87
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						35						34						—						35
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						448						446						—						449
			Salon Lofts Group, LLC(5)			Second lien																		N/A(6)															09/2029						—						(13)						—						5
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						136						135						—						137
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						141						140						—						141
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^			One stop						SF +			5.25%			(j)						8.92%															12/2029						1,789						1,772						0.2						1,772
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2028						—						(5)						—						(8)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2029						—						(3)						—						(2)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*(9)			One stop						CA +			5.25%			(m)						7.51%															12/2029						7,087						7,042						0.6						7,016
			VSG Acquisition Corp. and Sherrill, Inc.*			One stop						SF +			5.00%			(i)						8.72%															10/2029						1,971						1,953						0.2						1,971
			VSG Acquisition Corp. and Sherrill, Inc.			One stop						SF +			5.00%			(i)						8.72%															10/2029						135						132						—						135
			VSG Acquisition Corp. and Sherrill, Inc.(5)			One stop																		N/A(6)															10/2029						—						(4)						—						—
																																													127,529						126,322						10.8						126,018

See Notes to Consolidated Financial Statements

24

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 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)
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						$	—					$	(11)					—			%			$	—
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(i)						8.72%															02/2032						13,220						13,148						1.1						13,220
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(i)						8.72%															02/2032						2,618						2,604						0.2						2,618
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(12)						—						—
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															02/2032						678						675						0.1						678
																																													16,516						16,404						1.4						16,516
			Water Utilities
			S.J. Electro Systems, LLC#			One stop						SF +			4.75%			(j)						8.66%															06/2028						1,557						1,549						0.1						1,549
			S.J. Electro Systems, LLC(5)			One stop																		N/A(6)															06/2028						—						(8)						—						(9)
			Vessco Midco Holdings, LLC#			One stop						SF +			4.50%			(k)						8.23%															07/2031						1,673						1,665						0.1						1,665
			Vessco Midco Holdings, LLC(5)			One stop																		N/A(6)															07/2031						—						(4)						—						(8)
			Vessco Midco Holdings, LLC^			One stop						SF +			4.50%			(i)(k)						8.42%															07/2031						1,523						1,511						0.1						1,515
			Vessco Midco Holdings, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						(1)
			Vessco Midco Holdings, LLC			One stop						SF +			4.50%			(i)(k)						8.28%															07/2031						420						418						0.1						417
																																													5,173						5,130						0.4						5,128
			Total debt investments																																										2,351,803						2,318,861						200.6						2,345,407

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)

December 31, 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(22)(23)

Aerospace & Defense

PPW Aero Buyer, Inc.

Common stock

N/A

N/A

02/2023

N/A

40

$

399

—

%

$

360

Air Freight & Logistics

RJW Group Holdings, Inc.

LP interest

N/A

N/A

11/2024

N/A

1,172

721

0.1

990

Auto Components

Arnott, LLC

Common stock

N/A

N/A

12/2024

N/A

—

94

—

63

Automobiles

CAP-KSI Holdings, LLC

LLC interest

N/A

N/A

06/2024

N/A

571

—

—

90

CAP-KSI Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

571

571

0.1

648

National Express Wash Parent Holdco, LLC

LP interest

N/A

N/A

07/2022

N/A

1

77

—

148

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

N/A

06/2024

N/A

3,673

3,673

0.4

4,941

Quick Quack Car Wash Holdings, LLC

LLC interest

N/A

N/A

06/2024

N/A

727

727

0.1

942

Yorkshire Parent, Inc.

LP interest

N/A

N/A

12/2023

N/A

—

131

—

166

5,179

0.6

6,935

Beverages

Spindrift Beverage Co. Inc.

LP interest

N/A

N/A

02/2025

N/A

2

2,164

0.2

2,587

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP interest

N/A

N/A

01/2024

N/A

—

110

—

141

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP interest

N/A

N/A

09/2025

N/A

31

312

0.1

312

Diversified Consumer Services

Action Termite Control, LLC

Preferred stock

N/A

N/A

12/2025

N/A

—

56

—

56

Action Termite Control, LLC

Common stock

N/A

N/A

12/2025

N/A

1

3

—

3

CHVAC Services Investment, LLC

Common stock

N/A

N/A

05/2024

N/A

95

240

0.1

451

DP Flores Holdings, LLC

LLC interest

N/A

N/A

09/2022

N/A

88

70

—

140

Kodiak Buyer, LLC

Common stock

N/A

N/A

08/2025

N/A

1

144

—

146

HS Spa Holdings, Inc.

Common stock

N/A

N/A

05/2022

N/A

78

78

—

50

NSG Buyer, Inc.

LP units

N/A

N/A

11/2022

N/A

1

953

0.1

1,438

SCP CDH Buyer, Inc.

Preferred stock

N/A

N/A

12/2025

N/A

—

114

—

114

SCP CDH Buyer, Inc.

Common stock

N/A

N/A

12/2025

N/A

1

6

—

6

Virginia Green Acquisition, LLC

LP interest

N/A

N/A

12/2023

N/A

96

96

—

133

1,760

0.2

2,537

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

N/A

01/2025

N/A

5

26

—

126

Electrical Equipment

Wildcat TopCo, Inc.(24)

LP interest

N/A

N/A

12/2024

N/A

135

110

—

147

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 (unaudited) - (continued)

December 31, 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)
			Food & Staples Retailing
			GMF Parent, Inc.			LP interest						N/A												N/A															12/2025						N/A						—						$	323					—			%			$	323
			Food Products
			Zullas, L.C.			Common stock						N/A												N/A															06/2025						N/A						1						564						0.1						587
			Healthcare Equipment & Services
			Isto Group, Inc.(9)			LP interest						N/A												N/A															09/2025						N/A						3						389						—						385
			Centegix Intermediate II, LLC			LLC interest						N/A												N/A															08/2025						N/A						648						648						0.1						694
			ZimVie, Inc.			LP interest						N/A												N/A															10/2025						N/A						2						141						—						141
																																																									1,178						0.1						1,220
			Healthcare Providers & Services
			HP TLE Buyer, Inc.			Common stock						N/A												N/A															07/2025						N/A						243						243						—						245
			Healthcare Technology
			Amberfield Acquisition Co.			Common stock						N/A												N/A															05/2024						N/A						404						404						0.1						536
			Modernizing Medicine, Inc.(24)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						5						4,876						0.4						4,978
																																																									5,280						0.5						5,514
			Hotels, Restaurants & Leisure
			Patriot Acquireco, LLC			Common stock						N/A												N/A															09/2025						N/A						641						650						—						641
			PB Group Holdings, LLC			LP interest						N/A												N/A															08/2024						N/A						99						228						—						211
			Rooster BidCo Limited(8)(10)			Preferred stock						N/A												N/A															03/2025						N/A						364						376						0.1						647
			Saguaro Buyer, LLC			Common stock						N/A												N/A															07/2025						N/A						1						750						0.1						932
																																																									2,004						0.2						2,431
			Insurance
			Oakbridge Insurance Agency LLC			LP interest						N/A												N/A															11/2023						N/A						5						98						—						109
			IT Services
			Critical Start, Inc.			Common stock						N/A												N/A															05/2022						N/A						38						38						—						11
			Netwrix Corporation			LLC interest						N/A												N/A															06/2022						N/A						11						21						—						23
																																																									59						—						34
			Leisure Products
			Movement Holdings, LLC(8)(10)			LLC interest						N/A												N/A															03/2024						N/A						—						421						—						221
			Life Sciences Tools & Services
			Celerion Buyer, Inc.(24)			Common stock						N/A												N/A															11/2022						N/A						446						—						0.1						1,007
			Pharmaceuticals
			Creek Parent, Inc.			LP interest						N/A												N/A															12/2024						N/A						905						906						0.1						1,112
			Professional Services
			Eclipse Buyer, Inc.(24)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						1,698						0.1						1,723

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 (unaudited) - (continued)

December 31, 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)
			Software
			Anaplan, Inc.			LP interest						N/A												N/A															06/2022						N/A						890						$	891					0.2			%			$	1,597
			CB Buyer, Inc.			LP interest						N/A												N/A															07/2024						N/A						228						228						—						196
			Cynet Security Ltd.(8)(16)			Preferred stock						N/A												N/A															08/2022						N/A						23						81						—						129
			Denali Bidco Limited(8)(10)			LP units						N/A												N/A															08/2023						N/A						85						51						—						146
			Energy Worldnet, LLC			LLC interest						N/A												N/A															02/2025						N/A						50						51						—						55
			GTY Technology Holdings, Inc.			LP interest						N/A												N/A															07/2022						N/A						60						60						—						129
			Gurobi Optimization, LLC			Common stock						N/A												N/A															09/2024						N/A						—						183						—						197
			Kaseya Inc.(24)			Preferred stock						SF +			10.75%			(j)						14.35%			Non-Cash												06/2022						N/A						—						732						0.1						751
			Kaseya Inc.			LP interest						N/A												N/A															06/2022						N/A						50						50						—						59
			LogicMonitor, Inc.			LP interest						N/A												N/A															12/2024						N/A						250						250						—						275
			Navex Global Holdings Corporation			LP interest						N/A												N/A															10/2025						N/A						1						626						0.1						626
			Menlo Ridgeview Co-Invest, LLC(8)			LLC interest						N/A												N/A															05/2025						N/A						359						369						—						400
			Onit, Inc.			Common stock						N/A												N/A															09/2025						N/A						—						6						—						7
			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(8)(17)			Warrant						N/A												N/A															07/2022						N/A						—						8						—						1
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						272						1,188						0.1						1,277
			Transform Bidco Limited(8)(10)			LP interest						N/A												N/A															04/2025						N/A						895						901						0.1						896
			Tricentis Operations Holdings, Inc.			LP interest						N/A												N/A															02/2025						N/A						40						40						—						46
			Zendesk, Inc.			Common stock						N/A												N/A															11/2022						N/A						22						218						—						208
																																																									6,808						0.7						7,866
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(8)(12)			Common stock						N/A												N/A															12/2024						N/A						—						—						—						2
			Metal Supermarkets US Buyer, LLC(8)(12)			Preferred stock						N/A												N/A															12/2024						N/A						1						93						—						101
			Salon Lofts Group, LLC			Common stock						N/A												N/A															08/2022						N/A						—						116						—						63
																																																									209						—						166
			Total equity investments																																																						30,666						3.1						36,756
			Total investments																																																						2,349,527						203.7						2,382,163
			Money market funds (included in cash equivalents and restricted cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					3.64		%	(26)																														$	90,091					7.7			%			$	90,091
			Total money market funds																																																						90,091						7.7						90,091
			Total investments and money market funds																																																						$	2,439,618					211.4			%			$	2,472,254

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 (unaudited) - (continued)

December 31, 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 December 31, 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 December 31, 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 December 31, 2025, as the loan could have priced or repriced based on an index rate prior to December 31, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of December 31, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.94% as of December 31, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of December 31, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.11% as of December 31, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.74% as of December 31, 2025.

(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.12% as of December 31, 2025.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of December 31, 2025.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.87% as of December 31, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 3.69% as of December 31, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 3.65% as of December 31, 2025.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 3.57% as of December 31, 2025.

(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.30% as of December 31, 2025.

(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.26% as of December 31, 2025.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 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. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

(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 December 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Investment was on non-accrual status as of December 31, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(8)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 December 31, 2025, total non-qualifying assets at fair value represented 12.4% of the Company’s total assets calculated in accordance with the 1940 Act.

(9)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.

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

29

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

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

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

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

(25)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 three months ended December 31, 2025.

(26)The rate shown is the annualized seven-day yield as of December 31, 2025.

See Notes to Consolidated Financial Statements

30

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 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 +			5.00%			(i)						9.00%															02/2029						$	14,576					$	14,324					1.4			%			$	14,503
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															02/2029						—						(4)						—						(3)
			PPW Aero Buyer, Inc.			One stop																		N/A(6)															02/2029						—						—						—						—
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															02/2029						2,449						2,438						0.2						2,437
			PPW Aero Buyer, Inc.*^			One stop						SF +			5.00%			(i)						9.00%															02/2029						2,105						2,093						0.2						2,094
			PPW Aero Buyer, Inc.#			One stop						SF +			5.00%			(i)						9.00%															09/2031						617						614						0.1						614
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(10)						—						(10)
			Titan BW Borrower L.P.#(24)			One stop						SF +			5.26%			(i)						6.58%			cash/			2.88%			PIK						07/2032						4,789						4,742						0.4						4,741
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(8)						—						(8)
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(2)						—						(4)
																																													24,536						24,187						2.3						24,364
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2031						12,449						12,226						1.2						12,324
			RJW Group Holdings, Inc.			One stop						SF +			5.00%			(i)						9.20%															11/2031						786						770						0.1						777
			RJW Group Holdings, Inc.#			One stop						SF +			5.00%			(i)						9.00%															11/2031						9,107						9,017						0.8						9,016
			RJW Group Holdings, Inc.(5)			One stop																		N/A(6)															11/2031						—						(8)						—						(15)
																																													22,342						22,005						2.1						22,102
			Auto Components
			Arnott, LLC^			One stop						SF +			4.75%			(j)						8.62%															11/2030						1,260						1,249						0.1						1,247
			Arnott, LLC			One stop						SF +			4.75%			(j)						8.74%															11/2030						93						91						—						91
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(i)						9.06%															01/2030						9,942						9,799						0.9						9,942
			Collision SP Subco, LLC#			One stop						SF +			4.75%			(i)						9.04%															01/2030						70						70						—						70
			Collision SP Subco, LLC(5)			One stop																		N/A(6)															01/2030						—						(8)						—						—
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)(j)						9.00%															01/2030						5,305						5,263						0.5						5,305
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)						8.95%															01/2030						238						214						—						238
			OEConnection, LLC*^			One stop						SF +			5.25%			(h)						9.41%															04/2031						16,946						16,812						1.6						17,003
			OEConnection, LLC^			One stop						SF +			5.25%			(h)						9.41%															04/2031						2,957						2,932						0.3						2,967
			OEConnection, LLC(5)			One stop																		N/A(6)															04/2031						—						(15)						—						6
			OEConnection, LLC(5)			One stop																		N/A(6)															04/2031						—						(5)						—						4
																																													36,811						36,402						3.4						36,873
			Automobiles
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(i)						9.89%															06/2030						351						340						—						351
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25%			(h)(i)						9.32%															06/2030						8,303						8,208						0.8						8,303
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						796						784						0.1						796
			High Bar Brands Operating, LLC#			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						166						163						—						166
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.24%															12/2029						10						6						—						10
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						140						137						—						140
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00%			(i)						9.00%															07/2029						30,319						30,076						2.9						30,319
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.03%															07/2029						257						255						—						257
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.24%															07/2029						398						393						—						398

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, 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)
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(i)						9.00%															07/2029						$	388					$	386					—			%			$	388
			Quick Quack Car Wash Holdings, LLC*^			One stop						SF +			4.75%			(h)						8.91%															06/2031						28,332						28,140						2.7						28,332
			Quick Quack Car Wash Holdings, LLC(5)			One stop																		N/A(6)															06/2031						—						(17)						—						—
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						528						516						—						528
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75%			(h)						8.91%															06/2031						1,591						1,570						0.1						1,591
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						66						66						—						66
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.50%															12/2029						17,435						17,244						1.6						17,435
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(i)						9.50%															12/2029						706						665						0.1						706
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.79%															12/2029						4,831						4,784						0.5						4,831
			Yorkshire Parent, Inc.			One stop						SF +			5.00%			(i)						9.31%															12/2029						1						—						—						1
			Yorkshire Parent, Inc.#			One stop						SF +			5.00%			(i)						9.31%															12/2029						42						42						—						42
																																													94,660						93,758						8.8						94,660
			Banks
			Empyrean Solutions, LLC^			One stop						SF +			4.50%			(i)						8.50%															11/2031						1,484						1,477						0.1						1,484
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(3)						—						—
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00%			(i)						9.31%															12/2029						3,870						3,835						0.4						3,870
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00%			(i)						9.32%															12/2029						3,702						3,669						0.4						3,702
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.32%															12/2029						63						48						—						63
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.31%															12/2029						337						331						—						337
																																													9,456						9,356						0.9						9,456
			Beverages
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						6,410						6,326						0.6						6,410
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						2,613						2,588						0.2						2,613
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(5)						—						—
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC#			One stop						SF +			4.75%			(i)						8.75%															06/2030						9,452						9,429						0.9						9,452
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(11)						—						—
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(3)						—						—
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00%			(i)						9.29%															02/2032						5,073						5,016						0.5						5,073
																																													23,548						23,339						2.2						23,548
			Building Products
			BECO Holding Company, Inc.*			One stop						SF +			5.25%			(i)						9.40%															11/2028						693						689						0.1						693
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2028						—						(12)						—						—
																																													693						677						0.1						693
			Capital Markets
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						14,058						13,930						1.3						14,058
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(i)						8.75%															01/2031						631						606						0.1						631
			BlueMatrix Holdings, LLC*			One stop						SF +			4.75%			(i)						8.75%															01/2031						4,729						4,686						0.4						4,729
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						1,720						1,708						0.2						1,720
			BlueMatrix Holdings, LLC#			One stop						SF +			4.75%			(i)						8.75%															01/2031						2,055						2,047						0.2						2,055
																																													23,193						22,977						2.2						23,193
			Chemicals
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(3)						—						—
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(1)						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75%			(i)						8.80%															04/2032						1,667						1,659						0.2						1,667

