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Filed pursuant to Rule 424(b)(3)

File No. 333-290479, 333-272674 and 333-293067

GOLUB CAPITAL PRIVATE CREDIT FUND

SUPPLEMENT NO. 2 DATED MAY 15, 2026

TO THE PROSPECTUS DATED JANUARY 29, 2026

This prospectus supplement (the “Supplement”) is part of and should be read in conjunction with the prospectus of Golub Capital Private Credit Fund (“we,” “us,” “our,” or the “Fund”), dated January 29, 2026 (as further amended and supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are to:

•update the Prospectus; and

•include our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

Updates to Prospectus

The following replaces the paragraph under “Idaho” in the “Suitability Standards” section of the Prospectus and updates the suitability standards for Idaho residents set forth in “Appendix A” of “Appendix A: Form of Subscription Agreement”:

Idaho — Purchasers residing in Idaho must have either (a) a minimum annual gross income of $100,000 and minimum net worth of $100,000; or (b) a minimum net worth of $350,000.

The following replaces the paragraph under “New Jersey” in the “Suitability Standards” section of the Prospectus and updates the suitability standards for New Jersey residents set forth in “Appendix A” of “Appendix A: Form of Subscription Agreement”:

New Jersey — New Jersey investors must have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $100,000, or (b) a minimum liquid net worth of $350,000. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, a New Jersey investor’s investment in us, our affiliates, and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs, and commodity pools (each, a “DIP Category”), but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of an investor’s liquid net worth. However, New Jersey investors who are accredited investors, as defined at N.J.S.A. 49:3-49(p), may not invest more than ten percent (10%) of their liquid net worth in each DIP Category.

Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2026

On May 12, 2026, we filed our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

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 March 31, 2026

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 814-01555

Golub Capital Private Credit Fund

(Exact name of registrant as specified in its charter)


Delaware						92-2030260
(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 May 12, 2026, the Registrant had outstanding Class I and Class S common shares of beneficial interest, $0.01 par value, outstanding of 173,272,744 and 8,653,549, respectively. Common shares of beneficial interest outstanding excludes May 1, 2026 subscriptions since the offering price is not yet finalized at this time.

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2026 (unaudited) and September 30, 2025	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	7
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and September 30, 2025	9
	Notes to Consolidated Financial Statements (unaudited)	59
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	107
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	139
Item 4.	Controls and Procedures	140
Part II. Other Information
Item 1.	Legal Proceedings	141
Item 1A.	Risk Factors	141
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	141
Item 3.	Defaults Upon Senior Securities	141
Item 4.	Mine Safety Disclosures	141
Item 5.	Other Information	141
Item 6.	Exhibits	142

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	March 31, 2026		September 30, 2025
	(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $10,050,232 and $8,479,341, respectively)	$	9,928,221	$	8,555,251
Cash	31,451		14,857
Cash equivalents	6,417		29,020
Foreign currencies (cost of $8,378 and $4,645, respectively)	9,002		4,352
Restricted cash	20,058		40,618
Restricted cash equivalents	65,474		383,616



Interest receivable	64,721		74,426
Receivable for investments	154,464		9,373

Deferred offering costs	2,167		1,168
Net unrealized appreciation on derivatives	10,135		22,144
Other assets	4,549		1,748
Total Assets	$	10,296,659	$	9,136,573
Liabilities
Debt	$	5,492,205	$	4,699,707
Less unamortized debt issuance costs	(39,914)		(38,246)
Debt less unamortized debt issuance costs	5,452,291		4,661,461
Other short-term borrowings	149,491		74,178
Interest payable	40,668		20,215
Distributions payable	35,183		30,116

Management and income incentive fees payable	28,224		23,088
Payable for investments purchased	20,573		241,534
Accrued trustee fees	397		662
Net unrealized depreciation on derivatives	9,449		11,371
Accounts payable and other liabilities	11,150		14,479
Total Liabilities	5,747,426		5,077,104
Commitments and Contingencies (Note 8)
Net Assets
Preferred shares, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and September 30, 2025.	—		—
Common shares, par value $0.01 per share, unlimited shares authorized, 188,465,381 and 161,326,430 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively.	1,885		1,613
Paid in capital in excess of par	4,724,108		4,044,440
Distributable earnings (loss)	(176,760)		13,416
Total Net Assets	4,549,233		4,059,469
Total Liabilities and Total Net Assets	$	10,296,659	$	9,136,573

Net Asset Value Per Share
Class I Shares:
Net assets	$	4,334,583	$	3,872,168
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)	179,571,696		153,882,766
Net asset value per common share	$	24.14	$	25.16
Class S Shares:
Net assets	$	214,650	$	187,302
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)	8,893,685		7,443,664
Net asset value per common share	$	24.14	$	25.16

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
Investment income
Interest income	$	205,511	$	100,402	$	403,468	$	188,609
Payment-in-kind interest income	11,617		4,817		23,587		9,474
Dividend income	634		108		1,290		214
Fee income	680		282		1,413		559
Total investment income	218,442		105,609		429,758		198,856
Expenses
Interest and other debt financing expenses	84,739		36,950		163,630		73,319
Base management fee	14,271		7,055		27,942		13,117
Incentive fee	10,790		6,129		24,425		13,229
Administrative service fee	2,984		1,269		5,501		2,246
Professional fees	4,590		3,553		8,806		6,607
General and administrative expenses	235		184		491		358
Distribution and shareholder servicing fees
Class S	465		230		912		402
Total expenses	118,074		55,370		231,707		109,278








Net investment income	100,368		50,239		198,051		89,578
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(258)		2		(636)		(3)
Foreign currency transactions	2,221		143		3,191		(435)
Net realized gain (loss) on investment transactions	1,963		145		2,555		(438)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(185,581)		(8,433)		(188,949)		2,479
Forward currency contracts	5,246		(1,897)		5,858		(298)
Translation of assets and liabilities in foreign currencies	(6,753)		2,657		(7,199)		829
Net change in unrealized appreciation (depreciation) on investment transactions	(187,088)		(7,673)		(190,290)		3,010
Net gain (loss) on investment transactions	(185,125)		(7,528)		(187,735)		2,572

Net increase (decrease) in net assets resulting from operations	$	(84,757)	$	42,711	$	10,316	$	92,150
Per Common Share Data
Class I Shares:
Earnings (loss) available to shareholders	$	(80,359)	$	40,924	$	10,550	$	88,449
Basic and diluted weighted average common shares outstanding (Note 11)	175,788,280		86,980,089		170,083,135		80,251,878
Basic and diluted earnings (loss) per common share (Note 11)	$	(0.46)	$	0.47	$	0.06	$	1.10
Class S Shares:
Earnings (loss) available to shareholders	$	(4,398)	$	1,787	$	(234)	$	3,701
Basic and diluted weighted average common shares outstanding (Note 11)	8,757,626		4,298,524		8,540,698		3,755,598
Basic and diluted earnings (loss) per common share (Note 11)	$	(0.51)	$	0.42	$	(0.03)	$	0.99

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)



	Common Shares			Paid in Capital in Excess of Par		Distributable Earnings (Loss)		Total Net Assets
	Shares	Par Amount



















Balance at September 30, 2024	69,008,371	$	690	$	1,727,522	$	4,130	$	1,732,342
Issuance of common shares
Class I	26,209,762	263		657,627		—		657,890
Class S	2,132,576	21		53,516		—		53,537

Repurchase of common shares, net of early repurchase deduction
Class I	(764,645)	(8)		(19,181)		—		(19,189)
Class S	(3,911)	—		(96)		—		(96)

Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax	—	—		—		89,578		89,578
Net realized gain (loss) on investment transactions	—	—		—		(438)		(438)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		3,010		3,010

Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I	1,241,951	12		31,160		—		31,172
Class S	77,780	1		1,952		—		1,953

Distributions from distributable earnings (loss)
Class I	—	—		—		(75,786)		(75,786)
Class S	—	—		—		(3,134)		(3,134)

Distributions declared and payable
Class I	—	—		—		(17,454)		(17,454)
Class S	—	—		—		(822)		(822)


Total increase (decrease) for the six months ended March 31, 2025	28,893,513	289		724,978		(5,046)		720,221
Balance at March 31, 2025	97,901,884	$	979	$	2,452,500	$	(916)	$	2,452,563
Balance at December 31, 2024	81,223,397	$	812	$	2,033,749	$	7,597	$	2,042,158
Issuance of common shares
Class I	14,825,322	149		372,216		—		372,365
Class S	1,347,891	13		33,841		—		33,854

Repurchase of common shares, net of early repurchase deduction
Class I	(173,016)	(2)		(4,340)		—		(4,342)
Class S	(3,911)	—		(96)		—		(96)

Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax	—	—		—		50,239		50,239
Net realized gain (loss) on investment transactions	—	—		—		145		145
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(7,673)		(7,673)
Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I	639,841	6		16,066		—		16,072
Class S	42,360	1		1,064		—		1,065

Distributions from distributable earnings (loss)
Class I	—	—		—		(31,576)		(31,576)
Class S	—	—		—		(1,372)		(1,372)

Distributions declared and payable
Class I	—	—		—		(17,454)		(17,454)
Class S	—	—		—		(822)		(822)


Total increase (decrease) for the three months ended March 31, 2025	16,678,487	167		418,751		(8,513)		410,405
Balance at March 31, 2025	97,901,884	$	979	$	2,452,500	$	(916)	$	2,452,563

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited) - (continued)

(In thousands, except share data)


	Common Shares			Paid in Capital in Excess of Par		Distributable Earnings (Loss)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2025	161,326,430	$	1,613	$	4,044,440	$	13,416	$	4,059,469
Issuance of common shares
Class I	27,644,969	276		692,678		—		692,954
Class S	1,767,882	18		44,286		—		44,304

Repurchase of common shares, net of early repurchase deduction
Class I	(4,040,190)	(40)		(101,444)		—		(101,484)
Class S	(491,805)	(5)		(12,357)		—		(12,362)

Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax	—	—		—		198,051		198,051
Net realized gain (loss) on investment transactions	—	—		—		2,555		2,555
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(190,290)		(190,290)

Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I	2,084,151	21		52,153		—		52,174
Class S	173,944	2		4,352		—		4,354

Distributions from distributable earnings (loss)
Class I	—	—		—		(158,093)		(158,093)
Class S	—	—		—		(7,216)		(7,216)

Distributions declared and payable
Class I	—	—		—		(33,670)		(33,670)
Class S	—	—		—		(1,513)		(1,513)


Total increase (decrease) for the six months ended March 31, 2026	27,138,951	272		679,668		(190,176)		489,764
Balance at March 31, 2026	188,465,381	$	1,885	$	4,724,108	$	(176,760)	$	4,549,233
Balance at December 31, 2025	177,824,004	$	1,778	$	4,459,342	$	11,533	$	4,472,653
Issuance of common shares
Class I	11,375,099	113		283,592		—		283,705
Class S	617,905	7		15,371		—		15,378

Repurchase of common shares, net of early repurchase deduction
Class I	(2,077,024)	(20)		(52,169)		—		(52,189)
Class S	(443,899)	(5)		(11,157)		—		(11,162)

Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax	—	—		—		100,368		100,368
Net realized gain (loss) on investment transactions	—	—		—		1,963		1,963

Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(187,088)		(187,088)
Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I	1,078,245	11		26,861		—		26,872
Class S	91,051	1		2,268		—		2,269

Distributions from distributable earnings (loss)
Class I	—	—		—		(65,392)		(65,392)
Class S	—	—		—		(2,961)		(2,961)

Distributions declared and payable
Class I	—	—		—		(33,670)		(33,670)
Class S	—	—		—		(1,513)		(1,513)


Total increase (decrease) for the three months ended March 31, 2026	10,641,377	107		264,766		(188,293)		76,580
Balance at March 31, 2026	188,465,381	$	1,885	$	4,724,108	$	(176,760)	$	4,549,233

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Six months ended March 31,
	2026		2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	10,316	$	92,150
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	6,201		3,174
Amortization of deferred offering costs	1,451		1,090
Amortization of discounts on issued debt securities	1,809		681
Accretion of discounts and amortization of premiums on investments	(9,778)		(5,861)
Net realized (gain) loss on investments	636		3
Net realized (gain) loss on foreign currency transactions	(3,191)		435

Net change in unrealized (appreciation) depreciation on investments	188,949		(2,479)
Net change in unrealized (appreciation) depreciation on forward currency contracts	(5,858)		298
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	7,199		(829)
Net change in unrealized (appreciation) depreciation on interest rate swaps	85		2,746
Proceeds from (fundings of) revolving loans, net	(35,765)		(10,062)
Purchases and fundings of investments	(2,426,595)		(1,877,164)
Proceeds from principal payments and sales of portfolio investments	930,409		224,292
Payment-in-kind interest capitalized	(23,586)		(9,633)
Non-cash dividends capitalized	(1,258)		(214)
Changes in operating assets and liabilities:

Interest receivable	9,705		58
Receivable for investments	(145,091)		6,639


Other assets	(2,801)		(2,398)
Interest payable	20,453		1,050
Management and income incentive fees payable	5,136		3,586
Payable for investments purchased	(220,961)		141,837
Accrued trustee fees	(265)		(214)
Accounts payable and other liabilities	(3,329)		1,645
Net cash provided by (used in) operating activities	(1,696,129)		(1,429,170)
Cash flows from financing activities
Borrowings on debt	2,909,763		1,795,846
Repayments of debt	(2,103,296)		(1,097,400)
Proceeds from other short-term borrowings	171,185		—
Repayments on other short-term borrowings	(95,872)		—
Capitalized debt issuance costs	(7,869)		(10,440)
Deferred offering costs	(2,450)		(237)
Proceeds from issuance of common shares	737,258		711,427
Repurchased shares, net of early repurchase deduction paid	(113,846)		(19,285)
Distributions paid	(138,897)		(60,930)
Net cash provided by (used in) financing activities	1,355,976		1,318,981
Net change in cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents	(340,153)		(110,189)
Effect of foreign currency exchange rates	92		(192)
Cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents, beginning of period	472,463		189,643
Cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents, end of period	$	132,402	$	79,262


Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	135,079	$	65,638
Distributions declared for the period	200,492		97,196
Supplemental disclosure of non-cash financing activities:
Shares issued in connection with distribution reinvestment plan	$	56,528	$	33,125
Change in distributions payable	5,067		3,141

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 and restricted cash equivalents 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
	March 31, 2026		September 30, 2025
Cash	$	31,451	$	14,857
Cash equivalents	6,417		29,020
Foreign currencies (cost of $8,378 and $4,645, respectively)	9,002		4,352
Restricted cash	20,058		40,618
Restricted cash equivalents	65,474		383,616

Total cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents shown in the Consolidated Statements of Cash Flows(1)	$	132,402	$	472,463

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2026

(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
Bleriot US Bidco Inc.@(8)(26)	Senior secured	SF +	2.50	%	(i)	6.20	%					10/2030	$	2,992	$	2,999	0.1	%	$	3,000
Element Materials Technology@^#(8)(26)	Senior secured	SF +	3.50	%	(i)	7.20	%					06/2029	18,896		18,881		0.4		18,978
Jeppesen Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.42	%					11/2032	109,651		109,261		2.4		107,458
Jeppesen Holdings, LLC^(5)	One stop					N/A(6)						11/2032	—		(20)		—		(114)
Kaman Corporation@(26)	Senior secured	SF +	2.50	%	(i)	6.20	%					02/2032	1,823		1,819		—		1,825
Kaman Corporation@(26)	Senior secured	SF +	2.50	%	(a)(i)	6.20	%					02/2032	34		33		—		34
LSF11 Trinity Bidco, Inc.@^	Senior secured	SF +	2.50	%	(h)	6.18	%					06/2030	7,987		7,996		0.2		7,987
PPW Aero Buyer, Inc.^	One stop	SF +	5.00	%	(a)(i)	8.91	%					09/2031	329		322		—		321
PPW Aero Buyer, Inc.*	One stop	SF +	5.00	%	(i)	8.70	%					09/2031	1,692		1,685		—		1,684
PPW Aero Buyer, Inc.^(5)	One stop					N/A(6)						09/2031	—		(26)		—		(27)
Signia Aerospace, LLC@(26)	Senior secured	SF +	2.75	%	(i)	6.42	%					12/2031	1,889		1,876		—		1,896
Signia Aerospace, LLC@(5)(26)	Senior secured					N/A(6)						12/2031	—		(3)		—		—
SMX Technologies@^#	Senior secured	SF +	4.50	%	(h)	8.17	%					02/2032	7,545		7,551		0.2		7,459
Titan BW Borrower L.P.*^(25)	One stop	SF +	5.38	%	(i)	6.17	%	cash/	2.88	%	PIK	07/2032	16,582		16,435		0.4		16,391
Titan BW Borrower L.P.^(5)	One stop					N/A(6)						07/2032	—		(25)		—		(26)
Titan BW Borrower L.P.^	One stop	SF +	4.75	%	(i)	8.42	%					07/2032	829		822		—		816
Transdigm, Inc.@#(8)(26)	Senior secured	SF +	2.25	%	(h)	5.92	%					03/2030	2,999		3,004		0.1		3,003
													173,248		172,610		3.8		170,685
Air Freight & Logistics
RJW Group Holdings, Inc.*&^	One stop	SF +	5.00	%	(i)	8.70	%					11/2031	49,796		48,952		1.1		49,332
RJW Group Holdings, Inc.^	One stop	SF +	5.00	%	(j)	8.73	%					11/2031	3,145		3,085		0.1		3,111
RJW Group Holdings, Inc.*^	One stop	SF +	5.00	%	(i)	8.70	%					11/2031	53,127		52,641		1.1		52,633
RJW Group Holdings, Inc.^(5)	One stop					N/A(6)						11/2031	—		(41)		—		(84)
													106,068		104,637		2.3		104,992
Airlines
Brown Group Holding, LLC @(8)(10)(26)	Senior secured	SF +	2.50	%	(h)(i)	6.17	%					07/2031	3,000		3,005		0.1		3,008
KKR Apple Bidco, LLC@(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					09/2031	2,992		3,000		—		2,998
													5,992		6,005		0.1		6,006
Auto Components
Arnott, LLC*	One stop	SF +	4.75	%	(j)	8.49	%					11/2030	4,774		4,737		0.1		4,603
Arnott, LLC^	One stop	SF +	4.75	%	(i)(j)	8.41	%					11/2030	598		592		—		569
Collision SP Subco, LLC*&	One stop	SF +	4.75	%	(i)	8.42	%					01/2030	15,953		15,778		0.3		15,953
Collision SP Subco, LLC&	One stop	SF +	4.75	%	(i)(j)	8.46	%					01/2030	9,311		9,246		0.2		9,311
Collision SP Subco, LLC^	One stop	SF +	4.75	%	(i)	8.42	%					01/2030	381		352		—		381
Collision SP Subco, LLC&	One stop	SF +	4.75	%	(i)	8.42	%					01/2030	1,207		1,197		—		1,207
Collision SP Subco, LLC^	One stop	SF +	4.75	%	(j)	8.48	%					01/2030	2,767		2,647		0.1		2,767
OEConnection, LLC&^	One stop	SF +	4.50	%	(h)	8.17	%					12/2032	53,247		52,872		1.2		53,446
OEConnection, LLC^(5)	One stop					N/A(6)						12/2032	—		(36)		—		20
OEConnection, LLC^(5)	One stop					N/A(6)						12/2032	—		(37)		—		40
RC Buyer, Inc.@^(26)	Senior secured	SF +	3.50	%	(h)	7.28	%					07/2028	9,307		9,311		0.2		9,249
RealTruck Group, Inc.@^(8)(26)	Senior secured	SF +	3.75	%	(i)	7.68	%					01/2028	10,128		10,068		0.1		6,910
Wand NewCo 3, Inc.@^(8)(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					01/2031	13,967		13,992		0.3		13,873
													121,640		120,719		2.5		118,329
Automobiles
CAP-KSI Holdings, LLC*^	One stop	SF +	5.25	%	(i)	8.94	%					06/2030	35,048		34,692		0.8		34,681
CAP-KSI Holdings, LLC^	One stop	SF +	5.25	%	(a)(i)	8.94	%					06/2030	2,733		2,691		0.1		2,691
Denali Midco 2, LLC^(25)	Second lien	N/A				13.00	%	PIK				12/2029	27,574		27,411		0.6		27,298
Denali Midco 2, LLC*&	One stop	SF +	5.25	%	(h)	8.92	%					12/2028	16,886		16,646		0.4		16,801
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(i)	8.95	%					12/2029	596		589		—		589

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(i)	8.95	%	12/2029	$	124	$	123	—	%	$	123
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(i)	8.95	%	12/2029	105		104		—		104
High Bar Brands Operating, LLC^(5)	Senior secured					N/A(6)		12/2029	—		(2)		—		(2)
Lincoln Acq Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.17	%	11/2032	671		668		—		671
Lincoln Acq Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.16	%	11/2032	224		223		—		224
Lincoln Acq Buyer, LLC*	One stop	SF +	4.50	%	(i)	8.20	%	11/2032	5,593		5,567		0.1		5,593
Lincoln Acq Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.20	%	11/2032	55		52		—		55
Lincoln Acq Buyer, LLC^(5)	One stop					N/A(6)		11/2032	—		(12)		—		—
Mavis Tire Express Services Topco, Corp.@^#(8)(26)	Senior secured	SF +	3.00	%	(h)	6.67	%	05/2028	21,995		22,032		0.5		22,004
Mister Car Wash Holdings, Inc.@^(8)(26)	Senior secured	SF +	2.25	%	(h)	5.92	%	03/2031	11,702		11,726		0.2		11,579
National Express Wash Parent Holdco, LLC&^	One stop	SF +	5.00	%	(i)	8.70	%	07/2029	37,604		37,107		0.8		37,604
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.00	%	(j)	8.66	%	07/2029	6,096		6,061		0.1		6,096
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.00	%	(j)	8.59	%	07/2029	22,833		22,669		0.5		22,833
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.00	%	(i)	8.70	%	07/2029	12,091		12,042		0.3		12,091
Paint Intermediate III, LLC@#(26)	Senior secured	SF +	3.00	%	(i)	6.67	%	10/2031	5,586		5,583		0.1		5,571
Quick Quack Car Wash Holdings, LLC&	One stop	SF +	5.00	%	(h)	8.67	%	06/2031	2,477		2,462		—		2,477
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%	06/2031	139		138		—		139
Quick Quack Car Wash Holdings, LLC^(5)	One stop					N/A(6)		06/2031	—		(1)		—		—
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%	06/2031	689		679		—		689
Quick Quack Car Wash Holdings, LLC*^	One stop	SF +	5.00	%	(h)	8.67	%	06/2031	3,309		3,299		0.1		3,309
Strickland's Enterprises, LLC^	Senior secured	SF +	4.50	%	(i)	8.17	%	01/2031	7,148		7,114		0.2		7,112
Strickland's Enterprises, LLC^(5)	Senior secured					N/A(6)		01/2031	—		(3)		—		(3)
Strickland's Enterprises, LLC^(5)	Senior secured					N/A(6)		01/2031	—		(11)		—		(11)
TWAS Holdings, LLC*&^	One stop	SF +	4.75	%	(h)	8.42	%	12/2029	24,724		24,425		0.5		24,724
TWAS Holdings, LLC^(5)	One stop					N/A(6)		12/2029	—		(33)		—		—
Yorkshire Parent, Inc.*&	Senior secured	SF +	4.50	%	(i)	8.20	%	12/2029	12,681		12,574		0.3		12,681
Yorkshire Parent, Inc.&	Senior secured	SF +	4.50	%	(i)	8.17	%	12/2029	11,861		11,816		0.3		11,861
Yorkshire Parent, Inc.&	Senior secured	SF +	4.50	%	(i)	8.17	%	12/2029	3,513		3,484		0.1		3,513
Yorkshire Parent, Inc.^	Senior secured	SF +	4.50	%	(a)(i)	8.19	%	12/2029	1,410		1,378		—		1,410
Yorkshire Parent, Inc.^	Senior secured	SF +	4.50	%	(i)	8.17	%	12/2029	5,057		4,943		0.1		5,057
									280,524		278,236		6.1		279,564
Banks
Empyrean Solutions, LLC&	One stop	SF +	4.50	%	(i)	8.20	%	11/2031	9,959		9,919		0.2		9,610
Empyrean Solutions, LLC^(5)	One stop					N/A(6)		11/2031	—		(6)		—		(52)
Empyrean Solutions, LLC^(5)	One stop					N/A(6)		11/2031	—		(16)		—		(139)
OSP Hamilton Purchaser, LLC*	One stop	SF +	4.75	%	(i)	8.42	%	12/2029	2,761		2,740		0.1		2,692
OSP Hamilton Purchaser, LLC&	One stop	SF +	4.75	%	(i)	8.42	%	12/2029	2,642		2,621		0.1		2,576
OSP Hamilton Purchaser, LLC^	One stop	SF +	4.75	%	(i)	8.42	%	12/2029	695		686		—		648
OSP Hamilton Purchaser, LLC^	One stop	SF +	4.75	%	(i)	8.45	%	12/2029	6,307		6,279		0.1		6,137
									22,364		22,223		0.5		21,472
Beverages
Financial Information Technologies, LLC^(5)	One stop					N/A(6)		06/2030	—		(16)		—		(76)
Financial Information Technologies, LLC^	One stop	SF +	4.75	%	(i)	8.45	%	06/2030	83		83		—		83
Financial Information Technologies, LLC&^	One stop	SF +	4.75	%	(i)	8.45	%	06/2030	41,089		41,001		0.9		40,677
Spindrift Beverage Co. Inc.*^	One stop	SF +	5.00	%	(i)	8.65	%	02/2032	22,323		22,088		0.5		22,323
Spindrift Beverage Co. Inc.^	One stop	SF +	5.00	%	(i)	8.67	%	02/2032	714		669		—		714
Spindrift Beverage Co. Inc.^(5)	One stop					N/A(6)		02/2032	—		(13)		—		—
Winebow Holdings, Inc.^	One stop	SF +	6.25	%	(h)	10.02	%	12/2027	15,201		14,843		0.3		12,769
									79,410		78,655		1.7		76,490
Building Products
BECO Holding Company, Inc.&^	One stop	SF +	5.25	%	(i)	9.10	%	11/2028	2,115		2,106		—		2,109
BECO Holding Company, Inc.^(5)	One stop					N/A(6)		11/2028	—		(18)		—		(13)
									2,115		2,088		—		2,096

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)				Interest Rate(2)						Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Capital Markets
BlueMatrix Holdings, LLC*&	One stop	SF +	4.75	%	(i)	8.45	%					01/2031	$	23,734	$	23,586	0.5	%	$	23,023
BlueMatrix Holdings, LLC*	One stop	SF +	4.75	%	(i)	8.45	%					01/2031	10,529		10,441		0.2		10,213
BlueMatrix Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.44	%					01/2031	2,101		2,080		—		1,996
BlueMatrix Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					01/2031	3,542		3,513		0.1		3,436
BlueMatrix Holdings, LLC&	One stop	SF +	4.75	%	(i)	8.45	%					01/2031	5,158		5,140		0.1		5,003
Edelman Financial Center, LLC@^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					04/2028	12,673		12,685		0.3		12,676
													57,737		57,445		1.2		56,347
Chemicals
AP Adhesives Holdings, LLC^(5)	One stop					N/A(6)						04/2032	—		(79)		—		(165)
AP Adhesives Holdings, LLC^(5)	One stop					N/A(6)						04/2031	—		(38)		—		(80)
AP Adhesives Holdings, LLC*^	One stop	SF +	4.75	%	(i)	8.42	%					04/2032	54,791		54,555		1.2		54,298
INEOS US Finance LLC and INEOS Finance PLC@^(8)(10)(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					02/2030	9,628		9,547		0.2		8,442
Inhance Parent, Inc.^(25)	One stop	SF +	7.00	%	(i)	6.35	%	cash/	4.50	%	PIK	06/2029	408		408		—		408
Inhance Parent, Inc.^(25)	One stop	SF +	7.00	%	(i)	6.35	%	cash/	4.50	%	PIK	06/2029	11,184		9,883		0.2		10,513
Inhance Parent, Inc.^(7)(25)	One stop	N/A				20.00	%	PIK				06/2029	5,591		2,133		0.1		2,516
Innophos Holdings, Inc.@^(8)	Senior secured	SF +	4.25	%	(h)	8.03	%					03/2029	5,332		5,307		0.1		5,066
JSG II, Inc. and Checkers USA, Inc.^	One stop	SF +	4.50	%	(h)	8.17	%					09/2032	20,486		20,391		0.4		20,390
JSG II, Inc. and Checkers USA, Inc.^(5)	One stop					N/A(6)						09/2032	—		(12)		—		(11)
JSG II, Inc. and Checkers USA, Inc.^(5)	One stop					N/A(6)						09/2032	—		(13)		—		(27)
Krayden Holdings, Inc.*	Senior secured	SF +	4.75	%	(h)	8.45	%					03/2029	8,580		8,524		0.2		8,520
Krayden Holdings, Inc.^	Senior secured	SF +	4.75	%	(i)	8.45	%					03/2029	913		894		—		892
Krayden Holdings, Inc.^	Senior secured	SF +	4.75	%	(i)	8.45	%					03/2029	2,673		2,635		0.1		2,613
Windsor Holdings III, LLC@(8)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					08/2030	3,491		3,485		0.1		3,446
W.R. Grace & Co@#(8)(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					08/2032	13,507		13,454		0.3		13,496
													136,584		131,074		2.9		130,317
Commercial Services & Supplies
BradyPLUS Holdings#(26)	Senior secured	SF +	3.50	%	(i)	7.20	%					12/2032	7,000		6,898		0.2		6,904
CHA Vision Holdings, Inc.*^	One stop	SF +	5.00	%	(i)	8.67	%					01/2031	18,101		17,958		0.4		18,018
CHA Vision Holdings, Inc.^	One stop	SF +	5.00	%	(i)	8.67	%					01/2031	5,893		5,846		0.1		5,865
CHA Vision Holdings, Inc.^(5)	One stop					N/A(6)						01/2030	—		(11)		—		(6)
CHA Vision Holdings, Inc.^	One stop	SF +	5.00	%	(i)	8.67	%					01/2031	2,763		2,751		0.1		2,750
CHA Vision Holdings, Inc.^	One stop	SF +	5.00	%	(i)	8.67	%					01/2031	615		586		—		585
Dispatch Acquisition Holdings, LLC&^	One stop	SF +	4.75	%	(i)	8.45	%					11/2032	123,486		122,900		2.7		122,893
Dispatch Acquisition Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					11/2032	10,093		9,990		0.2		9,989
Dispatch Acquisition Holdings, LLC^(5)	One stop					N/A(6)						11/2032	—		—		—		(22)
Kleinfelder Intermediate, LLC*^	One stop	SF +	4.50	%	(i)	8.17	%					09/2030	1,792		1,755		0.1		1,788
Kleinfelder Intermediate, LLC^(5)	One stop					N/A(6)						09/2028	—		(3)		—		—
Kleinfelder Intermediate, LLC^	One stop	SF +	4.50	%	(i)	8.17	%					09/2030	195		193		—		194
Kleinfelder Intermediate, LLC^(5)	One stop					N/A(6)						09/2030	—		(6)		—		(5)
OMNIA Partners, LLC@^#(26)	Senior secured	SF +	2.75	%	(i)	6.43	%					12/2032	8,954		8,917		0.2		8,958
Pearl Acquisition Buyer, Inc.^	One stop	SF +	4.50	%	(i)	8.20	%					12/2032	129		127		—		127
Pearl Acquisition Buyer, Inc.^	One stop	SF +	4.50	%	(i)	8.20	%					12/2032	6,873		6,856		0.2		6,863
Pearl Acquisition Buyer, Inc.^(5)	One stop					N/A(6)						12/2032	—		(5)		—		(3)
PSC Parent, Inc.^	One stop	SF +	5.25	%	(i)	8.91	%					04/2031	1,432		1,422		—		1,435
PSC Parent, Inc.^	One stop	SF +	5.25	%	(i)	8.92	%					04/2031	239		238		—		239
PSC Parent, Inc.^	One stop	SF +	5.25	%	(h)(i)	8.92	%					04/2030	146		144		—		146
PSC Parent, Inc.^	One stop	SF +	5.25	%	(h)	8.92	%					04/2031	344		342		—		344
Radwell Parent, LLC*	One stop	SF +	5.50	%	(i)	9.20	%					03/2029	15,517		15,517		0.3		15,432
Radwell Parent, LLC^	One stop	SF +	5.50	%	(i)	9.20	%					03/2029	1,069		834		—		1,044
Radwell Parent, LLC^(5)	One stop					N/A(6)						04/2030	—		—		—		(1)
Radwell Parent, LLC^	One stop					N/A(6)						04/2030	—		—		—		—
Radwell Parent, LLC^(5)	One stop					N/A(6)						04/2030	—		—		—		(1)
Radwell Parent, LLC^	One stop					N/A(6)						04/2030	—		—		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Radwell Parent, LLC^	One stop					N/A(6)						04/2030	$	—	$	—	—	%	$	—
Thermostat Purchaser III, Inc.@^(26)	Senior secured	SF +	4.25	%	(i)	7.95	%					08/2028	11,864		11,851		0.3		11,637
Trinity Air Consultants Holdings Corporation^(5)	One stop					N/A(6)						06/2029	—		(3)		—		(5)
Trinity Air Consultants Holdings Corporation^	One stop	SF +	4.25	%	(i)	8.01	%					06/2029	911		908		—		902
Trinity Air Consultants Holdings Corporation^	One stop	SF +	4.25	%	(i)	8.02	%					06/2029	2,716		2,709		0.1		2,691
Trinity Air Consultants Holdings Corporation^	One stop	SF +	4.25	%	(i)	8.02	%					06/2029	5,254		5,207		0.1		5,207
Trinity Air Consultants Holdings Corporation^(5)	One stop					N/A(6)						06/2029	—		(5)		—		(10)
WRE Holding Corp.&^	One stop	SF +	5.00	%	(j)	8.74	%					07/2031	31,172		30,936		0.7		30,913
WRE Holding Corp.^	One stop	SF +	5.00	%	(j)	8.67	%					07/2030	866		833		—		830
WRE Holding Corp.*	One stop	SF +	5.00	%	(j)	8.61	%					07/2031	3,422		3,409		0.1		3,393
WRE Holding Corp.*	One stop	SF +	5.00	%	(j)	8.60	%					07/2031	2,062		2,054		—		2,045
WRE Holding Corp.&	One stop	SF +	5.00	%	(j)	8.60	%					07/2031	1,604		1,598		—		1,590
WRE Holding Corp.^	One stop	SF +	5.00	%	(j)	8.60	%					07/2031	561		559		—		557
WRE Holding Corp.^	One stop	SF +	5.00	%	(j)	8.60	%					07/2031	574		572		—		569
WRE Holding Corp.^	One stop	SF +	5.00	%	(j)	8.60	%					07/2031	356		355		—		353
WRE Holding Corp.^(5)	One stop					N/A(6)						07/2031	—		(38)		—		(70)
WRE Holding Corp.^	One stop	SF +	5.00	%	(j)	8.71	%					07/2031	684		681		—		678
													266,687		264,875		5.8		264,816
Construction & Engineering
Chariot Buyer, LLC@#(26)	Senior secured	SF +	2.75	%	(h)	6.43	%					09/2032	14,200		14,207		0.3		14,088
Consor Intermediate II, LLC*^	One stop	SF +	4.50	%	(i)	8.20	%					05/2031	1,637		1,630		—		1,623
Consor Intermediate II, LLC^(5)	One stop					N/A(6)						05/2031	—		(2)		—		(5)
Consor Intermediate II, LLC^	One stop	SF +	4.50	%	(i)	8.20	%					05/2031	73		72		—		71
DCCM, LLC&	One stop	SF +	4.75	%	(h)	8.42	%					06/2032	4,010		3,992		0.1		4,010
DCCM, LLC^(5)	One stop					N/A(6)						06/2032	—		(4)		—		—
DCCM, LLC^(5)	One stop					N/A(6)						06/2032	—		(9)		—		—
EagleView Technology Corporation@#(25)(26)	Senior secured	SF +	7.50	%	(i)	10.20	%	cash/	1.00	%	PIK	08/2028	10,925		10,748		0.2		9,972
Royal Holdco Corporation*&	One stop	SF +	4.50	%	(i)	8.17	%					12/2030	27,585		27,358		0.6		27,347
Royal Holdco Corporation^	One stop	SF +	4.50	%	(i)	8.19	%					12/2030	1,730		1,710		0.1		1,709
Royal Holdco Corporation^	One stop	SF +	4.50	%	(i)	8.19	%					12/2030	3,484		3,446		0.1		3,403
													63,644		63,148		1.4		62,218
Construction Materials
Star Holding, LLC@#(8)(26)	Senior secured	SF +	4.50	%	(h)	8.17	%					07/2031	17,122		16,974		0.4		16,946

Consumer Finance
Ascensus Group Holdings@^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					11/2032	26,105		26,034		0.6		25,730

Containers & Packaging
AOT Packaging Products Acquisitionco, LLC @^#(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					03/2031	17,870		17,803		0.4		17,031
Berlin Packaging, LLC@#(26)	Senior secured	SF +	3.25	%	(h)(i)	6.94	%					06/2031	4,577		4,575		0.1		4,423
Chase Intermediate*&	One stop	SF +	4.75	%	(i)	8.42	%					10/2028	14,497		14,356		0.3		14,207
Chase Intermediate^	One stop	SF +	4.75	%	(i)	8.42	%					10/2028	3,423		3,242		—		2,422
Iris Holding, Inc.@(26)	Senior secured	SF +	4.75	%	(i)	8.52	%					06/2028	2,977		2,899		0.1		2,798
Packaging Coordinators Midco, Inc.*^	One stop	SF +	5.00	%	(i)	8.67	%					07/2032	33,543		33,039		0.7		32,878
Packaging Coordinators Midco, Inc.^(5)	One stop					N/A(6)						07/2032	—		(39)		—		(75)
Packaging Coordinators Midco, Inc.^(5)	One stop					N/A(6)						07/2032	—		—		—		(106)
Packaging Coordinators Midco, Inc.^	One stop	SF +	5.00	%	(i)	8.67	%					07/2032	407		407		—		392
Packaging Coordinators Midco, Inc.^(5)	One stop					N/A(6)						07/2032	—		—		—		(31)
Packaging Coordinators Midco, Inc.^(5)	One stop					N/A(6)						07/2032	—		(16)		—		(31)
Packaging Coordinators Midco, Inc.^(9)	One stop	SN +	5.00	%	(g)	8.73	%					07/2032	16,343		16,242		0.3		16,019
Pegasus BidCo@(8)(14)(26)	Senior secured	SF +	2.75	%	(i)	6.40	%					07/2029	2,992		2,998		0.1		2,989

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Technimark, LLC@^#(26)	Senior secured	SF +	3.25	%	(h)	6.93	%					04/2031	$	14,657	$	14,635	0.3	%	$	13,925
WP Deluxe Merger Sub@^#(26)	Senior secured	SF +	3.25	%	(i)	6.95	%					11/2032	12,113		12,096		0.3		12,179
													123,399		122,237		2.6		119,020
Diversified Consumer Services
ABC Legal Holdings, LLC*^	One stop	SF +	4.25	%	(i)	7.92	%					08/2032	26,658		26,536		0.6		26,088
ABC Legal Holdings, LLC^(5)	One stop					N/A(6)						08/2032	—		(24)		—		(111)
ABC Legal Holdings, LLC^(5)	One stop					N/A(6)						08/2032	—		(36)		—		(171)
Action Termite Control, LLC^(5)	Senior secured					N/A(6)						12/2032	—		(6)		—		—
Action Termite Control, LLC^	Senior secured	SF +	4.25	%	(i)	7.95	%					12/2032	2,138		2,127		—		2,138
Action Termite Control, LLC^(5)	Senior secured					N/A(6)						12/2032	—		(32)		—		—
Any Hour, LLC*^(25)	One stop	SF +	5.75	%	(i)	6.20	%	cash/	3.25	%	PIK	05/2030	30,434		30,122		0.6		28,607
Any Hour, LLC^(25)	One stop	N/A				13.00	%	PIK				05/2031	5,883		5,815		0.1		4,471
Any Hour, LLC^(25)	One stop	SF +	5.75	%	(i)	6.20	%	cash/	3.25	%	PIK	05/2030	4,246		4,198		0.1		3,967
Any Hour, LLC^(25)	One stop	SF +	5.75	%	(i)	6.20	%	cash/	3.25	%	PIK	05/2030	862		857		—		810
Apex Service Partners, LLC*^	One stop	SF +	5.00	%	(i)	8.67	%					10/2030	17,799		17,454		0.4		17,657
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(i)	8.68	%					10/2030	13,174		13,122		0.3		13,069
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(i)	8.67	%					10/2030	4,236		4,159		0.1		4,203
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(i)	8.69	%					10/2029	612		579		—		602
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(i)	8.67	%					10/2030	7,628		7,564		0.2		7,566
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(i)	8.67	%					10/2030	22,585		22,491		0.5		22,404
Aptive Environmental, LLC*&^	One stop	SF +	4.75	%	(h)	8.42	%					10/2032	73,308		72,623		1.6		73,308
Aptive Environmental, LLC^(5)	One stop					N/A(6)						10/2032	—		(60)		—		—
Aptive Environmental, LLC^(5)	One stop					N/A(6)						10/2032	—		(15)		—		—
Certus Pest, Inc.&	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	3,304		3,294		0.1		3,271
Certus Pest, Inc.*	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	3,091		3,081		0.1		3,060
Certus Pest, Inc.*	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	2,597		2,588		0.1		2,571
Certus Pest, Inc.*	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	2,359		2,352		0.1		2,336
Certus Pest, Inc.*	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	1,427		1,422		—		1,412
Certus Pest, Inc.*	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	1,133		1,130		—		1,122
Certus Pest, Inc.^	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	443		442		—		439
Certus Pest, Inc.^(5)	One stop					N/A(6)						08/2027	—		(10)		—		(38)
Certus Pest, Inc.&	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	2,633		2,626		0.1		2,607
Certus Pest, Inc.&	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	1,641		1,637		—		1,625
Certus Pest, Inc.^	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	789		786		—		781
Certus Pest, Inc.^	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	789		786		—		781
Certus Pest, Inc.^	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	516		514		—		510
Certus Pest, Inc.*	One stop	SF +	5.25	%	(i)	9.10	%					08/2027	3,128		3,119		0.1		3,096
CHVAC Services Investment, LLC&	One stop	SF +	4.75	%	(i)	8.45	%					05/2030	1,941		1,919		—		1,925
CHVAC Services Investment, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					05/2030	505		500		—		501
CHVAC Services Investment, LLC^	One stop	SF +	4.75	%	(i)	8.42	%					05/2030	39		37		—		37
CHVAC Services Investment, LLC^	One stop	SF +	4.75	%	(i)	8.44	%					05/2030	2,944		2,801		0.1		2,646
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50	%	(i)	9.35	%					07/2029	761		755		—		761
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50	%	(i)	9.35	%					07/2029	221		218		—		221
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50	%	(i)	9.35	%					07/2029	7		7		—		7
HS Spa Holdings, Inc.*^	One stop	SF +	5.25	%	(i)	8.92	%					06/2029	7,758		7,675		0.2		7,758
HS Spa Holdings, Inc.^	One stop	SF +	5.25	%	(i)	8.92	%					06/2029	892		889		—		892
Knowledge Universe Education LLC@^(8)(26)	Senior secured	SF +	2.75	%	(i)	6.45	%					06/2030	7,915		7,931		0.2		7,123
Kodiak Buyer, LLC*	One stop	SF +	4.25	%	(i)	7.95	%					07/2032	4,971		4,949		0.1		4,946
Kodiak Buyer, LLC^(5)	One stop					N/A(6)						07/2032	—		(6)		—		(7)
Kodiak Buyer, LLC^(5)	One stop					N/A(6)						07/2032	—		(8)		—		(9)
Liminex, Inc.*	One stop	SF +	6.25	%	(i)	10.07	%					11/2026	10,546		10,516		0.2		10,493
Litera Bidco, LLC*^	One stop	SF +	5.00	%	(h)	8.67	%					05/2028	28,153		28,080		0.6		27,732
Litera Bidco, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					05/2028	11,241		11,225		0.2		11,058
Litera Bidco, LLC^(5)	One stop					N/A(6)						05/2028	—		(5)		—		(29)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)				Interest Rate(2)						Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Litera Bidco, LLC^(5)	One stop					N/A(6)						05/2028	$	—	$	—	—	%	$	(56)
McAfee, LLC@^(8)(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					03/2029	4,938		4,943		0.1		4,425
Project Alpha Intermediate Holdings, Inc.@^#(26)	Senior secured	SF +	3.25	%	(i)	6.95	%					10/2030	19,994		20,040		0.3		15,242
Provenance Buyer LLC*	One stop	SF +	5.00	%	(i)	8.80	%					06/2027	7,369		7,371		0.2		7,369
Provenance Buyer LLC*	One stop	SF +	5.00	%	(i)	8.80	%					06/2027	3,777		3,778		0.1		3,777
RW AM Holdco LLC^(7)	One stop	SF +	5.25	%	(i)	9.05	%					04/2028	10,097		9,896		0.1		4,442
Salisbury House, LLC^(5)	One stop					N/A(6)						08/2032	—		(35)		—		(73)
Salisbury House, LLC^(5)	One stop					N/A(6)						08/2032	—		(53)		—		(109)
Salisbury House, LLC*^	One stop	SF +	4.75	%	(j)	8.48	%					08/2032	57,470		57,207		1.3		56,930
SCP CDH Buyer, Inc.^	One stop	SF +	4.50	%	(i)	8.20	%					12/2032	22,751		22,641		0.5		22,640
SCP CDH Buyer, Inc.^(5)	One stop					N/A(6)						12/2032	—		(13)		—		(13)
SCP CDH Buyer, Inc.^(5)	One stop					N/A(6)						12/2032	—		(32)		—		(32)
Severin Acquisition, LLC*^(25)	One stop	SF +	4.75	%	(h)	6.17	%	cash/	2.25	%	PIK	10/2031	34,372		34,111		0.7		33,340
Severin Acquisition, LLC^	One stop	SF +	4.50	%	(h)	8.18	%					10/2031	1,133		1,099		—		1,005
Severin Acquisition, LLC^(25)	One stop	SF +	4.75	%	(h)	6.17	%	cash/	2.25	%	PIK	10/2031	1,706		1,678		—		1,493
Stellar Brands, LLC&	Senior secured	SF +	4.50	%	(h)	8.17	%					02/2031	9,055		9,000		0.2		9,055
Stellar Brands, LLC^(5)	Senior secured					N/A(6)						02/2031	—		(5)		—		—
Virginia Green Acquisition, LLC*&^	One stop	SF +	5.25	%	(j)	8.85	%					12/2030	19,640		19,507		0.4		19,549
Virginia Green Acquisition, LLC^(5)	One stop					N/A(6)						12/2030	—		(8)		—		(6)
Virginia Green Acquisition, LLC^(5)	One stop					N/A(6)						12/2029	—		(15)		—		(9)
Virginia Green Acquisition, LLC^(5)	One stop					N/A(6)						12/2030	—		(44)		—		(44)
													503,609		499,790		10.6		483,161
Diversified Financial Services
Apex Group Treasury, LLC@^(8)(10)(26)	Senior secured	SF +	3.50	%	(i)	7.17	%					02/2032	10,865		10,882		0.2		9,932
Baker Tilly Advisory Group, LP*^	One stop	SF +	4.75	%	(h)	8.42	%					06/2031	19,288		19,091		0.4		19,480
Baker Tilly Advisory Group, LP^(5)	One stop					N/A(6)						06/2030	—		(45)		—		(47)
Baker Tilly Advisory Group, LP^	One stop	SF +	4.50	%	(h)	8.17	%					06/2031	15,270		15,205		0.3		15,132
Baker Tilly Advisory Group, LP^(5)	One stop					N/A(6)						06/2031	—		(11)		—		(24)
Banker's Toolbox, Inc.^	One stop	SF +	4.50	%	(i)	8.20	%					07/2029	6,795		6,763		0.2		6,727
Banker's Toolbox, Inc.^(5)	One stop					N/A(6)						07/2029	—		(7)		—		(23)
BCPE Pequod Buyer@^#(26)	Senior secured	SF +	2.75	%	(i)	6.42	%					11/2031	21,988		21,954		0.5		21,378
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)	One stop	E +	4.75	%	(c)	6.78	%					07/2031	14,027		13,032		0.3		13,817
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)(25)	Subordinated debt	E +	7.50	%	(d)	9.65	%	PIK				07/2032	4,475		4,186		0.1		4,296
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)	One stop	E +	4.75	%	(d)	6.85	%					07/2031	1,987		1,884		—		1,957
Ceres Groupe SAS & Ceres PikCo^(5)(8)(9)(17)	One stop					N/A(6)						07/2031	—		—		—		(29)
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)	One stop	E +	5.25	%	(c)	7.37	%					07/2031	19,806		19,846		0.4		19,509
Corelogic, Inc.@^(8)(26)	Senior secured	SF +	3.50	%	(h)	7.28	%					06/2028	16,806		16,755		0.4		16,113
Corsair Blade IV S.A R.L.^(8)(13)(25)	One stop	SF +	5.75	%	(i)	9.17	%	cash/	0.25	%	PIK	12/2030	4,479		4,479		0.1		4,384
Corsair Blade IV S.A R.L.^(8)(9)(13)(25)	One stop	SN +	5.75	%	(g)	9.23	%	cash/	0.25	%	PIK	12/2030	1,418		1,134		—		676
Deerfield Dakota Holding, LLC^	One stop	SF +	5.25	%	(h)	8.93	%					09/2032	1,638		1,562		—		1,561
Deerfield Dakota Holding, LLC^(25)	One stop	SF +	5.75	%	(i)	6.70	%	cash/	2.75	%	PIK	09/2032	88,441		87,638		1.9		87,479
EP Wealth Advisors@#(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					10/2032	7,000		6,998		0.2		7,014
Equity Methods, LLC&^	One stop	SF +	4.50	%	(i)	8.20	%					04/2032	48,893		48,680		1.1		48,168
Equity Methods, LLC^(5)	One stop					N/A(6)						04/2032	—		(39)		—		(132)
Equity Methods, LLC^(5)	One stop					N/A(6)						04/2032	—		(48)		—		(165)
Evertec, Inc.@(8)(26)	Senior secured	SF +	2.25	%	(h)	5.92	%					10/2030	500		498		—		500
Finastra@#(8)(10)(26)	Senior secured	SF +	4.00	%	(i)	7.67	%					09/2032	8,750		8,669		0.2		8,237
First Eagle Investment Management@#(26)	Senior secured	SF +	3.50	%	(i)	7.20	%					08/2032	14,042		13,869		0.3		13,867
First Eagle Investment Management@#(5)(26)	Senior secured					N/A(6)						08/2032	—		(21)		—		(30)
Focus Financial Partners, LLC@^#(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					09/2031	29,508		29,443		0.6		28,621
GTCR Everest Borrower, LLC@(26)	Senior secured	SF +	2.50	%	(i)	6.20	%					09/2031	3,491		3,507		0.1		3,471
Higginbotham Insurance Agency, Inc.*^	One stop	SF +	4.50	%	(h)	8.17	%					06/2031	8,271		8,260		0.2		8,232
Higginbotham Insurance Agency, Inc.^(5)	One stop					N/A(6)						06/2031	—		(6)		—		(12)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Higginbotham Insurance Agency, Inc.^(5)	Senior secured					N/A(6)						06/2031	$	—	$	—	—	%	$	(8)
Howden Group Holdings Limited @^#(8)(10)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					02/2031	20,747		20,726		0.4		20,146
Howden Group Holdings Limited @^(8)(10)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					04/2030	5,814		5,785		0.1		5,683
Mariner Wealth Advisors, LLC@(26)	Senior secured	SF +	2.25	%	(i)	5.95	%					12/2030	2,992		2,983		0.1		2,989
Medlar Bidco Limited^(8)(9)(18)	One stop	SN +	4.50	%	(g)	8.23	%					05/2032	34,627		34,592		0.8		34,399
Medlar Bidco Limited^(5)(8)(9)(18)	One stop					N/A(6)						05/2032	—		(69)		—		(73)
Medlar Bidco Limited^(8)(9)(18)	One stop	E +	4.50	%	(c)	6.52	%					05/2032	43,128		41,947		0.9		42,850
Orion Advisor Solutions@^#(26)	Senior secured	SF +	2.75	%	(i)	6.42	%					09/2030	28,893		28,919		0.6		28,436
OSTTRA Group, Ltd.@#(8)(10)(26)	Senior secured	SF +	3.50	%	(i)	7.15	%					10/2032	13,859		13,887		0.3		13,747
Wealth Enhancement Group, LLC*	One stop	SF +	4.25	%	(i)	7.91	%					10/2028	3,761		3,758		0.1		3,745
Wealth Enhancement Group, LLC*	One stop	SF +	4.25	%	(i)	7.91	%					10/2028	2,712		2,709		0.1		2,701
Wealth Enhancement Group, LLC^(5)	One stop					N/A(6)						10/2028	—		(2)		—		(4)
Wealth Enhancement Group, LLC^	One stop	SF +	4.25	%	(i)(j)	7.90	%					10/2028	11,417		11,383		0.2		11,344
Wealth Enhancement Group, LLC^(5)	One stop					N/A(6)						10/2028	—		(18)		—		(37)
Wealth Enhancement Group, LLC^	One stop	SF +	4.25	%	(i)	7.91	%					10/2028	644		643		—		641
Wealth Enhancement Group, LLC^	One stop	SF +	4.25	%	(i)	7.91	%					10/2028	2,886		2,880		0.1		2,874
Wealth Enhancement Group, LLC^	One stop	SF +	4.25	%	(i)	7.91	%					10/2028	166		162		—		162
Zebra Buyer LLC@#(26)	Senior secured	SF +	3.00	%	(i)	6.75	%					11/2030	18,367		18,403		0.4		18,404
													537,751		532,846		11.6		528,088
Electric Utilities
Pioneer AcquisitionCo, LLC@	Senior secured	SF +	3.25	%	(i)	6.96	%					11/2032	5,000		4,988		0.1		5,030
Resilience Parent, LLC#(26)	Senior secured	SF +	2.50	%	(j)	6.13	%					02/2033	2,000		1,995		0.1		1,992
Smart Energy Systems, Inc.^(25)	One stop	SF +	7.50	%	(i)	7.41	%	cash/	3.75	%	PIK	01/2030	5,951		5,890		0.1		5,951
Smart Energy Systems, Inc.^(25)	One stop	SF +	7.50	%	(i)	7.41	%	cash/	3.75	%	PIK	01/2030	655		652		—		655
													13,606		13,525		0.3		13,628
Electrical Equipment
Wildcat TopCo, Inc.*^	One stop	SF +	4.50	%	(i)	8.20	%					11/2031	20,980		20,801		0.5		20,798
Wildcat TopCo, Inc.^(5)	One stop					N/A(6)						11/2031	—		(36)		—		(39)
Wildcat TopCo, Inc.^(5)	One stop					N/A(6)						11/2031	—		(18)		—		(39)
													20,980		20,747		0.5		20,720
Food & Staples Retailing
Eagle Parent Corp.@^#(26)	Senior secured	SF +	4.25	%	(i)	7.95	%					04/2029	13,694		13,634		0.3		13,739
GMF Parent, Inc.^	One stop	SF +	4.50	%	(i)	8.19	%					12/2032	33		28		—		33
GMF Parent, Inc.^	One stop	SF +	4.50	%	(i)	8.19	%					12/2032	5,798		5,771		0.1		5,798
GMF Parent, Inc.^(5)	One stop					N/A(6)						12/2032	—		(7)		—		—
GMF Parent, Inc.^(5)	One stop					N/A(6)						12/2032	—		(8)		—		—
Inspire International, Inc.@^(8)(26)	Senior secured	SF +	2.50	%	(h)	6.18	%					12/2030	2,924		2,927		0.1		2,920
													22,449		22,345		0.5		22,490
Food Products
Aspire Bakeries Holdings, LLC@	Senior secured	SF +	3.00	%	(h)	6.67	%					12/2030	2,552		2,554		0.1		2,558
Blast Bidco Inc.&	One stop	SF +	6.00	%	(i)	9.70	%					10/2030	14,978		14,831		0.3		14,978
Blast Bidco Inc.^(5)	One stop					N/A(6)						10/2029	—		(16)		—		—
Eagle Family Foods Group, LLC*	One stop	SF +	4.75	%	(j)	8.54	%					08/2030	9,805		9,728		0.2		9,805
Eagle Family Foods Group, LLC^(5)	One stop					N/A(6)						08/2030	—		(9)		—		—
Louisiana Fish Fry Products, Ltd.&	One stop	SF +	6.25	%	(i)	10.10	%					07/2027	8,668		8,496		0.2		8,668
Merlin Buyer, Inc.@(26)	Senior secured	SF +	4.00	%	(h)	7.67	%					12/2028	2,487		2,482		0.1		2,493
MIC GLEN LLC@^#(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					07/2028	24,827		24,871		0.5		24,925
PFI Lower MidCo, LLC@#(26)	Senior secured	SF +	4.00	%	(h)	7.67	%					12/2032	7,981		7,904		0.2		8,020
Sphynx UK Bidco, Ltd.^(8)(9)(10)	One stop	A +	4.25	%	(e)	8.55	%					09/2032	9,032		8,482		0.2		8,987
Sphynx UK Bidco, Ltd.^(8)(9)(10)	One stop	E +	4.25	%	(c)	6.38	%					09/2032	8,371		8,384		0.2		8,287
Sphynx UK Bidco, Ltd.^(8)(9)(10)	One stop	SN +	4.25	%	(g)	7.98	%					09/2032	38,653		38,922		0.8		38,459
Zullas, L.C.^(5)	One stop					N/A(6)						06/2031	—		(4)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Zullas, L.C.&	One stop	SF +	4.75	%	(i)	8.42	%					06/2031	$	2,970	$	2,957	0.1	%	$	2,970
Zullas, L.C.^	One stop	SF +	4.75	%	(i)	8.42	%					06/2031	487		474		—		487
													130,811		130,056		2.9		130,637
Healthcare Equipment & Supplies
Bayou Intermediate II, LLC^	One stop	SF +	4.75	%	(h)(i)	8.44	%					09/2032	2,022		2,000		—		1,977
Bayou Intermediate II, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					09/2032	32,709		32,557		0.7		32,400
Bayou Intermediate II, LLC^	One stop	SF +	4.75	%	(h)(i)	8.44	%					09/2032	4,936		4,895		0.1		4,852
Blades Buyer, Inc.^(5)	Senior secured					N/A(6)						03/2028	—		(2)		—		(5)
Blades Buyer, Inc.^	Senior secured	SF +	4.75	%	(h)	8.42	%					03/2028	5,098		5,070		0.1		5,036
Blue River Pet Care, LLC*	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	8,274		8,203		0.2		8,236
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	7,674		7,634		0.2		7,638
Blue River Pet Care, LLC*	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	3,667		3,644		0.1		3,650
Blue River Pet Care, LLC&	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	5,426		5,389		0.1		5,401
Blue River Pet Care, LLC*&	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	5,514		5,480		0.1		5,488
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	4,751		4,726		0.1		4,729
Blue River Pet Care, LLC&	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	4,190		4,161		0.1		4,171
Blue River Pet Care, LLC&	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	12,467		12,420		0.3		12,410
Blue River Pet Care, LLC^(5)	One stop					N/A(6)						08/2029	—		(56)		—		(67)
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	1,377		1,372		—		1,371
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	3,733		3,719		0.1		3,716
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	1,406		1,401		—		1,400
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	3,025		3,014		0.1		3,011
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	5,127		5,108		0.1		5,104
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	1,846		1,839		—		1,837
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	2,179		2,171		0.1		2,169
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2029	4,179		4,163		0.1		4,159
Blue River Pet Care, LLC^	One stop	SF +	5.00	%	(i)	8.67	%					08/2029	1,336		1,333		—		1,330
CCSL Holdings, LLC*&	One stop	SF +	5.75	%	(h)	9.42	%					12/2028	11,544		11,433		0.3		11,538
CCSL Holdings, LLC^(9)	One stop	E +	5.75	%	(b)	7.64	%					12/2028	27,688		25,967		0.6		27,674
CCSL Holdings, LLC^(9)	One stop	E +	5.75	%	(b)	7.64	%					12/2028	5,424		4,901		0.1		5,421
CCSL Holdings, LLC^	One stop	SF +	5.75	%	(h)	9.42	%					12/2028	6,788		6,763		0.2		6,785
CCSL Holdings, LLC&	One stop	SF +	5.75	%	(h)	9.42	%					12/2028	5,402		5,381		0.1		5,399
CCSL Holdings, LLC^	One stop	SF +	5.75	%	(h)	9.42	%					12/2028	2,667		2,650		0.1		2,665
Centegix Intermediate II, LLC^(25)	One stop	SF +	5.76	%	(i)	6.28	%	cash/	3.13	%	PIK	08/2032	56,637		56,382		1.2		56,353
Centegix Intermediate II, LLC^	One stop	SF +	5.25	%	(i)	8.94	%					08/2032	1,689		1,649		—		1,645
Centegix Intermediate II, LLC^	One stop	SF +	2.63	%	(i)	6.33	%					08/2032	8,240		8,203		0.2		8,199
Centegix Intermediate II, LLC^	One stop	SF +	5.50	%	(i)	9.20	%					08/2032	85		84		—		84
Centegix Intermediate II, LLC^(5)	One stop					N/A(6)						08/2032	—		(2)		—		(2)
CMI Parent Inc.^(5)	One stop					N/A(6)						01/2033	—		(28)		—		(57)
CMI Parent Inc.^	One stop	SF +	4.50	%	(i)	8.20	%					01/2033	107,633		107,371		2.4		107,104
CMI Parent Inc.^(5)	One stop					N/A(6)						01/2033	—		(85)		—		(171)
Confluent Medical Technologies, Inc.@(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					02/2029	2,494		2,491		0.1		2,497
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50	%	(i)	9.17	%					06/2031	40,243		39,946		0.9		40,055
HuFriedy Group Acquisition, LLC^(5)	One stop					N/A(6)						05/2030	—		(31)		—		(21)
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50	%	(i)(j)	9.20	%					06/2031	8,810		8,693		0.2		8,769
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50	%	(i)(j)	9.18	%					06/2031	2,734		2,692		0.1		2,691
Isto Group, Inc.^(5)	One stop					N/A(6)						09/2032	—		(1)		—		(1)
Isto Group, Inc.*	One stop	SF +	4.75	%	(i)	8.45	%					09/2032	5,164		5,140		0.1		5,139
Isto Group, Inc.^(5)	One stop					N/A(6)						09/2032	—		(16)		—		(16)
NSM Top Holdings Corp.@^	Senior secured	SF +	4.25	%	(i)	8.05	%					05/2029	5,755		5,743		0.1		5,782
Precision Medicine Group, LLC@#(26)	Senior secured	SF +	3.50	%	(h)	7.17	%					08/2032	19,357		19,283		0.4		19,356
Resonetics, LLC@^#(26)	Senior secured	SF +	2.75	%	(i)	6.42	%					06/2031	22,940		22,966		0.5		22,879
RTI Surgical, Inc.^(5)	One stop					N/A(6)						09/2032	—		(54)		—		(55)
RTI Surgical, Inc.&^	One stop	SF +	4.75	%	(i)	8.42	%					09/2032	58,230		57,960		1.3		57,955