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, 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)
			JSG II, Inc. and Checkers USA, Inc.#			One stop						SF +			4.50%			(h)						8.66%															09/2032						$	3,521					$	3,503					0.3			%			$	3,503
			JSG II, Inc. and Checkers USA, Inc.			One stop						SF +			4.50%			(h)						8.66%															09/2032						33						31						—						31
			JSG II, Inc. and Checkers USA, Inc.(5)			One stop																		N/A(6)															09/2032						—						(2)						—						(5)
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75%			(h)						8.91%															03/2029						929						922						0.1						929
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						8.90%															03/2029						61						59						—						61
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						8.91%															03/2029						289						285						—						289
																																													6,500						6,453						0.6						6,475
			Commercial Services & Supplies
			BradyIFS Holdings, LLC			One stop						SF +			5.00%			(i)						9.25%															10/2029						217						206						—						217
			BradyIFS Holdings, LLC*^			One stop						SF +			5.00%			(i)						9.31%															10/2029						22,318						21,977						2.1						22,318
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.33%															01/2031						18,353						18,192						1.7						18,261
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(i)						9.22%															01/2031						5,974						5,922						0.5						5,944
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2030						—						(14)						—						(8)
			CHA Vision Holdings, Inc.#			One stop						SF +			5.00%			(i)						9.00%															01/2031						941						936						0.1						936
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2031						—						(11)						—						(11)
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00%			(i)						9.31%															09/2030						2,016						1,970						0.2						2,016
			Kleinfelder Intermediate, LLC			One stop						P +			4.00%			(a)						11.25%															09/2028						49						46						—						49
			Kleinfelder Intermediate, LLC			One stop						SF +			5.00%			(i)						9.31%															09/2030						219						216						—						219
			North Haven Stack Buyer, LLC*			One stop						SF +			4.75%			(i)						8.95%															07/2027						10,301						10,278						1.0						10,301
			North Haven Stack Buyer, LLC(24)			Second lien						N/A												9.75%			cash/			2.50%			PIK						01/2028						9,277						9,246						0.9						9,277
			PSC Parent, Inc.			One stop						SF +			5.00%			(h)						9.17%															04/2031						716						710						0.1						716
			PSC Parent, Inc.^			One stop						SF +			5.00%			(h)						9.16%															04/2031						1,077						1,072						0.1						1,077
			PSC Parent, Inc.			One stop						SF +			5.00%			(h)						9.16%															04/2030						425						416						—						425
			PSC Parent, Inc.^			One stop						SF +			5.00%			(h)						9.15%															04/2031						6,460						6,409						0.6						6,460
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2030						—						(17)						—						—
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						9.14%															07/2031						1,589						1,583						0.1						1,589
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						9.13%															07/2031						958						954						0.1						958
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						9.12%															07/2031						745						742						0.1						745
			WRE Holding Corp.*^			One stop						SF +			5.00%			(j)						8.87%															07/2031						14,480						14,361						1.4						14,480
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.17%															07/2031						261						260						—						261
			WRE Holding Corp.			One stop						SF +			5.00%			(i)						9.30%															07/2031						267						266						—						267
			WRE Holding Corp.			One stop						SF +			5.00%			(i)						9.23%															07/2031						165						165						—						165
																																													96,808						95,885						9.0						96,662
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(21)						—						—
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(10)						—						—
			Consor Intermediate II, LLC^			One stop						SF +			4.75%			(h)(i)						8.75%															05/2031						13,620						13,565						1.3						13,620
			DCCM, LLC#			One stop						SF +			4.75%			(h)						8.91%															06/2032						1,956						1,947						0.2						1,956
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(5)						—						—
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.50%															12/2030						62						60						—						62
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.67%															12/2030						125						122						—						125
			Royal Holdco Corporation^			One stop						SF +			4.50%			(i)						8.62%															12/2030						1,739						1,723						0.1						1,739
																																													17,502						17,379						1.6						17,502
			Containers & Packaging
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.75%			(i)						9.06%															07/2032						1,406						1,403						0.1						1,406
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—

See Notes to Consolidated Financial Statements

33

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						$	—					$	—					—			%			$	—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
																																													1,406						1,403						0.1						1,406
			Diversified Consumer Services
			ABC Legal Holdings, LLC#			One stop						SF +			4.50%			(h)						8.65%															08/2032						5,163						5,138						0.5						5,112
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(5)						—						(10)
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(9)						—						(15)
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.25%															05/2030						229						215						—						133
			Any Hour, LLC(24)			One stop						N/A												13.00%			PIK												05/2031						2,949						2,909						0.3						2,801
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.30%															05/2030						741						727						0.1						692
			Any Hour, LLC*^			One stop						SF +			5.25%			(i)						9.25%															05/2030						8,083						7,990						0.7						7,759
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.17%															10/2030						50						50						—						50
			Apex Service Partners, LLC#			One stop						SF +			5.00%			(i)						9.31%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.21%															10/2030						28						28						—						28
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.20%															10/2030						5,660						5,545						0.5						5,660
			Apex Service Partners, LLC(5)			One stop																		N/A(6)															10/2029						—						(35)						—						—
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.20%															10/2030						23,780						23,271						2.2						23,780
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2030						4,273						4,227						0.4						4,273
			CHVAC Services Investment, LLC(5)			One stop																		N/A(6)															05/2030						—						(12)						—						—
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2030						16,423						16,285						1.5						16,423
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2030						18						6						—						18
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						858						849						0.1						858
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						7						7						—						7
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						249						247						—						249
			HS Spa Holdings, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						1,139						1,127						0.1						1,139
			HS Spa Holdings, Inc.			One stop						P +			4.25%			(a)						11.50%															06/2028						22						21						—						22
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(i)						9.56%															06/2029						604						602						0.1						604
			Kodiak Buyer, LLC*			One stop						SF +			4.50%			(i)						8.50%															07/2032						2,025						2,015						0.2						2,015
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(3)
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(4)
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.25%															05/2028						77						75						—						77
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.16%															05/2028						3,015						3,010						0.3						3,015
			Litera Bidco, LLC			One stop																		N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC^			One stop						SF +			5.00%			(h)						9.16%															05/2028						7,552						7,528						0.7						7,552
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.01%															04/2029						653						647						0.1						627
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.01%															04/2029						847						837						0.1						813
			Mario Purchaser, LLC(24)			One stop						SF +			10.75%									15.01%			PIK												04/2032						487						483						—						477
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2028						26						25						—						24
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2029						398						395						—						382
			NSG Buyer, Inc. ^			One stop						SF +			5.00%			(i)						9.00%															11/2029						15,257						15,007						1.4						15,257
			NSG Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															11/2028						146						137						—						146
			NSG Buyer, Inc. (5)			One stop																		N/A(6)															11/2029						—						(9)						—						—
			Salisbury House, LLC			One stop						SF +			5.00%			(i)						9.16%															08/2032						233						226						—						219
			Salisbury House, LLC(5)			One stop																		N/A(6)															08/2032						—						(10)						—						(21)
			Salisbury House, LLC*			One stop						SF +			5.00%			(h)						9.16%															08/2032						10,224						10,174						1.0						10,121
			Severin Acquisition, LLC^(24)			One stop						SF +			5.00%			(h)						6.91%			cash/			2.25%			PIK						10/2031						9,212						9,135						0.9						9,120
			Severin Acquisition, LLC(5)			One stop																		N/A(6)															10/2031						—						(10)						—						(11)

See Notes to Consolidated Financial Statements

34

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Severin Acquisition, LLC(24)			One stop						SF +			5.00%			(h)						6.91%			cash/			2.25%			PIK						10/2031						$	322					$	314					—			%			$	303
			Stellar Brands, LLC^			Senior secured						SF +			4.50%			(i)						8.50%															02/2031						2,068						2,054						0.2						2,068
			Stellar Brands, LLC(5)			Senior secured																		N/A(6)															02/2031						—						(1)						—						—
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25%			(j)						9.41%															12/2030						26,072						25,875						2.4						26,072
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2029						—						(23)						—						—
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2030						—						(12)						—						—
																																													148,940						147,098						13.8						147,882
			Diversified Financial Services
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2030						—						(12)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75%			(h)						8.91%															06/2031						5,174						5,116						0.5						5,187
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.50%			(h)						8.66%															06/2031						1,941						1,932						0.2						1,941
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2031						—						(3)						—						—
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)(24)			Subordinated debt						E +			7.50%			(d)						9.58%			PIK												07/2032						901						826						0.1						901
			Ceres Groupe SAS & Ceres PikCo*(7)(8)(19)			One stop						E +			4.50%			(d)						6.58%															07/2031						1,398						1,278						0.1						1,398
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)			One stop						E +			4.50%			(d)						6.76%															07/2031						198						177						—						198
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corsair Blade IV S.A R.L.(7)(8)(12)(24)			One stop						SN +			5.75%			(f)						9.47%			cash/			0.25%			PIK						12/2030						81						62						—						81
			Corsair Blade IV S.A R.L.(7)(12)(24)			One stop						SF +			5.75%			(i)						9.75%			cash/			0.25%			PIK						12/2030						250						250						—						250
			Deerfield Dakota Holding, LLC(5)			One stop																		N/A(6)															09/2032						—						(14)						—						(15)
			Deerfield Dakota Holding, LLC#(24)			One stop						SF +			5.75%			(i)						7.06%			cash/			2.75%			PIK						09/2032						15,499						15,345						1.4						15,344
			Equity Methods, LLC^			One stop						SF +			4.75%			(i)						8.75%															04/2032						7,549						7,514						0.7						7,549
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(6)						—						—
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(8)						—						—
			Finastra USA, Inc.^(7)(9)			One stop						SF +			7.25%			(i)						11.29%															09/2029						2,746						2,746						0.3						2,746
			Higginbotham Insurance Agency, Inc.			One stop						SF +			4.75%			(h)						8.91%															11/2028						1,098						1,091						0.1						1,098
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50%			(h)						8.67%															11/2028						3,813						3,793						0.4						3,813
			Medlar Bidco Limited#(7)(8)(20)			One stop						SN +			5.00%			(f)						8.97%															05/2032						9,412						9,244						0.9						9,412
			Medlar Bidco Limited(5)(7)(8)(20)			One stop																		N/A(6)															05/2032						—						(20)						—						—
			Medlar Bidco Limited#(7)(8)(20)			One stop						E +			5.00%			(c)						6.97%															05/2032						11,711						11,209						1.1						11,711
			Wealth Enhancement Group, LLC			One stop																		N/A(6)															10/2028						—						—						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50%			(i)						8.79%															10/2028						735						735						0.1						735
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50%			(i)						8.79%															10/2028						1,020						1,019						0.1						1,020
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(h)(i)						8.78%															10/2028						350						345						—						350
			Wealth Enhancement Group, LLC(5)			One stop																		N/A(6)															10/2028						—						(4)						—						—
																																													63,876						62,615						6.0						63,719
			Electric Utilities
			Smart Energy Systems, Inc.(24)			One stop						SF +			7.50%			(i)(j)						7.88%			cash/			3.75%			PIK						01/2030						190						187						—						186
			Smart Energy Systems, Inc.#(24)			One stop						SF +			7.50%			(i)						8.04%			cash/			3.75%			PIK						01/2030						1,723						1,690						0.2						1,688
																																													1,913						1,877						0.2						1,874
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75%			(i)						8.75%															12/2030						726						716						0.1						726
			Power Grid Holdings, Inc.			One stop						SF +			4.75%			(h)(i)						9.67%															12/2030						21						18						—						21
			Wildcat TopCo, Inc.^			One stop						SF +			4.75%			(h)						8.91%															11/2031						6,199						6,144						0.6						6,199
			Wildcat TopCo, Inc.			One stop						P +			3.75%			(a)						11.00%															11/2031						30						20						—						30
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(5)						—						—
																																													6,976						6,893						0.7						6,976
			Electronic Equipment, Instruments & Components
			CST Holding Company^			One stop						SF +			5.00%			(h)						9.26%															11/2028						5,345						5,185						0.5						5,345
			CST Holding Company(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
																																													5,345						5,184						0.5						5,345
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00%			(i)						10.00%															10/2030						16,855						16,672						1.6						16,855

See Notes to Consolidated Financial Statements

35

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Blast Bidco Inc.(5)			One stop																		N/A(6)															10/2029						$	—					$	(20)					—			%			$	—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00%			(i)(j)						9.19%															08/2030						3,315						3,288						0.3						3,315
			Eagle Family Foods Group, LLC(5)			One stop																		N/A(6)															08/2030						—						(3)						—						—
			Sphynx UK Bidco, Ltd.#(7)(8)(9)			One stop						A +			4.75%			(e)						8.35%															08/2032						1,667						1,634						0.2						1,657
			Sphynx UK Bidco, Ltd.#(7)(8)(9)			One stop						E +			4.75%			(c)						6.82%															08/2032						1,638						1,615						0.1						1,628
			Sphynx UK Bidco, Ltd.#(7)(8)(9)			One stop						SN +			4.75%			(f)						8.72%															08/2032						7,573						7,498						0.7						7,526
			Zullas, L.C.			One stop						SF +			4.75%			(h)						8.91%															06/2031						79						77						—						79
			Zullas, L.C.^			One stop						SF +			4.75%			(h)						8.91%															06/2031						1,448						1,441						0.1						1,448
			Zullas, L.C.(5)			One stop																		N/A(6)															06/2031						—						(7)						—						—
																																													32,575						32,195						3.0						32,508
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC^			One stop						SF +			5.25%			(i)						9.25%															08/2028						4,127						4,077						0.4						4,127
			Belmont Instrument, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Centegix Intermediate II, LLC#			One stop						SF +			5.50%			(i)						9.69%															08/2032						10,974						10,920						1.0						10,919
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(11)						—						(10)
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(16)						—						(16)
			HuFriedy Group Acquisition, LLC*^			One stop						SF +			5.50%			(i)						9.70%															06/2031						10,796						10,708						1.0						10,796
			HuFriedy Group Acquisition, LLC(5)			One stop																		N/A(6)															05/2030						—						(9)						—						—
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(i)						9.51%															06/2031						2,089						2,054						0.2						2,089
			Isto Group, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Isto Group, Inc.#			One stop						SF +			4.75%			(i)						8.77%															09/2032						1,941						1,932						0.2						1,931
			Isto Group, Inc.(5)			One stop																		N/A(6)															09/2032						—						(6)						—						(6)
			RTI Surgical, Inc.(5)			One stop																		N/A(6)															09/2032						—						(10)						—						(10)
			RTI Surgical, Inc.#			One stop						SF +			4.75%			(i)						8.75%															09/2032						10,007						9,957						0.9						9,957
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50%			(h)						8.66%															12/2029						2,170						2,160						0.2						2,170
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			YI, LLC^			One stop						SF +			5.75%			(h)						9.90%															12/2029						8,451						8,320						0.8						8,366
			YI, LLC(5)			One stop																		N/A(6)															12/2029						—						(11)						—						(16)
																																													50,555						50,064						4.7						50,297
			Healthcare Providers & Services
			Bamboo US Bidco LLC#(8)			One stop						E +			5.25%			(c)						7.28%															09/2030						3,602						3,185						0.4						3,602
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(h)(i)						9.48%															09/2030						324						323						—						324
			Bamboo US Bidco LLC			One stop																		N/A(6)															09/2030						—						—						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(i)						9.56%															09/2030						755						752						0.1						755
			Bamboo US Bidco LLC(5)			One stop																		N/A(6)															10/2029						—						(21)						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(i)						9.56%															09/2030						4,932						4,830						0.5						4,932
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(4)						—						(8)
			Bayou Intermediate II, LLC#			One stop						SF +			4.75%			(i)						8.76%															09/2032						5,607						5,579						0.5						5,551
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(8)						—						(15)
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						1,325						1,318						0.1						1,325
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(1)						—						—
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(4)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						8,011						7,966						0.7						8,011
			BHG Holdings, LLC^			One stop						SF +			5.25%			(h)						9.41%															04/2032						15,940						15,810						1.5						15,940
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(16)						—						—
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(37)						—						—
			Community Care Partners, LLC			One stop						SF +			6.00%			(h)						10.27%															06/2026						344						343						—						344
			Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															04/2031						3,093						2,844						0.3						3,093
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															04/2031						—						(9)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(9)			One stop						SF +			5.00%			(j)						9.29%															04/2031						4,967						4,888						0.5						4,967