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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	%	(h)	8.17	%	12/2029	$	1,625	$	1,625	—	%	$	1,613
TIDI Legacy Products, Inc.^(5)	One stop					N/A(6)		12/2029	—		—		—		(4)
TIDI Legacy Products, Inc.^	One stop	SF +	4.50	%	(h)	8.17	%	12/2029	435		431		—		432
YI, LLC*	One stop	SF +	5.75	%	(h)	9.43	%	12/2029	6,066		5,992		0.1		5,981
YI, LLC^(5)	One stop					N/A(6)		12/2029	—		(14)		—		(16)
ZimVie, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%	10/2032	5,696		5,613		0.1		5,612
ZimVie, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%	10/2032	106,533		106,034		2.3		106,029
ZimVie, Inc.^(5)	One stop					N/A(6)		10/2032	—		(83)		—		(84)
									640,815		635,320		14.0		637,243
Healthcare Providers & Services
Active Day, Inc.*	One stop	SF +	5.00	%	(h)	8.67	%	05/2027	5,398		5,377		0.1		5,384
Active Day, Inc.^(5)	One stop					N/A(6)		05/2027	—		(10)		—		(7)
Active Day, Inc.^	One stop	SF +	5.00	%	(h)	8.67	%	05/2027	1,846		1,838		—		1,841
Acuity Eyecare Holdings, LLC^	One stop	SF +	5.75	%	(i)	9.60	%	03/2027	1,886		1,746		—		1,834
Agiliti Health, Inc.@^(26)	Senior secured	SF +	3.00	%	(a)(j)	6.57	%	05/2030	9,819		9,748		0.2		9,569
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^	One stop	SF +	6.00	%	(h)	9.66	%	05/2028	500		498		—		498
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*&	One stop	SF +	6.00	%	(i)	9.77	%	03/2027	11,518		11,502		0.3		11,468
Bamboo US Bidco LLC*	One stop	SF +	5.00	%	(i)	8.67	%	09/2030	7,967		7,820		0.2		7,923
Bamboo US Bidco LLC^(9)	One stop	E +	5.00	%	(c)	7.03	%	09/2030	5,728		5,135		0.1		5,699
Bamboo US Bidco LLC^	One stop	SF +	5.00	%	(i)	8.67	%	09/2030	1,219		1,215		—		1,212
Bamboo US Bidco LLC^	One stop	SF +	5.00	%	(i)	8.67	%	09/2030	1,296		1,291		—		1,289
Bamboo US Bidco LLC^	One stop	SF +	5.00	%	(h)(i)	8.67	%	09/2030	1,303		1,303		—		1,296
Bamboo US Bidco LLC^(5)	One stop					N/A(6)		10/2029	—		(31)		—		(9)
Benefit Plan Administrators of Eau Claire, LLC*&^	One stop	SF +	4.75	%	(i)	8.42	%	11/2030	58,480		58,183		1.3		58,165
Benefit Plan Administrators of Eau Claire, LLC^	One stop	SF +	4.75	%	(i)	8.42	%	11/2030	13,077		13,014		0.3		13,006
Benefit Plan Administrators of Eau Claire, LLC^(5)	One stop					N/A(6)		11/2030	—		(11)		—		(12)
Benefit Plan Administrators of Eau Claire, LLC^(5)	One stop					N/A(6)		11/2030	—		(35)		—		(40)
BHG Holdings, LLC*&^	One stop	SF +	5.50	%	(h)	9.17	%	04/2032	102,720		101,941		2.3		101,904
BHG Holdings, LLC^(5)	One stop					N/A(6)		04/2032	—		(98)		—		(103)
BHG Holdings, LLC^(5)	One stop					N/A(6)		04/2032	—		(223)		—		(234)
Cotiviti@^(26)	Senior secured	SF +	2.75	%	(h)	6.42	%	05/2031	12,263		12,270		0.3		11,329
Cotiviti#(26)	Senior secured	SF +	2.75	%	(h)	6.42	%	03/2032	7,940		7,908		0.2		7,329
Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)	One stop	SF +	5.00	%	(j)	8.73	%	04/2031	23,296		22,958		0.5		22,830
Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)	One stop	SN +	5.00	%	(g)	8.73	%	04/2031	14,268		13,356		0.3		13,982
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)	One stop					N/A(6)		04/2031	—		(38)		—		(105)
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)	One stop					N/A(6)		10/2030	—		(57)		—		(92)
Electron BidCo, Inc. @(26)	Senior secured	SF +	2.50	%	(h)	6.17	%	02/2033	4,000		4,009		0.1		4,000
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^(8)(9)(11)	One stop	CA +	5.00	%	(k)	7.30	%	09/2029	11,501		11,359		0.3		11,444
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^(8)(9)(11)	One stop	CA +	5.00	%	(k)	7.30	%	09/2029	4,233		4,162		0.1		4,191
Hanger, Inc.@^#(26)	Senior secured	SF +	3.50	%	(h)	7.17	%	10/2031	14,028		14,048		0.3		14,081
Hanger, Inc.@^#(26)	Senior secured	SF +	3.50	%	(h)	7.17	%	10/2031	1,134		1,137		—		1,141
HP TLE Buyer, Inc.&	One stop	SF +	4.75	%	(i)	8.45	%	07/2032	16,393		16,320		0.4		16,393
HP TLE Buyer, Inc.^(5)	One stop					N/A(6)		07/2032	—		(16)		—		—
LOV Acquisition LLC*&^	Senior secured	SF +	4.25	%	(h)	7.92	%	11/2031	23,974		23,868		0.5		23,736
LOV Acquisition LLC^(5)	Senior secured					N/A(6)		11/2031	—		(11)		—		(28)
Mamba Purchaser, Inc.@^#(26)	Senior secured	SF +	2.75	%	(h)	6.42	%	10/2031	24,477		24,422		0.6		24,528
New Look Corporation and New Look Vision Group Inc. ^(8)(9)(11)	One stop	CA +	5.25	%	(l)	7.56	%	05/2028	10,784		11,076		0.2		10,784

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Pathway Vet Alliance, LLC@#(26)	Senior secured	SF +	5.00	%	(i)	8.67	%					06/2028	$	5,000	$	5,040	0.1	%	$	4,960
Pharmerica@(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					02/2031	2,992		2,978		0.1		2,997
Pinnacle Treatment Centers, Inc.*&	One stop	SF +	5.75	%	(i)	9.42	%					01/2027	19,358		19,344		0.4		18,971
Pinnacle Treatment Centers, Inc.^	One stop	SF +	5.75	%	(i)	9.42	%					01/2027	17,064		17,064		0.4		16,723
Pinnacle Treatment Centers, Inc.&	One stop	SF +	5.75	%	(i)	9.42	%					01/2027	8,344		8,319		0.2		8,177
Pinnacle Treatment Centers, Inc.&	One stop	SF +	5.75	%	(i)	9.42	%					01/2027	1,739		1,737		—		1,704
Pinnacle Treatment Centers, Inc.^	One stop	P +	4.50	%	(a)(h)	10.60	%					01/2027	2,556		2,556		0.1		2,475
Pinnacle Treatment Centers, Inc.&	One stop	SF +	5.75	%	(i)	9.42	%					01/2027	1,079		1,078		—		1,057
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75	%	(i)	9.42	%					01/2027	816		815		—		800
PPV Intermediate Holdings, LLC*	One stop	SF +	5.75	%	(i)	9.42	%					08/2029	4,913		4,858		0.1		4,814
PPV Intermediate Holdings, LLC^	One stop	SF +	5.25	%	(i)	8.92	%					08/2029	4,450		4,394		0.1		4,308
Premise Health Holding Corp.*^	One stop	SF +	4.75	%	(i)	8.45	%					11/2032	29,164		28,787		0.6		28,884
Premise Health Holding Corp.^(5)	One stop					N/A(6)						11/2031	—		(47)		—		(38)
Premise Health Holding Corp.^	One stop	SF +	4.75	%	(i)	8.45	%					11/2032	6,224		6,165		0.1		6,164
Premise Health Holding Corp.^	One stop	SF +	4.75	%	(i)	8.45	%					11/2032	1,576		1,556		—		1,551
Premise Health Holding Corp.^	One stop	SF +	4.75	%	(i)	8.45	%					11/2032	8,891		8,803		0.2		8,806
Signature MD, Inc.^(5)	One stop					N/A(6)						02/2032	—		(4)		—		(4)
Signature MD, Inc.^	One stop	SF +	4.50	%	(h)	8.17	%					02/2032	6,228		6,197		0.1		6,197
Signature MD, Inc.^(5)	One stop					N/A(6)						02/2032	—		(16)		—		(16)
Southern Veterinary Partners, LLC@^#(26)	Senior secured	SF +	2.50	%	(h)	6.18	%					12/2031	18,375		18,407		0.4		18,240
													529,817		525,005		11.5		522,996
Healthcare Technology
Amberfield Acquisition Co.*	One stop	SF +	5.50	%	(i)	9.20	%					05/2030	2,180		2,165		—		2,173
Amberfield Acquisition Co.^	One stop	SF +	5.50	%	(i)	9.20	%					05/2030	54		52		—		53
Amberfield Acquisition Co.^	One stop	SF +	5.50	%	(i)	9.20	%					05/2030	69		69		—		69
Athenahealth, Inc.@^(8)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					02/2029	12,669		12,605		0.3		12,455
ESO Solution, Inc.^	One stop	SF +	6.75	%	(i)	10.43	%					05/2027	5,250		5,233		0.1		5,198
FINThrive Software Intermediate Holdings, Inc.@#(26)	Senior secured	SF +	5.25	%	(i)	8.94	%					12/2028	1,985		1,976		—		1,642
GHX Ultimate Parent Corporation*^(25)	One stop	SF +	5.00	%	(i)	6.20	%	cash/	2.50	%	PIK	02/2033	75,755		74,952		1.6		74,998
GHX Ultimate Parent Corporation^(5)	One stop					N/A(6)						02/2033	—		(141)		—		(341)
GHX Ultimate Parent Corporation^(25)	One stop	SF +	5.00	%	(i)	6.20	%	cash/	2.50	%	PIK	02/2033	63,610		63,455		1.4		62,974
Healthmark Holdings, L.P.^(5)	One stop					N/A(6)						07/2032	—		(13)		—		(24)
Healthmark Holdings, L.P.^(5)	One stop					N/A(6)						07/2032	—		(17)		—		(30)
Healthmark Holdings, L.P.*^	One stop	SF +	4.50	%	(i)	8.17	%					07/2032	24,214		24,104		0.5		24,018
Imprivata, Inc.@^#(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					12/2027	25,479		25,487		0.6		25,306
Kona Buyer, LLC*^	One stop	SF +	4.50	%	(i)	8.17	%					07/2031	13,025		12,926		0.3		12,829
Kona Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.17	%					07/2031	764		764		—		753
Kona Buyer, LLC^(5)	One stop					N/A(6)						07/2031	—		(14)		—		(29)
Kona Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.17	%					07/2031	215		214		—		212
Kona Buyer, LLC^(5)	One stop					N/A(6)						07/2031	—		(9)		—		(58)
Kona Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.16	%					07/2031	2,557		2,545		0.1		2,519
Kona Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.16	%					07/2031	2,834		2,820		0.1		2,791
Lacker Bidco Limited^(8)(9)(10)	One stop	SN +	6.25	%	(g)	9.98	%					02/2031	12,821		12,104		0.3		12,821
Lacker Bidco Limited^(8)(9)(10)	One stop	SN +	6.25	%	(g)	9.98	%					02/2031	17,095		17,020		0.4		17,095
Lacker Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						08/2030	—		(31)		—		—
Lacker Bidco Limited^(8)(9)(10)	One stop	SN +	5.50	%	(g)	9.23	%					02/2031	578		591		—		282
Mediware Information Systems, Inc.@^#(26)	Senior secured	SF +	2.75	%	(h)	6.53	%					03/2028	13,033		13,029		0.3		12,990
Milano Acquisition Corp.@#(26)	Senior secured	SF +	4.00	%	(i)	7.80	%					10/2027	4,872		4,833		0.1		4,741
Modernizing Medicine, Inc.*^(25)	One stop	SF +	4.75	%	(i)	6.20	%	cash/	2.25	%	PIK	04/2032	128,746		127,654		2.8		127,459
Modernizing Medicine, Inc.^(5)	One stop					N/A(6)						04/2032	—		(102)		—		(118)
Neptune Holdings, Inc.&	One stop	SF +	4.50	%	(i)	8.20	%					09/2030	5,519		5,444		0.1		5,436
Neptune Holdings, Inc.^(5)	One stop					N/A(6)						08/2029	—		—		—		(1)
Netsmart Technologies, Inc.&^(25)	One stop	SF +	5.20	%	(h)	6.17	%	cash/	2.70	%	PIK	08/2031	100,859		100,394		2.2		98,338
Netsmart Technologies, Inc.^(5)	One stop					N/A(6)						08/2031	—		(60)		—		(194)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Netsmart Technologies, Inc.^(5)	One stop					N/A(6)						08/2031	$	—	$	(29)	—	%	$	(324)
Netsmart Technologies, Inc.^(25)	One stop	SF +	5.20	%	(h)	6.17	%	cash/	2.70	%	PIK	08/2031	46,678		46,570		1.0		45,511
PointClickCare Technologies, Inc.^(8)(11)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					11/2031	4,692		4,692		0.1		4,673
QF Holdings, Inc.^(5)	One stop					N/A(6)						12/2032	—		(26)		—		(220)
QF Holdings, Inc.^	One stop	SF +	4.50	%	(i)	8.20	%					12/2032	84,835		84,631		1.8		83,138
QF Holdings, Inc.^(5)	One stop					N/A(6)						12/2032	—		(44)		—		(366)
Signant Finance One Limited^(5)(8)(10)	One stop					N/A(6)						10/2031	—		(32)		—		(31)
Signant Finance One Limited^(8)(10)(25)	One stop	SF +	4.75	%	(i)	8.45	%					10/2031	35,069		34,742		0.8		34,742
Signant Finance One Limited^(5)(8)(10)	One stop					N/A(6)						10/2031	—		(38)		—		(75)
Stratose Intermediate Holdings II, LLC@^#(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					11/2031	9,895		9,895		0.2		9,599
Symplr Software, Inc.@#(26)	Senior secured	SF +	4.50	%	(i)	8.27	%					12/2027	2,697		2,508		—		1,915
													698,049		692,918		15.1		684,919
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*	One stop	SF +	5.00	%	(i)	8.70	%					08/2027	9,698		9,674		0.2		9,698
BJH Holdings III Corp.&	One stop	SF +	5.00	%	(i)	8.70	%					08/2027	5,274		5,236		0.1		5,274
CB Sports Holdings Bidco, LLC^	One stop	SF +	4.50	%	(i)	8.18	%					12/2032	442		438		—		442
CB Sports Holdings Bidco, LLC^	One stop	SF +	4.50	%	(i)	8.19	%					12/2032	3,691		3,678		0.1		3,691
CB Sports Holdings Bidco, LLC^(5)	One stop					N/A(6)						12/2032	—		(10)		—		—
CB Sports Holdings Bidco, LLC^	One stop					N/A(6)						12/2032	—		—		—		—
CR Fitness Holdings, LLC^	Senior secured	SF +	4.25	%	(i)	7.95	%					10/2031	1,155		1,129		—		1,097
CR Fitness Holdings, LLC^	Senior secured	SF +	4.25	%	(i)	7.95	%					10/2032	103,970		103,727		2.3		103,450
CR Fitness Holdings, LLC^(5)	Senior secured					N/A(6)						10/2032	—		(54)		—		(116)
Crumbl Enterprises, LLC&^	One stop	SF +	4.50	%	(i)	8.20	%					05/2032	114,910		114,410		2.5		114,336
Crumbl Enterprises, LLC^(5)	One stop					N/A(6)						05/2032	—		(40)		—		(46)
Excel Fitness Consolidator, LLC^(5)	Senior secured					N/A(6)						04/2030	—		(7)		—		(8)
Excel Fitness Consolidator, LLC*^	Senior secured	SF +	4.75	%	(i)	8.45	%					04/2030	5,258		5,193		0.1		5,232
Fertitta Entertainment, LLC@^#(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					01/2029	20,680		20,588		0.5		20,319
Olo Parent, Inc.^(5)	One stop					N/A(6)						09/2032	—		(19)		—		(209)
Olo Parent, Inc.&^	One stop	SF +	4.50	%	(i)	8.17	%					09/2032	91,032		90,822		2.0		88,757
Patriot Acquireco, LLC^	One stop	SF +	4.50	%	(i)	8.22	%					09/2032	1,688		1,650		—		1,646
Patriot Acquireco, LLC^	One stop	SF +	4.50	%	(i)	8.22	%					09/2032	83,996		83,611		1.8		83,576
PB Group Holdings, LLC&^(25)	One stop	SF +	5.50	%	(h)	6.42	%	cash/	2.75	%	PIK	08/2030	33,571		33,452		0.7		33,403
PB Group Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					08/2030	2,530		2,516		0.1		2,511
QSR Acquisition Co.&	One stop	SF +	4.25	%	(h)	7.92	%					06/2032	15,178		15,127		0.3		14,722
QSR Acquisition Co.^(5)	One stop					N/A(6)						06/2032	—		(5)		—		(41)
QSR Acquisition Co.^(5)	One stop					N/A(6)						06/2032	—		(11)		—		(102)
Rooster BidCo Limited^(8)(9)(10)	One stop	SN +	4.50	%	(g)	8.23	%					03/2032	43,952		42,656		1.0		43,952
Rooster BidCo Limited^(8)(9)(10)	One stop	SN +	5.00	%	(g)	8.73	%					03/2032	2,093		2,087		0.1		2,093
Rooster BidCo Limited^(5)(8)(9)(10)	One stop					N/A(6)						03/2032	—		(196)		—		—
Saguaro Buyer, LLC&	One stop	SF +	4.50	%	(i)	8.20	%					07/2032	2,704		2,692		0.1		2,704
Saguaro Buyer, LLC^(5)	One stop					N/A(6)						07/2032	—		(2)		—		—
Saguaro Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.20	%					07/2032	1,479		1,472		—		1,479
Saguaro Buyer, LLC^	One stop	SF +	4.50	%	(i)	8.20	%					07/2032	677		668		—		677
Scientific Games Holdings LP@^#(26)	Senior secured	SF +	3.00	%	(i)	6.65	%					04/2029	16,508		16,453		0.4		16,285
SDC Holdco, LLC*&^	One stop	SF +	4.38	%	(h)	8.05	%					07/2032	52,511		52,273		1.2		52,248
SDC Holdco, LLC^(5)	One stop					N/A(6)						07/2032	—		(28)		—		(31)
SDC Holdco, LLC^	One stop	SF +	4.38	%	(h)	8.05	%					07/2032	8,905		8,861		0.2		8,860
SSRG Holdings, LLC*&	One stop	SF +	4.75	%	(i)	8.45	%					11/2029	22,500		22,371		0.5		22,500
SSRG Holdings, LLC&	One stop	SF +	4.75	%	(i)	8.45	%					11/2029	10,060		9,988		0.2		10,060
SSRG Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					11/2029	490		481		—		490
SSRG Holdings, LLC^(5)	One stop					N/A(6)						11/2029	—		(12)		—		—
SSRG Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					11/2029	5,931		5,906		0.1		5,931
Tacala LLC@^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					01/2031	15,109		15,144		0.3		15,127
YE Brands Holding, LLC*	One stop	SF +	4.75	%	(i)	8.45	%					10/2027	6,236		6,208		0.1		6,205

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
YE Brands Holding, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					10/2027	$	888	$	883	—	%	$	883
YE Brands Holding, LLC^	One stop					N/A(6)						10/2027	—		—		—		—
													683,116		679,010		14.9		677,095
Household Durables
Groundworks, LLC@^#(26)	Senior secured	SF +	3.00	%	(i)	6.67	%					03/2031	12,903		12,929		0.3		12,884
TLB Holdings I, LLC^	One stop	SF +	4.75	%	(h)	8.42	%					10/2031	106		98		—		106
TLB Holdings I, LLC&^	One stop	SF +	4.75	%	(i)	8.42	%					10/2031	5,844		5,816		0.1		5,844
TLB Holdings I, LLC^(5)	One stop					N/A(6)						10/2031	—		(10)		—		—
													18,853		18,833		0.4		18,834
Household Products
WU Holdco, Inc.*^	One stop	SF +	4.75	%	(i)	8.45	%					04/2032	21,466		21,372		0.5		21,369
WU Holdco, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%					04/2032	350		343		—		343
WU Holdco, Inc.^(5)	One stop					N/A(6)						04/2032	—		(11)		—		(24)
													21,816		21,704		0.5		21,688
Industrial Conglomerates
Anova Buyer, Inc.^	One stop	SF +	4.75	%	(j)	8.49	%					01/2033	6,019		5,990		0.1		5,990
Anova Buyer, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%					01/2033	60		45		—		45
Anova Buyer, Inc.^(5)	One stop					N/A(6)						01/2033	—		(6)		—		(6)
Arch Global CCT Holdings Corp.*	Senior secured	SF +	4.75	%	(i)	8.55	%					04/2028	6,637		6,621		0.1		6,238
Arch Global CCT Holdings Corp.*	Senior secured	SF +	4.75	%	(i)	8.55	%					04/2028	4,343		4,333		0.1		4,083
CPM Holdings, Inc.@^#(26)	Senior secured	SF +	4.50	%	(h)	8.17	%					09/2028	6,948		6,913		0.2		6,961
EAB Global, Inc. @#(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					08/2030	13,428		13,418		0.3		12,002
Essential Services Holdings Corporation*^(25)	One stop	SF +	5.50	%	(i)	6.42	%	cash/	2.75	%	PIK	06/2031	40,923		40,619		0.9		40,592
Essential Services Holdings Corporation^	One stop	SF +	5.00	%	(a)(i)	8.66	%					06/2030	2,006		1,971		—		1,967
Essential Services Holdings Corporation^(5)	One stop					N/A(6)						06/2031	—		(30)		—		(65)
Excelitas Technologies Corp.^(9)	One stop	E +	5.25	%	(b)	7.14	%					08/2029	15,693		14,744		0.4		15,496
Excelitas Technologies Corp.^(5)	One stop					N/A(6)						08/2029	—		(12)		—		(32)
Madison IAQ LLC@^(8)(26)	Senior secured	SF +	2.50	%	(j)	6.13	%					06/2028	4,854		4,856		0.1		4,859
													100,911		99,462		2.2		98,130
Insurance
Acrisure, LLC^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					11/2030	25,043		24,980		0.5		24,311
Acrisure, LLC@(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					06/2032	4,962		4,968		0.1		4,817
Alera Group, Inc.@#(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					05/2032	14,925		14,993		0.3		14,507
AMBA Buyer, Inc.*	One stop	SF +	5.25	%	(i)	9.05	%					07/2027	7,640		7,615		0.2		7,639
AMBA Buyer, Inc.*	One stop	SF +	5.25	%	(i)	9.05	%					07/2027	3,470		3,458		0.1		3,469
AMBA Buyer, Inc.*	One stop	SF +	5.25	%	(i)	9.05	%					07/2027	3,063		3,052		0.1		3,062
Bellwether Buyer, LLC^	One stop	SF +	4.50	%	(h)	8.18	%					04/2032	2,587		2,545		0.1		2,543
Bellwether Buyer, LLC&^	One stop	SF +	4.50	%	(h)	8.17	%					04/2032	47,769		47,562		1.1		47,554
Bellwether Buyer, LLC^(5)	One stop					N/A(6)						04/2032	—		(54)		—		(112)
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(i)	9.17	%					03/2028	7,826		7,750		0.2		7,784
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(i)	9.17	%					03/2028	5,262		5,262		0.1		5,234
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(i)	9.17	%					03/2028	6,477		6,402		0.1		6,442
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(i)	9.17	%					03/2028	1,349		1,344		—		1,342
Captive Resources Midco, LLC*&	One stop	SF +	4.50	%	(h)	8.17	%					07/2029	16,788		16,788		0.4		16,788
Captive Resources Midco, LLC^	One stop					N/A(6)						07/2028	—		—		—		—
CRC Insurance Group, LLC@^#(8)(26)	Senior secured	SF +	2.75	%	(i)	6.45	%					05/2031	14,274		14,275		0.3		14,110
Disco Parent@#(26)	Senior secured	SF +	3.00	%	(i)	6.67	%					07/2032	15,212		15,260		0.3		14,965
Doxa Insurance Holdings LLC*^	One stop	SF +	4.50	%	(i)	8.20	%					12/2030	12,582		12,390		0.3		12,490
Doxa Insurance Holdings LLC^	One stop	SF +	4.50	%	(i)	8.20	%					12/2030	11,967		11,870		0.3		11,879
Doxa Insurance Holdings LLC^	One stop	SF +	4.50	%	(i)	8.20	%					12/2029	780		766		—		764
Doxa Insurance Holdings LLC^	One stop	SF +	4.50	%	(i)	8.19	%					12/2030	22,697		22,574		0.5		22,431
Galway Borrower LLC*^	One stop	SF +	4.50	%	(i)	8.20	%					09/2028	22,204		22,051		0.5		22,092
Galway Borrower LLC^	One stop	SF +	4.50	%	(i)	8.20	%					09/2028	666		657		—		642
Galway Borrower LLC^	One stop	SF +	4.50	%	(i)	8.20	%					09/2028	632		629		—		629

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Galway Borrower LLC^(5)	One stop					N/A(6)						09/2028	$	—	$	(13)	—	%	$	(23)
Galway Borrower LLC^	One stop	SF +	4.50	%	(i)	8.20	%					09/2028	903		899		—		899
Gimlet Bidco GMBH^(8)(9)(16)	One stop	E +	5.75	%	(c)	7.78	%					04/2031	1,734		1,576		—		1,718
Gimlet Bidco GMBH^(8)(9)(16)	One stop	E +	5.75	%	(c)	7.78	%					04/2031	706		673		—		700
Gimlet Bidco GMBH^(8)(9)(16)	One stop	E +	5.00	%	(c)	7.01	%					04/2031	860		850		—		788
Hub International Limited@^(8)(26)	Senior secured	SF +	2.25	%	(i)	5.92	%					06/2030	6,961		6,974		0.2		6,953
Huskies Parent, Inc.^	One stop	SF +	6.00	%	(h)	9.77	%					11/2029	9,219		9,138		0.2		8,943
Integrity Marketing Acquisition, LLC*&	One stop	SF +	5.00	%	(i)	8.67	%					08/2028	27,870		27,705		0.6		27,839
Integrity Marketing Acquisition, LLC^(5)	One stop					N/A(6)						08/2028	—		(2)		—		—
Integrity Marketing Acquisition, LLC^(5)	One stop					N/A(6)						08/2028	—		(3)		—		(3)
J.S. Held Holdings, LLC*&^	One stop	SF +	4.75	%	(i)	8.60	%					06/2028	20,057		19,879		0.4		19,929
J.S. Held Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.60	%					06/2028	13,814		13,614		0.3		13,654
J.S. Held Holdings, LLC^	One stop	SF +	4.75	%	(i)	8.60	%					06/2028	109		108		—		107
Koala Investment Holdings, Inc.&^	One stop	SF +	4.25	%	(i)	7.95	%					08/2032	70,267		69,945		1.5		69,612
Koala Investment Holdings, Inc.^(5)	One stop					N/A(6)						08/2032	—		(28)		—		(56)
Koala Investment Holdings, Inc.^(5)	One stop					N/A(6)						08/2032	—		(62)		—		(126)
Majesco^(5)	One stop					N/A(6)						01/2033	—		(15)		—		(93)
Majesco^	One stop	SF +	4.50	%	(i)	8.20	%					01/2033	74,898		74,717		1.6		73,774
MRH Trowe Germany GMBH^(5)(8)(9)(16)	One stop					N/A(6)						11/2031	—		(24)		—		(71)
MRH Trowe Germany GMBH^(8)(9)(16)	One stop	E +	5.00	%	(d)	7.16	%					05/2032	64,003		61,694		1.4		63,203
MRH Trowe Germany GMBH^(8)(9)(16)	One stop	E +	5.00	%	(d)	7.15	%					05/2032	11,849		11,953		0.3		11,582
Oakbridge Insurance Agency LLC*^	One stop	SF +	4.75	%	(h)	8.42	%					11/2029	6,497		6,442		0.1		6,436
Oakbridge Insurance Agency LLC^	One stop	SF +	4.75	%	(h)	8.42	%					11/2029	3,138		3,111		0.1		3,108
Oakbridge Insurance Agency LLC^	One stop	SF +	4.75	%	(h)	8.42	%					11/2029	239		230		—		229
Oakbridge Insurance Agency LLC^	One stop	SF +	5.00	%	(h)	8.67	%					11/2029	5,421		5,378		0.1		5,409
Oakbridge Insurance Agency LLC^(5)	One stop					N/A(6)						11/2029	—		(46)		—		(94)
OneDigital Borrower LLC@^(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					07/2031	18,283		18,279		0.4		17,723
Pareto Health Intermediate Holdings, Inc.^	One stop					N/A(6)						06/2029	—		—		—		—
Pareto Health Intermediate Holdings, Inc.^	One stop	SF +	5.00	%	(i)	8.71	%					06/2030	461		456		—		456
People Corporation^(5)(8)(9)(11)	One stop					N/A(6)						02/2031	—		(39)		—		28
Trucordia Insurance Holdings, LLC@#	Senior secured	SF +	3.25	%	(h)	6.92	%					06/2032	9,950		9,980		0.2		9,204
Wasabi Lower Holdco, LLC^(5)	Senior secured					N/A(6)						06/2032	—		(20)		—		(42)
Wasabi Lower Holdco, LLC^	Senior secured	SF +	4.50	%	(h)	8.17	%					06/2032	6,950		6,868		0.2		6,781
World Insurance Associates, LLC^	One stop	SF +	5.00	%	(i)	8.70	%					04/2030	19,232		19,171		0.4		19,101
World Insurance Associates, LLC^(5)	One stop					N/A(6)						04/2030	—		(8)		—		(9)
													621,596		616,517		13.5		613,041
IT Services
Acquia, Inc.^	One stop	SF +	5.00	%	(i)	8.80	%					10/2026	9,956		9,947		0.2		9,907
CivicPlus, LLC^(5)	One stop					N/A(6)						08/2030	—		(5)		—		(22)
CivicPlus, LLC^(5)	One stop					N/A(6)						08/2030	—		(41)		—		(174)
ContractPod Technologies, Ltd.^(8)(10)(25)	One stop	SF +	6.50	%	(i)	6.95	%	cash/	3.25	%	PIK	07/2030	3,484		3,470		0.1		3,414
ContractPod Technologies, Ltd.^(8)(10)(25)	One stop	SF +	6.50	%	(i)	6.93	%	cash/	3.25	%	PIK	07/2030	1,537		1,530		—		1,503
ContractPod Technologies, Ltd.^(5)(8)(10)	One stop					N/A(6)						07/2030	—		(7)		—		(34)
Delinea Inc.*&^	One stop	SF +	4.25	%	(i)	7.95	%					03/2030	92,379		91,847		2.0		91,918
Delinea Inc.^(5)	One stop					N/A(6)						03/2030	—		(22)		—		(45)
KnowBe4@#(26)	Senior secured	SF +	3.75	%	(i)	7.42	%					07/2032	13,885		13,861		0.3		12,451
LEIA FINCO US@^#(8)(10)(26)	Senior secured	SF +	3.25	%	(i)	6.90	%					10/2031	21,822		21,736		0.4		20,952
Netwrix Corporation*&	One stop	SF +	4.50	%	(i)	8.17	%					06/2029	12,393		12,296		0.3		12,082
Netwrix Corporation^	One stop	SF +	4.50	%	(i)	8.17	%					06/2029	43		43		—		33
PDQ.com Corporation^(5)	One stop					N/A(6)						10/2032	—		(1)		—		(25)
PDQ.com Corporation^	One stop	SF +	4.50	%	(i)	8.20	%					10/2032	5,756		5,743		0.1		5,497
PDQ.com Corporation^(5)	One stop					N/A(6)						10/2032	—		(7)		—		(126)
ReliaQuest Holdings, LLC^(25)	One stop	SF +	6.00	%	(i)	6.42	%	cash/	3.25	%	PIK	04/2031	42,149		41,919		0.9		41,727
ReliaQuest Holdings, LLC^(5)	One stop					N/A(6)						04/2031	—		(20)		—		(35)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
ReliaQuest Holdings, LLC^(5)	One stop					N/A(6)						04/2031	$	—	$	(44)	—	%	$	(99)
ReliaQuest Holdings, LLC^(25)	One stop	SF +	6.00	%	(i)	6.42	%	cash/	3.25	%	PIK	04/2031	58,316		58,076		1.3		57,733
Saturn Borrower Inc.*	One stop	SF +	6.00	%	(i)	9.70	%					11/2028	8,129		7,926		0.2		7,966
Saturn Borrower Inc.^	One stop	SF +	6.00	%	(i)	9.70	%					11/2028	234		224		—		216
UKG Inc.@^(26)	Senior secured	SF +	2.50	%	(i)	6.17	%					02/2031	25,248		25,172		0.5		24,161
VS Buyer, LLC@^(26)	Senior secured	SF +	2.25	%	(i)	5.92	%					04/2031	11,880		11,887		0.3		11,633
WPEngine, Inc.^	One stop	SF +	5.75	%	(i)	9.44	%					08/2029	953		942		—		938
WPEngine, Inc.^(5)	One stop					N/A(6)						08/2029	—		—		—		(1)
													308,164		306,472		6.6		301,570
Leisure Products
Cast & Crew Payroll, LLC^(7)(26)	Senior secured	SF +	3.75	%	(h)	7.42	%					12/2028	2,413		2,419		—		969
Crunch Holdings, LLC*&	One stop	SF +	4.50	%	(h)	8.17	%					09/2031	17,559		17,521		0.4		17,559
Crunch Holdings, LLC^(5)	One stop					N/A(6)						09/2031	—		(5)		—		—
EP Purchaser, LLC^(26)	Senior secured	SF +	3.50	%	(i)	7.28	%					11/2028	4,876		4,859		0.1		3,097
Movement Holdings, LLC*&(8)(10)	One stop	SF +	5.50	%	(j)	9.24	%					03/2030	21,913		21,765		0.5		21,913
Movement Holdings, LLC^(5)(8)(10)	One stop					N/A(6)						03/2030	—		(25)		—		—
Oak-Eagle AcquireCo#(26)	Senior secured	SF +	3.50	%	(i)	7.18	%					03/2033	3,000		2,955		—		2,985
													49,761		49,489		1.0		46,523
Life Sciences Tools & Services
Celerion Buyer, Inc.^	One stop	SF +	5.00	%	(i)	8.70	%					11/2029	84,814		84,418		1.9		84,738
Diamondback Acquisition, Inc.^	One stop	SF +	4.50	%	(h)	8.17	%					09/2032	33,709		33,631		0.7		32,698
Diamondback Acquisition, Inc.^(5)	One stop					N/A(6)						09/2032	—		(16)		—		(207)
Diamondback Acquisition, Inc.^	One stop	SF +	4.50	%	(h)(i)	8.17	%					09/2032	1,013		1,002		—		875
PAS Parent Inc.*&^	One stop	SF +	4.50	%	(h)	8.17	%					08/2032	22,078		21,691		0.5		22,140
PAS Parent Inc.^(5)	One stop					N/A(6)						08/2031	—		(14)		—		—
PAS Parent Inc.^(5)	One stop					N/A(6)						08/2032	—		(19)		—		51
													141,614		140,693		3.1		140,295
Machinery
AAL Delaware@(8)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					07/2031	2,980		2,993		0.1		2,981
AI Titan Parent, Inc.*^	One stop	SF +	4.50	%	(h)	8.17	%					08/2031	9,302		9,230		0.2		8,884
AI Titan Parent, Inc.^	One stop	SF +	4.50	%	(h)	8.17	%					08/2031	419		411		—		335
AI Titan Parent, Inc.^(5)	One stop					N/A(6)						08/2031	—		(9)		—		(52)
Blackbird Purchaser, Inc.*&^	One stop	SF +	5.75	%	(i)	9.45	%					12/2030	19,956		19,834		0.5		19,806
Blackbird Purchaser, Inc.^(5)	One stop					N/A(6)						12/2030	—		(10)		—		(11)
Blackbird Purchaser, Inc.^	One stop	SF +	5.75	%	(h)(i)	9.44	%					12/2029	1,448		1,432		—		1,432
Filtration Group Corp.^#(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					10/2028	16,726		16,757		0.4		16,752
Thermogenics, Inc.^(8)(9)(11)	One stop	CA +	4.25	%	(l)	6.56	%					06/2032	884		895		—		880
Thermogenics, Inc.^(5)(8)(11)	One stop					N/A(6)						06/2032	—		(3)		—		(3)
Thermogenics, Inc.&(8)(11)	One stop	SF +	4.25	%	(i)	7.95	%					06/2032	1,148		1,143		—		1,143
Thermogenics, Inc.^(5)(8)(11)	One stop					N/A(6)						06/2032	—		(10)		—		(11)
Thermogenics, Inc.^(8)(9)(11)	One stop	CA +	4.25	%	(l)	6.56	%					06/2032	91		92		—		90
Thermogenics, Inc.^(8)(11)	One stop	SF +	4.25	%	(i)	7.95	%					06/2032	675		672		—		671
Thermogenics, Inc.^(8)(9)(11)	One stop	CA +	4.25	%	(l)	6.56	%					06/2032	467		471		—		465
Wireco Worldgroup Inc.@^(26)	Senior secured	SF +	3.75	%	(i)	7.42	%					11/2028	9,168		9,165		0.2		9,160
													63,264		63,063		1.4		62,522
Media
Ascend Learning, LLC@^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					12/2028	22,376		22,335		0.5		21,895
Lotus Topco, Inc.*	One stop	SF +	4.75	%	(i)	8.45	%					06/2030	1,676		1,667		—		1,676
Lotus Topco, Inc.^(5)	One stop					N/A(6)						06/2030	—		(2)		—		—
Lotus Topco, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%					06/2030	635		631		—		635
Lotus Topco, Inc.&	One stop	SF +	4.75	%	(i)	8.45	%					06/2030	10,161		10,096		0.2		10,161
Shout! Factory, LLC*^	One stop	SF +	5.25	%	(i)	8.95	%					06/2031	17,559		17,443		0.4		17,322
Shout! Factory, LLC^	One stop	SF +	5.25	%	(i)	8.92	%					06/2031	789		776		—		761

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Triple Lift, Inc.*	One stop	SF +	5.75	%	(i)	9.59	%					05/2028	$	8,636	$	8,487	0.2	%	$	7,966
Triple Lift, Inc.*	One stop	SF +	5.75	%	(i)	9.59	%					05/2028	2,533		2,490		0.1		2,337
													64,365		63,923		1.4		62,753
Oil, Gas & Consumable Fuels
Edition Holdings, Inc.^	One stop	SF +	4.50	%	(h)	8.17	%					12/2032	7,565		7,538		0.2		7,489
Edition Holdings, Inc.^(5)	One stop					N/A(6)						12/2032	—		(2)		—		(7)
Edition Holdings, Inc.^(5)	One stop					N/A(6)						12/2032	—		(3)		—		(16)
													7,565		7,533		0.2		7,466
Paper & Forest Products
Ranpak Corporation@^(8)	Senior secured	SF +	4.50	%	(h)	8.17	%					12/2031	3,622		3,619		0.1		3,614
Ranpak Corporation@^(8)	Senior secured	SF +	4.50	%	(h)	8.17	%					12/2031	2,318		2,316		—		2,313
													5,940		5,935		0.1		5,927
Personal Products
Knowlton Development Corporation, Inc.@^#(8)(11)(26)	Senior secured	SF +	3.50	%	(h)	7.17	%					08/2028	19,025		19,067		0.4		18,889

Pharmaceuticals
ACP Ulysses Buyer, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%					02/2030	5,955		5,732		0.1		5,899
Caerus Midco 3 S.A.R.L.*(8)(13)	One stop	SF +	5.00	%	(i)	8.70	%					05/2029	19,397		19,084		0.4		19,009
Certara Holdco, Inc. and Certara USA, Inc.@^(8)(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					06/2031	10,880		10,864		0.3		10,921
Creek Parent, Inc.*^	One stop	SF +	5.00	%	(h)	8.67	%					12/2031	79,197		78,065		1.7		77,970
Creek Parent, Inc.^(5)	One stop					N/A(6)						12/2031	—		(150)		—		(178)
													115,429		113,595		2.5		113,621
Professional Services
Avalara, Inc.@^#(26)	Senior secured	SF +	2.75	%	(i)	6.45	%					03/2032	20,826		20,814		0.4		20,384
bswift, LLC^	One stop	SF +	4.75	%	(i)	8.42	%					11/2028	9,529		9,483		0.2		9,291
Citrin Cooperman Advisors LLC@^#(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					03/2032	16,096		16,082		0.3		15,513
Citrin Cooperman Advisors LLC#(5)	Senior secured					N/A(6)						03/2032	—		(10)		—		(48)
Dawn Bidco, LLC#(26)	Senior secured	SF +	3.00	%	(i)	6.66	%					02/2033	12,500		12,469		0.3		11,858
Denali Intermediate Holdings, Inc.^(5)	One stop					N/A(6)						08/2032	—		(134)		—		(137)
Denali Intermediate Holdings, Inc.^	One stop	SF +	5.50	%	(h)	9.18	%					08/2032	146,088		144,752		3.2		144,724
Eclipse Buyer, Inc.*^	One stop	SF +	4.50	%	(h)	8.18	%					09/2031	12,644		12,545		0.3		12,328
Eclipse Buyer, Inc.^(5)	One stop					N/A(6)						09/2031	—		(48)		—		(40)
Eclipse Buyer, Inc.^(5)	One stop					N/A(6)						09/2031	—		(8)		—		(54)
Eisner Advisory Group LLC@#(26)	Senior secured	SF +	4.00	%	(h)	7.67	%					02/2031	4,467		4,497		0.1		4,266
Eliassen Group, LLC*	One stop	SF +	5.75	%	(i)	9.45	%					04/2028	4,781		4,782		0.1		4,633
Geosyntec Consultants, Inc.@#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					07/2031	7,832		7,846		0.2		7,827
Grant Thornton Advisors, LLC@#(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					06/2031	14,678		14,690		0.3		13,740
IG Investments Holdings, LLC*^	One stop	SF +	5.00	%	(i)	8.67	%					09/2028	23,075		23,049		0.5		22,918
IG Investments Holdings, LLC^(5)	One stop					N/A(6)						09/2028	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)	One stop	SF +	6.00	%	(i)	6.17	%	cash/	3.50	%	PIK	11/2030	15,857		15,665		0.3		13,795
NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)	One stop	SF +	6.00	%	(i)	6.20	%	cash/	3.50	%	PIK	11/2030	2,844		2,832		—		2,474
Outcomes Group Holdings, Inc.@^(26)	Senior secured	SF +	3.00	%	(i)	6.67	%					05/2031	14,850		14,859		0.3		14,871
PGA Holdings, Inc.^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%					04/2031	25,645		25,670		0.6		25,636
Teaching Company, The^	Senior secured	SF +	5.50	%	(i)	9.14	%					02/2031	6,933		6,832		0.2		6,832
Teaching Company, The^(5)	Senior secured					N/A(6)						02/2031	—		(14)		—		(14)
Varicent Intermediate Holdings Corporation^(8)(11)(25)	One stop	SF +	6.00	%	(i)	6.45	%	cash/	3.25	%	PIK	08/2031	44,919		44,445		0.9		42,673
Varicent Intermediate Holdings Corporation^(5)(8)(11)	One stop					N/A(6)						08/2031	—		(71)		—		(376)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)(8)(11)	One stop					N/A(6)						08/2031	$	—	$	(30)	—	%	$	(260)
Varicent Intermediate Holdings Corporation^(8)(11)(25)	One stop	SF +	6.00	%	(i)	6.45	%	cash/	3.25	%	PIK	08/2031	22,239		22,135		0.5		21,127
Varicent Intermediate Holdings Corporation^(5)(8)(11)	One stop					N/A(6)						08/2031	—		(22)		—		(244)
													405,803		403,109		8.7		393,717
Real Estate Management & Development
RealPage, Inc.@^(26)	Senior secured	SF +	3.00	%	(i)	6.96	%					04/2028	4,885		4,876		0.1		4,691

Road & Rail
Kenan Advantage Group, Inc.@^#(26)	Senior secured	SF +	3.25	%	(h)	6.92	%					01/2029	28,635		28,569		0.6		28,342
VRS Buyer, Inc.@#(26)	Senior secured	SF +	3.50	%	(h)	7.17	%					10/2032	11,792		11,823		0.3		11,800
VRS Buyer, Inc.@#	Senior secured					N/A(6)						10/2032	—		3		—		1
													40,427		40,395		0.9		40,143
Software
Anaplan, Inc.*	One stop	SF +	4.50	%	(i)	8.17	%					06/2029	9,875		9,822		0.2		9,579
Appfire Technologies, LLC*	One stop	SF +	4.75	%	(i)	8.45	%					03/2028	10,021		9,952		0.2		9,721
Appfire Technologies, LLC^(5)	One stop	SF +	4.75	%	(i)	8.45	%					03/2028	225		165		—		(450)
Apttus Corporation^#	Senior secured	SF +	3.50	%	(i)	7.17	%					05/2028	16,327		16,322		0.3		14,027
AQA Acquisition Holding, Inc. @^#(26)	Senior secured	SF +	4.00	%	(i)	7.67	%					03/2028	25,427		25,429		0.4		18,944
Artifact Bidco, Inc.*^	One stop	SF +	4.15	%	(i)	7.85	%					07/2031	5,024		4,986		0.1		4,999
Artifact Bidco, Inc.^(5)	One stop					N/A(6)						05/2031	—		(5)		—		(6)
Artifact Bidco, Inc.^(5)	One stop					N/A(6)						05/2030	—		(2)		—		(1)
Artifact Bidco, Inc.^(5)	One stop					N/A(6)						05/2030	—		(4)		—		(3)
Azurite Intermediate Holdings, Inc.^	One stop	SF +	6.00	%	(h)	9.67	%					03/2031	17,541		17,349		0.4		17,191
Azurite Intermediate Holdings, Inc.*	One stop	SF +	6.00	%	(h)	9.67	%					03/2031	7,718		7,636		0.2		7,564
Azurite Intermediate Holdings, Inc.^(5)	One stop					N/A(6)						03/2031	—		(30)		—		(57)
Baxter Planning Systems, LLC^(25)	One stop	SF +	6.26	%	(i)	6.55	%	cash/	3.38	%	PIK	05/2031	12,242		12,179		0.3		11,936
Baxter Planning Systems, LLC^(5)	One stop					N/A(6)						05/2031	—		(12)		—		(52)
Baxter Planning Systems, LLC^(5)	One stop					N/A(6)						05/2031	—		(13)		—		(61)
BestPass, Inc.*&^	One stop	SF +	5.00	%	(h)	8.67	%					08/2031	36,051		35,912		0.8		35,331
BestPass, Inc.^(5)	One stop					N/A(6)						08/2031	—		(14)		—		(72)
BestPass, Inc.^	One stop	SF +	5.00	%	(h)	8.67	%					08/2031	4,788		4,770		0.1		4,692
Bloomerang, LLC^(25)	One stop	SF +	5.50	%	(i)	6.20	%	cash/	3.00	%	PIK	12/2029	5,339		5,314		0.1		5,259
Bloomerang, LLC^(5)(25)	One stop					N/A(6)						12/2029	—		(13)		—		(31)
Bloomerang, LLC^(5)	One stop					N/A(6)						12/2029	—		(14)		—		(34)
Bloomerang, LLC^(25)	One stop	SF +	5.50	%	(i)	6.20	%	cash/	3.00	%	PIK	12/2029	11,393		11,323		0.3		11,222
Blue Bidco Limited^(8)(9)(10)	One stop	E +	5.00	%	(d)	7.17	%					06/2032	12,964		12,654		0.3		12,640
Blue Bidco Limited^(8)(9)(10)	One stop	SN +	5.00	%	(g)	8.73	%					06/2032	22,477		22,703		0.5		22,140
Blue Bidco Limited^(8)(9)(10)	One stop	SN +	5.00	%	(g)	8.73	%					06/2032	789		814		—		724
Blue Bidco Limited^(8)(10)	One stop	SF +	5.00	%	(j)	8.68	%					06/2032	3,300		3,285		0.1		3,234
Blue Bidco Limited^(8)(10)	One stop	SF +	5.00	%	(j)	8.68	%					06/2032	6,778		6,778		0.1		6,642
Bottomline Technologies, Inc.*	One stop	SF +	4.50	%	(i)	8.20	%					05/2029	4,851		4,773		0.1		4,778
Bullhorn, Inc.*	One stop	SF +	5.00	%	(h)	8.67	%					10/2029	3,959		3,944		0.1		3,860
Bullhorn, Inc.*	One stop	SF +	5.00	%	(h)	8.67	%					10/2029	3,959		3,945		0.1		3,860
Burning Glass Intermediate Holdings Company, Inc.^(5)	One stop					N/A(6)						06/2028	—		(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.*^	One stop	SF +	4.50	%	(i)	8.35	%					06/2028	12,925		12,896		0.3		12,925
Camelia Bidco Limited^(8)(9)(10)	One stop	SN +	5.50	%	(g)	9.23	%					08/2030	4,739		4,501		0.1		4,597
Camelia Bidco Limited^(8)(9)(10)	One stop	SN +	5.50	%	(g)	9.23	%					08/2030	928		879		—		868
Camelia Bidco Limited^(8)(9)(10)	One stop	A +	5.50	%	(f)	10.28	%					08/2030	306		284		—		297
Camelia Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						08/2030	—		(15)		—		(81)
Capstone Borrower@^#(8)(26)	Senior secured	SF +	2.75	%	(i)	6.45	%					06/2030	16,414		16,432		0.3		15,647
Cloud Software Group@#(8)(26)	Senior secured	SF +	3.25	%	(i)	6.95	%					08/2032	14,020		14,043		0.3		12,869
Cloud Software Group#(8)(26)	Senior secured	SF +	3.25	%	(i)	6.95	%					03/2031	3,980		3,989		0.1		3,658

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
ConnectWise, LLC@^(26)	Senior secured	SF +	3.50	%	(i)	7.46	%					10/2028	$	28,394	$	28,351	0.6	%	$	26,288
Cornerstone OnDemand, Inc.@^(26)	Senior secured	SF +	3.75	%	(h)	7.53	%					10/2028	9,363		9,234		0.2		6,873
Crewline Buyer, Inc.^	One stop	SF +	6.75	%	(i)	10.42	%					11/2030	28,617		28,336		0.6		27,901
Crewline Buyer, Inc.^(5)	One stop					N/A(6)						11/2030	—		(25)		—		(64)
Cyberswift@#(8)(14)	Senior secured	SF +	4.00	%	(i)	7.65	%					10/2032	7,000		6,967		0.2		6,909
Daxko Acquisition Corporation*	One stop	SF +	4.75	%	(h)	8.42	%					10/2028	11,514		11,291		0.3		11,399
Daxko Acquisition Corporation^	One stop	SF +	4.75	%	(h)	8.42	%					10/2028	5,437		5,392		0.1		5,318
Daxko Acquisition Corporation^(5)	One stop					N/A(6)						10/2028	—		(17)		—		(24)
Denali Bidco Limited^(8)(9)(10)	One stop	SN +	5.00	%	(g)	8.73	%					09/2031	28,447		28,748		0.6		28,020
Denali Bidco Limited^(8)(9)(10)	One stop	E +	5.00	%	(c)	7.13	%					09/2031	55,368		55,339		1.2		54,537
Denali Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						09/2031	—		(32)		—		(63)
Denali Bidco Limited^(8)(9)(10)(25)	Subordinated debt	N/A				9.80	%	PIK				09/2032	27,648		27,783		0.6		26,818
Denali Bidco Limited^(8)(9)(10)(25)	Subordinated debt	N/A				11.20	%	PIK				09/2032	18,359		18,578		0.4		17,808
ECI Macola/Max Holding, LLC@^#(8)(26)	Senior secured	SF +	2.75	%	(i)	6.45	%					05/2030	23,210		23,248		0.5		22,746
Einstein Parent, Inc.^	One stop	SF +	5.25	%	(i)	8.92	%					01/2031	40,574		39,923		0.9		39,762
Einstein Parent, Inc.^(5)	One stop					N/A(6)						01/2031	—		(67)		—		(84)
Epicor Software Corporation@#(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					05/2031	5,997		6,015		0.1		5,891
Espresso Bidco, Inc.^(25)	One stop	SF +	5.76	%	(i)	6.33	%	cash/	3.13	%	PIK	03/2032	37,101		36,640		0.8		36,173
Espresso Bidco, Inc.^(25)	One stop	SF +	5.76	%	(i)	6.33	%	cash/	3.13	%	PIK	03/2032	9,175		9,059		0.2		8,926
Espresso Bidco, Inc.^(5)	One stop					N/A(6)						03/2032	—		(57)		—		(111)
EverCommerce Solutions, Inc.@^(8)(26)	Senior secured	SF +	2.25	%	(h)	5.92	%					07/2031	8,017		8,032		0.2		7,823
Evergreen IX Borrower 2023, LLC*^	One stop	SF +	4.75	%	(i)	8.45	%					09/2030	11,617		11,387		0.3		11,443
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					09/2030	3,627		3,600		0.1		3,572
Evergreen IX Borrower 2023, LLC^(5)	One stop					N/A(6)						10/2029	—		(24)		—		(20)
Flexera Software, LLC^(9)	One stop	E +	4.50	%	(b)	6.45	%					08/2032	11,079		11,208		0.2		10,857
Flexera Software, LLC*^	One stop	SF +	4.50	%	(i)	8.15	%					08/2032	31,766		31,730		0.7		31,131
Flexera Software, LLC^(5)	One stop					N/A(6)						08/2032	—		(3)		—		(49)
Flexera Software, LLC^	One stop	SF +	4.50	%	(i)	8.15	%					08/2032	10,012		9,976		0.2		9,812
GTIV, LLC^	One stop	SF +	4.75	%	(i)	8.42	%					02/2031	46,423		46,316		1.0		45,494
Gurobi Optimization, LLC^	One stop	SF +	4.50	%	(i)	8.20	%					09/2031	40,870		40,541		0.9		40,665
Gurobi Optimization, LLC^(5)	One stop					N/A(6)						09/2031	—		(30)		—		(19)
Hyland Software, Inc.*^	One stop	SF +	5.00	%	(i)	8.70	%					09/2030	28,043		27,773		0.6		27,202
Hyland Software, Inc.^(5)	One stop					N/A(6)						09/2029	—		(1)		—		(3)
Icefall Parent, Inc.&^	One stop	SF +	4.50	%	(i)	8.20	%					01/2030	37,270		36,958		0.8		35,966
Icefall Parent, Inc.^(5)	One stop					N/A(6)						01/2030	—		(31)		—		(127)
IGT Holding IV AB@(8)(20)(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					09/2031	2,000		2,005		—		1,985
Instructure Holdings, Inc.@^#(26)	Senior secured	SF +	2.75	%	(i)	6.44	%					11/2031	15,000		14,978		0.3		14,429
iSolved, Inc.@^#	Senior secured	SF +	2.75	%	(h)	6.42	%					10/2030	25,271		25,305		0.5		24,142
Javelin Buyer, Inc.@^#(26)	Senior secured	SF +	2.75	%	(i)	6.42	%					12/2031	19,978		20,006		0.4		19,092
Jawbreaker Parent, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%					01/2033	5,526		5,500		0.1		5,444
Jawbreaker Parent, Inc.^(5)	One stop					N/A(6)						01/2033	—		(5)		—		(16)
Jawbreaker Parent, Inc.^(5)	One stop					N/A(6)						01/2033	—		(5)		—		(16)
Jawbreaker Parent, Inc.^(5)	One stop					N/A(6)						01/2033	—		(13)		—		(40)
Kairos Bidco Limited^(8)(10)	One stop	SF +	4.75	%	(i)	8.45	%					07/2032	85		81		—		55
Kairos Bidco Limited&(8)(10)	One stop	SF +	4.75	%	(i)	8.45	%					07/2032	4,890		4,868		0.1		4,718
Kairos Bidco Limited^(5)(8)(10)	One stop					N/A(6)						07/2032	—		(7)		—		(57)
Kairos Bidco Limited^(8)(10)	One stop	SF +	4.75	%	(i)	8.45	%					07/2032	735		732		—		710
LeadsOnline, LLC*	One stop	SF +	4.50	%	(i)	8.16	%					02/2028	4,351		4,299		0.1		4,307
LeadsOnline, LLC*	One stop	SF +	4.50	%	(i)	8.20	%					02/2028	2,219		2,214		—		2,197
LeadsOnline, LLC^	One stop	SF +	4.50	%	(i)	8.16	%					02/2028	768		759		—		760
LeadsOnline, LLC^(5)	One stop					N/A(6)						02/2028	—		(1)		—		(1)
LogicMonitor, Inc.^	One stop	SF +	5.50	%	(i)	9.17	%					11/2031	52,165		51,896		1.1		51,382
LogicMonitor, Inc.^(5)	One stop					N/A(6)						11/2031	—		(29)		—		(86)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
LogicMonitor, Inc.^(5)	One stop					N/A(6)						11/2031	$	—	$	(19)	—	%	$	(49)
Matrix42 Holding GMBH^(8)(9)(16)	One stop	E +	6.25	%	(c)	8.27	%					12/2029	188		176		—		182
Matrix42 Holding GMBH^(8)(9)(16)	One stop	E +	6.25	%	(c)	8.27	%					12/2029	20,592		20,565		0.4		19,871
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)	One stop	E +	5.00	%	(c)	7.01	%					11/2031	14,433		13,037		0.3		13,784
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)	One stop	SF +	5.00	%	(i)	8.67	%					11/2031	9,353		9,239		0.2		8,932
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)	One stop	E +	5.00	%	(c)	7.14	%					11/2031	1,289		1,285		—		1,231
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)	One stop	E +	5.00	%	(c)	7.16	%					11/2030	701		676		—		570
Modena Buyer, LLC@^#(26)	Senior secured	SF +	4.25	%	(i)	7.92	%					07/2031	17,844		17,509		0.4		16,077
Motus Group, LLC@^	Senior secured	SF +	3.75	%	(i)	7.45	%					12/2028	8,741		8,760		0.2		8,261
MS Buyer, Inc.^	One stop	SF +	5.25	%	(i)	8.95	%					07/2031	43,157		42,838		0.9		42,294
MS Buyer, Inc.^	One stop	SF +	5.25	%	(i)	8.95	%					07/2031	534		507		—		461
MS Buyer, Inc.^	One stop	SF +	5.25	%	(i)	8.95	%					07/2031	6,505		6,437		0.1		6,375
MYOB Invest Co Pty Ltd^(8)(9)(12)(25)	One stop	A +	5.25	%	(e)	6.58	%	cash/	2.75	%	PIK	06/2030	176,612		164,949		3.8		171,314
Navex Global Holdings Corporation*&^	One stop	SF +	5.00	%	(h)	8.68	%					10/2032	28,724		28,295		0.6		28,005
Navex Global Holdings Corporation^(5)	One stop					N/A(6)						10/2031	—		(5)		—		(55)
Navex Global Holdings Corporation^(5)	One stop					N/A(6)						10/2032	—		(7)		—		(71)
Obelix Parent, Inc.^(5)	One stop					N/A(6)						02/2033	—		(42)		—		(43)
Obelix Parent, Inc.^	One stop	SF +	5.00	%	(i)	8.70	%					02/2033	53,582		53,318		1.2		53,314
Onit, Inc.&^	One stop	SF +	4.75	%	(i)	8.42	%					01/2032	18,763		18,609		0.4		18,200
Onit, Inc.^(5)	One stop					N/A(6)						01/2032	—		(22)		—		(83)
Onit, Inc.^(5)	One stop					N/A(6)						01/2032	—		(33)		—		(248)
Onit, Inc.^	One stop	SF +	4.50	%	(i)	8.17	%					01/2032	3,163		3,155		0.1		3,036
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)	One stop	E +	5.25	%	(c)	7.38	%					11/2029	9,975		9,150		0.2		9,726
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)	One stop	E +	5.25	%	(b)(c)	7.38	%					11/2029	10,913		11,029		0.2		10,587
Panzura, LLC^(7)(25)	One stop	N/A				9.00	%	cash/	8.00	%	PIK	08/2027	69		64		—		57
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.37	%					01/2031	21,083		19,543		0.4		20,240
Pineapple German Bidco GMBH^(8)(16)(25)	One stop	SF +	5.25	%	(i)	8.94	%					01/2031	17,126		16,992		0.4		16,526
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.37	%					01/2031	6,534		6,004		0.1		6,273
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.27	%					01/2031	5,940		5,213		0.1		5,116
Pineapple German Bidco GMBH^(8)(16)(25)	One stop	SF +	5.25	%	(i)	8.94	%					01/2031	1,446		1,419		—		1,395
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.37	%					01/2031	1,447		1,332		—		1,389
Pineapple German Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)						01/2031	—		(197)		—		(1,529)
PING Identity Holding Corp.@#(26)	Senior secured	SF +	2.75	%	(h)	6.42	%					11/2032	10,000		9,977		0.2		9,888
Planview Parent, Inc.@^#(26)	Senior secured	SF +	3.50	%	(i)	7.20	%					12/2027	21,801		21,744		0.4		16,418
Pluralsight, LLC^(7)(25)	One stop	SF +	7.50	%	(h)	11.17	%	PIK				08/2029	2,166		2,032		—		563
Pluralsight, LLC^(25)	One stop	SF +	4.50	%	(h)	6.67	%	cash/	1.50	%	PIK	08/2029	1,214		1,190		—		1,154
Pluralsight, LLC^(25)	One stop	SF +	4.50	%	(h)	6.67	%	cash/	1.50	%	PIK	08/2029	607		607		—		577
Pluralsight, LLC^(5)	One stop					N/A(6)						08/2029	—		—		—		(15)
Pluralsight, LLC^(5)	One stop					N/A(6)						08/2029	—		—		—		(37)
Proofpoint, Inc.@^#(26)	Senior secured	SF +	3.00	%	(i)	6.70	%					08/2028	27,452		27,448		0.6		26,617
QAD, Inc.*	One stop	SF +	4.75	%	(h)	8.42	%					11/2027	9,697		9,697		0.2		9,455
Rainforest Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						07/2029	—		(56)		—		(217)
Relativity Intermediate Holdco, LLC#	Senior secured	SF +	2.75	%	(h)	6.42	%					01/2033	2,000		1,995		—		1,981
Sapphire Bidco Oy^(8)(9)(15)	One stop	E +	4.75	%	(c)	6.77	%					07/2029	15,024		14,108		0.3		14,648
Sapphire Bidco Oy^(8)(9)(15)	One stop	E +	4.75	%	(c)	6.80	%					07/2029	3,926		3,950		0.1		3,828
Sophia, L.P.@#(8)(26)	Senior secured	SF +	2.50	%	(h)	6.17	%					10/2029	8,998		9,016		0.2		8,766
Spark Bidco Limited^(8)(9)(10)	One stop	A +	4.75	%	(e)	8.50	%					10/2032	20,270		19,252		0.4		19,561
Spark Bidco Limited^(8)(10)	One stop	SF +	4.75	%	(i)	8.40	%					10/2032	94,724		94,034		2.0		90,935
Spark Bidco Limited^(5)(8)(10)	One stop					N/A(6)						10/2032	—		—		—		(651)
Spark Bidco Limited^(8)(10)	One stop	SF +	4.75	%	(i)	8.40	%					10/2032	34,275		34,275		0.7		32,904
Spark Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						10/2032	—		—		—		(117)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Striim, Inc.^(25)	One stop	N/A				14.00	%	PIK				03/2031	$	500	$	483	—	%	$	483
Telesoft Holdings LLC*	One stop	SF +	5.75	%	(h)	9.52	%					12/2026	5,597		5,589		0.1		5,569
Togetherwork Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					05/2031	44,204		43,919		0.9		43,099
Togetherwork Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					05/2031	1,108		1,066		—		921
Togetherwork Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					05/2031	575		546		—		442
Transform Bidco Limited^(8)(10)(25)	One stop	SF +	7.00	%	(i)	7.65	%	cash/	3.00	%	PIK	01/2031	15,078		14,839		0.3		14,475
Transform Bidco Limited^(8)(10)(25)	One stop	SF +	6.50	%	(i)	10.15	%	PIK				01/2031	7,988		7,906		0.2		7,669
Transform Bidco Limited^(8)(9)(10)(25)	One stop	A +	6.50	%	(e)	8.04	%	cash/	2.50	%	PIK	01/2031	2,800		2,625		0.1		2,702
Transform Bidco Limited^(8)(9)(10)(25)	One stop	SN +	6.50	%	(g)	7.73	%	cash/	2.50	%	PIK	01/2031	419		401		—		404
Transform Bidco Limited^(8)(10)	One stop	SF +	6.50	%	(h)	10.18	%					06/2030	749		718		—		702
Transform Bidco Limited^(5)(8)(10)	One stop					N/A(6)						01/2031	—		(43)		—		(184)
Transform Bidco Limited^(5)(8)(10)	One stop					N/A(6)						01/2031	—		(103)		—		(588)
Tricentis Operations Holdings, Inc.^(25)	One stop	SF +	6.00	%	(i)	6.39	%	cash/	3.25	%	PIK	02/2032	64,988		64,728		1.4		63,038
Tricentis Operations Holdings, Inc.^(5)	One stop					N/A(6)						02/2032	—		(32)		—		(231)
Tricentis Operations Holdings, Inc.^(5)	One stop					N/A(6)						02/2032	—		(52)		—		(370)
Trintech, Inc.^(5)	One stop					N/A(6)						01/2033	—		(53)		—		(243)
Trintech, Inc.^	One stop	SF +	4.75	%	(h)	8.42	%					01/2033	43,258		42,836		0.9		41,311
Trintech, Inc.^(5)	One stop					N/A(6)						01/2033	—		(35)		—		(324)
Vanco Payment Solutions, LLC^(5)	One stop					N/A(6)						12/2031	—		(9)		—		(32)
Vanco Payment Solutions, LLC^	One stop	SF +	4.75	%	(i)	8.45	%					12/2031	19,171		18,989		0.4		18,500
Vantage Bidco GMBH^(8)(9)(16)	One stop	E +	6.25	%	(c)	8.39	%					04/2031	21,446		19,592		0.5		20,588
Vantage Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)						10/2030	—		(36)		—		(147)
Varinem German Midco GMBH^(8)(9)(16)	One stop	E +	5.50	%	(d)	7.63	%					07/2031	27,195		25,472		0.6		27,059
Varinem German Midco GMBH^(8)(9)(16)	One stop	E +	4.75	%	(d)	6.88	%					07/2031	12,561		11,937		0.3		11,838
Viper Bidco, Inc.^	One stop	SF +	4.75	%	(i)	8.45	%					11/2031	53,662		53,445		1.2		52,589
Viper Bidco, Inc.^(9)	One stop	SN +	4.75	%	(g)	8.48	%					11/2031	24,267		23,007		0.5		23,781
Viper Bidco, Inc.^(5)	One stop					N/A(6)						11/2031	—		(21)		—		(103)
Viper Bidco, Inc.^(5)	One stop					N/A(6)						11/2031	—		(11)		—		(57)
Viper Bidco, Inc.^(5)	One stop					N/A(6)						11/2031	—		(20)		—		(264)
Zendesk, Inc.*^	One stop	SF +	5.00	%	(i)	8.71	%					11/2028	10,111		10,111		0.2		9,807
													2,058,821		2,024,515		43.4		1,975,961
Specialized Finance
AGL CLO 20 Ltd.(8)(18)(26)(27)	Structured Finance Note	SF +	4.45	%	(i)	8.12	%					10/2037	1,500		1,508		—		1,427
AGL CLO 45, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.60	%	(h)	7.27	%					01/2039	2,500		2,500		0.1		2,512
AGL CLO 46, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.60	%	(i)	7.30	%					01/2039	3,000		3,000		0.1		3,013
AGL CLO 5, Ltd.(8)(19)(26)(27)	Structured Finance Note	SF +	3.95	%	(i)	7.74	%					01/2039	3,000		3,000		0.1		2,863
AIMCO CLO 20, Ltd.(8)(18)(27)	Structured Finance Note	SF +	3.60	%	(i)	7.27	%					10/2038	3,750		3,750		0.1		3,773
Apidos CLO LIII(8)(19)(27)	Structured Finance Note	SF +	3.50	%	(i)	7.17	%					07/2038	2,000		2,000		—		1,998
Apidos CLO LIII(8)(19)(27)	Structured Finance Note	SF +	4.80	%	(i)	8.47	%					07/2038	2,375		2,375		—		2,388
Apidos CLO XXVIII(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	8.32	%					10/2038	4,500		4,500		0.1		4,364
Ares LVII CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.75	%	(i)	7.42	%					10/2038	3,000		3,000		0.1		2,907
Ares LXIII CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.35	%	(i)	8.02	%					10/2038	3,500		3,500		0.1		3,334
Ares LXXVIII CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.75	%	(i)	7.59	%					01/2039	5,000		5,000		0.1		5,021
Bain Capital Credit CLO 2022-1, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.95	%	(i)	7.62	%					10/2038	9,000		9,000		0.2		8,696
Bain Capital Credit CLO 2023-4, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.90	%	(i)	7.78	%					01/2039	7,875		7,875		0.2		7,594
Bain Capital Credit CLO 2025-3, Limited(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	7.72	%					07/2038	4,000		4,000		0.1		3,872