See Notes to Consolidated Financial Statements

36

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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.(5)(7)(9)			One stop																		N/A(6)															10/2030						$	—					$	(14)					—			%			$	—
			HP TLE Buyer, Inc.#			One stop						SF +			4.75%			(i)						8.75%															07/2032						15,508						15,434						1.4						15,431
			HP TLE Buyer, Inc.(5)			One stop																		N/A(6)															07/2032						—						(16)						—						(17)
			LOV Acquisition LLC^			Senior secured						SF +			4.25%			(h)						8.41%															11/2031						6,738						6,709						0.6						6,738
			LOV Acquisition LLC(5)			Senior secured																		N/A(6)															11/2031						—						(3)						—						—
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												14.75%			PIK												08/2030						9,328						9,184						0.9						9,491
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.75%			(i)						9.95%															08/2029						6,530						6,465						0.6						6,530
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						963						953						0.1						963
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						222						221						—						222
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						41						41						—						41
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						40						38						—						40
			PPV Intermediate Holdings, LLC(5)			One stop																		N/A(6)															08/2029						—						(4)						—						—
			PPV Intermediate Holdings, LLC			One stop						SF +			5.25%			(i)						9.45%															08/2029						863						851						0.1						863
			Premise Health Holding Corp.^			One stop						SF +			5.25%			(i)						9.25%															03/2031						18,806						18,585						1.8						18,806
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															03/2030						—						(24)						—						—
																																													107,939						106,158						10.1						107,929
			Healthcare Technology
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.50%															05/2030						203						194						—						203
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.50%															05/2030						278						274						—						278
			Amberfield Acquisition Co.^			One stop						SF +			5.50%			(i)						9.50%															05/2030						8,227						8,164						0.8						8,227
			Color Intermediate, LLC^			Senior secured						SF +			4.75%			(i)						8.85%															10/2029						2,330						2,303						0.2						2,330
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(i)						10.31%															01/2029						999						987						0.1						999
			Crow River Buyer, Inc.(5)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(h)						10.17%															01/2029						2,334						2,315						0.2						2,334
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75%			(i)						8.75%															12/2031						28,777						28,519						2.7						28,777
			GHX Ultimate Parent Corporation(5)			One stop																		N/A(6)															12/2031						—						(24)						—						—
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(6)
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(5)						—						(5)
			Healthmark Holdings, L.P.#			One stop						SF +			4.50%			(i)						8.70%															07/2032						4,462						4,440						0.4						4,417
			Kona Buyer, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50%			(i)						8.82%															07/2031						1,280						1,269						0.1						1,280
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.82%															07/2031						75						75						—						75
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.82%															07/2031						21						21						—						21
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Lacker Bidco Limited#(7)(8)(9)			One stop						SN +			5.75%			(f)						9.72%															02/2031						4,136						3,836						0.4						4,094
			Lacker Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(11)						—						(9)
			Lacker Bidco Limited(7)(8)(9)			One stop						SN +			5.75%			(f)						9.72%															02/2031						3,435						3,311						0.3						3,379
			Modernizing Medicine, Inc.#(24)			One stop						SF +			4.75%			(i)						6.50%			cash/			2.25%			PIK						04/2032						23,128						22,913						2.2						23,128
			Modernizing Medicine, Inc.(5)			One stop																		N/A(6)															04/2032						—						(20)						—						—
			Neptune Holdings, Inc.^			One stop						SF +			4.50%			(i)						8.50%															09/2030						6,223						6,130						0.6						6,223
			Neptune Holdings, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.*^(24)			One stop						SF +			4.95%			(h)						6.66%			cash/			2.45%			PIK						08/2031						18,476						18,325						1.7						18,476
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(21)						—						—
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Plasma Buyer LLC^			One stop						SF +			5.75%			(i)						10.05%															05/2029						477						472						0.1						406
			Plasma Buyer LLC			One stop						SF +			5.75%			(i)						10.05%															05/2028						54						54						—						46
			Plasma Buyer LLC			One stop						SF +			6.25%			(i)						10.55%															05/2029						18						18						—						15
																																													104,933						103,524						9.8						104,688
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC^			One stop						SF +			6.00%			(i)(j)						10.34%															08/2028						1,432						1,425						0.1						1,432
			Barteca Restaurants, LLC#			One stop						SF +			6.00%			(j)						10.38%															08/2028						72						72						—						72

See Notes to Consolidated Financial Statements

37

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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%			(i)(j)						10.25%															08/2028						$	100					$	100					—			%			$	100
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)						10.15%															08/2028						410						385						0.1						410
			Crumbl Enterprises, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2032						17,832						17,748						1.7						17,832
			Crumbl Enterprises, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2032						232						226						—						232
			ESN Venture Holdings, LLC#(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						316						313						—						316
			ESN Venture Holdings, LLC^(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						4,560						4,500						0.4						4,560
			ESN Venture Holdings, LLC^(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						689						680						0.1						689
			ESN Venture Holdings, LLC(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						154						153						—						154
			ESN Venture Holdings, LLC(5)			One stop																		N/A(6)															10/2029						—						(3)						—						—
			ESN Venture Holdings, LLC(24)			One stop						SF +			6.26%			(i)						6.94%			cash/			3.38%			PIK						10/2029						162						152						—						162
			ESN Venture Holdings, LLC^(24)			One stop						SF +			6.26%			(i)						6.87%			cash/			3.38%			PIK						10/2029						779						772						0.1						779
			ESN Venture Holdings, LLC#(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						373						369						—						373
			ESN Venture Holdings, LLC(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						332						330						—						332
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00%			(i)						10.21%															11/2029						3,595						3,554						0.4						3,595
			GFP Atlantic Holdco 2, LLC			One stop						SF +			6.00%			(i)						10.30%															11/2029						2,688						2,619						0.3						2,688
			Health Buyer, LLC#			Senior secured						SF +			5.25%			(i)						9.25%															04/2029						231						229						—						231
			Health Buyer, LLC#			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						119						117						—						119
			Health Buyer, LLC			Senior secured																		N/A(6)															04/2028						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						60						59						—						60
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						116						115						—						116
			Olo Parent, Inc.(5)			One stop																		N/A(6)															09/2032						—						(4)						—						(4)
			Olo Parent, Inc.#			One stop						SF +			4.50%			(i)						8.56%															09/2032						15,575						15,537						1.5						15,536
			Patriot Acquireco, LLC			One stop						SF +			4.50%			(i)						8.66%															09/2032						214						207						—						206
			Patriot Acquireco, LLC#			One stop						SF +			4.50%			(i)						8.66%															09/2032						14,980						14,906						1.4						14,906
			PB Group Holdings, LLC^(24)			One stop						SF +			5.50%			(h)						6.91%			cash/			2.75%			PIK						08/2030						9,673						9,634						0.9						9,673
			PB Group Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															08/2030						132						127						—						132
			QSR Acquisition Co.*#			One stop						SF +			4.25%			(i)						8.25%															06/2032						28,067						27,966						2.6						28,067
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(22)						—						—
			Rooster BidCo Limited(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															03/2032						34						34						—						34
			Rooster BidCo Limited(5)(7)(8)(9)			One stop																		N/A(6)															03/2032						—						(7)						—						—
			Rooster BidCo Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															03/2032						1,449						1,382						0.2						1,449
			Saguaro Buyer, LLC^			One stop						SF +			4.50%			(h)						8.66%															07/2032						1,319						1,313						0.1						1,319
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															07/2032						20						19						—						20
			Saguaro Buyer, LLC			One stop																		N/A(6)															07/2032						—						—						—						—
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															07/2032						35						30						—						35
			SDC Holdco, LLC*			One stop						SF +			4.38%			(h)						8.54%															07/2032						10,144						10,095						0.9						10,093
			SDC Holdco, LLC(5)			One stop																		N/A(6)															07/2032						—						(6)						—						(6)
			SSRG Holdings, LLC(5)			One stop																		N/A(6)															11/2029						—						(5)						—						(5)
			SSRG Holdings, LLC#			One stop						SF +			4.75%			(i)						8.75%															11/2029						2,235						2,225						0.2						2,224
			Super REGO, LLC(24)			Subordinated debt						N/A												15.00%			PIK												03/2030						37						37						—						37
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						8.75%															10/2027						1,000						992						0.1						1,000
			YE Brands Holding, LLC^			One stop						SF +			4.75%			(i)						8.75%															10/2027						7,032						6,991						0.7						7,032
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						8.75%															10/2027						12						12						—						12
																																													126,210						125,369						11.8						126,012
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															04/2032						2,744						2,731						0.3						2,744
			WU Holdco, Inc.(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			WU Holdco, Inc.(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
																																													2,744						2,728						0.3						2,744
			Industrial Conglomerates
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						574						568						0.1						574
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						84						77						—						84

See Notes to Consolidated Financial Statements

38

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(i)						8.75%															07/2029						$	146					$	144					—			%			$	146
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(i)						8.75%															07/2029						73						72						—						73
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						86						84						—						86
			Dwyer Instruments, Inc.(5)(8)			One stop																		N/A(6)															07/2029						—						(13)						—						—
			Dwyer Instruments, Inc.#(8)			One stop						E +			5.00%			(c)						7.00%															07/2029						18,074						16,104						1.7						18,074
			Dwyer Instruments, Inc.(5)			One stop																		N/A(6)															07/2029						—						(9)						—						—
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						506						502						—						506
			Essential Services Holdings Corporation*^			One stop						SF +			5.00%			(i)						9.32%															06/2031						10,198						10,115						1.0						10,096
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(i)						9.19%															06/2030						250						240						—						240
			Essential Services Holdings Corporation(5)			One stop																		N/A(6)															06/2031						—						(8)						—						(20)
			Excelitas Technologies Corp.(5)			One stop																		N/A(6)															08/2029						—						(97)						—						—
			Excelitas Technologies Corp.^			One stop						SF +			5.25%			(h)						9.41%															08/2029						643						636						0.1						643
			Excelitas Technologies Corp.#(8)			One stop						E +			5.25%			(b)						7.16%															08/2029						129						112						—						129
			Excelitas Technologies Corp.			One stop																		N/A(6)															08/2028						—						—						—						—
																																													30,763						28,527						2.9						30,631
			Insurance
			Bellwether Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															04/2032						75						74						—						75
			Bellwether Buyer, LLC#			One stop						SF +			4.50%			(h)						8.64%															04/2032						1,446						1,439						0.1						1,446
			Bellwether Buyer, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.81%															03/2028						2,486						2,456						0.2						2,486
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.70%															03/2028						1,672						1,672						0.2						1,672
			Ben Nevis Midco Limited(7)(9)			One stop						SF +			5.50%			(i)						9.81%															03/2028						429						427						—						429
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.81%															03/2028						2,058						2,028						0.2						2,058
			Captive Resources Midco, LLC^			One stop						SF +			4.50%			(h)						8.66%															07/2029						9,104						9,032						0.9						9,104
			Captive Resources Midco, LLC(5)			One stop																		N/A(6)															07/2028						—						(2)						—						—
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25%			(i)						9.25%															12/2030						14,083						13,977						1.3						14,083
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.25%															12/2029						368						347						—						368
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.25%															12/2030						13,267						13,167						1.2						13,267
			Doxa Insurance Holdings LLC			One stop																		N/A(6)															12/2030						—						—						—						—
			Gimlet Bidco GMBH#(7)(8)(18)			One stop						E +			5.75%			(c)						7.78%															04/2031						7,655						6,839						0.7						7,579
			Gimlet Bidco GMBH(7)(8)(18)			One stop						E +			5.75%			(b)(c)						7.75%															04/2031						2,723						2,528						0.3						2,692
			Gimlet Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															04/2031						—						(11)						—						(23)
			Integrated Specialty Coverages, LLC^			One stop						SF +			4.75%			(h)						8.91%															07/2030						2,304						2,275						0.2						2,304
			Integrated Specialty Coverages, LLC(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC(5)			One stop																		N/A(6)															07/2030						—						(1)						—						—
			Integrity Marketing Acquisition, LLC^			One stop						SF +			5.00%			(i)						9.20%															08/2028						11,355						11,277						1.1						11,355
			Integrity Marketing Acquisition, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Integrity Marketing Acquisition, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Koala Investment Holdings, Inc.#(7)(9)			One stop						SF +			4.50%			(i)						8.50%															08/2032						12,469						12,408						1.2						12,345
			Koala Investment Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															08/2032						—						(5)						—						(11)
			Koala Investment Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															08/2032						—						(12)						—						(24)
			MRH Trowe Germany GMBH(5)(7)(8)(18)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			MRH Trowe Germany GMBH#(7)(8)(18)			One stop						E +			5.00%			(d)						7.11%															05/2032						2,368						2,246						0.2						2,368
			MRH Trowe Germany GMBH(7)(8)(18)			One stop						E +			5.00%			(c)						6.99%															05/2032						90						89						—						90
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75%			(h)						9.97%															11/2029						9,105						9,042						0.9						9,105
			Oakbridge Insurance Agency LLC			One stop						SF +			5.00%			(h)						9.27%															11/2029						910						894						0.1						910
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						10.03%															11/2029						54						44						—						54
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						9.97%															11/2029						4,397						4,367						0.4						4,397
			Pareto Health Intermediate Holdings, Inc.^			One stop						SF +			4.75%			(i)						8.75%															05/2030						19,406						19,203						1.8						19,406

See Notes to Consolidated Financial Statements

39

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															05/2030						$	—					$	(15)					—			%			$	—
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Wasabi Lower Holdco, LLC(5)			Senior secured																		N/A(6)															06/2032						—						(3)						—						—
			Wasabi Lower Holdco, LLC			Senior secured						SF +			4.50%			(h)						8.66%															06/2032						990						977						0.1						990
			World Insurance Associates, LLC			One stop						SF +			5.00%			(i)						9.00%															04/2030						501						496						—						501
			World Insurance Associates, LLC(5)			One stop																		N/A(6)															04/2030						—						(1)						—						—
																																													119,315						117,247						11.1						119,026
			IT Services
			ContractPod Technologies, Ltd.#(7)(9)(24)			One stop						SF +			6.50%			(i)						7.25%			cash/			3.25%			PIK						07/2030						1,213						1,208						0.1						1,213
			ContractPod Technologies, Ltd.(5)(7)(9)			One stop																		N/A(6)															07/2030						—						(3)						—						—
			ContractPod Technologies, Ltd.(5)(7)(9)			One stop																		N/A(6)															07/2030						—						(3)						—						—
			Critical Start, Inc.#(24)			One stop						SF +			6.75%			(i)						7.46%			cash/			3.63%			PIK						05/2028						543						541						0.1						537
			Critical Start, Inc.#(24)			One stop						SF +			6.75%			(i)						7.46%			cash/			3.63%			PIK						05/2028						275						273						—						273
			Critical Start, Inc.(5)			One stop																		N/A(6)															05/2028						—						—						—						(1)
			Goldcup 31018 AB#(7)(8)(14)(24)			One stop						E +			6.50%			(d)						8.57%			PIK												07/2029						915						790						0.1						865
			Goldcup 31018 AB(7)(8)(14)(24)			One stop						E +			6.50%			(d)						8.57%			PIK												07/2029						87						77						—						82
			Goldcup 31018 AB(7)(8)(14)			One stop						E +			6.25%			(d)						8.32%															01/2029						117						104						—						110
			Netwrix Corporation*^			One stop						SF +			4.75%			(i)						8.95%															06/2029						12,485						12,438						1.2						12,485
			Netwrix Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			4.75%			(i)						8.95%															06/2029						549						481						0.1						549
			Netwrix Corporation^			One stop						SF +			4.75%			(i)						8.95%															06/2029						1,425						1,417						0.1						1,425
			PDQ Intermediate, Inc.(24)			Subordinated debt						N/A												13.75%			PIK												10/2031						65						64						—						66
			ReliaQuest Holdings, LLC#(24)			One stop						SF +			6.00%			(i)						7.06%			cash/			3.25%			PIK						04/2031						50						50						—						50
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(13)						—						—
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(6)						—						—
			ReliaQuest Holdings, LLC*(24)			One stop						SF +			6.00%			(i)						7.06%			cash/			3.25%			PIK						04/2031						24,539						24,390						2.3						24,539
			WPEngine, Inc.#			One stop						SF +			6.00%			(i)						10.02%															08/2029						1,069						1,055						0.1						1,069
			WPEngine, Inc.(5)			One stop																		N/A(6)															08/2029						—						(1)						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.70%															07/2027						365						361						—						365
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.70%															07/2027						961						961						0.1						961
			Zarya Holdco, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
																																													44,658						44,183						4.2						44,588
			Leisure Products
			Crunch Holdings, LLC*#			One stop						SF +			4.75%			(h)						8.91%															09/2031						29,294						29,225						2.7						29,294
			Crunch Holdings, LLC(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Movement Holdings, LLC^(7)(9)			One stop						SF +			5.50%			(i)						9.70%															03/2030						6,997						6,944						0.7						6,997
			Movement Holdings, LLC(5)(7)(9)			One stop																		N/A(6)															03/2030						—						(9)						—						—
			Movement Holdings, LLC(5)(7)(9)			One stop																		N/A(6)															03/2030						—						(35)						—						—
																																													36,291						36,116						3.4						36,291
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.25%															11/2029						10,452						10,264						1.0						10,452
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2029						—						(29)						—						—
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.25%															11/2029						5,874						5,825						0.5						5,874
			Diamondback Acquisition, Inc.#			One stop						SF +			4.50%			(h)						8.66%															09/2032						5,997						5,982						0.6						5,982
			Diamondback Acquisition, Inc.(5)			One stop																		N/A(6)															09/2032						—						(3)						—						(6)
			Diamondback Acquisition, Inc.			One stop						SF +			4.50%			(h)						8.66%															09/2032						155						153						—						153
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						(7)
			PAS Parent Inc.#			One stop						SF +			4.50%			(h)						8.66%															08/2032						1,026						1,016						0.1						1,016
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2032						—						(8)						—						(16)
																																													23,504						23,192						2.2						23,448
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.50%			(h)						8.66%															08/2031						2,705						2,682						0.2						2,705

See Notes to Consolidated Financial Statements

40

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						$	—					$	(2)					—			%			$	—
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						—
			Thermogenics, Inc.#(7)(8)(11)			One stop						CA +			4.25%			(k)						6.70%															06/2032						458						464						—						458
			Thermogenics, Inc.(5)(7)(11)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			Thermogenics, Inc.#(7)(11)			One stop						SF +			4.25%			(i)						8.25%															06/2032						595						592						0.1						595
			Thermogenics, Inc.(5)(7)(11)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			Thermogenics, Inc.(7)(8)(11)			One stop						CA +			4.25%			(k)						6.70%															06/2032						47						47						—						47
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50%			(i)						9.50%															12/2030						23,062						22,889						2.2						23,062
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(i)						9.50%															12/2030						2,708						2,674						0.3						2,708
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(h)(i)						9.55%															12/2029						2,166						2,143						0.2						2,166
																																													31,741						31,475						3.0						31,741
			Media
			Lotus Topco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(8)						—						(11)
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															06/2030						7,082						7,041						0.7						7,029
			Lotus Topco, Inc.			One stop						SF +			4.75%			(i)						8.75%															06/2030						896						875						0.1						870
			Lotus Topco, Inc.#			One stop						SF +			4.75%			(i)						8.75%															06/2030						2,117						2,102						0.2						2,101
			Shout! Factory, LLC*			One stop						SF +			5.25%			(i)						9.25%															06/2031						4,798						4,764						0.4						4,798
			Shout! Factory, LLC			One stop						SF +			5.25%			(i)						9.25%															06/2031						99						95						—						99
																																													14,992						14,869						1.4						14,886
			Oil, Gas & Consumable Fuels
			Envernus, Inc.#^			One stop						SF +			5.50%			(h)						9.66%															12/2029						25,443						25,271						2.4						25,443
			Envernus, Inc.			One stop						SF +			5.50%			(h)						9.64%															12/2029						55						42						—						55
			Envernus, Inc.(5)			One stop																		N/A(6)															12/2029						—						(2)						—						—
																																													25,498						25,311						2.4						25,498
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.^(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						773						764						0.1						773
			Caerus Midco 3 S.A.R.L.#(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						138						136						—						138
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						118						117						—						118
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(h)						9.16%															05/2029						46						45						—						46
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						20						20						—						20
			Creek Parent, Inc.^			One stop						SF +			5.00%			(h)						9.14%															12/2031						20,182						19,867						1.9						20,182
			Creek Parent, Inc.(5)			One stop																		N/A(6)															12/2031						—						(43)						—						—
																																													21,277						20,906						2.0						21,277
			Professional Services
			ALKU Intermediate Holdings, LLC^			One stop						SF +			6.25%			(i)						10.25%															05/2029						1,253						1,241						0.1						1,253
			ALKU Intermediate Holdings, LLC#			One stop						SF +			5.50%			(i)						9.50%															05/2029						138						137						—						135
			bswift, LLC^			One stop						SF +			4.75%			(i)						9.07%															11/2028						1,111						1,093						0.1						1,111
			bswift, LLC^			One stop						SF +			4.75%			(i)						9.04%															11/2028						7,988						7,953						0.8						7,988
			Denali Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(45)						—						(45)
			Denali Intermediate Holdings, Inc.*#			One stop						SF +			5.50%			(h)						9.67%															08/2032						45,454						45,006						4.2						45,000
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						1,428						1,414						0.1						1,428
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)(i)						9.27%															09/2028						1,048						1,037						0.1						1,048
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						706						699						0.1						706
			DISA Holdings Corp.(24)			Subordinated debt						SF +			8.50%			(h)						10.63%			cash/			2.00%			PIK						03/2029						53						52						—						53
			DISA Holdings Corp.#			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						81						80						—						81
			DISA Holdings Corp.#			One stop						SF +			5.00%			(h)						9.28%															09/2028						96						95						—						96
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						86						81						—						86
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(15)						—						—
			Eclipse Buyer, Inc.^			One stop						SF +			4.50%			(h)						8.68%															09/2031						3,676						3,645						0.4						3,676
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(3)						—						—
			Varicent Intermediate Holdings Corporation*(7)(11)(24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						08/2031						16,067						15,879						1.5						16,067

See Notes to Consolidated Financial Statements

41

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Varicent Intermediate Holdings Corporation(5)(7)(11)			One stop																		N/A(6)															08/2031						$	—					$	(24)					—			%			$	—
			Varicent Intermediate Holdings Corporation(5)(7)(11)			One stop																		N/A(6)															08/2031						—						(16)						—						—
																																													79,185						78,309						7.4						78,683
			Road & Rail
			VRS Buyer, Inc.*			Senior secured						SF +			4.75%			(i)						9.08%															07/2032						13,930						13,863						1.3						13,930
			VRS Buyer, Inc.(5)			Senior secured																		N/A(6)															07/2032						—						(9)						—						—
			VRS Buyer, Inc.(5)			Senior secured																		N/A(6)															07/2032						—						(14)						—						—
																																													13,930						13,840						1.3						13,930
			Software
			Anaplan, Inc.*^			One stop						SF +			4.50%			(i)						8.70%															06/2029						32,819						32,674						3.1						32,819
			Anaplan, Inc.			One stop																		N/A(6)															06/2028						—						—						—						—
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						9.22%															06/2029						688						615						0.1						688
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						9.22%															06/2029						359						312						—						359
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															07/2030						4,634						4,554						0.4						4,634
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															07/2030						294						293						—						294
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															07/2030						304						302						—						304
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.^			One stop						SF +			4.25%			(i)						8.25%															05/2031						1,341						1,330						0.1						1,341
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.16%															03/2031						2,452						2,423						0.2						2,452
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.16%															03/2031						5,573						5,506						0.5						5,573
			Azurite Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															03/2031						—						(11)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(4)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(5)						—						—
			Baxter Planning Systems, LLC*(24)			One stop						SF +			6.25%			(i)						7.19%			cash/			3.38%			PIK						05/2031						3,782						3,761						0.4						3,782
			BestPass, Inc.*^			One stop						SF +			4.75%			(h)						8.91%															08/2031						18,036						17,961						1.7						18,036
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						—
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Bloomerang, LLC*#(24)			One stop						SF +			6.50%			(i)						7.00%			cash/			3.50%			PIK						12/2029						13,536						13,440						1.3						13,536
			Bloomerang, LLC			One stop						SF +			6.00%			(i)						11.13%															12/2029						1,514						1,493						0.2						1,514
			Bloomerang, LLC(24)			One stop						SF +			6.50%			(i)						7.00%			cash/			3.50%			PIK						12/2029						1,354						1,325						0.1						1,354
			Blue Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(d)						7.04%															05/2032						2,033						1,953						0.2						2,033
			Blue Bidco Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															05/2032						3,529						3,504						0.3						3,529
			Blue Bidco Limited(7)(8)(9)			One stop																		N/A(6)															05/2032						—						—						—						—
			Blue Bidco Limited#(7)(9)			One stop						SF +			5.00%			(j)						9.26%															05/2032						510						507						—						510
			Blue Bidco Limited(7)(9)			One stop						SF +			5.00%			(i)						9.26%															05/2032						1,047						1,047						0.1						1,047
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(17)			One stop						SF +			6.00%			(j)						10.14%															01/2029						956						940						0.1						956
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(17)			One stop						SF +			6.00%			(j)						10.14%															01/2029						365						359						—						365
			Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(17)			One stop																		N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(17)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited#(7)(8)(9)			One stop						SN +			5.50%			(f)						9.47%															08/2030						689						642						0.1						689
			Camelia Bidco Limited#(7)(8)(9)			One stop						A +			5.50%			(e)						9.05%															08/2030						42						40						—						42
			Camelia Bidco Limited(7)(8)(9)			One stop						SN +			5.50%			(f)						9.47%															08/2030						135						125						—						135
			Camelia Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(22)						—						—
			CB Buyer, Inc.(5)			One stop																		N/A(6)															07/2031						—						(15)						—						—
			CB Buyer, Inc.*^			One stop						SF +			5.25%			(i)						9.25%															07/2031						17,539						17,402						1.6						17,539
			CB Buyer, Inc.			One stop						SF +			5.25%			(i)						9.25%															07/2031						192						171						—						192
			Coupa Holdings, LLC^			One stop						SF +			5.25%			(i)						9.56%															02/2030						8,287						8,139						0.8						8,287
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2030						—						(7)						—						—

See Notes to Consolidated Financial Statements

42

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Crewline Buyer, Inc.*#			One stop						SF +			6.75%			(h)						10.91%															11/2030						$	28,293					$	27,984					2.7			%			$	28,293
			Crewline Buyer, Inc.(5)			One stop																		N/A(6)															11/2030						—						(32)						—						—
			Denali Bidco Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															09/2031						7,336						7,129						0.7						7,299
			Denali Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(c)						7.08%															09/2031						15,177						14,442						1.4						15,101
			Denali Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															09/2031						—						(40)						—						(24)
			Denali Bidco Limited(7)(8)(9)(24)			Subordinated debt						N/A												9.80%			PIK												09/2032						10,127						10,011						0.9						10,026
			Denali Bidco Limited(7)(8)(9)(24)			Subordinated debt						N/A												11.20%			PIK												09/2032						6,680						6,644						0.6						6,613
			Einstein Parent, Inc.#			One stop						SF +			6.50%			(i)						10.83%															01/2031						12,284						12,067						1.1						12,284
			Einstein Parent, Inc.(5)			One stop																		N/A(6)															01/2031						—						(22)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(10)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(9)						—						—
			Espresso Bidco, Inc.#(24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						03/2032						5,278						5,206						0.5						5,278
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						8.75%															09/2030						13,073						12,783						1.2						13,073
			Evergreen IX Borrower 2023, LLC(5)			One stop																		N/A(6)															10/2029						—						(30)						—						—
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						8.75%															09/2030						1,142						1,133						0.1						1,142
			Flexera Software, LLC#			One stop						SF +			4.75%			(i)						8.96%															08/2032						6,097						6,089						0.6						6,081
			Flexera Software, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(1)
			Flexera Software, LLC#(8)			One stop						E +			4.75%			(b)						6.63%															08/2032						2,159						2,151						0.2						2,154
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						4,428						4,386						0.4						4,428
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						2,895						2,863						0.3						2,895
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						530						527						—						530
			GTY Technology Holdings, Inc.			One stop						SF +			6.00%			(i)						10.00%															07/2029						284						269						—						284
			GTY Technology Holdings, Inc.(24)			One stop						SF +			6.63%			(i)						6.67%			cash/			4.13%			PIK						07/2029						1,630						1,601						0.2						1,630
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						696						692						0.1						696
			GTY Technology Holdings, Inc.#(24)			One stop						SF +			6.63%			(i)						6.67%			cash/			4.13%			PIK						07/2029						8,626						8,516						0.8						8,626
			Gurobi Optimization, LLC(5)			One stop																		N/A(6)															09/2031						—						(10)						—						—
			Gurobi Optimization, LLC^			One stop						SF +			4.50%			(i)						8.50%															09/2031						12,731						12,621						1.2						12,731
			Hornet Security Holding GMBH#(7)(8)(18)			One stop						E +			4.75%			(b)						6.62%															02/2031						5,290						4,816						0.5						5,343
			Hornet Security Holding GMBH#(7)(8)(18)			One stop						E +			4.75%			(b)						6.62%															02/2031						3,526						3,210						0.3						3,561
			Hornet Security Holding GMBH(7)(8)(18)			One stop						E +			4.75%			(b)						6.66%															08/2030						86						75						—						86
			Hornet Security Holding GMBH(7)(8)(18)			One stop						E +			4.75%			(d)						6.80%															02/2031						733						702						0.1						750
			Hyland Software, Inc.*^			One stop						SF +			5.00%			(h)						9.16%															09/2030						24,465						24,203						2.3						24,465
			Hyland Software, Inc.(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.#			One stop						SF +			4.50%			(i)						8.81%															01/2030						24,078						23,723						2.3						24,078
			Icefall Parent, Inc.(5)			One stop																		N/A(6)															01/2030						—						(34)						—						—
			ICIMS, Inc.^(24)			One stop						SF +			5.75%			(i)						10.07%															08/2028						5,814						5,770						0.5						5,523
			ICIMS, Inc.			One stop						SF +			5.75%			(i)						10.07%															08/2028						45						44						—						37
			IQN Holding Corp. ^(24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						05/2029						1,478						1,471						0.2						1,478
			IQN Holding Corp.			One stop						SF +			5.25%			(i)						9.25%															05/2028						53						53						—						53
			IQN Holding Corp. (24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						05/2029						1,561						1,546						0.1						1,561
			Island Bidco AB#(7)(8)(14)(24)			One stop						E +			7.25%			(c)						2.04%			cash/			7.25%			PIK						07/2028						792						705						0.1						792
			Island Bidco AB#(7)(14)(24)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						324						322						—						324
			Island Bidco AB(7)(14)			One stop						SF +			6.50%			(j)						10.59%															07/2028						44						43						—						44
			Island Bidco AB(5)(7)(8)(14)			One stop																		N/A(6)															07/2028						—						(1)						—						—
			Island Bidco AB*(7)(14)(24)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						3,242						3,224						0.3						3,242
			Kairos Bidco Limited			One stop						SF +			4.75%			(i)						8.75%															07/2032						34						33						—						33
			Kairos Bidco Limited#			One stop						SF +			4.75%			(i)						8.75%															07/2032						1,992						1,982						0.2						1,982
			Kairos Bidco Limited(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(3)
			Kairos Bidco Limited			One stop						SF +			4.75%			(i)						8.75%															07/2032						299						298						—						298
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						4,906						4,832						0.5						4,906
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						866						853						0.1						866
			LeadsOnline, LLC(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—