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Bain Capital Credit CLO 2025-4, Limited(8)(19)(27)	Structured Finance Note	SF +	3.65	%	(i)	7.32	%	01/2039	$	2,000	$	2,000	—	%	$	1,959
Bain Capital Credit CLO 2025-5, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.65	%	(i)	7.42	%	01/2039	2,000		2,000		—		1,978
Balboa Bay Loan Funding 2025-2, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.85	%	(i)	7.64	%	01/2039	4,000		4,000		0.1		4,020
Ballyrock CLO 30, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	7.72	%	10/2038	3,000		3,000		0.1		3,011
Ballyrock CLO 32, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.60	%	(i)	7.27	%	01/2039	5,000		5,000		0.1		5,025
BCC Middle Market CLO 2023-2, LLC(8)(27)	Structured Finance Note	SF +	3.50	%	(i)	7.20	%	10/2035	12,750		12,750		0.3		12,446
Carlyle US CLO 2023-3, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.75	%	(i)	7.42	%	10/2040	5,000		5,000		0.1		4,838
Carlyle US CLO 2025-2, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.35	%	(i)	7.02	%	07/2038	2,500		2,500		—		2,498
CBAMR 2018-5, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.15	%	(i)	7.93	%	10/2038	4,000		4,000		0.1		3,869
CBAMR 2019-11R, Ltd.(8)(19)(26)(27)	Structured Finance Note	SF +	4.20	%	(i)	8.08	%	03/2038	4,500		4,500		0.1		4,340
CIFC Funding 2018-III, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.90	%	(i)	7.57	%	10/2038	3,500		3,500		0.1		3,511
CIFC Funding 2019-II, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.85	%	(i)	7.52	%	10/2038	5,000		5,000		0.1		4,842
CIFC Funding 2019-V, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.95	%	(i)	7.66	%	10/2038	3,000		3,000		0.1		2,905
CIFC Funding 2020-III, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.65	%	(i)	7.32	%	10/2028	5,000		5,000		0.1		4,820
CIFC Funding 2021-III, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.70	%	(i)	7.37	%	10/2038	3,000		3,000		0.1		2,893
CIFC Funding 2025-IV, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.10	%	(h)	7.88	%	10/2038	2,500		2,500		0.1		2,510
CIFC Funding 2025-V, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.67	%	10/2038	5,000		5,000		0.1		5,021
Davis Park CLO, Ltd.(8)(18)(27)	Structured Finance Note	SF +	4.35	%	(i)	8.02	%	07/2038	5,000		5,000		0.1		4,758
Eaton Vance CLO 2013-1, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.15	%	(i)	7.82	%	10/2038	5,000		5,000		0.1		4,838
Elmwood CLO 19, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.75	%	(i)	7.42	%	10/2038	2,000		2,000		—		1,940
GoldenTree Loan Management US CLO 15, Ltd.(8)(18)(27)	Structured Finance Note	SF +	3.75	%	(i)	7.42	%	10/2038	2,250		2,250		—		2,241
GoldenTree Loan Management US CLO 17, Ltd.(8)(18)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.67	%	01/2039	1,500		1,500		—		1,493
GoldenTree Loan Management US CLO 27, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.65	%	(i)	7.54	%	01/2040	7,500		7,500		0.2		7,491
Green Lakes Park CLO, LLC(8)(27)	Structured Finance Note	SF +	3.70	%	(i)	7.37	%	01/2038	3,350		3,350		0.1		3,295
Higley Park CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.67	%	07/2038	3,750		3,750		0.1		3,765
Hook Park CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.75	%	(i)	8.42	%	07/2038	3,000		3,000		0.1		2,991
Ivy Hill Middle Market Credit Fund XX, Ltd.(8)(18)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.67	%	07/2037	4,500		4,500		0.1		4,398
Madison Park Funding XLVIII, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.85	%	(i)	7.64	%	01/2039	4,500		4,500		0.1		4,343
Madison Park Funding XVII, Ltd.(8)(19)(26)(27)	Structured Finance Note	SF +	4.15	%	(i)	7.82	%	10/2037	5,700		5,709		0.1		5,567
MCF CLO IV, LLC(8)(27)	Structured Finance Note	SF +	5.00	%	(i)	8.67	%	10/2037	4,750		4,750		0.1		4,654
Neuberger Berman CLO 32R, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.25	%	(i)	7.92	%	07/2039	5,500		5,500		0.1		5,326
OCP CLO 2025-44, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	7.72	%	10/2038	4,000		4,000		0.1		4,019
OHA Credit Funding 22, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.25	%	(i)	7.92	%	07/2038	2,500		2,500		—		2,489
OHA Credit Partners VII, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.50	%	(i)	7.39	%	02/2028	2,000		1,978		—		1,929
Orion CLO 2023-2, Ltd.(8)(18)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.67	%	01/2037	4,500		4,500		0.1		4,353

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Orion CLO 2025-5, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.25	%	(i)	7.92	%		07/2038	$	4,000	$	4,000	0.1	%	$	3,951
Orion CLO 2025-6 Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	7.72	%		10/2038	4,000		4,000		0.1		4,013
Palmer Square CLO 2019-1, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.65	%		08/2038	3,000		3,000		0.1		2,862
Palmer Square CLO 2021-3, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	7.72	%		10/2038	4,500		4,500		0.1		4,295
Palmer Square CLO 2023-3, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.75	%	(i)	7.44	%		01/2029	4,000		4,000		0.1		3,877
Peace Park CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.85	%	(i)	7.52	%		10/2038	3,900		3,900		0.1		3,811
Pikes Peak CLO 9(8)(19)(27)	Structured Finance Note	SF +	4.20	%	(i)	7.87	%		10/2038	5,000		5,000		0.1		4,826
Pikes Peak CLO 15 (2023), Ltd.(8)(18)(27)	Structured Finance Note	SF +	3.90	%	(i)	7.57	%		10/2038	2,375		2,375		—		2,301
Rockland Park CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.20	%	(i)	7.87	%		07/2038	2,500		2,500		0.1		2,382
Sixth Street CLO XII, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.70	%	(i)	7.37	%		01/2039	2,000		2,000		—		1,928
Sixth Street CLO XIV, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.70	%	(i)	7.37	%		01/2038	2,000		1,975		—		1,953
Sixth Street CLO XVIII, Ltd.(8)(19)(27)	Structured Finance Note	SF +	3.85	%	(i)	7.52	%		10/2038	3,000		3,000		0.1		2,903
Voya CLO 2020-2, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.00	%	(i)	7.67	%		01/2038	1,000		1,000		—		968
Voya CLO 2025-2, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.85	%	(i)	8.52	%		07/2038	5,000		5,000		0.1		5,018
Voya CLO 2025-4, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.05	%	(i)	7.72	%		10/2038	5,700		5,700		0.1		5,724
										250,025		249,995		5.4		244,950
Specialty Retail
Ashco, LLC@#(26)	Senior secured	SF +	3.25	%	(h)	6.92	%		01/2032	37,467		37,400		0.8		37,453
Ave Holdings III, Corp*&	One stop	SF +	5.50	%	(i)	9.35	%		02/2028	13,377		13,213		0.3		12,975
Biscuit Parent, LLC*&^	One stop	SF +	4.75	%	(i)	8.45	%		02/2031	42,033		41,777		0.9		42,033
Biscuit Parent, LLC^(5)	One stop					N/A(6)			02/2031	—		(30)		—		—
Biscuit Parent, LLC^(5)	One stop					N/A(6)			02/2031	—		(11)		—		—
Cavender Stores L.P.*&	Senior secured	SF +	4.50	%	(h)	8.17	%		10/2029	23,889		23,747		0.5		23,889
Consilio Midco Limited^(8)(9)(10)(25)	Subordinated debt	E +	7.50	%	(c)(d)	9.60	%		04/2033	4,394		4,301		0.1		4,218
Consilio Midco Limited^(8)(9)(10)	Senior secured	E +	4.75	%	(c)	6.88	%		04/2032	37,448		36,682		0.8		36,138
Consilio Midco Limited^(8)(10)	Senior secured	SF +	4.75	%	(i)	8.45	%		04/2032	30,962		30,829		0.7		29,879
Consilio Midco Limited^(8)(10)	Senior secured	SF +	4.75	%	(i)	8.45	%		04/2032	19,084		19,002		0.4		18,416
Consilio Midco Limited^(8)(10)	Senior secured	SF +	4.75	%	(h)	8.45	%		04/2032	1,800		1,750		—		1,422
Consilio Midco Limited^(5)(8)(10)	Senior secured					N/A(6)			04/2032	—		—		—		(252)
Consilio Midco Limited^(8)(10)(25)	Subordinated debt	SF +	7.50	%	(i)	11.23	%		04/2033	5,629		5,594		0.1		5,432
Consilio Midco Limited^(5)(8)(10)(25)	Subordinated debt	SF +	7.50	%	(i)	11.38	%	PIK	04/2033	10		10		—		(75)
CVP Holdco, Inc.*^	One stop	SF +	4.75	%	(h)	8.42	%		06/2031	32,806		32,561		0.7		32,495
CVP Holdco, Inc.^(5)	One stop					N/A(6)			06/2030	—		(25)		—		(27)
CVP Holdco, Inc.^	One stop	SF +	4.75	%	(h)	8.42	%		06/2031	2,892		2,859		0.1		2,809
Med Parentco, LP^#(26)	Senior secured	SF +	3.00	%	(h)	6.67	%		04/2031	22,347		22,367		0.5		22,365
Metal Supermarkets US Buyer, LLC&(8)(11)	One stop	SF +	4.75	%	(i)	8.45	%		12/2030	12,326		12,278		0.3		12,264
Metal Supermarkets US Buyer, LLC^(8)(11)	One stop	SF +	4.75	%	(i)	8.45	%		12/2030	134		128		—		127
PetVet Care Centers LLC^	One stop	SF +	6.00	%	(h)	9.67	%		11/2030	9,191		9,073		0.2		8,272
PetVet Care Centers LLC^	One stop	SF +	6.00	%	(h)	9.67	%		11/2029	280		263		—		165
Radiance Borrower, LLC&^(25)	One stop	SF +	5.25	%	(h)	8.92	%		06/2031	41,393		41,169		0.9		41,393
Radiance Borrower, LLC^	One stop	SF +	5.25	%	(h)	8.92	%		06/2031	388		363		—		388
VSG Acquisition Corp. and Sherrill, Inc.*&	One stop	SF +	5.00	%	(i)	8.67	%		10/2029	30,921		30,548		0.7		30,788
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	5.00	%	(i)	8.67	%		10/2029	268		261		—		263
VSG Acquisition Corp. and Sherrill, Inc.^(5)	One stop					N/A(6)			10/2029	—		(9)		—		(9)
										369,039		366,100		8.0		362,821

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.^(25)	One stop	SF +	7.00	%	(i)	7.56	%	cash/	3.25	%	PIK	06/2028	$	12,098	$	11,838	0.2	%	$	10,888
Marcone Yellowstone Buyer Inc.^(25)	One stop	SF +	7.00	%	(i)	7.56	%	cash/	3.25	%	PIK	06/2028	5,131		5,021		0.1		4,618
													17,229		16,859		0.3		15,506
Transportation Infrastructure
LDS Intermediate Holdings, LLC*^	One stop	SF +	5.00	%	(h)	8.67	%					02/2032	54,480		54,194		1.2		53,975
LDS Intermediate Holdings, LLC^(5)	One stop					N/A(6)						02/2032	—		(43)		—		(75)
LDS Intermediate Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					02/2032	10,788		10,731		0.2		10,688
LDS Intermediate Holdings, LLC^(5)	One stop					N/A(6)						02/2032	—		(32)		—		(65)
LDS Intermediate Holdings, LLC^	One stop	SF +	5.00	%	(h)	8.67	%					02/2032	1,804		1,796		—		1,788
PODS, LLC@#(26)	Senior secured	SF +	3.00	%	(h)	6.78	%					03/2028	4,966		4,878		0.1		4,947
													72,038		71,524		1.5		71,258
Water Utilities
Azuria Water Solutions, Inc.@^#	Senior secured	SF +	3.00	%	(h)	6.67	%					05/2028	17,779		17,753		0.4		17,652
S.J. Electro Systems, LLC*	One stop	SF +	4.75	%	(i)	8.57	%					06/2028	4,612		4,592		0.1		4,591
S.J. Electro Systems, LLC^(5)	One stop					N/A(6)						06/2028	—		(23)		—		(23)
Vessco Midco Holdings, LLC&	One stop	SF +	4.50	%	(h)(j)	8.15	%					07/2031	15,577		15,459		0.3		15,504
Vessco Midco Holdings, LLC^	One stop	SF +	4.50	%	(h)(j)	8.17	%					07/2031	4,794		4,775		0.1		4,770
Vessco Midco Holdings, LLC^(5)	One stop					N/A(6)						07/2031	—		(13)		—		(8)
Vessco Midco Holdings, LLC^	One stop	SF +	4.50	%	(j)	8.23	%					07/2031	4,817		4,795		0.1		4,794
Vessco Midco Holdings, LLC^(5)	One stop					N/A(6)						07/2031	—		(11)		—		(22)
													47,579		47,327		1.0		47,258

Total debt investments													10,067,791		9,969,508		216.4		9,843,569

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)

Air Freight & Logistics

RJW Group Holdings, Inc.

LP interest

N/A

11/2024

N/A

1,563

962

—

1,320

Auto Components

Arnott, LLC

LP interest

N/A

12/2024

N/A

—

125

—

Automobiles

CAP-KSI Holdings, LLC

LP interest

N/A

06/2024

N/A

1,146

—

1,218

CAP-KSI Holdings, LLC

LP interest

N/A

06/2024

N/A

1,146

—

102

Quick Quack Car Wash Holdings, LLC

LP interest

N/A

06/2024

N/A

417

—

602

Quick Quack Car Wash Holdings, LLC

LLC interest

N/A

06/2024

N/A

—

119

Yorkshire Parent, Inc.

LP interest

N/A

12/2023

N/A

—

116

1,740

—

2,157

Beverages

Spindrift Beverage Co. Inc.

LP interest

N/A

02/2025

N/A

3,178

0.1

3,766

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP interest

N/A

01/2024

N/A

—

109

—

131

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP interest

N/A

09/2025

N/A

182

1,822

—

1,719

Diversified Consumer Services

Action Termite Control, LLC

Preferred stock

N/A

12/2025

N/A

—

358

—

368

Action Termite Control, LLC

Common stock

N/A

12/2025

N/A

—

CHVAC Services Investment, LLC

LLC interest

N/A

05/2024

N/A

162

408

—

507

Kodiak Buyer, LLC

Common stock

N/A

08/2025

N/A

448

—

514

SCP CDH Buyer, Inc.

Preferred stock

N/A

12/2025

N/A

729

—

747

SCP CDH Buyer, Inc.

Common stock

N/A

12/2025

N/A

—

Virginia Green Acquisition, LLC

LP interest

N/A

12/2023

N/A

—

100

2,073

—

2,349

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

01/2025

N/A

—

144

Electrical Equipment

Wildcat TopCo, Inc.(24)

LP interest

N/A

12/2024

N/A

191

156

—

200

Food & Staples Retailing

GMF Parent, Inc.

LP interest

N/A

12/2025

N/A

1,700

—

1,748

Food Products

Zullas, L.C.

Common stock

N/A

06/2025

N/A

1,726

0.1

1,799

Healthcare Equipment & Supplies

Centegix Intermediate II, LLC

LLC interest

N/A

08/2025

N/A

3,757

0.1

3,960

Isto Group, Inc.(9)

LP interest

N/A

09/2025

N/A

2,189

0.1

2,219

ZimVie, Inc.

LP interest

N/A

10/2025

N/A

857

—

857

6,803

0.2

7,036

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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 Providers & Services
HP TLE Buyer, Inc.	LP interest	N/A	N/A		07/2025	N/A	743	$	743	—	%	$	749
Signature MD, Inc.	Common stock	N/A	N/A		02/2026	N/A	1	732		—		724
								1,475		—		1,473
Healthcare Technology
Amberfield Acquisition Co.	LLC interest	N/A	N/A		05/2024	N/A	450	450		—		603
Modernizing Medicine, Inc.(24)	Preferred stock	N/A	13.00%	Non-Cash	04/2025	N/A	14	15,835		0.4		15,989
								16,285		0.4		16,592
Hotels, Restaurants & Leisure
Patriot Acquireco, LLC	Common stock	N/A	N/A		09/2025	N/A	3,613	3,664		0.1		3,487
PB Group Holdings, LLC	LP interest	N/A	N/A		08/2024	N/A	113	262		—		245
Rooster BidCo Limited(8)(10)	LP interest	N/A	N/A		03/2025	N/A	1,601	1,665		0.1		3,499
Saguaro Buyer, LLC	Common stock	N/A	N/A		07/2025	N/A	4	3,798		0.1		5,237
								9,389		0.3		12,468
Industrial Conglomerates
Anova Buyer, Inc.	Common stock	N/A	N/A		01/2026	N/A	2	1,565		—		1,569

Insurance
Oakbridge Insurance Agency LLC	LP interest	N/A	N/A		11/2023	N/A	4	70		—		85

Leisure Products
Movement Holdings, LLC(8)(10)	LLC interest	N/A	N/A		03/2024	N/A	—	661		—		313

Pharmaceuticals
Creek Parent, Inc.	LP interest	N/A	N/A		12/2024	N/A	1,279	1,279		—		1,688

Professional Services
Eclipse Buyer, Inc.(24)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	4,016		0.1		3,975

Software
Claroty, Ltd.(8)(21)	Preferred stock	N/A	N/A		01/2026	N/A	141	12,031		0.3		12,197
Denali Bidco Limited(8)(10)	LP interest	N/A	N/A		08/2023	N/A	75	46		—		138
Energy Worldnet, LLC(24)	LLC interest	N/A	N/A		02/2025	N/A	50	51		—		57
Gurobi Optimization, LLC	Common stock	N/A	N/A		09/2024	N/A	—	209		—		197
LogicMonitor, Inc.	LP interest	N/A	N/A		12/2024	N/A	250	250		—		280
Menlo Ridgeview Co-Invest, LLC(8)	LLC interest	N/A	N/A		05/2025	N/A	1,484	1,529		—		1,624
MS Buyer, Inc.	LP interest	N/A	N/A		07/2024	N/A	458	458		—		355
Navex Global Holdings Corporation	LP interest	N/A	N/A		10/2025	N/A	4	3,809		0.1		3,235
Panzura, LLC	LLC interest	N/A	N/A		03/2025	N/A	1	4		—		—
Pluralsight, LLC	LLC interest	N/A	N/A		08/2024	N/A	597	1,100		—		—
Striim, Inc.	Warrant	N/A	N/A		03/2026	N/A	14	15		—		15
Togetherwork Holdings, LLC	LP interest	N/A	N/A		07/2024	N/A	545	2,384		0.1		2,529
Transform Bidco Limited(8)(10)	LP interest	N/A	N/A		04/2025	N/A	3,478	3,504		0.1		3,249
Tricentis Operations Holdings, Inc.	LP interest	N/A	N/A		02/2025	N/A	40	40		—		36
								25,430		0.6		23,912
Specialty Retail
Metal Supermarkets US Buyer, LLC(8)(11)	LLC interest	N/A	N/A		12/2024	N/A	1	124		—		121
Metal Supermarkets US Buyer, LLC(8)(11)	LLC interest	N/A	N/A		12/2024	N/A	—	—		—		3
								124		—		124

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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)

Total equity investments								$	80,724	1.8	%	$	84,652

Total investments								$	10,050,232	218.2	%	$	9,928,221

Money market funds (included in cash equivalents and restricted cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			3.53%	(28)				$	30,753	0.7	%	$	30,753
JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Share Class (CUSIP 4812A0375)			3.62%	(28)				41,138		0.9		41,138
Total money market funds								71,891		1.6		71,891

Total investments and money market funds								$	10,122,123	219.8	%	$	10,000,112

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


*						Denotes that all or a portion of the investment collateralizes the 2025-R Debt Securitization (as defined in Note 7).
&						Denotes that all or a portion of the investment collateralizes the 2025 Debt Securitization (as defined in Note 7).
@						Denotes that all or a portion of the investment collateralizes the 2026-B Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
#						Denotes that all or a portion of the investment collateralizes the BANA Credit Facility (as defined in Note 7).

(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”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or 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 March 31, 2026. 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 March 31, 2026, 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 March 31, 2026, as the loan may have priced or repriced based on an index rate prior to March 31, 2026.

(a) Denotes that all or a portion of the contract was indexed to Prime, which was 6.75% as of March 31, 2026.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.89% as of March 31, 2026.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.08% as of March 31, 2026.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.48% as of March 31, 2026.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.31% as of March 31, 2026.

(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.78% as of March 31, 2026.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of March 31, 2026.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 3.66% as of March 31, 2026.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 3.68% as of March 31, 2026.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 3.70% as of March 31, 2026.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.27% as of March 31, 2026.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.29% as of March 31, 2026.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2026.

(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 6. 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 March 31, 2026. 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 March 31, 2026, 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 March 31, 2026, total non-qualifying assets at fair value represented 20.4% 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 Canada.

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

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

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

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

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

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

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

(19)The headquarters of this portfolio company is located in the Cayman Islands.

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

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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 six months ended March 31, 2026.

(26)The fair value of this investment was valued using Level 2 inputs. See Note 6.

(27)The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing (‘‘ASC Topic 860’’), and therefore, the asset remains in the Consolidated Schedule of Investments. See Note 7.