See Notes to Consolidated Financial Statements

43

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.50%															02/2028						$	595					$	593					0.1			%			$	595
			Lighthouse Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															06/2031						—						(2)						—						—
			Lighthouse Bidco GMBH#(7)(8)(18)			One stop						E +			4.75%			(c)						6.75%															12/2031						1,419						1,255						0.1						1,419
			Lighthouse Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															12/2031						—						(7)						—						—
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(10)						—						—
			LogicMonitor, Inc.#			One stop						SF +			5.50%			(i)						9.81%															11/2031						14,298						14,220						1.3						14,298
			Matrix42 Holding GMBH(7)(8)(18)			One stop						E +			6.25%			(d)						8.31%															12/2029						5,979						5,874						0.6						5,934
			Metatiedot Bidco Oy & Metatiedot US, LLC(5)(7)(8)(13)			One stop																		N/A(6)															11/2030						—						(11)						—						—
			Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(8)(13)			One stop						E +			5.25%			(c)						7.28%															11/2031						4,593						4,081						0.4						4,593
			Metatiedot Bidco Oy & Metatiedot US, LLC(7)(8)(13)			One stop						E +			5.25%			(c)						7.28%															11/2031						37						25						—						37
			Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(13)			One stop						SF +			5.25%			(i)						9.45%															11/2031						2,931						2,892						0.3						2,931
			MYOB Invest Co Pty Ltd#(7)(8)(10)(24)			One stop						A +			5.75%			(e)						6.33%			cash/			3.00%			PIK						06/2030						25,855						25,160						2.4						25,855
			Navex TopCo, Inc.^			One stop						SF +			5.25%			(h)						9.41%															11/2030						28,247						27,830						2.6						28,247
			Navex TopCo, Inc.(5)			One stop																		N/A(6)															11/2028						—						(31)						—						—
			Onit, Inc.^			One stop						SF +			4.75%			(i)						9.06%															01/2032						1,448						1,435						0.1						1,452
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(2)						—						—
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(3)						—						—
			Onit, Inc.#			One stop						SF +			4.50%			(i)						8.50%															01/2032						561						560						0.1						560
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(17)			One stop						E +			5.00%			(c)						7.00%															11/2029						100						83						—						100
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(17)			One stop						E +			5.75%			(c)						7.75%															11/2029						3,184						2,869						0.3						3,200
			Panzura, LLC(24)			One stop						N/A												4.00%			cash/			11.00%			PIK						08/2027						66						63						—						60
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						7,279						6,634						0.7						7,279
			Pineapple German Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															01/2031						—						(21)						—						—
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.25%			PIK												01/2031						500						451						0.1						500
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						2,256						2,035						0.2						2,256
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						375						322						—						375
			Pineapple German Bidco GMBH(7)(18)(24)			One stop						SF +			5.25%			(i)						9.24%			PIK												01/2031						1,065						1,056						0.1						1,065
			Pineapple German Bidco GMBH(7)(18)(24)			One stop						SF +			5.25%			(i)						9.24%			PIK												01/2031						491						481						—						491
			PING Identity Holding Corp.^			One stop						SF +			4.75%			(i)						8.75%															10/2029						2,191						2,167						0.2						2,191
			PING Identity Holding Corp.(5)			One stop																		N/A(6)															10/2028						—						(1)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						6,395						6,362						0.6						6,395
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.49%															06/2029						8,921						8,861						0.8						8,921
			Quant Buyer, Inc.			One stop						SF +			5.25%			(i)						9.45%															06/2029						115						114						—						115
			Quant Buyer, Inc.(5)			One stop																		N/A(6)															06/2029						—						(49)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						1,378						1,366						0.1						1,378
			Rainforest Bidco Limited#(7)(8)(9)(24)			One stop						SN +			6.05%			(f)						7.47%			cash/			2.55%			PIK						07/2029						797						697						0.1						797
			Rainforest Bidco Limited(7)(9)(24)			One stop						SF +			6.18%			(g)						8.12%			cash/			2.18%			PIK						07/2029						1,822						1,822						0.2						1,822
			Rainforest Bidco Limited#(7)(9)(24)			One stop						SF +			6.05%			(g)						7.68%			cash/			2.55%			PIK						07/2029						140						139						—						140
			Rainforest Bidco Limited#(7)(8)(9)(24)			One stop						SN +			6.05%			(f)						7.47%			cash/			2.55%			PIK						07/2029						59						51						—						59
			Rainforest Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															07/2029						—						(24)						—						—
			Rainforest Bidco Limited(7)(9)(24)			One stop						SF +			5.93%			(g)						8.12%			cash/			1.93%			PIK						07/2029						1,271						1,271						0.1						1,271
			Rainforest Bidco Limited(7)(8)(9)(24)			One stop						SN +			6.80%			(f)						7.97%			cash/			2.80%			PIK						07/2029						6,510						6,097						0.6						6,510
			Spark Bidco Limited#(7)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited(7)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited#(7)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited#(7)(8)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Templafy APS and Templafy, LLC*(7)(16)			One stop						SF +			6.00%			(i)						10.35%															07/2028						543						536						0.1						543

See Notes to Consolidated Financial Statements

44

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Templafy APS and Templafy, LLC(7)(16)			One stop																		N/A(6)															07/2028						$	—					$	—					—			%			$	—
			Togetherwork Holdings, LLC			One stop						SF +			5.25%			(h)						9.41%															05/2031						635						606						0.1						592
			Togetherwork Holdings, LLC(5)			One stop																		N/A(6)															05/2031						—						(19)						—						(31)
			Togetherwork Holdings, LLC^			One stop						SF +			5.25%			(h)						9.41%															05/2031						25,332						25,154						2.4						25,079
			Transform Bidco Limited(5)(7)(9)			One stop																		N/A(6)															06/2030						—						(12)						—						—
			Transform Bidco Limited#(7)(9)			One stop						SF +			6.75%			(i)						10.53%															01/2031						9,163						9,039						0.9						9,163
			Transform Bidco Limited(5)(7)(9)			One stop																		N/A(6)															01/2031						—						(14)						—						—
			Transform Bidco Limited(7)(8)(9)(24)			One stop						A +			6.75%			(e)						7.62%			cash/			2.75%			PIK						01/2031						767						750						0.1						767
			Transform Bidco Limited(7)(8)(9)(24)			One stop						SN +			6.75%			(f)						7.97%			cash/			2.75%			PIK						01/2031						122						115						—						122
			Transform Bidco Limited#(7)(9)			One stop						SF +			6.75%			(i)						10.53%															01/2031						1,261						1,239						0.1						1,261
			Transform Bidco Limited(5)(7)(9)			One stop																		N/A(6)															01/2031						—						(10)						—						—
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(9)						—						—
			Tricentis Operations Holdings, Inc.#(24)			One stop						SF +			6.25%			(i)						5.61%			cash/			4.88%			PIK						02/2032						16,706						16,631						1.6						16,706
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(15)						—						—
			Vantage Bidco GMBH*(7)(8)(18)(24)			One stop						E +			6.25%			(c)						8.25%			PIK												04/2031						8,134						7,309						0.8						8,134
			Vantage Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															10/2030						—						(15)						—						—
			Varinem German Midco GMBH*(7)(8)(18)			One stop						E +			5.50%			(d)						7.57%															07/2031						6,882						6,343						0.6						6,900
			Varinem German Midco GMBH(7)(8)(18)			One stop						E +			4.75%			(d)						6.82%															07/2031						1,833						1,696						0.2						1,833
			Viper Bidco, Inc.#(8)			One stop						SN +			4.75%			(f)						8.72%															11/2031						9,959						9,283						0.9						9,984
			Viper Bidco, Inc.*^			One stop						SF +			4.75%			(i)						8.75%															11/2031						20,228						20,139						1.9						20,278
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(9)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(11)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(8)						—						(17)
			Zendesk, Inc.			One stop						SF +			5.00%			(i)						9.00%															11/2028						746						741						0.1						746
			Zendesk, Inc.			One stop																		N/A(6)															11/2028						—						—						—						—
			Zendesk, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2028						9,713						9,614						0.9						9,713
																																													584,006						571,335						54.6						583,187
			Specialty Retail
			Biscuit Parent, LLC^			One stop						SF +			4.75%			(i)						8.75%															02/2031						17,499						17,396						1.7						17,499
			Biscuit Parent, LLC(5)			One stop																		N/A(6)															02/2031						—						(31)						—						—
			Biscuit Parent, LLC			One stop						SF +			4.75%			(i)						8.75%															02/2031						1						1						—						1
			Cavender Stores L.P.^			Senior secured						SF +			5.00%			(i)						9.00%															10/2029						24,563						24,397						2.3						24,563
			CVP Holdco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(10)						—						—
			CVP Holdco, Inc.*^			One stop						SF +			4.75%			(h)						8.91%															06/2031						11,983						11,884						1.1						11,983
			CVP Holdco, Inc.			One stop						SF +			4.75%			(h)						8.91%															06/2031						687						674						0.1						687
			Consilio Midco Limited#(7)(8)(9)			Senior secured						E +			4.75%			(c)						6.75%															04/2032						4,837						4,664						0.5						4,837
			Consilio Midco Limited#(7)(9)			Senior secured						SF +			4.75%			(i)						9.04%															04/2032						3,938						3,919						0.4						3,938
			Consilio Midco Limited#(7)(9)			Senior secured						SF +			4.75%			(i)						9.04%															04/2032						2,427						2,416						0.2						2,427
			Consilio Midco Limited(7)(9)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(7)(9)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(7)(9)(24)			Subordinated debt						SF +			7.50%			(j)						11.64%			PIK												04/2033						1,691						1,679						0.2						1,691
			Consilio Midco Limited(7)(8)(9)(24)			Subordinated debt						E +			7.50%			(d)						9.59%			PIK												04/2033						1,353						1,301						0.1						1,353
			Consilio Midco Limited(7)(9)(24)			Subordinated debt						SF +			7.50%			(i)						11.82%			PIK												04/2033						1						1						—						1
			Metal Supermarkets US Buyer, LLC^(7)(11)			One stop						SF +			4.75%			(i)						8.75%															12/2030						3,081						3,068						0.3						3,081
			Metal Supermarkets US Buyer, LLC(7)(11)			One stop						SF +			4.75%			(i)						8.75%															12/2030						82						80						—						82
			PetVet Care Centers LLC^			One stop						SF +			6.00%			(h)						10.16%															11/2030						12,804						12,618						1.1						11,779
			PetVet Care Centers LLC(5)			One stop																		N/A(6)															11/2029						—						(27)						—						(131)
			PetVet Care Centers LLC(5)			One stop																		N/A(6)															11/2030						—						(12)						—						—
			Radiance Borrower, LLC			One stop						SF +			5.25%			(h)						9.41%															06/2031						182						169						—						182
			Radiance Borrower, LLC^(24)			One stop						SF +			5.75%			(h)						7.16%			cash/			2.75%			PIK						06/2031						19,441						19,325						1.8						19,441
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						4,368						4,339						0.4						4,379

See Notes to Consolidated Financial Statements

45

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						$	684					$	679					0.1			%			$	689
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						617						613						0.1						623
			Salon Lofts Group, LLC			Senior secured						SF +			5.25%			(i)						9.25%															08/2028						640						638						0.1						640
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						293						291						—						294
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						285						284						—						286
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						177						172						—						179
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						226						224						—						227
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						94						94						—						94
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.75%															08/2028						196						193						—						196
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						71						71						—						72
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						66						66						—						66
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						417						413						—						418
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						522						518						0.1						523
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						363						360						—						365
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						129						128						—						129
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						87						87						—						88
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						34						33						—						34
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						449						446						—						450
			Salon Lofts Group, LLC(5)(24)			Second lien																		N/A(6)															09/2029						—						(14)						—						19
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						132						131						—						133
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						141						140						—						141
			Salon Lofts Group, LLC(5)			Senior secured																		N/A(6)															08/2028						—						(6)						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						204						203						—						204
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						1,390						1,380						0.1						1,403
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^			One stop						SF +			5.25%			(i)						9.25%															12/2029						1,794						1,776						0.2						1,776
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.			One stop						SF +			5.25%			(i)						9.25%															12/2028						284						279						—						276
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2029						—						(3)						—						(2)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*(8)			One stop						CA +			5.25%			(k)						7.70%															12/2029						7,005						7,058						0.7						6,935
			VSG Acquisition Corp. and Sherrill, Inc.*			One stop						SF +			5.00%			(h)						9.16%															10/2029						1,975						1,956						0.2						1,966
			VSG Acquisition Corp. and Sherrill, Inc.			One stop						SF +			5.00%			(h)						9.16%															10/2029						175						172						—						173
			VSG Acquisition Corp. and Sherrill, Inc.(5)			One stop																		N/A(6)															10/2029						—						(4)						—						(4)
																																													127,388						126,229						11.8						126,186
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(11)						—						(20)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(h)						9.16%															02/2032						13,253						13,178						1.2						13,120
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															02/2032						2,624						2,609						0.3						2,598
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(15)						—						(30)
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															02/2032						300						299						—						297
																																													16,177						16,060						1.5						15,965
			Water Utilities
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75%			(h)(j)						8.93%															07/2031						1,523						1,510						0.2						1,523
			Vessco Midco Holdings, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						—
			Vessco Midco Holdings, LLC			One stop						SF +			4.75%			(h)(j)						8.89%															07/2031						276						274						—						276
																																													1,799						1,783						0.2						1,799
			Total debt investments																																										2,179,985						2,146,908						203.6						2,174,044

See Notes to Consolidated Financial Statements

46

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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.

Preferred stock

N/A

N/A

02/2023

N/A

40

$

399

—

%

$

288

Air Freight & Logistics

RJW Group Holdings, Inc.(23)

LLC units

N/A

N/A

11/2024

N/A

1,172

721

0.1

931

Auto Components

Arnott, LLC

LP units

N/A

N/A

12/2024

N/A

—

94

—

84

Automobiles

CAP-KSI Holdings, LLC

Common stock

N/A

N/A

06/2024

N/A

571

—

—

148

CAP-KSI Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

571

571

0.1

635

National Express Wash Parent Holdco, LLC

LLC units

N/A

N/A

07/2022

N/A

1

77

—

145

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

N/A

06/2024

N/A

3,673

3,673

0.4

4,810

Quick Quack Car Wash Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

727

727

0.1

915

Yorkshire Parent, Inc.

LP interest

N/A

N/A

12/2023

N/A

—

131

—

153

5,179

0.6

6,806

Beverages

Spindrift Beverage Co. Inc.

LLC interest

N/A

N/A

02/2025

N/A

2

2,164

0.2

2,654

Commercial Services & Supplies

CHA Vision Holdings, Inc.

Warrant

N/A

N/A

01/2024

N/A

—

110

—

153

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP units

N/A

N/A

09/2025

N/A

31

312

—

312

Diversified Consumer Services

CHVAC Services Investment, LLC

Preferred stock

N/A

N/A

05/2024

N/A

95

240

0.1

410

DP Flores Holdings, LLC

Preferred stock

N/A

N/A

09/2022

N/A

88

70

—

140

HS Spa Holdings, Inc.

Warrant

N/A

N/A

05/2022

N/A

78

78

—

62

Kodiak Buyer, LLC

LP interest

N/A

N/A

08/2025

N/A

1

144

—

144

NSG Buyer, Inc.

Preferred stock

N/A

N/A

11/2022

N/A

1

953

0.1

1,441

Virginia Green Acquisition, LLC

Preferred stock

N/A

N/A

12/2023

N/A

96

96

—

110

1,581

0.2

2,307

Electric Utilities

Smart Energy Systems, Inc.

Preferred stock

N/A

N/A

01/2025

N/A

5

26

—

123

Electrical Equipment

Wildcat TopCo, Inc.

Preferred stock

N/A

N/A

12/2024

N/A

135

135

—

181

Food Products

Zullas, L.C.

Warrant

N/A

N/A

06/2025

N/A

1

564

0.1

564

See Notes to Consolidated Financial Statements

47

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Healthcare Equipment & Supplies
			Centegix Intermediate II, LLC			Preferred stock						N/A												N/A															08/2025						N/A						648						$	648					0.1			%			$	648
			Isto Group, Inc.(8)			LP units						N/A												N/A															09/2025						N/A						3						389						—						384
																																																									1,037						0.1						1,032
			Healthcare Providers & Services
			HP TLE Buyer, Inc.			LP units						N/A												N/A															07/2025						N/A						243						243						—						243
			Healthcare Technology
			Amberfield Acquisition Co.			Preferred stock						N/A												N/A															05/2024						N/A						404						404						—						481
			Modernizing Medicine, Inc.(23)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						5						4,715						0.5						4,822
																																																									5,119						0.5						5,303
			Hotels, Restaurants & Leisure
			Patriot Acquireco, LLC			LP units						N/A												N/A															09/2025						N/A						641						641						0.1						641
			PB Group Holdings, LLC			Preferred stock						N/A												N/A															08/2024						N/A						99						228						—						244
			Rooster BidCo Limited(7)(9)			LLC units						N/A												N/A															03/2025						N/A						364						376						—						557
			Saguaro Buyer, LLC			LP units						N/A												N/A															07/2025						N/A						1						750						0.1						797
																																																									1,995						0.2						2,239
			Insurance
			Oakbridge Insurance Agency LLC			Preferred stock						N/A												N/A															11/2023						N/A						5						98						—						124
			IT Services
			Critical Start, Inc.			LLC units						N/A												N/A															05/2022						N/A						38						38						—						17
			Netwrix Corporation			Common stock						N/A												N/A															06/2022						N/A						11						21						—						27
																																																									59						—						44
			Leisure Products
			Movement Holdings, LLC(7)(9)			LP units						N/A												N/A															03/2024						N/A						—						421						—						245
			Life Sciences Tools & Services
			Celerion Buyer, Inc.(23)			LLC interest						N/A												N/A															11/2022						N/A						446						373						—						249
			Celerion Buyer, Inc.			Common stock						N/A												N/A															11/2022						N/A						446						—						0.1						1,295
																																																									373						0.1						1,544
			Pharmaceuticals
			Creek Parent, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						905						905						0.1						968
			Professional Services
			Eclipse Buyer, Inc.(23)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						1,645						0.2						1,672
			Software
			Anaplan, Inc.			LLC units						N/A												N/A															06/2022						N/A						890						891						0.2						1,549
			CB Buyer, Inc.			Preferred stock						N/A												N/A															07/2024						N/A						228						229						—						142
			Cynet Security Ltd.(7)(15)			Preferred stock						N/A												N/A															08/2022						N/A						23						81						—						123
			Denali Bidco Limited(7)(9)			LP units						N/A												N/A															08/2023						N/A						85						51						—						144
			Energy Worldnet, LLC(23)			Preferred stock						N/A												N/A															02/2025						N/A						50						52						—						54
			GTY Technology Holdings, Inc.			Common stock						N/A												N/A															07/2022						N/A						60						60						—						136
			Gurobi Optimization, LLC			LLC units						N/A												N/A															09/2024						N/A						—						183						—						200

See Notes to Consolidated Financial Statements

48

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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)
			Kaseya Inc.(23)			Preferred stock						SF +			10.75%			(i)						14.92%			Non-Cash												06/2022						N/A						—						$	705					0.1			%			$	727
			Kaseya Inc.			Common stock						N/A												N/A															06/2022						N/A						50						50						—						53
			LogicMonitor, Inc.			LLC units						N/A												N/A															12/2024						N/A						250						250						—						277
			Menlo Ridgeview Co-Invest, LLC(7)			LLC units						N/A												N/A															05/2025						N/A						359						368						0.1						384
			Onit, Inc.(23)			Common stock						N/A												N/A															09/2025						N/A						—						7						—						7
			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						906
			Templafy APS and Templafy, LLC(7)(16)			Preferred stock						N/A												N/A															07/2022						N/A						—						8						—						2
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						272						1,188						0.1						1,219
			Transform Bidco Limited(7)(9)			LP units						N/A												N/A															04/2025						N/A						894						894						0.1						926
			Tricentis Operations Holdings, Inc.			Preferred stock						N/A												N/A															02/2025						N/A						40						40						—						44
			Zendesk, Inc.			LP units						N/A												N/A															11/2022						N/A						22						218						—						222
																																																									6,150						0.7						7,115
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(7)(11)			Preferred stock						N/A												N/A															12/2024						N/A						—						—						—						8
			Metal Supermarkets US Buyer, LLC(7)(11)			LLC units						N/A												N/A															12/2024						N/A						1						93						—						99
			Salon Lofts Group, LLC			Preferred stock						N/A												N/A															08/2022						N/A						—						116						—						91
																																																									209						—						198
			Total equity investments																																																						29,539						3.1						35,130
			Total investments																																																						2,176,447						206.7						2,209,174
			Money market funds (included in cash equivalents and restricted cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					3.99		%	(25)																														$	46,041					4.3			%			$	46,041
			Total money market funds																																																						46,041						4.3						46,041
			Total investments and money market funds																																																						$	2,222,488					211.0			%			$	2,255,215

See Notes to Consolidated Financial Statements

49

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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 September 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 September 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 September 30, 2025, as the loan could have priced or repriced based on an index rate prior to September 30, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.25% as of September 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 September 30, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of September 30, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.10% as of September 30, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.58% as of September 30, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.97% as of September 30, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.24% as of September 30, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 4.13% as of September 30, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 3.98% as of September 30, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 3.85% as of September 30, 2025.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.45% as of September 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 September 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. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

(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, 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 September 30, 2025, total non-qualifying assets at fair value represented 12.9% 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

50

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 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 year ended September 30, 2025.

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

See Notes to Consolidated Financial Statements

51

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TABLE OF CONTENTS

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, 2025, 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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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, cash equivalents and foreign currencies: Cash, 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, restricted cash equivalents and restricted foreign currencies: Restricted cash, restricted 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, restricted 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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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 months ended December 31, 2025 and 2024, the Company received Loan Origination Fees that were capitalized of $1,979 and $2,489, respectively. For the three months ended December 31, 2025 and 2024, interest income included $2,156 and $953, 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 months ended December 31, 2025 and 2024, investment income included $3,768 and $2,306, respectively, of PIK interest and the Company capitalized PIK interest of $3,767 and $2,298, 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 months ended December 31, 2025, fee income included $86 from non-recurring prepayment premiums. For the three months ended December 31, 2024, fee income included no non-recurring prepayment premiums. All other income is recorded into income when earned.

For the three months ended December 31, 2025 and 2024, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $50,671 and $36,914, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 months ended December 31, 2025 and 2024, the Company recognized PIK and non-cash dividend income of $240 and $94, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three months ended December 31, 2025 and December 31, 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 December 31, 2025, the Company recorded dividend income received in cash of $152 and return of capital distributions received in cash of $25. For the three months ended December 31, 2024, the Company recorded dividend income received in cash of $67 and return of capital distributions received in cash of $91.

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 investments: 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. The total fair value of non-accrual loans as of December 31, 2025 was $474. As of September 30, 2025, the Company had no portfolio company investments on non-accrual status.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. There were no preferred equity securities on non-accrual status as of December 31, 2025 and December 31, 2024.

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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 both the three months ended December 31, 2025 and 2024, the Company did not record any 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 December 31, 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 December 31, 2025 and September 30, 2025, the Company had deferred debt issuance costs of $7,317 and $8,281, 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 months ended December 31, 2025 and 2024 was $990 and $951, respectively.

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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 months ended December 31, 2025, the Company did not amortize deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations. For the three months ended December 31, 2024, the Company amortized $35 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 senior executive committee that, as of December 31, 2025, includes the Company’s chief executive officer and chief financial 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 statement of financial condition 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 does not expect this update to have a material effect on the Company’s consolidated financial statements.

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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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of December 31, 2025 and September 30, 2025, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

			As of December 31, 2025												As of September 30, 2025
			Subscriptions						Contributions						Subscriptions						Contributions
GBDC 4 Stockholders			$	1,523,641					$	1,131,439					$	1,523,641					$	1,036,370

As of December 31, 2025 and September 30, 2025, the ratio of total contributed capital to total capital subscriptions was 74.3% and 68.0%, respectively, and the Company had uncalled capital commitments of $392,202 and $487,271, 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 three months ended December 31, 2025 and 2024:

			Date						Shares Issued						NAV per share						Proceeds
Shares issued for the three months ended December 31, 2024
Issuance of shares			12/23/2024						6,725,731.752						$	15.00					$	100,886
Shares issued for capital drawdowns									6,725,731.752												$	100,886
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
Shares issued through DRIP									277,492.973												$	4,163
Shares issued for the three months ended December 31, 2025
Issuance of shares			12/15/2025						6,337,944.133						$	15.00					$	95,069
Shares issued for capital drawdowns									6,337,944.133												$	95,069
Issuance of shares			11/20/25						259,908.674						$	15.00					$	3,899
Issuance of shares			12/17/25						124,438.025						15.00						1,866
Shares issued through DRIP									384,346.699												$	5,765

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).

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, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents, and restricted foreign currencies 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 months ended December 31, 2025 and 2024, the base management fee incurred by the Company was $8,104 and $4,979, respectively, and the base management fee irrevocably waived by the Investment Adviser was $5,157 and $3,168, 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.

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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 the Company’s 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 months ended December 31, 2025 and 2024, the Income Incentive Fee incurred was $6,702 and $4,111, respectively.

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 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 the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

For the three months ended December 31, 2025 and 2024, the Income Incentive Fee irrevocably waived by the Investment Adviser was $3,351 and $2,055, 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

•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 months ended December 31, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of both December 31, 2025 and September 30, 2025, 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 December 31, 2025.

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 December 31, 2025 and 2024, the Company accrued a capital gain incentive fee under GAAP of $83 and $316, respectively. 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 December 31, 2025 and September 30, 2025, there was $1,440 and $1,357, respectively, 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.

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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 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.

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 December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities is $732 and $606, 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 December 31, 2025 and September 30, 2025, 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 months ended December 31, 2025 and 2024 were $585 and $308, respectively. As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $698 and $585, respectively, for reimbursable expenses that were paid by the Administrator on behalf of the Company.

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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)

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 December 31, 2025, GGP Class B-P, LLC has an aggregate commitment of $100,011. As of December 31, 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 December 31, 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.

Note 5. Investments

Investments as of December 31, 2025 and September 30, 2025 consisted of the following:

			As of December 31, 2025																		As of September 30, 2025
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	90,023					$	89,317					$	89,912					$	77,389					$	76,691					$	77,408
One stop			2,236,707						2,204,820						2,230,408						2,069,014						2,037,002						2,063,173
Second lien			3,509						3,469						3,523						12,674						12,600						12,722
Subordinated debt			21,564						21,255						21,564						20,908						20,615						20,741
Equity			N/A						30,666						36,756						N/A						29,539						35,130
Total			$	2,351,803					$	2,349,527					$	2,382,163					$	2,179,985					$	2,176,447					$	2,209,174

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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 December 31, 2025												As of September 30, 2025
Amortized Cost:
United States
Southeast			$	494,308					21.0		%				$	445,901					20.5		%
Midwest			450,783						19.2						395,386						18.2
West			390,002						16.6						369,906						17.0
Mid-Atlantic			318,944						13.6						285,602						13.1
Southwest			261,889						11.1						255,497						11.7
Northeast			133,430						5.7						144,153						6.6
United Kingdom			158,958						6.8						140,614						6.5
Germany			45,893						1.9						53,904						2.5
Canada			27,851						1.2						20,172						0.9
Australia			25,361						1.1						25,160						1.2
Jersey			20,439						0.9						20,433						1.0
Finland			8,940						0.4						6,987						0.3
Sweden			5,251						0.2						5,264						0.2
Netherlands			4,256						0.2						4,250						0.2
France			2,282						0.1						2,281						0.1
Denmark			544						0.0		*				544						0.0		*
Luxembourg			315						0.0		*				312						0.0		*
Israel			81						0.0		*				81						0.0		*
Total			$	2,349,527					100.0		%				$	2,176,447					100.0		%
Fair Value:
United States
Southeast			$	499,014					21.0		%				$	449,900					20.4		%
Midwest			457,579						19.2						401,851						18.2
West			393,138						16.5						374,368						16.9
Mid-Atlantic			322,584						13.6						288,569						13.1
Southwest			264,393						11.1						258,152						11.7
Northeast			134,079						5.6						145,343						6.6
United Kingdom			162,963						6.8						143,807						6.5
Germany			49,852						2.1						58,632						2.7
Canada			28,074						1.2						20,437						0.9
Australia			26,288						1.1						25,855						1.2
Jersey			21,152						0.9						21,123						1.0
Finland			9,525						0.4						7,561						0.3
Sweden			5,402						0.2						5,459						0.2
Netherlands			4,615						0.2						4,621						0.2
France			2,499						0.1						2,497						0.1
Denmark			544						0.0		*				545						0.0		*
Luxembourg			333						0.0		*				331						0.0		*
Israel			129						0.0		*				123						0.0		*
Total			$	2,382,163					100.0		%				$	2,209,174					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 December 31, 2025 and September 30, 2025 were as follows:

			As of December 31, 2025												As of September 30, 2025
Amortized Cost:
Aerospace & Defense			$	42,371					1.8		%				$	24,586					1.1		%
Air Freight & Logistics			22,741						1.0						22,726						1.0
Auto Components			39,102						1.7						36,496						1.7
Automobiles			102,332						4.3						98,937						4.6
Banks			9,587						0.4						9,356						0.4
Beverages			25,468						1.1						25,503						1.2
Building Products			1,015						0.0		*				677						0.0		*
Capital Markets			23,773						1.0						22,977						1.1
Chemicals			6,459						0.3						6,453						0.3
Commercial Services & Supplies			79,174						3.4						95,995						4.4
Construction & Engineering			17,882						0.8						17,379						0.8
Containers & Packaging			5,272						0.2						1,715						0.1
Diversified Consumer Services			166,756						7.1						148,679						6.8
Diversified Financial Services			65,715						2.8						62,615						2.9
Electric Utilities			1,923						0.1						1,903						0.1
Electrical Equipment			5,833						0.2						7,028						0.3
Electronic Equipment, Instruments & Components			5,183						0.2						5,184						0.2
Food & Staples Retailing			2,259						0.1						—						—
Food Products			32,682						1.4						32,759						1.5
Healthcare Equipment & Supplies			82,313						3.5						51,101						2.3
Healthcare Providers & Services			108,571						4.6						106,401						4.9
Healthcare Technology			143,083						6.1						108,643						5.0
Hotels, Restaurants & Leisure			156,524						6.7						127,364						5.9
Household Durables			1,817						0.1						—						—
Household Products			2,741						0.1						2,728						0.1
Industrial Conglomerates			31,224						1.3						28,527						1.3
Insurance			118,783						5.0						117,345						5.4
IT Services			46,805						2.0						44,242						2.0
Leisure Products			36,691						1.6						36,537						1.7
Life Sciences Tools & Services			36,433						1.5						23,565						1.1
Machinery			31,909						1.4						31,475						1.4
Media			14,790						0.6						14,869						0.7
Oil, Gas & Consumable Fuels			2,164						0.1						25,311						1.2
Pharmaceuticals			22,703						1.0						21,811						1.0
Professional Services			86,317						3.7						79,954						3.7
Road & Rail			—						—						13,840						0.6
Software			623,067						26.5						577,485						26.5
Specialty Retail			126,531						5.4						126,438						5.8
Transportation Infrastructure			16,404						0.7						16,060						0.8
Water Utilities			5,130						0.2						1,783						0.1
Total			$	2,349,527					100.0		%				$	2,176,447					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 December 31, 2025												As of September 30, 2025
Fair Value:
Aerospace & Defense			$	42,679					1.8		%				$	24,652					1.1		%
Air Freight & Logistics			23,333						1.0						23,033						1.0
Auto Components			39,472						1.7						36,957						1.7
Automobiles			104,935						4.4						101,466						4.6
Banks			9,680						0.4						9,456						0.4
Beverages			26,089						1.1						26,202						1.2
Building Products			1,029						0.0		*				693						0.0		*
Capital Markets			23,978						1.0						23,193						1.1
Chemicals			6,503						0.3						6,475						0.3
Commercial Services & Supplies			79,705						3.3						96,815						4.4
Construction & Engineering			17,998						0.8						17,502						0.8
Containers & Packaging			5,385						0.2						1,718						0.1
Diversified Consumer Services			167,949						7.1						150,189						6.8
Diversified Financial Services			67,001						2.8						63,719						2.9
Electric Utilities			2,018						0.1						1,997						0.1
Electrical Equipment			5,942						0.2						7,157						0.3
Electronic Equipment, Instruments & Components			5,331						0.2						5,345						0.2
Food & Staples Retailing			2,259						0.1						—						—
Food Products			33,105						1.4						33,072						1.5
Healthcare Equipment & Supplies			82,855						3.5						51,329						2.3
Healthcare Providers & Services			110,044						4.6						108,172						4.9
Healthcare Technology			144,552						6.1						109,991						5.0
Hotels, Restaurants & Leisure			157,763						6.6						128,251						5.8
Household Durables			1,816						0.1						—						—
Household Products			2,755						0.1						2,744						0.1
Industrial Conglomerates			33,322						1.4						30,631						1.4
Insurance			120,714						5.1						119,150						5.4
IT Services			47,147						2.0						44,632						2.0
Leisure Products			36,658						1.5						36,536						1.7
Life Sciences Tools & Services			37,602						1.6						24,992						1.1
Machinery			32,115						1.3						31,741						1.4
Media			14,909						0.6						14,886						0.7
Oil, Gas & Consumable Fuels			2,163						0.1						25,498						1.2
Pharmaceuticals			23,300						1.0						22,245						1.0
Professional Services			86,996						3.6						80,355						3.7
Road & Rail			—						—						13,930						0.6
Software			635,233						26.7						590,302						26.7
Specialty Retail			126,184						5.3						126,384						5.7
Transportation Infrastructure			16,516						0.7						15,965						0.7
Water Utilities			5,128						0.2						1,799						0.1
Total			$	2,382,163					100.0		%				$	2,209,174					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)

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 December 31, 2025 and September 30, 2025 were as follows:

As of December 31, 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						$	—					$	(813)
Macquarie Bank Limited						£	4,000		GBP						$	5,321		USD						10/28/2026						—						$	(61)
																														$	—					$	(874)
As of September 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						$	—					$	(864)
																														$	—					$	(864)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three months ended December 31, 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 December 31,
						2025						2024
Foreign exchange						$	—					$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category						Three months ended December 31,
						2025						2024
Foreign exchange						$	(10)					$	97

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2025 and 2024:

Average U.S. Dollar notional outstanding						Three months ended December 31,
						2025						2024
Forward currency contracts						$	13,740					$	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 each of its derivative counterparties, Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty that governs over the counter (“OTC”) derivatives, including forward currency contracts and interest rate swaps, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with each of the Counterparties permits a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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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 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 accounts payable and other liabilities. As of December 31, 2025 and September 30, 2025, there was $660 of collateral pledged for derivatives, respectively, which is included in other assets on the Consolidated Statements of Financial Condition. 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.

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 December 31, 2025 and September 30, 2025.