(28)The rate shown is the annualized seven-day yield as of March 31, 2026.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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
Bleriot US Bidco Inc.^(8)(26)	Senior secured	SF +	2.50	%	(h)	6.50	%					10/2030	$	15,124	$	15,158	0.4	%	$	15,148
Element Materials Technology^(8)(26)	Senior secured	SF +	3.68	%	(h)	7.68	%					06/2029	18,389		18,370		0.5		18,536
Kaman Corporation#(26)	Senior secured	SF +	2.50	%	(h)(i)	6.66	%					02/2032	3,418		3,411		0.1		3,411
Kaman Corporation#(26)	Senior secured	SF +	2.50	%	(h)	6.83	%					02/2032	30		30		—		30
LSF11 Trinity Bidco, Inc.^#	Senior secured	SF +	2.50	%	(g)	6.65	%					06/2030	15,047		15,071		0.4		15,075
PPW Aero Buyer, Inc.^(5)	One stop					N/A(6)						02/2029	—		(8)		—		(9)
PPW Aero Buyer, Inc.^	One stop	SF +	5.00	%	(h)	9.00	%					09/2031	1,701		1,692		—		1,692
PPW Aero Buyer, Inc.^(5)	One stop					N/A(6)						09/2031	—		(28)		—		(28)
Propulsion Newco LLC^(8)(26)	Senior secured	SF +	2.75	%	(h)	7.04	%					09/2029	14,165		14,177		0.3		14,231
Signia Aerospace, LLC^#	Senior secured	SF +	2.75	%	(g)(h)	6.91	%					12/2031	8,542		8,541		0.2		8,569
Signia Aerospace, LLC^#(5)	Senior secured					N/A(6)						12/2031	—		(1)		—		1
SMX Technologies^#(26)	Senior secured	SF +	4.50	%	(g)	8.66	%					02/2032	7,584		7,590		0.2		7,632
Titan BW Borrower L.P.^(25)	One stop	SF +	5.26	%	(h)	6.58	%	cash/	2.88	%	PIK	07/2032	15,987		15,832		0.4		15,827
Titan BW Borrower L.P.^(5)	One stop					N/A(6)						07/2032	—		(26)		—		(27)
Titan BW Borrower L.P.^(5)	One stop					N/A(6)						07/2032	—		(7)		—		(14)
Transdigm, Inc.^#(8)(26)	Senior secured	SF +	2.25	%	(h)	6.25	%					03/2030	21,074		21,039		0.5		21,076
													121,061		120,841		3.0		121,150
Air Freight & Logistics
RJW Group Holdings, Inc.^	One stop	SF +	5.00	%	(h)	9.00	%					11/2031	49,796		48,893		1.2		49,298
RJW Group Holdings, Inc.^	One stop	SF +	5.00	%	(h)	9.20	%					11/2031	3,145		3,081		0.1		3,108
RJW Group Holdings, Inc.^	One stop	SF +	5.00	%	(h)	9.00	%					11/2031	53,127		52,598		1.3		52,596
RJW Group Holdings, Inc.^(5)	One stop					N/A(6)						11/2031	—		(45)		—		(90)
													106,068		104,527		2.6		104,912
Airlines
Accelya Lux Finco S.A.R.L.*(8)(18)(25)	One stop	SF +	6.00	%	(h)	10.10	%	PIK				12/2026	1,586		1,560		0.1		1,586
Brown Group Holding, LLC ^#(8)(10)(26)	Senior secured	SF +	2.75	%	(g)(h)	6.99	%					07/2031	7,935		7,943		0.2		7,958
Brown Group Holding, LLC ^(8)(10)(26)	Senior secured	SF +	2.50	%	(g)	6.66	%					07/2031	1,796		1,797		—		1,799
KKR Apple Bidco, LLC^(26)	Senior secured	SF +	2.50	%	(g)	6.66	%					09/2031	9,071		9,074		0.2		9,080
													20,388		20,374		0.5		20,423
Auto Components
Arnott, LLC^	One stop	SF +	4.75	%	(i)	8.62	%					11/2030	4,798		4,757		0.1		4,750
Arnott, LLC^	One stop	SF +	4.75	%	(i)	8.74	%					11/2030	353		347		—		345
Collision SP Subco, LLC*&	One stop	SF +	4.75	%	(h)	9.06	%					01/2030	16,034		15,837		0.4		16,034
Collision SP Subco, LLC^	One stop	SF +	4.75	%	(h)(i)	9.00	%					01/2030	8,556		8,482		0.2		8,556
Collision SP Subco, LLC^	One stop	SF +	4.75	%	(h)	8.95	%					01/2030	381		349		—		381
Collision SP Subco, LLC&	One stop	SF +	4.75	%	(h)	9.04	%					01/2030	1,213		1,202		0.1		1,213
Collision SP Subco, LLC^(5)	One stop					N/A(6)						01/2030	—		(136)		—		—
OEConnection, LLC^	One stop	SF +	5.25	%	(g)(h)	9.41	%					04/2031	40,442		40,121		1.0		40,577
OEConnection, LLC^	One stop	SF +	5.25	%	(g)(h)	9.41	%					04/2031	7,057		6,997		0.2		7,080
OEConnection, LLC^(5)	One stop					N/A(6)						04/2031	—		(35)		—		15
OEConnection, LLC^(5)	One stop					N/A(6)						04/2031	—		(32)		—		24
RC Buyer, Inc.^(26)	Senior secured	SF +	3.50	%	(g)	7.77	%					07/2028	9,334		9,339		0.2		9,294
RealTruck Group, Inc.^(8)(26)	Senior secured	SF +	3.75	%	(g)	8.02	%					01/2028	10,182		10,113		0.2		9,276
Wand NewCo 3, Inc.^(8)(26)	Senior secured	SF +	2.50	%	(g)	6.66	%					01/2031	14,216		14,244		0.4		14,184
													112,566		111,585		2.8		111,729
Automobiles
Belron Finance US, LLC^(8)(26)	Senior secured	SF +	2.50	%	(h)	6.74	%					10/2031	4,975		4,975		0.1		5,006
CAP-KSI Holdings, LLC*^	One stop	SF +	5.25	%	(g)(h)	9.32	%					06/2030	34,759		34,364		0.9		34,759
CAP-KSI Holdings, LLC^	One stop	SF +	5.25	%	(h)	9.89	%					06/2030	1,408		1,366		—		1,408

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Denali Midco 2, LLC^(25)	Second lien	N/A				13.00	%	PIK	12/2029	$	25,829	$	25,645	0.6	%	$	25,829
Denali Midco 2, LLC*&	One stop	SF +	5.25	%	(g)	9.41	%		12/2028	16,886		16,602		0.4		16,886
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(h)	9.25	%		12/2029	599		591		—		599
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(h)	9.25	%		12/2029	125		123		—		125
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(h)	9.25	%		12/2029	106		103		—		106
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25	%	(h)	9.24	%		12/2029	7		5		—		7
JHCC Holdings LLC*	One stop	SF +	5.25	%	(h)	9.25	%		09/2027	9,408		9,378		0.2		9,408
JHCC Holdings LLC^	One stop	SF +	5.25	%	(h)	9.25	%		09/2027	4,264		4,236		0.1		4,264
JHCC Holdings LLC*	One stop	SF +	5.25	%	(h)	9.25	%		09/2027	2,578		2,572		0.1		2,578
Mavis Tire Express Services Topco, Corp.^#(8)(26)	Senior secured	SF +	3.00	%	(h)	7.20	%		05/2028	18,106		18,144		0.5		18,125
Mister Car Wash Holdings, Inc.^(8)(26)	Senior secured	SF +	2.50	%	(g)	6.66	%		03/2031	12,263		12,291		0.3		12,302
National Express Wash Parent Holdco, LLC&^	One stop	SF +	5.00	%	(h)	9.00	%		07/2029	37,794		37,220		0.9		37,794
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.00	%	(i)	9.03	%		07/2029	4,572		4,532		0.1		4,572
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.00	%	(h)(i)	9.24	%		07/2029	13,734		13,545		0.3		13,734
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.00	%	(h)	9.00	%		07/2029	12,152		12,096		0.3		12,152
Paint Intermediate III, LLC^#(26)	Senior secured	SF +	3.00	%	(h)	7.24	%		10/2031	13,935		13,925		0.4		13,940
Quick Quack Car Wash Holdings, LLC&	One stop	SF +	4.75	%	(g)	8.91	%		06/2031	2,490		2,473		0.1		2,490
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	4.75	%	(g)	8.91	%		06/2031	140		138		—		140
Quick Quack Car Wash Holdings, LLC^(5)	One stop					N/A(6)			06/2031	—		(1)		—		—
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	4.75	%	(g)	8.91	%		06/2031	1,024		1,002		—		1,024
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	4.75	%	(g)	8.91	%		06/2031	128		127		—		128
TWAS Holdings, LLC*&^	One stop	SF +	6.00	%	(g)	10.26	%		12/2026	22,705		22,542		0.6		22,705
Yorkshire Parent, Inc.*&	One stop	SF +	5.50	%	(h)	9.50	%		12/2029	12,681		12,560		0.3		12,681
Yorkshire Parent, Inc.&	One stop	SF +	5.00	%	(h)	9.31	%		12/2029	11,861		11,810		0.3		11,861
Yorkshire Parent, Inc.&	One stop	SF +	5.50	%	(h)	9.79	%		12/2029	3,513		3,480		0.1		3,513
Yorkshire Parent, Inc.^	One stop	SF +	5.50	%	(h)	9.50	%		12/2029	738		703		—		738
Yorkshire Parent, Inc.^	One stop	SF +	5.00	%	(h)	9.31	%		12/2029	379		250		—		379
										269,159		266,797		6.6		269,253
Banks
Empyrean Solutions, LLC^	One stop	SF +	4.50	%	(h)	8.50	%		11/2031	9,959		9,915		0.3		9,959
Empyrean Solutions, LLC^(5)	One stop					N/A(6)			11/2031	—		(7)		—		—
Empyrean Solutions, LLC^(5)	One stop					N/A(6)			11/2031	—		(18)		—		—
OSP Hamilton Purchaser, LLC*	One stop	SF +	5.00	%	(h)	9.31	%		12/2029	2,776		2,751		0.1		2,776
OSP Hamilton Purchaser, LLC^	One stop	SF +	5.00	%	(h)	9.32	%		12/2029	2,655		2,631		0.1		2,655
OSP Hamilton Purchaser, LLC^	One stop	SF +	5.00	%	(h)	9.31	%		12/2029	695		685		—		695
OSP Hamilton Purchaser, LLC^	One stop	SF +	5.00	%	(h)	9.32	%		12/2029	130		98		—		130
										16,215		16,055		0.5		16,215
Beverages
Financial Information Technologies, LLC^(5)	One stop					N/A(6)			06/2030	—		(18)		—		—
Financial Information Technologies, LLC^	One stop	SF +	4.75	%	(h)	8.75	%		06/2030	84		84		—		84
Financial Information Technologies, LLC&^	One stop	SF +	4.75	%	(h)	8.75	%		06/2030	41,295		41,196		1.0		41,295
Spindrift Beverage Co. Inc.^	One stop	SF +	5.00	%	(h)	9.29	%		02/2032	22,323		22,068		0.6		22,323
Spindrift Beverage Co. Inc.^(5)	One stop					N/A(6)			02/2032	—		(49)		—		—
Spindrift Beverage Co. Inc.^(5)	One stop					N/A(6)			02/2032	—		(14)		—		—
Winebow Holdings, Inc.^	One stop	SF +	6.25	%	(g)	10.51	%		12/2027	15,270		15,058		0.3		13,437
										78,972		78,325		1.9		77,139
Building Products
Beacon Roofing Supply, Inc.^(8)(26)	Senior secured	SF +	3.00	%	(g)	7.16	%		04/2032	1,889		1,871		0.1		1,907
BECO Holding Company, Inc.&	One stop	SF +	5.25%		(h)	9.40%			11/2028	1,427		1,420		—		1,427
BECO Holding Company, Inc.^(5)	One stop					N/A(6)			11/2028	—		(25)		—		—
										3,316		3,266		0.1		3,334

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Capital Markets
BlueMatrix Holdings, LLC&^	One stop	SF +	4.75	%	(h)	8.75	%					01/2031	$	23,855	$	23,691	0.6	%	$	23,855
BlueMatrix Holdings, LLC*	One stop	SF +	4.75	%	(h)	8.75	%					01/2031	10,582		10,486		0.2		10,582
BlueMatrix Holdings, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					01/2031	700		677		—		700
BlueMatrix Holdings, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					01/2031	3,560		3,528		0.1		3,560
BlueMatrix Holdings, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					01/2031	5,184		5,165		0.1		5,184
Edelman Financial Center, LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					04/2028	22,763		22,810		0.6		22,805
													66,644		66,357		1.6		66,686
Chemicals
AP Adhesives Holdings, LLC^(5)	One stop					N/A(6)						04/2032	—		(86)		—		—
AP Adhesives Holdings, LLC^(5)	One stop					N/A(6)						04/2031	—		(42)		—		—
AP Adhesives Holdings, LLC^	One stop	SF +	4.75	%	(h)	8.80	%					04/2032	55,067		54,810		1.3		55,067
INEOS US Finance LLC and INEOS Finance PLC^(8)(10)(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					02/2030	9,677		9,598		0.2		8,794
Inhance Parent, Inc.^	One stop					N/A(6)						06/2029	—		—		—		—
Inhance Parent, Inc.^(25)	One stop	SF +	7.00	%	(h)	6.65	%	cash/	4.50	%	PIK	06/2029	11,785		10,364		0.3		10,606
Inhance Parent, Inc.^(7)(25)	One stop	N/A				20.00	%	PIK				06/2029	5,066		2,133		0.1		2,381
Innophos Holdings, Inc.^(8)(26)	Senior secured	SF +	4.25	%	(g)	8.52	%					03/2029	5,361		5,333		0.1		5,327
JSG II, Inc. and Checkers USA, Inc.^	One stop	SF +	4.50	%	(g)	8.66	%					09/2032	20,537		20,435		0.5		20,435
JSG II, Inc. and Checkers USA, Inc.^	One stop	SF +	4.50	%	(g)	8.66	%					09/2032	195		183		—		183
JSG II, Inc. and Checkers USA, Inc.^(5)	One stop					N/A(6)						09/2032	—		(14)		—		(28)
Krayden Holdings, Inc.*	Senior secured	SF +	4.75	%	(g)	8.91	%					03/2029	8,623		8,558		0.2		8,623
Krayden Holdings, Inc.^	Senior secured	SF +	4.75	%	(g)	8.90	%					03/2029	571		548		—		571
Krayden Holdings, Inc.^	Senior secured	SF +	4.75	%	(g)	8.91	%					03/2029	2,687		2,641		0.1		2,687
Windsor Holdings III, LLC^#(8)(26)	Senior secured	SF +	2.75	%	(g)	6.92	%					08/2030	16,806		16,796		0.4		16,841
W.R. Grace & Co#(8)	Senior secured	SF +	3.00	%	(h)	7.00	%					08/2032	12,000		11,956		0.3		12,050
													148,375		143,213		3.5		143,537
Commercial Services & Supplies
BradyIFS Holdings, LLC^	One stop	SF +	5.00	%	(h)	9.31	%					10/2029	16,007		15,763		0.4		16,007
BradyIFS Holdings, LLC^	One stop	SF +	5.00	%	(h)	9.25	%					10/2029	155		148		—		155
CHA Vision Holdings, Inc.*^	One stop	SF +	5.00	%	(h)	9.33	%					01/2031	18,193		18,035		0.5		18,102
CHA Vision Holdings, Inc.^	One stop	SF +	5.00	%	(h)	9.22	%					01/2031	5,922		5,871		0.2		5,893
CHA Vision Holdings, Inc.^(5)	One stop					N/A(6)						01/2030	—		(12)		—		(8)
CHA Vision Holdings, Inc.^	One stop	SF +	5.00	%	(h)	9.00	%					01/2031	2,777		2,763		0.1		2,763
CHA Vision Holdings, Inc.^(5)	One stop					N/A(6)						01/2031	—		(32)		—		(32)
Energize Holdco, LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					12/2028	12,927		12,964		0.3		12,961
Kleinfelder Intermediate, LLC^	One stop	SF +	5.00	%	(h)	9.31	%					09/2030	1,801		1,760		—		1,801
Kleinfelder Intermediate, LLC^	One stop	P +	4.00	%	(a)	11.25	%					09/2028	44		41		—		44
Kleinfelder Intermediate, LLC^	One stop	SF +	5.00	%	(h)	9.31	%					09/2030	196		193		—		196
North Haven Stack Buyer, LLC*	One stop	SF +	4.75	%	(h)	8.95	%					07/2027	10,776		10,752		0.3		10,776
North Haven Stack Buyer, LLC^(25)	Second lien	N/A				9.75	%	cash/	2.50	%	PIK	01/2028	9,255		9,224		0.2		9,255
OMNIA Partners, LLC^#(26)	Senior secured	SF +	2.50	%	(h)	6.81	%					07/2030	8,999		8,970		0.2		9,013
PSC Parent, Inc.^	One stop	SF +	5.00	%	(g)	9.15	%					04/2031	1,439		1,428		—		1,439
PSC Parent, Inc.^	One stop	SF +	5.00	%	(g)	9.16	%					04/2031	240		239		—		240
PSC Parent, Inc.^	One stop	SF +	5.00	%	(g)	9.16	%					04/2030	89		87		—		89
PSC Parent, Inc.^	One stop	SF +	5.00	%	(g)	9.17	%					04/2031	159		158		—		159
Radwell Parent, LLC*	One stop	SF +	5.50	%	(h)	9.50	%					03/2029	15,597		15,597		0.4		15,597
Radwell Parent, LLC^	One stop	SF +	5.50	%	(h)	9.50	%					03/2029	1,222		929		—		1,222
Thermostat Purchaser III, Inc.^(26)	Senior secured	SF +	4.25	%	(h)	8.25	%					08/2028	11,925		11,908		0.3		11,980
WRE Holding Corp.&^	One stop	SF +	5.00	%	(i)	8.87	%					07/2031	31,331		31,073		0.8		31,331
WRE Holding Corp.^(5)	One stop					N/A(6)						07/2030	—		(37)		—		—
WRE Holding Corp.*	One stop	SF +	5.00	%	(i)	9.14	%					07/2031	3,439		3,425		0.1		3,439
WRE Holding Corp.*	One stop	SF +	5.00	%	(i)	9.13	%					07/2031	2,072		2,064		0.1		2,072
WRE Holding Corp.&	One stop	SF +	5.00	%	(i)	9.12	%					07/2031	1,612		1,605		—		1,612
WRE Holding Corp.^	One stop	SF +	5.00	%	(i)	9.17	%					07/2031	564		562		—		564

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
WRE Holding Corp.^	One stop	SF +	5.00	%	(h)	9.30	%					07/2031	$	577	$	575	—	%	$	577
WRE Holding Corp.^	One stop	SF +	5.00	%	(h)	9.23	%					07/2031	358		356		—		358
													157,676		156,409		3.9		157,605
Construction & Engineering
Belfor USA Group Inc.^	Senior secured	SF +	2.75	%	(g)	6.91	%					11/2030	9,659		9,644		0.2		9,713
Chariot Buyer, LLC#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					09/2032	9,975		9,984		0.3		9,997
Consor Intermediate II, LLC*^	One stop	SF +	4.75	%	(g)(h)	8.75	%					05/2031	1,645		1,639		—		1,645
Consor Intermediate II, LLC^(5)	One stop					N/A(6)						05/2031	—		(3)		—		—
Consor Intermediate II, LLC^(5)	One stop					N/A(6)						05/2031	—		(1)		—		—
DCCM, LLC&	One stop	SF +	4.75	%	(g)	8.91	%					06/2032	4,030		4,011		0.1		4,030
DCCM, LLC^(5)	One stop					N/A(6)						06/2032	—		(4)		—		—
DCCM, LLC^(5)	One stop					N/A(6)						06/2032	—		(9)		—		—
EagleView Technology Corporation#(25)(26)	Senior secured	SF +	6.50	%	(h)	9.50	%	cash/	1.00	%	PIK	08/2028	10,859		10,647		0.3		10,692
Pike Corporation^(8)(26)	Senior secured	SF +	3.00	%	(g)	7.27	%					01/2028	10,488		10,467		0.3		10,561
Royal Holdco Corporation^	One stop	SF +	4.50	%	(h)	8.62	%					12/2030	27,725		27,474		0.7		27,725
Royal Holdco Corporation^	One stop	SF +	4.50	%	(h)	8.50	%					12/2030	989		966		—		989
Royal Holdco Corporation^	One stop	SF +	4.50	%	(h)	8.67	%					12/2030	1,993		1,950		—		1,993
Service Logic Acquisition, Inc.^#	Senior secured	SF +	3.00	%	(h)	7.31	%					10/2027	12,855		12,872		0.3		12,903
													90,218		89,637		2.2		90,248
Construction Materials
Star Holding, LLC#(8)(26)	Senior secured	SF +	4.50	%	(g)	8.66	%					07/2031	17,209		17,046		0.4		17,103

Consumer Finance
Ascensus Group Holdings^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					08/2028	26,106		26,096		0.6		26,116

Containers & Packaging
AOT Packaging Products Acquisitionco, LLC ^#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					03/2031	17,963		17,885		0.4		17,899
Chase Intermediate*&	One stop	SF +	4.75	%	(h)	9.06	%					10/2028	14,572		14,403		0.3		14,572
Chase Intermediate^	One stop	SF +	4.75	%	(h)	9.06	%					10/2028	3,440		3,224		0.1		3,440
Iris Holding, Inc.#(26)	Senior secured	SF +	4.75	%		9.06	%					06/2028	2,985		2,897		0.1		2,905
Packaging Coordinators Midco, Inc.^	One stop	SF +	4.75	%	(h)	9.06	%					07/2032	28,004		27,941		0.7		28,004
Packaging Coordinators Midco, Inc.^(5)	One stop					N/A(6)						07/2032	—		(6)		—		—
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	—		—		—		—
Packaging Coordinators Midco, Inc.^	One stop					N/A(6)						07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.^	One stop					N/A(6)						07/2032	—		—		—		—
Pegasus BidCo^(8)(14)	Senior secured	SF +	2.75	%	(h)	6.76	%					07/2029	17,305		17,305		0.4		17,391
Technimark, LLC^#	Senior secured	SF +	3.25	%	(g)	7.39	%					04/2031	14,733		14,709		0.4		14,760
WP Deluxe Merger Sub^#(26)	Senior secured	SF +	3.50	%	(h)	7.76	%					05/2028	11,718		11,722		0.3		11,799
													110,720		110,080		2.7		110,770
Diversified Consumer Services
ABC Legal Holdings, LLC^	One stop	SF +	4.50	%	(g)	8.65	%					08/2032	26,792		26,660		0.7		26,524
ABC Legal Holdings, LLC^(5)	One stop					N/A(6)						08/2032	—		(26)		—		(52)
ABC Legal Holdings, LLC^(5)	One stop					N/A(6)						08/2032	—		(39)		—		(80)
Any Hour, LLC^	One stop	SF +	5.25	%	(h)	9.25	%					05/2030	30,284		29,932		0.7		29,072
Any Hour, LLC^(25)	One stop	N/A				13.00	%	PIK				05/2031	5,515		5,440		0.1		5,239
Any Hour, LLC^	One stop	SF +	5.25	%	(h)	9.30	%					05/2030	2,777		2,723		0.1		2,592
Any Hour, LLC^	One stop	SF +	5.25	%	(h)	9.25	%					05/2030	858		806		—		500
Apex Service Partners, LLC*^	One stop	SF +	5.00	%	(h)	9.20	%					10/2030	17,890		17,508		0.4		17,890
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(h)	9.17	%					10/2030	13,240		13,184		0.3		13,240
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(h)	9.20	%					10/2030	4,258		4,172		0.1		4,258
Apex Service Partners, LLC^(5)	One stop					N/A(6)						10/2029	—		(37)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(h)	9.31	%					10/2030	$	7,666	$	7,595	0.2	%	$	7,666
Apex Service Partners, LLC^	One stop	SF +	5.00	%	(h)	9.21	%					10/2030	12,842		12,737		0.3		12,842
Certus Pest, Inc.&	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	3,304		3,290		0.1		3,304
Certus Pest, Inc.*	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	3,091		3,078		0.1		3,091
Certus Pest, Inc.*	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	2,597		2,586		0.1		2,597
Certus Pest, Inc.*	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	2,359		2,349		0.1		2,359
Certus Pest, Inc.*	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	1,427		1,421		—		1,427
Certus Pest, Inc.*	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	1,133		1,129		—		1,133
Certus Pest, Inc.^	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	448		446		—		448
Certus Pest, Inc.^(5)	One stop					N/A(6)						08/2027	—		(27)		—		—
Certus Pest, Inc.&	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	2,653		2,644		0.1		2,653
Certus Pest, Inc.&	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	1,654		1,648		—		1,654
Certus Pest, Inc.^	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	792		790		—		792
Certus Pest, Inc.^	One stop	SF +	5.25	%	(h)	9.40	%					08/2027	792		790		—		792
CHVAC Services Investment, LLC&	One stop	SF +	4.50	%	(h)	8.50	%					05/2030	1,941		1,917		0.1		1,941
CHVAC Services Investment, LLC^	One stop	SF +	4.50	%	(h)	8.50	%					05/2030	505		500		—		505
CHVAC Services Investment, LLC^(5)	One stop					N/A(6)						05/2030	—		(1)		—		—
CHVAC Services Investment, LLC^	One stop	SF +	4.50	%	(h)	8.50	%					05/2030	252		92		—		252
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50	%	(h)	9.65	%					07/2029	764		758		—		764
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50	%	(h)	9.65	%					07/2029	222		219		—		222
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50	%	(h)	9.65	%					07/2029	7		7		—		7
HS Spa Holdings, Inc.*^	One stop	SF +	5.25	%	(h)	9.45	%					06/2029	7,798		7,702		0.2		7,798
HS Spa Holdings, Inc.^	One stop	SF +	5.25	%	(h)	9.56	%					06/2029	897		893		—		897
Knowledge Universe Education LLC^(8)(26)	Senior secured	SF +	2.75	%	(h)	6.75	%					06/2030	5,955		5,975		0.2		5,958
Kodiak Buyer, LLC*	One stop	SF +	4.50	%	(h)	8.50	%					07/2032	4,971		4,947		0.1		4,946
Kodiak Buyer, LLC^(5)	One stop					N/A(6)						07/2032	—		(7)		—		(7)
Kodiak Buyer, LLC^(5)	One stop					N/A(6)						07/2032	—		(8)		—		(9)
Liminex, Inc.^	One stop	SF +	6.25	%	(h)	10.71	%					11/2026	10,599		10,546		0.3		10,599
Litera Bidco, LLC^	One stop	SF +	5.00	%	(g)	9.16	%					05/2028	28,297		28,205		0.7		28,297
Litera Bidco, LLC^	One stop	SF +	5.00	%	(g)	9.16	%					05/2028	11,298		11,278		0.3		11,298
Litera Bidco, LLC^	One stop	SF +	5.00	%	(g)	9.25	%					05/2028	287		280		—		287
Litera Bidco, LLC^	One stop					N/A(6)						05/2028	—		—		—		—
McAfee, LLC^(8)(26)	Senior secured	SF +	3.00	%	(g)	7.22	%					03/2029	4,963		4,972		0.1		4,755
Project Alpha Intermediate Holdings, Inc.^#(26)	Senior secured	SF +	3.25	%	(h)	7.25	%					10/2030	16,096		16,147		0.4		16,159
Provenance Buyer LLC*	One stop	SF +	5.50	%	(h)	9.60	%					06/2027	7,407		7,408		0.2		7,259
Provenance Buyer LLC*	One stop	SF +	5.50	%	(h)	9.60	%					06/2027	3,797		3,797		0.1		3,721
RW AM Holdco LLC^	One stop	SF +	5.25	%	(h)	9.35	%					04/2028	10,097		9,882		0.2		7,774
Salisbury House, LLC^	One stop	SF +	5.00	%	(h)	9.16	%					08/2032	1,313		1,275		—		1,236
Salisbury House, LLC^(5)	One stop					N/A(6)						08/2032	—		(57)		—		(116)
Salisbury House, LLC^	One stop	SF +	5.00	%	(g)	9.16	%					08/2032	57,613		57,330		1.4		57,037
Severin Acquisition, LLC^(25)	One stop	SF +	5.00	%	(g)	6.91	%	cash/	2.25	%	PIK	10/2031	34,150		33,864		0.8		33,809
Severin Acquisition, LLC^(5)	One stop					N/A(6)						10/2031	—		(36)		—		(42)
Severin Acquisition, LLC^(25)	One stop	SF +	5.00	%	(g)	6.91	%	cash/	2.25	%	PIK	10/2031	1,194		1,164		—		1,123
Stellar Brands, LLC&	Senior secured	SF +	4.50	%	(h)	8.50	%					02/2031	9,101		9,040		0.2		9,101
Stellar Brands, LLC^(5)	Senior secured					N/A(6)						02/2031	—		(6)		—		—
Virginia Green Acquisition, LLC*&^	One stop	SF +	5.25	%	(i)	9.41	%					12/2030	19,739		19,592		0.5		19,739
Virginia Green Acquisition, LLC^(5)	One stop					N/A(6)						12/2030	—		(9)		—		—
Virginia Green Acquisition, LLC^(5)	One stop					N/A(6)						12/2029	—		(17)		—		—
													381,635		378,448		9.2		375,251
Diversified Financial Services
Apex Group Treasury, LLC^(8)(10)(26)	Senior secured	SF +	3.50	%	(h)	7.75	%					02/2032	10,919		10,944		0.3		10,701
Baker Tilly Advisory Group, LP^	One stop	SF +	4.75	%	(g)	8.91	%					06/2031	19,385		19,169		0.5		19,434
Baker Tilly Advisory Group, LP^(5)	One stop					N/A(6)						06/2030	—		(50)		—		—
Baker Tilly Advisory Group, LP^	One stop	SF +	4.50	%	(g)	8.66	%					06/2031	13,369		13,306		0.3		13,369

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Baker Tilly Advisory Group, LP^(5)	One stop					N/A(6)						06/2031	$	—	$	(22)	—	%	$	—
BCPE Pequod Buyer^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					11/2031	13,596		13,574		0.3		13,636
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)	One stop	E +	4.50	%	(d)	6.58	%					07/2031	14,246		13,023		0.4		14,246
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)(25)	Subordinated debt	E +	7.50	%	(d)	9.58	%	PIK				07/2032	4,333		3,969		0.1		4,333
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)	One stop	E +	4.50	%	(d)	6.76	%					07/2031	2,018		1,808		0.1		2,018
Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)	One stop					N/A(6)						07/2031	—		—		—		—
Corelogic, Inc.^#(8)(26)	Senior secured	SF +	3.50	%	(g)	7.77	%					06/2028	16,894		16,831		0.4		16,925
Corsair Blade IV S.A R.L.^(8)(13)(25)	One stop	SF +	5.75	%	(h)	9.75	%	cash/	0.25	%	PIK	12/2030	4,417		4,417		0.1		4,417
Corsair Blade IV S.A R.L.^(8)(9)(13)(25)	One stop	SN +	5.75	%	(f)	9.47	%	cash/	0.25	%	PIK	12/2030	1,422		1,088		—		1,422
Deerfield Dakota Holding, LLC^(5)	One stop					N/A(6)						09/2032	—		(81)		—		(82)
Deerfield Dakota Holding, LLC^(25)	One stop	SF +	5.75	%	(h)	7.06	%	cash/	2.75	%	PIK	09/2032	87,338		86,471		2.1		86,465
Equity Methods, LLC&^	One stop	SF +	4.75	%	(h)	8.75	%					04/2032	48,893		48,663		1.2		48,893
Equity Methods, LLC^(5)	One stop					N/A(6)						04/2032	—		(42)		—		—
Equity Methods, LLC^(5)	One stop					N/A(6)						04/2032	—		(52)		—		—
Evertec, Inc.^(8)(26)	Senior secured	SF +	2.25	%	(g)	6.41	%					10/2030	12,450		12,399		0.3		12,497
Finastra USA, Inc.^(8)(10)	One stop	SF +	7.25	%	(h)	11.29	%					09/2029	5,745		5,670		0.1		5,745
Finastra#(8)(10)(26)	Senior secured	SF +	4.00	%	(h)	8.04	%					08/2032	8,750		8,663		0.2		8,723
First Eagle Investment Management#(26)	Senior secured	SF +	3.50	%	(h)	7.71	%					08/2032	13,957		13,770		0.3		13,840
First Eagle Investment Management#(5)(26)	Senior secured					N/A(6)						08/2032	—		(22)		—		(20)
Focus Financial Partners, LLC^#(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					09/2031	24,778		24,706		0.6		24,812
GTCR Everest Borrower, LLC^#(26)	Senior secured	SF +	2.75	%	(h)	6.75	%					09/2031	17,664		17,673		0.4		17,684
Higginbotham Insurance Agency, Inc.*^	One stop	SF +	4.50	%	(g)	8.67	%					11/2028	3,399		3,412		0.1		3,399
Higginbotham Insurance Agency, Inc.^	One stop	SF +	4.75	%	(g)	8.91	%					11/2028	3,455		3,434		0.1		3,455
Howden Group Holdings Limited ^#(8)(10)(26)	Senior secured	SF +	3.50	%	(g)	7.66	%					04/2030	5,828		5,797		0.1		5,830
Howden Group Holdings Limited ^#(8)(10)(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					02/2031	20,852		20,827		0.5		20,877
Mariner Wealth Advisors, LLC^(26)	Senior secured	SF +	2.50	%	(h)	6.50	%					12/2030	12,697		12,650		0.3		12,748
Medlar Bidco Limited^(8)(9)(19)	One stop	SN +	5.00	%	(f)	8.97	%					05/2032	35,205		34,573		0.9		35,205
Medlar Bidco Limited^(5)(8)(9)(19)	One stop					N/A(6)						05/2032	—		(75)		—		—
Medlar Bidco Limited^(8)(9)(19)	One stop	E +	5.00	%	(c)	6.97	%					05/2032	43,801		41,924		1.1		43,801
Orion Advisor Solutions^#(26)	Senior secured	SF +	3.25	%	(h)	7.57	%					09/2030	24,039		24,066		0.6		24,139
OSTTRA Group, Ltd.#(8)(10)(26)	Senior secured	SF +	3.50	%	(h)	7.66	%					06/2032	11,600		11,623		0.3		11,673
Wealth Enhancement Group, LLC*	One stop	SF +	4.50	%	(h)	8.79	%					10/2028	3,781		3,777		0.1		3,781
Wealth Enhancement Group, LLC*	One stop	SF +	4.50	%	(h)	8.79	%					10/2028	2,726		2,723		0.1		2,726
Wealth Enhancement Group, LLC^(5)	One stop					N/A(6)						10/2028	—		(3)		—		—
Wealth Enhancement Group, LLC^	One stop	SF +	4.50	%	(g)(h)	8.78	%					10/2028	2,704		2,669		0.1		2,704
Wealth Enhancement Group, LLC^(5)	One stop					N/A(6)						10/2028	—		(21)		—		—
Zebra Buyer LLC^#(26)	Senior secured	SF +	2.75	%	(h)	6.81	%					11/2030	23,603		23,661		0.6		23,672
													513,864		506,912		12.6		513,068
Electric Utilities
Smart Energy Systems, Inc.^(25)	One stop	SF +	7.50	%	(h)	8.04	%	cash/	3.75	%	PIK	01/2030	5,838		5,769		0.2		5,721
Smart Energy Systems, Inc.^(25)	One stop	SF +	7.50	%	(h)(i)	7.88	%	cash/	3.75	%	PIK	01/2030	643		635		—		630
													6,481		6,404		0.2		6,351
Electrical Equipment
Power Grid Holdings, Inc.^	One stop	SF +	4.75	%	(h)	8.75	%					12/2030	656		647		—		656
Power Grid Holdings, Inc.^	One stop	SF +	4.75	%	(g)(h)	9.67	%					12/2030	15		13		—		15
Wildcat TopCo, Inc.^	One stop	SF +	4.75	%	(g)	8.91	%					11/2031	24,718		24,501		0.6		24,718
Wildcat TopCo, Inc.^	One stop	P +	3.75	%	(a)	11.00	%					11/2031	119		80		—		119
Wildcat TopCo, Inc.^(5)	One stop					N/A(6)						11/2031	—		(19)		—		—
													25,508		25,222		0.6		25,508