As of December 31, 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						$	—					$	(813)					$	(813)					$	660					$	(153)
Macquarie Bank Limited						Unrealized depreciation on forward currency contracts						$	—					$	(61)					$	(61)					$	—					$	(61)
												$	—					$	(874)					$	(874)					$	660					$	(214)
As of September 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						$	—					$	(864)					$	(864)					$	660					$	(204)
												$	—					$	(864)					$	(864)					$	660					$	(204)

(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.

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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 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.

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 three months ended December 31, 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 December 31, 2025 and September 30, 2025, were valued using Level 3 inputs. As of both December 31, 2025 and September 30, 2025, all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs. As of December 31, 2025 and September 30, 2025, all forward currency contracts were valued using Level 2 inputs.

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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)

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. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. The Valuation Designee may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood when performing the enterprise value analysis. 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 December 31, 2025 and September 30, 2025:

As of December 31, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	2,345,407					$	2,345,407
Equity investments(1)						—						—						36,756						36,756
Money market funds(1)(2)						90,091						—						—						90,091
Total assets, at fair value:						$	90,091					$	—					$	2,382,163					$	2,472,254
Liabilities, at fair value:
Forward currency contracts						$	—					$	(874)					$	—					$	(874)
Total liabilities, at fair value:						$	—					$	(874)					$	—					$	(874)
As of September 30, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	2,174,044					$	2,174,044
Equity investments(1)						—						—						35,130						35,130
Money market funds(1)(2)						46,041						—						—						46,041
Total assets, at fair value:						$	46,041					$	—					$	2,209,174					$	2,255,215
Liabilities, at fair value:
Forward currency contracts						$	—					$	(864)					$	—					$	(864)
Total liabilities, at fair value:						$	—					$	(864)					$	—					$	(864)

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2025 and 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 at the end of each period was $2,167 and $1,112, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2025 and 2024:

			For the three months ended December 31, 2025
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	2,174,044					$	35,130					$	2,209,174
Net change in unrealized appreciation (depreciation) on investments			(652)						498						(154)
Net translation of investments in foreign currencies			62						—						62
Realized gain (loss) on translation of investments in foreign currencies			638						1						639
Fundings of (proceeds from) revolving loans, net			6,620						—						6,620
Fundings of investments			264,229						3,681						267,910
PIK interest and non-cash dividends			3,767						240						4,007
Proceeds from principal payments and sales of portfolio investments			(105,457)						(2,794)						(108,251)
Accretion of discounts and amortization of premiums			2,156						—						2,156
Fair value, end of period			$	2,345,407					$	36,756					$	2,382,163

			For the three months ended December 31, 2024
			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			1,777						979						2,756
Net translation of investments in foreign currencies			(5,852)						—						(5,852)
Realized gain (loss) on translation of investments in foreign currencies			(4)						—						(4)
Fundings of (proceeds from) revolving loans, net			1,799						—						1,799
Fundings of investments			223,522						2,558						226,080
PIK interest and non-cash dividends			2,298						94						2,392
Proceeds from principal payments and sales of portfolio investments			(6,459)						—						(6,459)
Accretion of discounts and amortization of premiums			953						—						953
Fair value, end of period			$	1,512,965					$	19,701					$	1,532,666

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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 December 31, 2025 and September 30, 2025:

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of December 31, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

89,912

Yield analysis

Market interest rate

7.3% - 9.0% (8.2%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (10.2x)

One stop loans(2)(3)

$

2,208,505

Yield analysis

Market interest rate

3.5% - 20.0% (8.6%)

Market comparable companies

EBITDA multiples

7.5x - 30.0x (15.7x)

Revenue multiples

1.7x - 15.0x (9.1x)

21,903

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

25,087

Yield analysis

Market interest rate

8.5% - 12.3% (9.4%)

Market comparable companies

EBITDA multiples

9.5x - 21.5x (19.0x)

Equity(4)

$

36,756

Market comparable companies

EBITDA multiples

7.5x - 26.0x (17.0x)

Revenue multiples

1.7x - 15.0x (11.2x)

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

(2)$13 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $1,911,134 and $297,371 of one stop loans using EBITDA and revenue multiples, respectively.

(4)The Company valued $31,526 and $5,230 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

77,408

Yield analysis

Market interest rate

7.3% - 9.0% (8.3%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (10.6x)

One stop loans(2)(3)

$

2,043,193

Yield analysis

Market interest rate

3.8% - 20.5% (8.6%)

Market comparable companies

EBITDA multiples

8.0x - 33.0x (15.8x)

Revenue multiples

2.0x - 15.0x (9.1x)

$

19,980

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans(4)

$

33,463

Yield analysis

Market interest rate

9.8% - 15.0% (11.1%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (17.8x)

Equity(5)

$

35,130

Market comparable companies

EBITDA multiples

8.0x - 28.0x (17.4x)

Revenue multiples

2.0x - 15.0x (11.3x)

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

(2)$49 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $1,758,059 and $285,134 of one stop loans using EBITDA and revenue multiples, respectively.

(4)$66 of loans at fair value were valued using the market comparable companies approach only.

(5)The Company valued $29,941 and $$5,189 of equity investments using EBITDA and revenue multiples, 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 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.

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. The 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 December 31, 2025 and September 30, 2025:

			As of December 31, 2025												As of September 30, 2025
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt			$	1,319,957					$	1,319,957					$	1,189,555					$	1,189,555

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 December 31, 2025, the Company’s asset coverage for borrowed amounts was 186.6%.

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.

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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)

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 December 31, 2025 Consolidated Statement of Financial Condition as debt of the company. As of December 31, 2025, the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation.

As of December 31, 2025, there were 124 portfolio companies with a total fair value of $1,126,703 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.

The interest charged under the 2025 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of December 31, 2025 based on the last interest rate reset was 3.9%.

For the three months ended December 31, 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 December 31,
			2025						2024
Stated interest expense			$	11,541					$	—
Amortization of debt issuance costs			191						—
Total interest expense			$	11,732					$	—
Cash paid for interest expense			$	—					$	—
Annualized average stated interest rate			5.7		%				N/A
Average outstanding balance			$	799,250					$	—

As of December 31, 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.

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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)

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.

For the three months ended December 31, 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 December 31,
			2025						2024
Stated interest expense			$	—					$	3,980
Facility fees			—						9
Amortization of debt issuance costs			—						321
Total interest expense			$	—					$	4,310
Cash paid for interest expense			$	—					$	6,334
Annualized average stated interest rate(1)			N/A						7.0		%
Average outstanding balance			$	—					$	226,750

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, 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 (as amended, 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 December 31, 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.

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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 December 31, 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.

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 December 31, 2025 and September 30, 2025, the Company had $196,541 and $198,117, respectively, of outstanding debt under the DB Credit Facility.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three months ended December 31, 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 December 31,
			2025						2024
Stated interest expense			$	2,709					$	5,225
Facility fees			259						195
Amortization of debt issuance costs			315						146
Total interest expense			$	3,283					$	5,566
Cash paid for interest expense			$	2,941					$	5,445
Annualized average stated interest rate(1)			5.5		%				7.0		%
Average outstanding balance			$	196,953					$	296,214

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, 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 December 31, 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. On November 26, 2025, the Company entered into an agreement to the documents governing the BNP Credit Facility that, among other things, reduced the applicable margin (a) effective during the BNP Credit Facility Reinvestment Period from 2.10% to 1.85% and (b) effective after the BNP Credit Facility Reinvestment Period from 2.35% to 2.10%.

As of December 31, 2025, borrowings under the BNP Credit Facility in United States Dollars will bear interest at the applicable base rate plus 1.85% per annum during the BNP Credit Facility Revolving Period, and 2.10% 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 the BNP Credit Facility Applicable Margin. 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.

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.

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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 December 31, 2025 and September 30, 2025, the Company had $324,166 and $192,188, respectively, of outstanding debt under the BNP Credit Facility.

For the three months ended December 31, 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 December 31,
															2025						2024
Stated interest expense															$	4,093					$	4,447
Amortization of debt issuance costs															485						485
Total interest expense															$	4,578					$	4,932
Cash paid for interest expense															$	2,617					$	—
Annualized average stated interest rate(1)															5.3		%				7.2		%
Average outstanding balance															$	303,566					$	244,654

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

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of December 31, 2025 and September 30, 2025, 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”). The short-term AFR as of December 31, 2025 was 3.6%. As of December 31, 2025 and September 30, 2025, the Company had no outstanding debt under the Adviser Revolver.

For the three months ended December 31, 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 December 31,
			2025						2024
Stated interest expense			$	—					$	—
Cash paid for interest expense			127						—
Annualized average stated interest rate(1)			—		%				—		%
Average outstanding balance			$	—					$	—

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

For the three months ended December 31, 2025 and 2024, the average total debt outstanding was $1,299,769 and $767,618, respectively.

For the three months ended December 31, 2025 and 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 6.0% and 7.7%, respectively.

A summary of the Company’s maturity requirements for borrowings as of December 31, 2025 is as follows:

			Payments Due by Period
			Total						Less Than 1 Year						1 – 3 Years						3 – 5 Years						More Than 5 Years
DB Credit Facility			$	196,541					$	—					$	—					$	196,541					$	—
BNP Credit Facility			324,166						—						—						324,166						—
2025 Debt Securitization			799,250						—						—						—						799,250
Total borrowings			$	1,319,957					$	—					$	—					$	520,707					$	799,250

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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 9. Commitments and Contingencies

Commitments: As of December 31, 2025, the Company had outstanding commitments to fund investments totaling $459,421, including $182,048 of commitments on undrawn revolvers. As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $462,709, including $175,950 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 December 31, 2025 and September 30, 2025. 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.

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:

						Three months ended December 31,
Per share data:(1)						2025						2024
Net asset value at beginning of period						$	15.00					$	15.00
Distributions declared:(2)
From net investment income						(0.42)						(0.47)
Net investment income						0.41						0.41
Net realized gain (loss) on investment transactions						0.00		^				(0.00		)^
Net change in unrealized appreciation (depreciation) on investment transactions(3)						0.01						0.06
Net asset value at end of period						$	15.00					$	15.00
Total return based on net asset value per share(4)						2.80		%				3.11		%
Number of common shares outstanding						77,959,283.765						50,350,054.895

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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)

						Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:						2025						2024
Ratio of net investment income - after tax to average net assets*						11.02		%				10.96		%
Ratio of total expenses to average net assets*(5)						11.27		%				13.14		%
Ratio of management fee waiver to average net assets*						(1.89)		%				(1.91)		%
Ratio of incentive fee waiver to average net assets						(0.31)		%				(0.31)		%
Ratio of incentive fees to average net assets(5)						0.63		%				0.67		%
Ratio of net expenses to average net assets*(5)						9.07		%				10.92		%
Ratio of total expenses (without incentive fees) to average net assets*(5)						10.64		%				12.47		%
Total return based on average net asset value(6)						2.77		%				3.08		%
Total return based on average net asset value - annualized*(6)						10.98		%				12.23		%
Net assets at end of period						$	1,169,389					$	755,251
Average debt outstanding						$	1,299,769					$	767,618
Average debt outstanding per share						$	16.67					$	15.25
Portfolio Turnover*						18.49		%				1.82		%
Asset coverage ratio(7)						186.56		%				192.24		%
Asset coverage ratio per unit(8)						$	1,866					$	1,922
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

^ Represents an amount less than $0.01.

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

(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 150% 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, BNP Credit Facility and PNC 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 months ended December 31, 2025 and 2024:

			Three months ended December 31,
			2025						2024
Earnings available to stockholders			$	29,964					$	20,292
Basic and diluted weighted average shares outstanding			72,547,078						44,111,474
Basic and diluted earnings per share			$	0.41					$	0.46

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 three months ended December 31, 2025 and 2024:

Date Declared						Record Date						Payment Date						Shares Outstanding						Amount Per Share						Total Dividends Declared
For the three months ended December 31, 2025
08/01/2025						10/15/2025						12/17/2025						71,236,992.933						$	0.1330					$	9,475
11/14/2025						11/14/2025						01/21/2026						71,236,992.933						0.1425						10,150
11/14/2025						12/12/2025						02/18/2026						71,496,901.607						0.1446						10,339
Total dividends declared for the three months ended December 31, 2025																														$	29,964
For the three months ended December 31, 2024
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
Total dividends declared for the three months ended December 31, 2024																														$	20,292

The following table summarizes the Company’s distributions reinvested during the three months ended December 31, 2025 and 2024:

Payment Date						DRIP Shares Issued						NAV ($) Per Share						DRIP Shares Value
For the three months ended December 31, 2025
November 20, 2025						259,908.674						$	15.00					$	3,899
December 17, 2025						124,438.025						15.00						1,866
						384,346.699												$	5,765
For the three months ended December 31, 2024
November 19, 2024						204,508.932						$	15.00					$	3,068
December 18, 2024						72,984.041						15.00						1,095
						277,492.973												$	4,163

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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 13. Subsequent Events

In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

On January 21, 2026, the Company issued 132,771.619 shares of common stock through the DRIP.

On November 14, 2025 and February 2, 2026, 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

January 16, 2026

March 18, 2026

In an amount (if positive) such that the net asset value of the Company as of January 31, 2026 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 January 1, 2026 through January 31, 2026 and the payment of this distribution is $15.00 per share.

February 25, 2026

May 20, 2026

In an amount (if positive) such that the net asset value of the Company as of February 28, 2026 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 February 1, 2026 through February 28, 2026 and the payment of this distribution is $15.00 per share.

March 16, 2026

May 20, 2026

In an amount (if positive) such that the net asset value of the Company as of March 31, 2026 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 March 1, 2026 through March 31, 2026 and the payment of this distribution is $15.00 per share.

April 17, 2026

June 17, 2026

In an amount (if positive) such that the net asset value of the Company as of April 30, 2026 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 April 1, 2026 through April 30, 2026 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, 2025.

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 $90.0 billion in capital under management(1) as of January 1, 2026, (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 $35.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $35.0 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 January 1, 2026

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As of December 31, 2025 and September 30, 2025, our portfolio at fair value was comprised of the following:

						As of December 31, 2025												As of September 30, 2025
Investment Type						Investments at  Fair Value (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	89,912					3.9		%				$	77,408					3.5		%
One stop						2,230,408						93.6						2,063,173						93.4
Second lien						3,523						0.1						12,722						0.6
Subordinated debt						21,564						0.9						20,741						0.9
Equity						36,756						1.5						35,130						1.6
Total						$	2,382,163					100.0		%				$	2,209,174					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 December 31, 2025 and September 30, 2025, one stop loans included $226.8 million and $216.3 million, respectively, of recurring revenue loans at fair value.

As of December 31, 2025 and September 30, 2025, we had debt and equity investments in 240 and 218 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 December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended
			December 31, 2025						September 30, 2025						December 31, 2024
Weighted average income yield*(1)			9.5%						10.1%						10.6%
Weighted average investment income yield*(2)			9.9%						10.4%						10.9%
Weighted average income yield of total investments*(3)			9.4%						10.0%						10.5%
Weighted average investment income yield of total investments*(4)			9.7%						10.3%						10.8%
Total return based on average net asset value*(5)			11.0%						11.2%						12.2%
Net investment income - return on equity*(6)			11.0%						10.6%						11.0%

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

(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 December 31, 2025, GBDC 4 has earned an inception-to-date internal rate of return, or IRR, of 13.7% for stockholders taken as a whole. An individual stockholder’s IRR could vary based on the timing of their capital transactions. For the three months ended December 31, 2025 and 2024, GBDC 4 earned a fiscal year-to-date IRR of 11.4% and 12.8%, 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 January 21, 2026, we issued 132,771.619 shares of common stock through our DRIP.

On November 14, 2025 and February 2, 2026, our board of directors declared distributions to holders of record of our common stock as set forth in the table below:

Record Date

Payment Date

Amount Per Share

January 16, 2026

March 18, 2026

In an amount (if positive) such that our net asset value as of January 31, 2026 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 January 1, 2026 through January 31, 2026 and the payment of this distribution is $15.00 per share.

February 25, 2026

May 20, 2026

In an amount (if positive) such that our net asset value as of February 28, 2026 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 February 1, 2026 through February 28, 2026 and the payment of this distribution is $15.00 per share.

March 16, 2026

May 20, 2026

In an amount (if positive) such that our net asset value as of March 31, 2026 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 March 1, 2026 through March 31, 2026 and the payment of this distribution is $15.00 per share.