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Food & Staples Retailing
Eagle Parent Corp.^#(26)	Senior secured	SF +	4.25	%	(h)	8.25	%	04/2029	$	10,765	$	10,692	0.3	%	$	10,772
Inspire International, Inc.^(8)(26)	Senior secured	SF +	2.50	%	(g)	6.66	%	12/2027	2,970		2,974		0.1		2,974
									13,735		13,666		0.4		13,746
Food Products
Aspire Bakeries Holdings, LLC^#	Senior secured	SF +	3.50	%	(g)	7.66	%	12/2030	7,247		7,251		0.2		7,299
Blast Bidco Inc.&	One stop	SF +	6.00	%	(h)	10.00	%	10/2030	15,054		14,891		0.4		15,054
Blast Bidco Inc.^(5)	One stop					N/A(6)		10/2029	—		(18)		—		—
Eagle Family Foods Group, LLC^	One stop	SF +	5.00	%	(h)(i)	9.32	%	08/2030	10,577		10,491		0.2		10,577
Eagle Family Foods Group, LLC^(5)	One stop					N/A(6)		08/2030	—		(10)		—		—
Louisiana Fish Fry Products, Ltd.&	One stop	SF +	6.25	%	(h)	10.40	%	07/2027	8,713		8,476		0.2		8,713
Merlin Buyer, Inc.#	Senior secured	SF +	4.00	%		8.00	%	12/2028	2,500		2,494		0.1		2,513
MIC GLEN LLC^#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%	07/2028	24,952		25,004		0.6		25,124
Sphynx UK Bidco, Ltd.^(8)(9)(10)	One stop	A +	4.75	%	(e)	8.35	%	08/2032	8,652		8,478		0.2		8,598
Sphynx UK Bidco, Ltd.^(8)(9)(10)	One stop	E +	4.75	%	(c)	6.82	%	08/2032	8,501		8,380		0.2		8,448
Sphynx UK Bidco, Ltd.^(8)(9)(10)	One stop	SN +	4.75	%	(f)	8.72	%	08/2032	39,298		38,905		1.0		39,052
Zullas, L.C.^	One stop	SF +	4.75	%	(g)	8.91	%	06/2031	163		159		—		163
Zullas, L.C.&	One stop	SF +	4.75	%	(g)	8.91	%	06/2031	2,985		2,970		0.1		2,985
Zullas, L.C.^(5)	One stop					N/A(6)		06/2031	—		(14)		—		—
									128,642		127,457		3.2		128,526
Healthcare Equipment & Supplies
Blue River Pet Care, LLC*	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	11,425		11,356		0.3		11,425
Blue River Pet Care, LLC^	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	7,713		7,661		0.2		7,713
Blue River Pet Care, LLC*	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	3,686		3,664		0.1		3,686
Blue River Pet Care, LLC&	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	5,454		5,416		0.1		5,454
Blue River Pet Care, LLC^	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	5,541		5,504		0.1		5,541
Blue River Pet Care, LLC^	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	4,775		4,743		0.1		4,775
Blue River Pet Care, LLC&	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	4,212		4,183		0.1		4,212
Blue River Pet Care, LLC&	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	12,530		12,489		0.3		12,530
Blue River Pet Care, LLC^(5)	One stop					N/A(6)		08/2029	—		(104)		—		—
Blue River Pet Care, LLC^	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	1,384		1,380		—		1,384
Blue River Pet Care, LLC^	One stop	SF +	5.75	%	(g)	10.01	%	08/2029	3,752		3,740		0.1		3,752
Blue River Pet Care, LLC^	One stop	SF +	5.75	%	(h)	9.97	%	08/2029	1,414		1,409		—		1,414
CCSL Holdings, LLC*&	One stop	SF +	5.75	%	(g)	9.91	%	12/2028	11,604		11,473		0.3		11,604
CCSL Holdings, LLC^(9)	One stop	E +	5.75	%	(b)	7.66	%	12/2028	28,262		26,076		0.7		28,262
CCSL Holdings, LLC^(9)	One stop	E +	5.75	%	(b)	7.66	%	12/2028	5,536		4,921		0.1		5,536
CCSL Holdings, LLC^	One stop	SF +	5.75	%	(g)	9.91	%	12/2028	6,822		6,792		0.2		6,822
CCSL Holdings, LLC&	One stop	SF +	5.75	%	(g)	9.91	%	12/2028	5,429		5,405		0.1		5,429
Centegix Intermediate II, LLC^	One stop	SF +	5.50	%	(h)	9.69	%	08/2032	49,501		49,257		1.2		49,253
Centegix Intermediate II, LLC^(5)	One stop					N/A(6)		08/2032	—		(43)		—		(44)
Centegix Intermediate II, LLC^(5)	One stop					N/A(6)		08/2032	—		(72)		—		(73)
CMI Parent Inc.*&	One stop	SF +	5.00	%	(g)	9.16	%	12/2026	18,218		18,171		0.5		18,218
CMI Parent Inc.*	One stop	SF +	5.00	%	(g)	9.16	%	12/2026	6,686		6,682		0.2		6,686
Confluent Medical Technologies, Inc.^	Senior secured	SF +	3.00	%	(h)	7.00	%	02/2029	6,397		6,388		0.2		6,437
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50	%	(h)	9.70	%	06/2031	40,448		40,121		1.0		40,448
HuFriedy Group Acquisition, LLC^(5)	One stop					N/A(6)		05/2030	—		(35)		—		—
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50	%	(h)	9.51	%	06/2031	7,825		7,697		0.2		7,825
Isto Group, Inc.^(5)	One stop					N/A(6)		09/2032	—		(1)		—		(1)
Isto Group, Inc.^	One stop	SF +	4.75	%	(h)	8.77	%	09/2032	5,177		5,151		0.1		5,151
Isto Group, Inc.^(5)	One stop					N/A(6)		09/2032	—		(17)		—		(17)
NSM Top Holdings Corp.^#	Senior secured	SF +	4.75	%	(h)	8.85	%	05/2029	3,383		3,376		0.1		3,422
Precision Medicine Group, LLC#(26)	Senior secured	SF +	3.50	%	(g)	7.66	%	08/2032	18,455		18,375		0.5		18,405
Resonetics, LLC^#(26)	Senior secured	SF +	2.75	%	(h)	7.06	%	06/2031	23,060		23,087		0.6		23,065
RTI Surgical, Inc.^(5)	One stop					N/A(6)		09/2032	—		(58)		—		(58)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
RTI Surgical, Inc.^	One stop	SF +	4.75	%	(h)	8.75	%		09/2032	$	58,376	$	58,084	1.4	%	$	58,084
TIDI Legacy Products, Inc.^	One stop	SF +	4.50	%	(g)	8.66	%		12/2029	1,633		1,633		—		1,633
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	%	(g)	9.90	%		12/2029	6,097		6,012		0.2		6,036
YI, LLC^(5)	One stop					N/A(6)			12/2029	—		(16)		—		(12)
										364,795		359,900		9.0		363,997
Healthcare Providers & Services
Agiliti Health, Inc.^(26)	Senior secured	SF +	3.00	%	(h)(i)	7.24	%		05/2030	9,869		9,789		0.2		9,487
AHP Health Partners, Inc. ^(8)(26)	Senior secured	SF +	2.25	%	(g)	6.41	%		09/2032	2,842		2,840		0.1		2,851
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*^	One stop	SF +	6.00	%	(h)	10.30	%		03/2027	11,578		11,554		0.3		11,578
Bamboo US Bidco LLC*	One stop	SF +	5.25	%	(h)	9.56	%		09/2030	8,006		7,844		0.2		8,006
Bamboo US Bidco LLC^(9)	One stop	E +	5.25	%	(c)	7.28	%		09/2030	5,846		5,147		0.2		5,846
Bamboo US Bidco LLC^	One stop	SF +	5.25	%	(h)	9.56	%		09/2030	1,225		1,221		—		1,225
Bamboo US Bidco LLC^	One stop	SF +	5.25	%	(g)(h)	9.48	%		09/2030	1,202		1,196		—		1,202
Bamboo US Bidco LLC^	One stop					N/A(6)			09/2030	—		—		—		—
Bamboo US Bidco LLC^(5)	One stop					N/A(6)			10/2029	—		(35)		—		—
Bayou Intermediate II, LLC^(5)	One stop					N/A(6)			09/2032	—		(24)		—		(48)
Bayou Intermediate II, LLC^	One stop	SF +	4.75	%	(h)	8.76	%		09/2032	32,709		32,545		0.8		32,382
Bayou Intermediate II, LLC^(5)	One stop					N/A(6)			09/2032	—		(45)		—		(89)
Benefit Plan Administrators of Eau Claire, LLC*&^	One stop	SF +	5.00	%	(h)	9.29	%		11/2030	58,776		58,446		1.5		58,776
Benefit Plan Administrators of Eau Claire, LLC^	One stop	SF +	5.00	%	(h)	9.29	%		11/2030	13,143		13,073		0.3		13,143
Benefit Plan Administrators of Eau Claire, LLC^(5)	One stop					N/A(6)			11/2030	—		(12)		—		—
Benefit Plan Administrators of Eau Claire, LLC^(5)	One stop					N/A(6)			11/2030	—		(39)		—		—
BHG Holdings, LLC&^	One stop	SF +	5.25	%	(g)	9.41	%		04/2032	103,236		102,391		2.5		103,236
BHG Holdings, LLC^(5)	One stop					N/A(6)			04/2032	—		(107)		—		—
BHG Holdings, LLC^(5)	One stop					N/A(6)			04/2032	—		(242)		—		—
Cotiviti^(26)	Senior secured	SF +	2.75	%	(g)	7.03	%		05/2031	12,325		12,336		0.3		12,130
Cotiviti#(26)	Senior secured	SF +	2.75	%	(g)(h)	7.03	%		03/2032	7,980		7,946		0.2		7,850
Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)	One stop	SF +	5.00	%	(i)	9.29	%		04/2031	23,296		22,925		0.6		23,296
Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)	One stop	SN +	5.00	%	(f)	8.97	%		04/2031	14,506		13,337		0.4		14,506
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)	One stop					N/A(6)			04/2031	—		(42)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)	One stop					N/A(6)			10/2030	—		(64)		—		—
Electron BidCo, Inc. ^#(26)	Senior secured	SF +	2.75	%	(g)	6.91	%		11/2028	11,521		11,484		0.3		11,555
Hanger, Inc.^#(26)	Senior secured	SF +	3.50	%	(g)	7.66	%		10/2031	14,100		14,119		0.4		14,147
Hanger, Inc.^#(26)	Senior secured	SF +	3.50	%	(g)	7.66	%		10/2031	272		275		—		279
HP TLE Buyer, Inc.&	One stop	SF +	4.75	%	(h)	8.75	%		07/2032	16,393		16,314		0.4		16,311
HP TLE Buyer, Inc.^(5)	One stop					N/A(6)			07/2032	—		(17)		—		(18)
LOV Acquisition LLC*&^	Senior secured	SF +	4.25	%	(g)	8.41	%		11/2031	26,953		26,834		0.7		26,953
LOV Acquisition LLC^(5)	Senior secured					N/A(6)			11/2031	—		(12)		—		—
Mamba Purchaser, Inc.^#(26)	Senior secured	SF +	2.75	%	(g)	6.89	%		10/2031	24,600		24,513		0.6		24,701
New Look Corporation and New Look Vision Group Inc. ^(8)(9)(11)(25)	One stop	CA +	5.50	%	(j)	7.96	%	PIK	05/2028	10,829		11,077		0.3		10,829
Pathway Vet Alliance, LLC#(26)	Senior secured	SF +	5.00	%	(h)	9.31	%		06/2028	5,000		5,049		0.1		5,060
Pharmerica^(26)	Senior secured	SF +	2.50	%	(g)	6.66	%		02/2031	12,310		12,243		0.3		12,332
Pinnacle Treatment Centers, Inc.*&	One stop	SF +	5.75	%	(h)	9.95	%		01/2027	19,465		19,441		0.5		19,271
Pinnacle Treatment Centers, Inc.^	One stop	SF +	5.75	%	(h)	9.95	%		01/2027	17,155		17,126		0.4		16,983
Pinnacle Treatment Centers, Inc.&	One stop	SF +	5.75	%	(h)	9.95	%		01/2027	8,386		8,344		0.2		8,303
Pinnacle Treatment Centers, Inc.&	One stop	SF +	5.75	%	(h)	9.95	%		01/2027	1,748		1,745		—		1,731
Pinnacle Treatment Centers, Inc.^	One stop	P +	4.50	%	(a)	11.75	%		01/2027	1,643		1,632		—		1,579

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Pinnacle Treatment Centers, Inc.&	One stop	SF +	5.75	%	(h)	9.95	%					01/2027	$	1,084	$	1,082	—	%	$	1,074
Pinnacle Treatment Centers, Inc.^	One stop	SF +	5.75	%	(h)	9.95	%					01/2027	820		819		—		812
PPV Intermediate Holdings, LLC*	One stop	SF +	5.75	%	(h)	9.95	%					08/2029	4,938		4,875		0.1		4,938
PPV Intermediate Holdings, LLC^	One stop	SF +	5.25	%	(h)	9.45	%					08/2029	4,472		4,409		0.1		4,472
Premise Health Holding Corp.^	One stop	SF +	5.25	%	(h)	9.25	%					03/2031	29,313		28,973		0.7		29,313
Premise Health Holding Corp.^(5)	One stop					N/A(6)						03/2030	—		(38)		—		—
Southern Veterinary Partners, LLC^#(26)	Senior secured	SF +	2.50	%	(h)	6.82	%					12/2031	18,467		18,502		0.5		18,454
													536,008		530,769		13.2		534,456
Healthcare Technology
Amberfield Acquisition Co.*	One stop	SF +	5.50	%	(h)	9.50	%					05/2030	2,180		2,163		0.1		2,180
Amberfield Acquisition Co.^	One stop	SF +	5.50	%	(h)	9.50	%					05/2030	54		51		—		54
Amberfield Acquisition Co.^	One stop	SF +	5.50	%	(h)	9.50	%					05/2030	69		69		—		69
Athenahealth, Inc.^(8)(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					02/2029	12,733		12,658		0.3		12,723
ESO Solution, Inc.^	One stop	SF +	6.75	%	(h)	10.95	%					05/2027	5,250		5,225		0.1		5,250
FINThrive Software Intermediate Holdings, Inc.#(26)	Senior secured	SF +	5.25	%	(h)	9.25	%					12/2028	1,995		1,985		0.1		1,989
GHX Ultimate Parent Corporation^	One stop	SF +	4.75	%	(h)	8.75	%					12/2031	75,662		74,988		1.9		75,662
GHX Ultimate Parent Corporation^(5)	One stop					N/A(6)						12/2031	—		(63)		—		—
Healthmark Holdings, L.P.^(5)	One stop					N/A(6)						07/2032	—		(14)		—		(29)
Healthmark Holdings, L.P.^(5)	One stop					N/A(6)						07/2032	—		(23)		—		(24)
Healthmark Holdings, L.P.^	One stop	SF +	4.50	%	(h)	8.70	%					07/2032	23,153		23,040		0.6		22,921
Imprivata, Inc.^#(26)	Senior secured	SF +	3.00	%	(h)	7.00	%					12/2027	25,607		25,616		0.6		25,744
Kona Buyer, LLC^	One stop	SF +	4.50	%	(h)	8.82	%					07/2031	13,091		12,982		0.3		13,091
Kona Buyer, LLC^	One stop	SF +	4.50	%	(h)	8.82	%					07/2031	768		768		—		768
Kona Buyer, LLC^(5)	One stop					N/A(6)						07/2031	—		(13)		—		—
Kona Buyer, LLC^	One stop	SF +	4.50	%	(h)	8.82	%					07/2031	216		215		—		216
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^(8)(9)(10)	One stop	SN +	5.75	%	(f)	9.72	%					02/2031	13,035		12,092		0.3		12,905
Lacker Bidco Limited^(8)(9)(10)	One stop	SN +	5.75	%	(f)	9.72	%					02/2031	10,825		10,437		0.3		10,652
Lacker Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						08/2030	—		(34)		—		(29)
Mediware Information Systems, Inc.^#(26)	Senior secured	SF +	2.75	%	(g)	7.02	%					03/2028	25,128		25,109		0.6		25,171
Milano Acquisition Corp.#(26)	Senior secured	SF +	4.00	%	(h)	8.10	%					10/2027	4,898		4,848		0.1		4,830
Modernizing Medicine, Inc.^(25)	One stop	SF +	4.75	%	(h)	6.50	%	cash/	2.25	%	PIK	04/2032	127,295		126,112		3.1		127,295
Modernizing Medicine, Inc.^(5)	One stop					N/A(6)						04/2032	—		(110)		—		—
Neptune Holdings, Inc.&	One stop	SF +	4.50	%	(h)	8.50	%					09/2030	5,547		5,464		0.1		5,547
Neptune Holdings, Inc.^	One stop					N/A(6)						08/2029	—		—		—		—
Netsmart Technologies, Inc.&^(25)	One stop	SF +	4.95	%	(g)	6.66	%	cash/	2.45	%	PIK	08/2031	58,423		57,945		1.4		58,423
Netsmart Technologies, Inc.^(5)	One stop					N/A(6)						08/2031	—		(65)		—		—
Netsmart Technologies, Inc.^(5)	One stop					N/A(6)						08/2031	—		(32)		—		—
PointClickCare Technologies, Inc.^(8)(11)(26)	Senior secured	SF +	2.75	%	(h)	6.75	%					11/2031	19,915		19,915		0.5		19,961
Stratose Intermediate Holdings II, LLC^#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					11/2031	10,948		10,947		0.3		10,961
Stratose Intermediate Holdings II, LLC^(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					09/2029	1,988		1,993		—		1,986
Symplr Software, Inc.#(26)	Senior secured	SF +	4.50	%		8.81	%					12/2027	2,712		2,478		0.1		2,444
Tebra Technologies, Inc.^(25)	One stop	SF +	8.00	%	(h)	8.85	%	cash/	3.50	%	PIK	11/2025	11,171		11,137		0.3		11,283
													452,663		447,883		11.1		452,043
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*	One stop	SF +	5.00	%	(h)	9.00	%					08/2027	9,748		9,716		0.2		9,748
BJH Holdings III Corp.&	One stop	SF +	5.00	%	(h)	9.00	%					08/2027	5,301		5,249		0.1		5,301
Crumbl Enterprises, LLC&^	One stop	SF +	4.50	%	(h)	8.50	%					05/2032	115,489		114,946		2.8		115,489
Crumbl Enterprises, LLC^	One stop	SF +	4.50	%	(h)	8.50	%					05/2032	1,505		1,462		—		1,505
Fertitta Entertainment, LLC^#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					01/2029	20,788		20,680		0.5		20,782
GFP Atlantic Holdco 2, LLC*	One stop	SF +	6.00	%	(h)	10.21	%					11/2029	2,594		2,566		0.1		2,594

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
GFP Atlantic Holdco 2, LLC^	One stop	SF +	6.00	%	(h)	10.30	%					11/2029	$	1,940	$	1,890	—	%	$	1,940
Health Buyer, LLC*	Senior secured	SF +	5.25	%	(h)	9.25	%					04/2029	4,888		4,827		0.1		4,888
Health Buyer, LLC^	Senior secured	SF +	5.50	%	(h)	9.50	%					04/2029	397		393		—		397
Olo Parent, Inc.^(5)	One stop					N/A(6)						09/2032	—		(21)		—		(21)
Olo Parent, Inc.^	One stop	SF +	4.50	%	(h)	8.56	%					09/2032	87,771		87,553		2.2		87,552
Patriot Acquireco, LLC^	One stop	SF +	4.50	%	(h)	8.66	%					09/2032	1,206		1,164		—		1,164
Patriot Acquireco, LLC^	One stop	SF +	4.50	%	(h)	8.66	%					09/2032	84,418		84,001		2.1		83,996
PB Group Holdings, LLC&^(25)	One stop	SF +	5.50	%	(g)	6.91	%	cash/	2.75	%	PIK	08/2030	33,268		33,136		0.8		33,268
PB Group Holdings, LLC^	One stop	SF +	5.00	%	(g)	9.16	%					08/2030	454		438		—		454
QSR Acquisition Co.&	One stop	SF +	4.25	%	(h)	8.25	%					06/2032	15,254		15,199		0.4		15,254
QSR Acquisition Co.^(5)	One stop					N/A(6)						06/2032	—		(5)		—		—
QSR Acquisition Co.^(5)	One stop					N/A(6)						06/2032	—		(12)		—		—
Rooster BidCo Limited^(8)(9)(10)	One stop	SN +	5.00	%	(f)	8.97	%					03/2032	44,685		42,633		1.1		44,685
Rooster BidCo Limited^(8)(9)(10)	One stop	SN +	5.00	%	(f)	8.97	%					03/2032	1,064		1,055		—		1,064
Rooster BidCo Limited^(5)(8)(9)(10)	One stop					N/A(6)						03/2032	—		(212)		—		—
Saguaro Buyer, LLC&	One stop	SF +	4.50	%	(g)(h)	8.66	%					07/2032	2,718		2,705		0.1		2,718
Saguaro Buyer, LLC^	One stop	SF +	4.50	%	(g)	8.66	%					07/2032	42		39		—		42
Saguaro Buyer, LLC^	One stop					N/A(6)						07/2032	—		—		—		—
Saguaro Buyer, LLC^	One stop	SF +	4.50	%	(g)	8.66	%					07/2032	73		63		—		73
Scientific Games Holdings LP^#(26)	Senior secured	SF +	3.00	%	(h)	7.29	%					04/2029	14,967		14,933		0.4		14,861
SDC Holdco, LLC*&^	One stop	SF +	4.38	%	(g)(h)	8.54	%					07/2032	52,635		52,379		1.3		52,372
SDC Holdco, LLC^(5)	One stop					N/A(6)						07/2032	—		(30)		—		(31)
SSRG Holdings, LLC*^	One stop	SF +	4.75	%	(h)	8.75	%					11/2029	22,621		22,472		0.6		22,507
SSRG Holdings, LLC&	One stop	SF +	4.75	%	(h)	8.75	%					11/2029	10,111		10,029		0.3		10,061
SSRG Holdings, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					11/2029	700		688		—		689
SSRG Holdings, LLC^(5)	One stop					N/A(6)						11/2029	—		(14)		—		(14)
SSRG Holdings, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					11/2029	5,961		5,932		0.2		5,931
Tacala LLC^#(26)	Senior secured	SF +	3.50	%	(g)	7.82	%					01/2031	24,465		24,508		0.6		24,603
Super REGO, LLC^(25)	Subordinated debt	N/A				15.00	%	PIK				03/2030	37		37		—		37
YE Brands Holding, LLC*	One stop	SF +	4.75	%	(h)	8.75	%					10/2027	6,268		6,231		0.2		6,268
YE Brands Holding, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					10/2027	892		885		—		892
YE Brands Holding, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					10/2027	12		12		—		12
													572,272		567,527		14.1		571,081
Household Durables
Groundworks, LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					03/2031	12,591		12,618		0.3		12,612
Groundworks, LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					03/2031	370		376		—		374
													12,961		12,994		0.3		12,986
Household Products
WU Holdco, Inc.^	One stop	SF +	4.75	%	(h)	8.75	%					04/2032	21,573		21,473		0.5		21,573
WU Holdco, Inc.^(5)	One stop					N/A(6)						04/2032	—		(8)		—		—
WU Holdco, Inc.^(5)	One stop					N/A(6)						04/2032	—		(12)		—		—
													21,573		21,453		0.5		21,573
Industrial Conglomerates
Arch Global CCT Holdings Corp.*	Senior secured	SF +	4.75	%	(g)	8.91	%					04/2026	6,655		6,631		0.2		6,588
Arch Global CCT Holdings Corp.*	Senior secured	SF +	4.75	%	(g)	8.91	%					04/2026	4,326		4,310		0.1		4,283
CPM Holdings, Inc.^#(26)	Senior secured	SF +	4.50	%	(g)	8.78	%					09/2028	6,985		6,943		0.2		6,978
EAB Global, Inc. #(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					08/2030	13,496		13,490		0.3		13,184
Essential Services Holdings Corporation^	One stop	SF +	5.00	%	(h)	9.32	%					06/2031	40,923		40,589		1.0		40,514
Essential Services Holdings Corporation^	One stop	SF +	5.00	%	(h)	9.19	%					06/2030	1,003		964		—		965
Essential Services Holdings Corporation^(5)	One stop					N/A(6)						06/2031	—		(33)		—		(80)
Excelitas Technologies Corp.^(9)	One stop	E +	5.25	%	(b)	7.16	%					08/2029	16,020		14,807		0.4		16,020
Excelitas Technologies Corp.^(5)	One stop					N/A(6)						08/2029	—		(14)		—		—
Madison IAQ LLC^(8)(26)	Senior secured	SF +	2.50	%	(i)	6.70	%					06/2028	4,880		4,880		0.1		4,890
													94,288		92,567		2.3		93,342

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Insurance
Acrisure, LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%	11/2030	$	25,770	$	25,698	0.6	%	$	25,758
Acrisure, LLC#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%	06/2032	4,988		4,994		0.1		4,992
Alera Group, Inc.#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%	05/2032	15,000		15,073		0.4		15,073
AMBA Buyer, Inc.*	One stop	SF +	5.25	%	(h)	9.35	%	07/2027	7,680		7,646		0.2		7,680
AMBA Buyer, Inc.*	One stop	SF +	5.25	%	(h)	9.35	%	07/2027	3,488		3,472		0.1		3,488
AMBA Buyer, Inc.*	One stop	SF +	5.25	%	(h)	9.35	%	07/2027	3,079		3,065		0.1		3,079
Bellwether Buyer, LLC^	One stop	SF +	4.50	%	(g)	8.66	%	04/2032	2,488		2,441		0.1		2,488
Bellwether Buyer, LLC&^	One stop	SF +	4.50	%	(g)	8.64	%	04/2032	47,769		47,545		1.2		47,769
Bellwether Buyer, LLC^(5)	One stop					N/A(6)		04/2032	—		(58)		—		—
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(h)	9.81	%	03/2028	7,826		7,730		0.2		7,826
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(h)	9.70	%	03/2028	5,262		5,262		0.1		5,262
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(h)	9.81	%	03/2028	6,477		6,382		0.1		6,477
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50	%	(h)	9.81	%	03/2028	1,349		1,343		—		1,349
Captive Resources Midco, LLC&^	One stop	SF +	4.50	%	(g)	8.66	%	07/2029	16,788		16,788		0.4		16,788
Captive Resources Midco, LLC^	One stop					N/A(6)		07/2028	—		—		—		—
Disco Parent#	Senior secured	SF +	3.25	%	(h)	7.48	%	07/2032	6,750		6,752		0.2		6,784
Doxa Insurance Holdings LLC^	One stop	SF +	5.25	%	(h)	9.25	%	12/2030	10,621		10,542		0.3		10,621
Doxa Insurance Holdings LLC^	One stop	SF +	5.25	%	(h)	9.25	%	12/2030	10,005		9,930		0.2		10,005
Doxa Insurance Holdings LLC^	One stop	SF +	5.25	%	(h)	9.25	%	12/2029	278		261		—		278
Doxa Insurance Holdings LLC^(5)	One stop					N/A(6)		12/2030	—		(137)		—		—
Galway Borrower LLC*	One stop	SF +	4.50	%	(h)	8.50	%	09/2028	4,859		4,776		0.1		4,859
Gimlet Bidco GMBH^(8)(9)(16)	One stop	E +	5.75	%	(c)	7.78	%	04/2031	1,761		1,573		—		1,743
Gimlet Bidco GMBH^(8)(9)(16)	One stop	E +	5.75	%	(b)(c)	7.75	%	04/2031	626		581		—		619
Gimlet Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)		04/2031	—		(39)		—		(82)
Hub International Limited^(8)(26)	Senior secured	SF +	2.25	%	(h)	6.58	%	06/2030	9,002		9,021		0.2		9,026
Integrated Specialty Coverages, LLC^	One stop	SF +	4.75	%	(g)	8.91	%	07/2030	6,822		6,776		0.2		6,822
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	—		(8)		—		—
Integrity Marketing Acquisition, LLC*^	One stop	SF +	5.00	%	(h)	9.20	%	08/2028	27,728		27,530		0.7		27,728
Integrity Marketing Acquisition, LLC^(5)	One stop					N/A(6)		08/2028	—		(2)		—		—
Integrity Marketing Acquisition, LLC^(5)	One stop					N/A(6)		08/2028	—		(4)		—		—
J.S. Held Holdings, LLC*&	One stop	SF +	5.50	%	(h)	9.65	%	06/2028	19,657		19,495		0.5		19,657
J.S. Held Holdings, LLC^	One stop	SF +	5.50	%	(h)	9.65	%	06/2028	10,536		10,354		0.3		10,536
J.S. Held Holdings, LLC^(5)	One stop					N/A(6)		06/2028	—		(1)		—		—
Koala Investment Holdings, Inc.^(8)(10)	One stop	SF +	4.50	%	(h)	8.50	%	08/2032	70,267		69,921		1.7		69,565
Koala Investment Holdings, Inc.^(5)(8)(10)	One stop					N/A(6)		08/2032	—		(30)		—		(60)
Koala Investment Holdings, Inc.^(5)(8)(10)	One stop					N/A(6)		08/2032	—		(67)		—		(135)
Majesco*&^	One stop	SF +	4.75	%	(h)	8.75	%	09/2028	44,499		44,466		1.1		44,499
Majesco^(5)	One stop					N/A(6)		09/2027	—		(2)		—		—
MRH Trowe Germany GMBH^(5)(8)(9)(16)	One stop					N/A(6)		11/2031	—		(26)		—		—
MRH Trowe Germany GMBH^(8)(9)(16)	One stop	E +	5.00	%	(d)	7.11	%	05/2032	65,002		61,672		1.6		65,002
MRH Trowe Germany GMBH^(8)(9)(16)	One stop	E +	5.00	%	(c)	6.99	%	05/2032	2,458		2,451		0.1		2,458
Oakbridge Insurance Agency LLC*^	One stop	SF +	5.75	%	(g)	9.97	%	11/2029	6,530		6,485		0.2		6,530
Oakbridge Insurance Agency LLC^	One stop	SF +	5.75	%	(g)	9.97	%	11/2029	3,154		3,132		0.1		3,154
Oakbridge Insurance Agency LLC^	One stop	SF +	5.75	%	(g)	10.03	%	11/2029	39		31		—		39
Oakbridge Insurance Agency LLC^	One stop	SF +	5.00	%	(g)	9.27	%	11/2029	1,874		1,843		—		1,874
OneDigital Borrower LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%	07/2031	18,375		18,371		0.4		18,399
Truist Insurance Holdings, LLC^#(8)(26)	Senior secured	SF +	2.75	%	(h)	6.75	%	05/2031	14,274		14,275		0.3		14,297
Wasabi Lower Holdco, LLC^(5)	Senior secured					N/A(6)		06/2032	—		(22)		—		—
Wasabi Lower Holdco, LLC^	Senior secured	SF +	4.50	%	(g)	8.66	%	06/2032	6,950		6,862		0.2		6,950
World Insurance Associates, LLC^	One stop	SF +	5.00	%	(h)	9.00	%	04/2030	6,736		6,667		0.2		6,736
World Insurance Associates, LLC^(5)	One stop					N/A(6)		04/2030	—		(9)		—		—
									496,767		490,800		12.2		495,933