April 17, 2026

June 17, 2026

In an amount (if positive) such that our net asset value as of April 30, 2026 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 April 1, 2026 through April 30, 2026 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 December 31, 2025, September 30, 2025, and December 31, 2024 are as follows:

			Three months ended																		Variances						Variances
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025  vs. September 30, 2025						December 31, 2025  vs. December 31, 2024
			(In thousands)
Interest income			$	50,848					$	47,704					$	34,538					$	3,144					$	16,310
Payment-in-kind interest income			3,768						2,532						2,306						1,236						1,462
Discount Amortization			2,156						1,698						953						458						1,203
Non-cash dividend income			240						241						94						(1)						146
Dividend income			152						131						67						21						85
Fee income			225						493						114						(268)						111
Total investment income			57,389						52,799						38,072						4,590						19,317
Net expenses			27,313						25,878						19,890						1,435						7,423
Net investment income			30,076						26,921						18,182						3,155						11,894
Net realized gain (loss) on investment transactions			236						196						136						40						100
Net change in unrealized appreciation (depreciation) on investment transactions			(348)						1,097						1,974						(1,445)						(2,322)
Net increase (decrease) in net assets resulting from operations			$	29,964					$	28,214					$	20,292					$	1,750					$	9,672
Average earning debt investments, at fair value			$	2,294,730					$	1,993,053					$	1,379,881					$	301,677					$	914,849
Average earning preferred equity investments, at fair value			$	7,284					$	6,949					$	2,719					$	335					$	4,565

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 September 30, 2025 to the three months ended December 31, 2025 by $4.6 million, primarily due to an increase in interest income due to an increase in average earning debt investments balance of $301.7 million that was partially offset by the impact of declining interest base and spread rates.

Investment income increased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $19.3 million, primarily due to an (1) increase in interest and payment-in-kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $914.8 million and (2) increased discount amortization and prepayment fee income driven by increased loan repayments that was partially offset by the impact of declining interest base and spread rates.

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

			Three months ended
			December 31, 2025						September 30, 2025						December 31, 2024
Senior secured			8.9		%				9.3		%				10.0		%
One stop			9.3		%				9.8		%				10.6		%
Second lien			12.7		%				12.8		%				14.3		%
Subordinated debt			10.4		%				10.2		%				11.6		%

Income yields on senior secured loans and one stop loans decreased for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 and for the three months ended December 31, 2025 as compared to the three months ended September 30, 2025, primarily due to the impact of declining interest base and spread rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 96.2% of our loan portfolio at fair value is subject to an interest rate floor. As of December 31, 2025 and September 30, 2025, the weighted average base rate floor of our loans was 0.69% and 0.75%, respectively.

As of December 31, 2025, we have second lien investments in one portfolio company and subordinated debt investments increased to four 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.

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Expenses

The following table summarizes our expenses for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended																		Variances						Variances
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025  vs. September 30, 2025						December 31, 2025  vs. December 31, 2024
			(In thousands)
Interest and facility fee expenses			$	18,603					$	17,687					$	13,857					$	916					$	4,746
Amortization of debt issuance costs			990						991						951						(1)						39
Base management fee, net of waiver			2,947						2,609						1,811						338						1,136
Income incentive fee, net of waiver			3,351						3,017						2,056						334						1,295
Capital gain incentive fee accrued under GAAP			83						236						316						(153)						(233)
Administrative service fee			732						606						436						126						296
Professional fees			522						645						389						(123)						133
General and administrative expenses			85						87						74						(2)						11
Net expenses			$	27,313					$	25,878					$	19,890					$	1,435					$	7,423
Average debt outstanding			$	1,299,769					$	1,179,553					$	767,618					$	120,216					$	532,151

Interest Expense

Interest and other debt financing expenses, net of amortization of debt issuance costs, increased by $0.9 million from the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to an increase in average debt outstanding of $120.2 million that was partially offset by lower interest base rates on our floating rate borrowings and, to a lesser extent, reduced interest rate spreads incurred on our BNP Credit Facility (as defined in “Note 8 Borrowings” of our consolidated financial statements) resulting from the November 2025 amendment that reduced the interest rate spread to SOFR plus 1.85% from SOFR plus 2.10% (the “BNP Amendment”). Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $4.8 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, primarily due to an increase in average debt outstanding of $532.2 million that was partially offset by lower interest base rates on our floating rate borrowings and reduced interest rate spreads resulting from (1) the June 2025 amendment to our DB Credit Facility (as defined in “Note 8 Borrowings” of our consolidated financial statements) that reduced the interest rate spread to SOFR plus 1.75% from SOFR plus 2.35%, (2) the June 2025 issuance of our 2025 Debt Securitization (as defined in “Note 8 Borrowings” of our consolidated financial statements) that bears interest at three-month SOFR plus a weighted average spread of 1.68% and, to a lesser extent, (3) the BNP Amendment. For more information about our outstanding borrowings for the three months ended December 31, 2025, September 30, 2025 and December 31, 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 December 31, 2025, September 30, 2025, and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 6.0%, 6.3% and 7.7%, respectively.

The effective annualized average interest rate decreased from both the three months ended December 31, 2025 compared to the three months ended September 30, 2025 and the three months ended December 31, 2025 compared to the three months ended December 31, 2024 primarily due to decreased interest base rates and, to a lesser extent, due to lower interest rate spreads on our BNP Facility and DB Facility.

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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 September 30, 2025 to the three months ended December 31, 2025. The base management fee, net of waiver, increased as a result of an increase in average gross assets for the three months ended December 31, 2024 to the three months ended December 31, 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 three months ended December 31, 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 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 $0.3 million from the three months ended September 30, 2025 to the three months ended December 31, 2025, primarily due to an increase in Pre-Incentive Fee Net Investment Income driven by net funds growth and a greater rate of return on the value of our net assets. The Income Incentive Fee, net of waiver, increased by $1.3 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, primarily due to an increase in Pre-Incentive Fee Net Investment Income driven by net funds growth.

As of December 31, 2025 and September 30, 2025, 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 both December 31, 2025 and September 30, 2025, there was $1.4 million 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 December 31, 2025, September 30, 2025, December 31, 2024, the accrual for a capital gain incentive fee under GAAP was $0.1 million, $0.2 million and $0.3 million, respectively.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of December 31, 2025 and September 30, 2025, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

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 less than $0.1 million from the three months ended September 30, 2025 to the three months ended December 31, 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 $0.4 million from the three months ended December 31, 2024 to the three months ended December 31, 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 December 31, 2025, September 30, 2025, and 2025 were $0.6 million, $0.7 million, and $0.3 million, respectively.

As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $0.7 million and $0.6 million of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

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

			Three months ended																		Variances						Variances
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025  vs. September 30, 2025						December 31, 2025  vs. December 31, 2024
			(In thousands)
Net realized gain (loss) from foreign currency transactions			$	236					$	196					$	136					$	40					$	100
Net realized gain (loss) on investment transactions			$	236					$	196					$	136					$	40					$	100
Unrealized appreciation from investments			$	5,335					$	4,470					$	4,156					$	865					$	1,179
Unrealized (depreciation) from investments			(5,489)						(3,237)						(1,400)						(2,252)						(4,089)
Unrealized appreciation (depreciation) from forward currency contracts			(10)						102						97						(112)						(107)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies			(184)						(238)						(879)						54						695
Net change in unrealized appreciation (depreciation) on investment transactions			$	(348)					$	1,097					$	1,974					$	(1,445)					$	(2,322)

During the three months ended December 31, 2025, we had a net realized gain of $0.2 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended September 30, 2025, we had a net realized gain of $0.2 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, 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.

For the three months ended December 31, 2025, we had $5.3 million in unrealized appreciation on 72 portfolio company investments, which was offset by $5.5 million in unrealized depreciation on 179 portfolio company investments.

For the three months ended September 30, 2025, we had $4.5 million in unrealized appreciation on 74 portfolio company investments, which was offset by $3.2 million in unrealized depreciation on 153 portfolio company investments.

For the three months ended December 31, 2024, we had $4.2 million in unrealized appreciation on 56 portfolio company investments, which was offset by $1.4 million in unrealized depreciation on 109 portfolio company investments.

Unrealized appreciation for the three months ended December 31, 2025, September 30, 2025 and December 31, 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 three months ended December 31, 2025 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were taken to non-accrual status as well as isolated deterioration in the credit performance of a small number of portfolio companies. Unrealized depreciation for the three months ended September 30, 2025 and December 31, 2024 primarily resulted from amortization of discounts on originated loans during the year and a modest decrease in market prices of certain portfolio company investments.

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Liquidity and Capital Resources

For the three months ended December 31, 2025, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $72.8 million. During the period, we used $128.0 million in operating activities, primarily as a result of fundings of portfolio investments of $267.9 million, partially offset by proceeds from principal payments and sales of portfolio investments of $108.3 million. During the same period, cash provided by financing activities was $200.8 million, primarily driven by borrowings on debt of $220.7 million and proceeds from the issuance of common shares of $94.7 million, partially offset by repayments of debt of $91.0 million and distributions paid of $23.5 million.

For the three months ended December 31, 2024, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $6.3 million. During the period, we used $196.4 million in operating activities, primarily as a result of fundings of portfolio investments of $226.1 million, partially offset by proceeds from principal payments and sales of portfolio investments of $6.5 million. During the same period, cash provided by financing activities was $202.7 million, primarily driven by borrowings on debt of $578.1 million and proceeds from the issuance of common stock of $100.7 million, partially offset by repayments of debt of $459.2 million and distributions paid of $16.8 million.

As of December 31, 2025 and September 30, 2025, we had cash of $10.8 million and $0.8 million, cash equivalents of $8.9 million and $13.5 million, foreign currencies of $1.7 million and $3.5 million, restricted cash of $31.4 million and $13.0 million, restricted cash equivalents of $81.1 million and $32.5 million and restricted foreign currencies of $5.2 million and $2.9 million, respectively. 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 December 31, 2025 and September 30, 2025, we had investor capital subscriptions totaling $1,523.6 million and $1,523.6 million, respectively, of which $1,131.4 million and $1,036.4 million, respectively, had been called and contributed, leaving $392.2 million and $487.3 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.

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 December 31, 2025 and 2025, 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 December 31, 2025 and September 30, 2025, we had $196.5 million and $198.1 million, respectively, outstanding under the DB Credit Facility. As of December 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $103.5 million of remaining commitments and $1.8 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 December 31, 2025 and September 30, 2025, 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 December 31, 2025 and September 30, 2025, we had outstanding debt of $324.2 million and $192.2 million, respectively, under the BNP Credit Facility. As of December 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $425.8 million of remaining commitments and $128.7 million of availability on the BNP Credit Facility.

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Adviser Revolver - As of December 31, 2025 and September 30, 2025, we were permitted to borrow up to $100.0 million at any one time outstanding under the Adviser Revolver. As of December 31, 2025, we had $100.0 million of remaining commitments and availability under the Adviser Revolver. As of December 31, 2025 and September 30, 2025, 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 December 31, 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 December 31, 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 December 31, 2025, our asset coverage for borrowed amounts was 186.6%.

As of December 31, 2025, we had outstanding commitments to fund investments totaling $459.4 million, including $182.0 million of unfunded commitments on revolvers. As of September 30, 2025, we had outstanding commitments to fund investments totaling $462.7 million, including $176.0 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 December 31, 2025 and September 30, 2025, 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 December 31, 2025 are included in Note 8 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2025. As of December 31, 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 December 31, 2025. As of September 30, 2025, 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 December 31, 2025 and September 30, 2025, we had investments in 240 and 218 portfolio companies, respectively, with a total fair value of $2,382.2 million and $2,209.2 million, respectively.

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

			Three months ended
			December 31, 2025												September 30, 2025												December 31, 2024
			(In thousands)						Percentage						(In thousands)						Percentage						(In thousands)						Percentage
Senior secured			$	40,464					14.2		%				$	18,685					4.2		%				$	7,448					2.9		%
One stop			242,525						85.3						394,766						89.3						251,340						96.1
Second lien			—						—						9,218						2.1						—						—
Subordinated debt			—						—						16,822						3.8						—						—
Equity			1,268						0.5						3,127						0.6						2,648						1.0
Total new investment commitments			$	284,257					100.0		%				$	442,618					100.0		%				$	261,436					100.0		%

For the three months ended December 31, 2025 and 2024, we had approximately $108.3 million and $6.5 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 December 31, 2025(1)																		As of September 30, 2025(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured:
Performing			$	90,023					$	89,317					$	89,912					$	77,389					$	76,691					$	77,408
Non-accrual(3)			—						—						—						—						—						—
One stop:
Performing			2,236,130						2,204,276						2,229,934						2,069,014						2,037,002						2,063,173
Non-accrual(3)			577						544						474						—						—						—
Second lien:
Performing			3,509						3,469						3,523						12,674						12,600						12,722
Non-accrual(3)			—						—						—						—						—						—
Subordinated debt:
Performing			21,564						21,255						21,564						20,908						20,615						20,741
Non-accrual(3)			—						—						—						—						—						—
Equity
Performing			N/A						30,666						36,756						N/A						29,539						35,130
Non-accrual(3)			N/A						—						—						N/A						—						—
Total			$	2,351,803					$	2,349,527					$	2,382,163					$	2,179,985					$	2,176,447					$	2,209,174

(1)As of December 31, 2025, $353.9 million and $358.2 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 December 31, 2025, $0.5 million and $0.5 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2025, $325.9 million and $330.8 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.

(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”

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As of December 31, 2025, we had loans in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at both cost and fair value was less than 0.1%. As of September 30, 2025, we had no loans on non-accrual status.

As of December 31, 2025 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 99.7% and 99.7%, respectively.

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 December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended
			December 31, 2025						September 30, 2025						December 31, 2024
Weighted average rate of new investment fundings			8.4%						9.1%						9.3%
Weighted average spread over the applicable base rate of new floating rate investment fundings			4.7%						5.0%						5.0%
Weighted average fees of new investment fundings			0.5%						0.6%						0.9%
Weighted average rate of sales and payoffs of portfolio investments			8.9%						10.9%						10.4%

As of December 31, 2025, 96.2% and 96.2% 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, 2025, 96.6% and 96.6% 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 December 31, 2025 and September 30, 2025, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $85.7 million and $89.5 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.

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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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.

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 December 31, 2025 and September 30, 2025:

						As of December 31, 2025												As of September 30, 2025
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	57,223					2.4		%				$	144,827					6.5		%
4						2,291,753						96.2						2,053,909						93.0
3						32,713						1.4						10,438						0.5
2						474						0.0		†				0		*				0.0		†
1						—						—						—						—
Total						$	2,382,163					100.0		%				$	2,209,174					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 December 31, 2025 and September 30, 2025:

						Average Price1
Category						As of December 31, 2025						As of September 30, 2025
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)						99.9%						99.8%
Internal Performance Rating 3 (Performing Below Expectations)						91.9						94.8
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						82.0						—
Total						99.7%						99.7%

(1)Includes only debt investments held as of December 31, 2025 and September 30, 2025. Price 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, chief executive officer of GC Advisors and an interested director of Golub Capital BDC 4, and Mr. David Golub, our president, chief executive officer, and chairman, are managers of GC Advisors, and each of Messrs. Lawrence Golub and David Golub own an indirect pecuniary interest includes 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 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 December 31, 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, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital Private Credit Fund, or GCRED, Golub Capital Private Income Fund I, or GPIF I, and Golub Capital Private Income Fund S, or GPIF S, 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, GCRED, GPIF I and GPIF S. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC, GDLCU, GCRED, GPIF I, GPIF S, 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, 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 three months ended December 31, 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 December 31, 2025 and September 30, 2025 were valued using Level 3 inputs. As of both December 31, 2025 and September 30, 2025, all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs. As of December 31, 2025 and September 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. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. The Valuation Designee may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood when performing the enterprise value analysis. 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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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.

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 investments: Loans may 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. The total fair value of our non-accrual loans is $0.5 million as of December 31, 2025. As of September 30, 2025, we had no portfolio company investments on non-accrual status. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected, for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. There were no preferred equity securities on non-accrual status as of December 31, 2025 and September 30, 2025.

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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.

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 months ended December 31, 2025 and December 31, 2024, we did not incur any 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 December 31, 2025 and September 30, 2025, the weighted average floor on loans subject to floating interest rates was 0.69% and 0.75%, 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 1.85%. 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 plus a spread adjustment. 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 December 31, 2025 was 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						$	(46,043)					$	(26,399)					$	(19,644)
Down 150 basis points						(34,666)						(19,799)						(14,867)
Down 100 basis points						(23,162)						(13,200)						(9,962)
Down 50 basis points						(11,585)						(6,600)						(4,985)
Up 50 basis points						11,593						6,600						4,993
Up 100 basis points						23,186						13,200						9,986
Up 150 basis points						34,779						19,799						14,980
Up 200 basis points						46,371						26,399						19,972

(1)    Assumes applicable three-month base rate as of December 31, 2025, with the exception of SONIA and Prime that utilize the December 31, 2025 rate.

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Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 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 December 31, 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 three months ended December 31, 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, 2025.

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 December 31, 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
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.

			Golub Capital BDC 4, Inc.
Date: February 6, 2026			By			/s/ David B. Golub
						David B. Golub
						President and Chief Executive Officer
						(Principal Executive Officer)
Date: February 6, 2026			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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