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
IT Services
Acquia, Inc.^	One stop	SF +	6.00	%	(h)	10.43	%					10/2026	$	9,956	$	9,939	0.3	%	$	9,956
CE Intermediate I, LLC^#	Senior secured	SF +	3.00	%	(h)	7.38	%					03/2032	12,656		12,640		0.3		12,690
ContractPod Technologies, Ltd.^(8)(10)(25)	One stop	SF +	6.50	%	(h)	7.25	%	cash/	3.25	%	PIK	07/2030	3,428		3,411		0.1		3,428
ContractPod Technologies, Ltd.^(5)(8)(10)	One stop					N/A(6)						07/2030	—		(8)		—		—
ContractPod Technologies, Ltd.^(5)(8)(10)	One stop					N/A(6)						07/2030	—		(8)		—		—
Delinea Inc.&^	One stop	SF +	5.75	%	(h)	9.90	%					03/2028	32,672		32,471		0.8		32,672
Delinea Inc.*	One stop	SF +	5.75	%	(h)	9.90	%					03/2028	8,770		8,588		0.2		8,770
Delinea Inc.*	One stop	SF +	5.75	%	(h)	9.90	%					03/2028	4,795		4,696		0.1		4,795
KnowBe4#(26)	Senior secured	SF +	3.75	%	(h)	8.07	%					07/2032	13,920		13,895		0.4		13,955
LEIA FINCO US^#(8)(10)(26)	Senior secured	SF +	3.25	%	(h)	7.19	%					10/2031	14,932		14,874		0.4		14,952
Maverick Bidco Inc.^	Senior secured	SF +	4.75	%	(h)	9.16	%					05/2028	37,062		37,062		0.9		37,062
Maverick Bidco Inc.^	Senior secured	SF +	5.00	%	(h)	9.41	%					05/2028	56,372		56,372		1.4		56,372
Maverick Bidco Inc.^	Senior secured	SF +	3.75	%	(h)	8.21	%					05/2028	4,961		4,961		0.1		4,961
Netwrix Corporation*^	One stop	SF +	4.75	%	(h)	8.95	%					06/2029	12,456		12,345		0.3		12,456
Netwrix Corporation^	One stop	SF +	4.75	%	(h)	8.95	%					06/2029	38		37		—		38
Particle Investments^	Senior secured	SF +	3.75	%	(g)	7.91	%					03/2031	2,985		2,985		0.1		3,002
PDQ Intermediate, Inc.^(25)	Subordinated debt	N/A				13.75	%	PIK				10/2031	65		64		—		66
ReliaQuest Holdings, LLC^(25)	One stop	SF +	6.00	%	(h)	7.06	%	cash/	3.25	%	PIK	04/2031	41,461		41,209		1.0		41,461
ReliaQuest Holdings, LLC^(5)	One stop					N/A(6)						04/2031	—		(22)		—		—
ReliaQuest Holdings, LLC^(5)	One stop					N/A(6)						04/2031	—		(48)		—		—
ReliaQuest Holdings, LLC^(25)	One stop	SF +	6.00	%	(h)	7.06	%	cash/	3.25	%	PIK	04/2031	57,364		57,101		1.4		57,364
Saturn Borrower Inc.*	One stop	SF +	6.00	%	(h)	10.00	%					11/2028	8,170		7,928		0.2		8,170
Saturn Borrower Inc.^	One stop	SF +	6.00	%	(g)	10.16	%					11/2028	216		204		—		216
UKG Inc.^(26)	Senior secured	SF +	2.50	%	(h)	6.81	%					02/2031	25,375		25,290		0.6		25,379
WPEngine, Inc.^	One stop	SF +	6.00	%	(h)	10.02	%					08/2029	953		940		—		953
WPEngine, Inc.^	One stop					N/A(6)						08/2029	—		—		—		—
VS Buyer, LLC^(26)	Senior secured	SF +	2.25	%	(h)	6.56	%					04/2031	11,940		11,948		0.3		11,947
													360,547		358,874		8.9		360,665
Leisure Products
Cast & Crew Payroll, LLC^(26)	Senior secured	SF +	3.75	%	(g)	7.91	%					12/2028	5,426		5,441		0.1		4,928
Crunch Holdings, LLC*&	One stop	SF +	4.75	%	(g)	8.91	%					09/2031	17,647		17,605		0.4		17,647
Crunch Holdings, LLC^(5)	One stop					N/A(6)						09/2031	—		(6)		—		—
EP Purchaser, LLC^(26)	Senior secured	SF +	3.50	%	(g)	7.77	%					11/2028	4,901		4,881		0.1		4,627
Movement Holdings, LLC*&(8)(10)	One stop	SF +	5.50	%	(h)	9.70	%					03/2030	22,024		21,858		0.6		22,024
Movement Holdings, LLC^(5)(8)(10)	One stop					N/A(6)						03/2030	—		(28)		—		—
Movement Holdings, LLC^(5)(8)(10)	One stop					N/A(6)						03/2030	—		(111)		—		—
													49,998		49,640		1.2		49,226
Life Sciences Tools & Services
Diamondback Acquisition, Inc.^	One stop	SF +	4.50	%	(g)	8.66	%					09/2032	33,794		33,710		0.8		33,709
Diamondback Acquisition, Inc.^(5)	One stop					N/A(6)						09/2032	—		(17)		—		(34)
Diamondback Acquisition, Inc.^	One stop	SF +	4.50	%	(g)	8.66	%					09/2032	875		863		—		863
PAS Parent Inc.*&^	One stop	SF +	4.50	%	(g)	8.66	%					08/2032	22,190		21,768		0.6		21,968
PAS Parent Inc.^(5)	One stop					N/A(6)						08/2031	—		(18)		—		(19)
PAS Parent Inc.^(5)	One stop					N/A(6)						08/2032	—		(20)		—		(181)
													56,859		56,286		1.4		56,306
Machinery
AAL Delaware#(8)(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					07/2031	4,987		5,012		0.1		5,005
AI Titan Parent, Inc.^	One stop	SF +	4.50	%	(g)	8.66	%					08/2031	9,302		9,224		0.2		9,302
AI Titan Parent, Inc.^(5)	One stop					N/A(6)						08/2031	—		(8)		—		—
AI Titan Parent, Inc.^(5)	One stop					N/A(6)						08/2031	—		(10)		—		—
Blackbird Purchaser, Inc.*^	One stop	SF +	5.50	%	(h)	9.50	%					12/2030	17,950		17,816		0.5		17,950
Blackbird Purchaser, Inc.^	One stop	SF +	5.50	%	(h)	9.50	%					12/2030	2,108		2,081		0.1		2,108
Blackbird Purchaser, Inc.^	One stop	SF +	5.50	%	(g)(h)	9.55	%					12/2029	1,690		1,672		—		1,690

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Filtration Group Corp.^#(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					10/2028	$	17,815	$	17,854	0.4	%	$	17,916
Thermogenics, Inc.^(8)(9)(11)	One stop	CA +	4.25	%	(j)	6.70	%					06/2032	888		900		—		888
Thermogenics, Inc.^(5)(8)(11)	One stop					N/A(6)						06/2032	—		(3)		—		—
Thermogenics, Inc.&(8)(11)	One stop	SF +	4.25	%	(h)	8.25	%					06/2032	1,154		1,149		—		1,154
Thermogenics, Inc.^(5)(8)(11)	One stop					N/A(6)						06/2032	—		(17)		—		—
Thermogenics, Inc.^(8)(9)(11)	One stop	CA +	4.25	%	(j)	6.70	%					06/2032	91		92		—		91
Wireco Worldgroup Inc.^	Senior secured	SF +	3.75	%	(h)	8.08	%					11/2028	6,215		6,226		0.2		6,098
													62,200		61,988		1.5		62,202
Media
Ascend Learning, LLC^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					12/2028	22,489		22,441		0.6		22,491
Lotus Topco, Inc.*	One stop	SF +	4.75	%	(h)	8.75	%					06/2030	1,685		1,675		—		1,672
Lotus Topco, Inc.^(5)	One stop					N/A(6)						06/2030	—		(2)		—		(3)
Lotus Topco, Inc.^	One stop	SF +	4.75	%	(h)	8.75	%					06/2030	213		208		—		207
Lotus Topco, Inc.^	One stop	SF +	4.75	%	(h)	8.75	%					06/2030	10,212		10,138		0.3		10,135
Shout! Factory, LLC^	One stop	SF +	5.25	%	(h)	9.25	%					06/2031	17,783		17,655		0.4		17,783
Shout! Factory, LLC^	One stop	SF +	5.25	%	(h)	9.25	%					06/2031	368		353		—		368
Triple Lift, Inc.*	One stop	SF +	5.75	%	(h)	9.90	%					05/2028	8,681		8,496		0.2		8,073
Triple Lift, Inc.*	One stop	SF +	5.75	%	(h)	9.90	%					05/2028	2,547		2,492		0.1		2,368
													63,978		63,456		1.6		63,094
Oil, Gas & Consumable Fuels
Envernus, Inc.&^	One stop	SF +	5.50	%	(g)	9.66	%					12/2029	19,152		19,024		0.5		19,152
Envernus, Inc.^	One stop	SF +	5.50	%	(g)	9.64	%					12/2029	42		31		—		42
Envernus, Inc.^(5)	One stop					N/A(6)						12/2029	—		(1)		—		—
													19,194		19,054		0.5		19,194
Paper & Forest Products
Ranpak Corporation^#(8)	Senior secured	SF +	4.50	%	(h)	8.50	%					12/2031	3,640		3,638		0.1		3,649
Ranpak Corporation^#(8)	Senior secured	SF +	4.50	%	(h)	8.50	%					12/2031	2,330		2,328		—		2,336
													5,970		5,966		0.1		5,985
Personal Products
Knowlton Development Corporation, Inc.^#(8)(11)(26)	Senior secured	SF +	3.50	%	(g)	7.66	%					08/2028	11,973		12,000		0.3		12,014

Pharmaceuticals
Caerus Midco 3 S.A.R.L.*(8)	One stop	SF +	5.00	%	(h)	9.00	%					05/2029	19,497		19,135		0.5		19,497
Certara Holdco, Inc. and Certara USA, Inc.^(8)	Senior secured	SF +	3.00	%	(h)	7.00	%					06/2031	10,935		10,917		0.3		10,996
Creek Parent, Inc.^	One stop	SF +	5.00	%	(g)	9.14	%					12/2031	79,597		78,361		1.9		79,597
Creek Parent, Inc.^(5)	One stop					N/A(6)						12/2031	—		(170)		—		—
													110,029		108,243		2.7		110,090
Professional Services
Avalara, Inc.#(26)	Senior secured	SF +	2.75	%		6.74	%					03/2032	499		499		—		500
Avalara, Inc.^(26)	Senior secured	SF +	3.25	%	(h)	7.25	%					03/2032	11,970		11,948		0.3		11,988
Citrin Cooperman Advisors LLC^#(26)	Senior secured	SF +	3.00	%	(h)	7.00	%					03/2032	14,070		14,057		0.3		14,027
Citrin Cooperman Advisors LLC^#(5)(26)	Senior secured					N/A(6)						03/2032	—		—		—		(3)
Denali Intermediate Holdings, Inc.^(5)	One stop					N/A(6)						08/2032	—		(144)		—		(146)
Denali Intermediate Holdings, Inc.^	One stop	SF +	5.50	%	(g)	9.67	%					08/2032	146,455		145,011		3.6		144,990
Eclipse Buyer, Inc.^	One stop	SF +	4.50	%	(g)	8.68	%					09/2031	12,644		12,536		0.3		12,644
Eclipse Buyer, Inc.^(5)	One stop					N/A(6)						09/2031	—		(52)		—		—
Eclipse Buyer, Inc.^(5)	One stop					N/A(6)						09/2031	—		(9)		—		—
Eisner Advisory Group LLC#(26)	Senior secured	SF +	4.00	%		8.16	%					02/2031	4,489		4,522		0.1		4,521
Eliassen Group, LLC*	One stop	SF +	5.75	%	(h)	9.75	%					04/2028	4,806		4,806		0.1		4,710
Geosyntec Consultants, Inc.^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					07/2031	16,825		16,848		0.4		16,879
Grant Thornton Advisors, LLC#(26)	Senior secured	SF +	2.75	%		7.16	%					06/2031	14,752		14,765		0.3		14,748
IG Investments Holdings, LLC*^	One stop	SF +	5.00	%	(h)	9.31	%					09/2028	22,741		22,717		0.6		22,741
NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)	One stop	SF +	6.00	%	(h)	6.90	%	cash/	3.50	%	PIK	11/2030	15,728		15,461		0.4		14,784

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)	One stop	SF +	6.00	%	(h)	6.50	%	cash/	3.50	%	PIK	11/2030	$	2,808	$	2,793	0.1	%	$	2,640
Outcomes Group Holdings, Inc.^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					05/2031	14,925		14,933		0.4		15,027
PGA Holdings, Inc.^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					04/2031	25,774		25,801		0.6		25,734
Shift4 Payments, LLC#(8)(26)	Senior secured	SF +	2.50	%	(h)	6.50	%					06/2032	500		499		—		504
Varicent Intermediate Holdings Corporation^(8)(11)(25)	One stop	SF +	5.75	%	(h)	6.63	%	cash/	3.13	%	PIK	08/2031	44,210		43,691		1.1		44,210
Varicent Intermediate Holdings Corporation^(5)(8)(11)	One stop					N/A(6)						08/2031	—		(66)		—		—
Varicent Intermediate Holdings Corporation^(5)(8)(11)	One stop					N/A(6)						08/2031	—		(45)		—		—
													353,196		350,571		8.6		350,498
Real Estate Management & Development
RealPage, Inc.^(26)	Senior secured	SF +	3.00	%	(h)	7.26	%					04/2028	4,910		4,899		0.1		4,904

Road & Rail
Kenan Advantage Group, Inc.^#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					01/2029	26,705		26,647		0.6		26,413
VRS Buyer, Inc.^	Senior secured	SF +	4.75	%	(h)	9.08	%					07/2032	72,281		71,930		1.8		72,281
VRS Buyer, Inc.^(5)	Senior secured					N/A(6)						07/2032	—		(48)		—		—
VRS Buyer, Inc.^(5)	Senior secured					N/A(6)						07/2032	—		(72)		—		—
													98,986		98,457		2.4		98,694
Software
Anaplan, Inc.^	One stop	SF +	4.50	%	(h)	8.70	%					06/2029	9,925		9,863		0.2		9,925
Appfire Technologies, LLC*	One stop	SF +	5.00	%	(h)	9.00	%					03/2028	10,074		9,987		0.3		9,974
Appfire Technologies, LLC^(5)	One stop					N/A(6)						03/2028	—		(75)		—		(225)
Apttus Corporation^#	Senior secured	SF +	3.50	%	(h)	7.81	%					05/2028	16,409		16,404		0.4		16,245
AQA Acquisition Holding, Inc. ^#(26)	Senior secured	SF +	4.00	%	(h)	8.31	%					03/2028	25,556		25,570		0.6		25,277
Artifact Bidco, Inc.^	One stop	SF +	4.25	%	(h)	8.25	%					05/2031	5,024		4,983		0.1		5,024
Artifact Bidco, Inc.^(5)	One stop					N/A(6)						05/2031	—		(5)		—		—
Artifact Bidco, Inc.^(5)	One stop					N/A(6)						05/2030	—		(2)		—		—
Artifact Bidco, Inc.^(5)	One stop					N/A(6)						05/2030	—		(5)		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50	%	(h)	8.65	%					04/2027	3,000		3,000		0.1		3,000
Azurite Intermediate Holdings, Inc.^	One stop	SF +	6.00	%	(g)	10.16	%					03/2031	17,541		17,330		0.4		17,541
Azurite Intermediate Holdings, Inc.*	One stop	SF +	6.00	%	(g)	10.16	%					03/2031	7,718		7,628		0.2		7,718
Azurite Intermediate Holdings, Inc.^(5)	One stop					N/A(6)						03/2031	—		(33)		—		—
Baxter Planning Systems, LLC^(25)	One stop	SF +	6.25	%	(h)	7.19	%	cash/	3.38	%	PIK	05/2031	12,035		11,965		0.3		12,035
Baxter Planning Systems, LLC^(5)	One stop					N/A(6)						05/2031	—		(13)		—		—
Baxter Planning Systems, LLC^(5)	One stop					N/A(6)						05/2031	—		(15)		—		—
BestPass, Inc.*&^	One stop	SF +	4.75	%	(g)	8.91	%					08/2031	36,234		36,083		0.9		36,234
BestPass, Inc.^(5)	One stop					N/A(6)						08/2031	—		(15)		—		—
BestPass, Inc.^(5)	One stop					N/A(6)						08/2031	—		(20)		—		—
Bloomerang, LLC^(25)	One stop	SF +	6.50	%	(h)	7.00	%	cash/	3.50	%	PIK	12/2029	10,189		10,117		0.3		10,189
Bloomerang, LLC^(25)	One stop	SF +	6.50	%	(h)	7.00	%	cash/	3.50	%	PIK	12/2029	1,019		997		—		1,019
Bloomerang, LLC^	One stop	SF +	6.00	%	(h)	11.13	%					12/2029	1,140		1,124		—		1,140
Blue Bidco Limited^(8)(9)(10)	One stop	E +	5.00	%	(d)	7.04	%					05/2032	13,167		12,649		0.3		13,167
Blue Bidco Limited^(8)(9)(10)	One stop	SN +	5.00	%	(f)	8.97	%					05/2032	22,852		22,694		0.6		22,852
Blue Bidco Limited^(8)(9)(10)	One stop					N/A(6)						05/2032	—		—		—		—
Blue Bidco Limited^(8)(10)	One stop	SF +	5.00	%	(i)	9.26	%					05/2032	3,300		3,284		0.1		3,300
Blue Bidco Limited^(8)(10)	One stop	SF +	5.00	%	(h)	9.26	%					05/2032	6,778		6,778		0.2		6,778
Bottomline Technologies, Inc.*	One stop	SF +	4.50	%	(h)	8.50	%					05/2029	4,875		4,785		0.1		4,875
Bullhorn, Inc.*	One stop	SF +	5.00	%	(g)	9.16	%					10/2029	3,959		3,942		0.1		3,959
Bullhorn, Inc.*	One stop	SF +	5.00	%	(g)	9.16	%					10/2029	3,959		3,943		0.1		3,959
Camelia Bidco Limited^(8)(9)(10)	One stop	SN +	5.50	%	(f)	9.47	%					08/2030	4,818		4,494		0.1		4,818
Camelia Bidco Limited^(8)(9)(10)	One stop	SN +	5.50	%	(f)	9.47	%					08/2030	943		878		—		943
Camelia Bidco Limited^(8)(9)(10)	One stop	A +	5.50	%	(e)	9.05	%					08/2030	293		283		—		293
Camelia Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						08/2030	—		(16)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Capstone Borrower^#(8)(26)	Senior secured	SF +	2.75	%	(h)	6.75	%					06/2030	$	12,597	$	12,637	0.3	%	$	12,593
CB Buyer, Inc.&^	One stop	SF +	5.25	%	(h)	9.25	%					07/2031	37,391		37,104		0.9		37,391
CB Buyer, Inc.^(5)	One stop					N/A(6)						07/2031	—		(30)		—		—
CB Buyer, Inc.^	One stop	SF +	5.25	%	(h)	9.25	%					07/2031	409		366		—		409
Cloud Software Group#(8)(26)	Senior secured	SF +	3.25	%	(h)	7.25	%					08/2032	14,091		14,116		0.4		14,150
Cloud Software Group#(8)(26)	Senior secured	SF +	3.25	%		7.25	%					03/2031	1,000		1,003		—		1,005
ConnectWise, LLC^#(26)	Senior secured	SF +	3.50	%	(h)	7.76	%					10/2028	28,541		28,492		0.7		28,631
Conservice Midco, LLC^#(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					05/2030	15,980		15,985		0.4		16,043
Cornerstone OnDemand, Inc.^(26)	Senior secured	SF +	3.75	%	(g)	8.02	%					10/2028	9,411		9,260		0.2		9,089
Crewline Buyer, Inc.^	One stop	SF +	6.75	%	(g)	10.91	%					11/2030	28,617		28,306		0.7		28,617
Crewline Buyer, Inc.^(5)	One stop					N/A(6)						11/2030	—		(28)		—		—
Cyberswift#(8)(21)	Senior secured	SF +	4.00	%		8.16	%					08/2032	7,000		6,965		0.2		7,004
Daxko Acquisition Corporation*	One stop	SF +	4.75	%	(g)	8.91	%					10/2028	11,574		11,308		0.3		11,574
Daxko Acquisition Corporation^	One stop	SF +	4.75	%	(g)	8.91	%					10/2028	472		419		—		472
Daxko Acquisition Corporation^(5)	One stop					N/A(6)						10/2028	—		(22)		—		—
Denali Bidco Limited^(8)(9)(10)	One stop	SN +	5.00	%	(f)	8.97	%					09/2031	28,922		28,730		0.7		28,778
Denali Bidco Limited^(8)(9)(10)	One stop	E +	5.00	%	(c)	7.08	%					09/2031	56,232		55,303		1.4		55,950
Denali Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						09/2031	—		(36)		—		(21)
Denali Bidco Limited^(8)(9)(10)(25)	Subordinated debt	N/A				9.80	%	PIK				09/2032	26,562		26,256		0.6		26,296
Denali Bidco Limited^(8)(9)(10)(25)	Subordinated debt	N/A				11.20	%	PIK				09/2032	17,520		17,426		0.4		17,344
ECI Macola/Max Holding, LLC^#(26)	Senior secured	SF +	2.75	%	(h)	6.75	%					05/2030	23,328		23,368		0.6		23,357
Einstein Parent, Inc.^	One stop	SF +	6.50	%	(h)	10.83	%					01/2031	40,574		39,855		1.0		40,574
Einstein Parent, Inc.^(5)	One stop					N/A(6)						01/2031	—		(74)		—		—
Epicor Software Corporation#(26)	Senior secured	SF +	2.50	%	(g)	6.66	%					05/2031	6,028		6,046		0.1		6,042
Espresso Bidco, Inc.^(25)	One stop	SF +	5.75	%	(h)	6.63	%	cash/	3.13	%	PIK	03/2032	36,521		36,022		0.9		36,521
Espresso Bidco, Inc.^(5)	One stop					N/A(6)						03/2032	—		(69)		—		—
Espresso Bidco, Inc.^(5)	One stop					N/A(6)						03/2032	—		(61)		—		—
EverCommerce Solutions, Inc.^(8)(26)	Senior secured	SF +	2.25	%	(g)	6.41	%					07/2031	8,059		8,075		0.2		8,058
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					09/2030	11,677		11,420		0.3		11,677
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75	%	(h)	8.75	%					09/2030	3,645		3,615		0.1		3,645
Evergreen IX Borrower 2023, LLC^(5)	One stop					N/A(6)						10/2029	—		(27)		—		—
Flexera Software, LLC^(9)	One stop	E +	4.75	%	(b)	6.63	%					08/2032	11,252		11,207		0.3		11,224
Flexera Software, LLC^	One stop	SF +	4.75	%	(h)	8.96	%					08/2032	31,766		31,727		0.8		31,687
Flexera Software, LLC^(5)	One stop					N/A(6)						08/2032	—		(3)		—		(6)
Gurobi Optimization, LLC&^	One stop	SF +	4.50	%	(h)	8.50	%					09/2031	43,789		43,416		1.1		43,789
Gurobi Optimization, LLC^(5)	One stop					N/A(6)						09/2031	—		(33)		—		—
Hornet Security Holding GMBH^(8)(9)(16)	One stop	E +	4.75	%	(b)	6.62	%					02/2031	15,953		14,521		0.4		16,112
Hornet Security Holding GMBH^(8)(9)(16)	One stop	E +	4.75	%	(b)	6.62	%					02/2031	10,633		9,678		0.3		10,739
Hornet Security Holding GMBH^(8)(9)(16)	One stop	E +	4.75	%	(b)	6.66	%					08/2030	259		227		—		259
Hornet Security Holding GMBH^(8)(9)(16)	One stop	E +	4.75	%	(d)	6.80	%					02/2031	2,209		2,118		0.1		2,261
Hyland Software, Inc.*&^	One stop	SF +	5.00	%	(g)	9.16	%					09/2030	28,186		27,886		0.7		28,186
Hyland Software, Inc.^(5)	One stop					N/A(6)						09/2029	—		(1)		—		—
Icefall Parent, Inc.^	One stop	SF +	4.50	%	(h)	8.81	%					01/2030	33,912		33,559		0.8		33,912
Icefall Parent, Inc.^(5)	One stop					N/A(6)						01/2030	—		(35)		—		—
Instructure Holdings, Inc.^#(26)	Senior secured	SF +	2.75	%	(h)	6.75	%					11/2031	11,668		11,642		0.3		11,665
iSolved, Inc.^#(26)	Senior secured	SF +	2.75	%	(g)	6.91	%					10/2030	22,399		22,430		0.6		22,494
Javelin Buyer, Inc.^#(26)	Senior secured	SF +	2.75	%	(h)	7.06	%					12/2031	20,079		20,108		0.5		20,079
Kairos Bidco Limited^	One stop	SF +	4.75	%	(h)	8.75	%					07/2032	85		80		—		80
Kairos Bidco Limited^	One stop	SF +	4.75	%	(h)	8.75	%					07/2032	4,890		4,866		0.1		4,865
Kairos Bidco Limited^(5)	One stop					N/A(6)						07/2032	—		(8)		—		(8)
Kairos Bidco Limited^	One stop	SF +	4.75	%	(h)	8.75	%					07/2032	735		732		—		732
Kaseya Inc.^(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					03/2032	14,776		14,705		0.4		14,814
LeadsOnline, LLC*	One stop	SF +	4.50	%	(h)	8.79	%					02/2028	4,373		4,307		0.1		4,373

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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	%	(h)	8.50	%					02/2028	$	2,230	$	2,223	0.1	%	$	2,230
LeadsOnline, LLC^	One stop	SF +	4.50	%	(h)	8.79	%					02/2028	772		760		—		772
LeadsOnline, LLC^(5)	One stop					N/A(6)						02/2028	—		(1)		—		—
Lighthouse Bidco GMBH^(8)(9)(16)	One stop	E +	4.75	%	(c)	6.75	%					12/2031	26,659		23,564		0.7		26,659
Lighthouse Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)						06/2031	—		(39)		—		—
Lighthouse Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)						12/2031	—		(128)		—		—
LogicMonitor, Inc.^	One stop	SF +	5.50	%	(h)	9.81	%					11/2031	45,630		45,380		1.1		45,630
LogicMonitor, Inc.^(5)	One stop					N/A(6)						11/2031	—		(31)		—		—
Matrix42 Holding GMBH^(8)(9)(16)	One stop	E +	6.25	%	(d)	8.32	%					12/2029	191		175		—		190
Matrix42 Holding GMBH^(8)(9)(16)	One stop	E +	6.25	%	(d)	8.31	%					12/2029	20,913		20,547		0.5		20,756
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)	One stop	E +	5.25	%	(c)	7.28	%					11/2031	14,658		13,023		0.4		14,658
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)	One stop	SF +	5.25	%	(h)	9.45	%					11/2031	9,353		9,229		0.2		9,353
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)	One stop	E +	5.25	%	(c)	7.28	%					11/2031	119		79		—		119
Metatiedot Bidco Oy & Metatiedot US, LLC^(5)(8)(9)(15)	One stop					N/A(6)						11/2030	—		(34)		—		—
Modena Buyer, LLC^#(26)	Senior secured	SF +	4.50	%	(h)	8.81	%					07/2031	11,925		11,643		0.3		11,793
Motus Group, LLC^(26)	Senior secured	SF +	3.75	%	(h)	7.75	%					12/2028	8,785		8,808		0.2		8,800
MYOB Invest Co Pty Ltd^(8)(9)(12)(25)	One stop	A +	5.75	%	(e)	6.33	%	cash/	3.00	%	PIK	06/2030	166,823		162,334		4.1		166,823
Navex TopCo, Inc.*^	One stop	SF +	5.25	%	(g)	9.41	%					11/2030	22,813		22,480		0.6		22,813
Navex TopCo, Inc.^(5)	One stop					N/A(6)						11/2028	—		(25)		—		—
Onit, Inc.^	One stop	SF +	4.75	%	(h)	9.06	%					01/2032	18,763		18,596		0.5		18,809
Onit, Inc.^(5)	One stop					N/A(6)						01/2032	—		(24)		—		—
Onit, Inc.^(5)	One stop					N/A(6)						01/2032	—		(37)		—		—
Onit, Inc.^	One stop	SF +	4.50	%	(h)	8.50	%					01/2032	3,163		3,155		0.1		3,155
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)	One stop	E +	5.75	%	(c)	7.75	%					11/2029	10,131		9,129		0.3		10,182
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)	One stop	E +	5.00	%	(c)	7.00	%					11/2029	736		612		—		736
Panzura, LLC^(25)	One stop	N/A				4.00	%	cash/	11.00	%	PIK	08/2027	66		63		—		60
Personify, Inc.&^	One stop	SF +	4.75	%	(h)	8.75	%					09/2028	17,891		17,813		0.4		17,891
Personify, Inc.*	One stop	SF +	4.75	%	(h)	8.75	%					09/2028	6,648		6,604		0.2		6,648
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.27	%	PIK				01/2031	21,242		19,346		0.5		21,242
Pineapple German Bidco GMBH^(8)(16)(25)	One stop	SF +	5.25	%	(h)	9.24	%	PIK				01/2031	16,990		16,843		0.4		16,990
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.27	%	PIK				01/2031	6,583		5,938		0.2		6,583
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.27	%	PIK				01/2031	5,985		5,143		0.1		5,985
Pineapple German Bidco GMBH^(8)(16)(25)	One stop	SF +	5.25	%	(h)	9.24	%	PIK				01/2031	1,434		1,405		—		1,434
Pineapple German Bidco GMBH^(8)(9)(16)(25)	One stop	E +	5.25	%	(c)	7.25	%	PIK				01/2031	1,458		1,317		—		1,458
Pineapple German Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)						01/2031	—		(217)		—		—
Planview Parent, Inc.^#(26)	Senior secured	SF +	3.50	%	(h)	7.50	%					12/2027	21,911		21,843		0.5		21,623
Pluralsight, LLC^(25)	One stop	SF +	7.50	%	(h)	11.70	%	PIK				08/2029	2,024		1,968		—		2,004
Pluralsight, LLC^(25)	One stop	SF +	4.50	%	(h)	7.20	%	cash/	1.50	%	PIK	08/2029	1,209		1,181		—		1,197
Pluralsight, LLC^(25)	One stop	SF +	4.50	%	(h)	7.20	%	cash/	1.50	%	PIK	08/2029	605		605		—		598
Pluralsight, LLC^(5)	One stop					N/A(6)						08/2029	—		—		—		(3)
Pluralsight, LLC^(5)	One stop					N/A(6)						08/2029	—		—		—		(7)
Proofpoint, Inc.^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					08/2028	27,592		27,585		0.7		27,735
QAD, Inc.*	One stop	SF +	4.75	%	(g)	8.91	%					11/2027	9,747		9,747		0.2		9,747
Rainforest Bidco Limited^(5)(8)(9)(10)	One stop					N/A(6)						07/2029	—		(65)		—		—
Sapphire Bidco Oy^(8)(9)(15)	One stop	E +	4.75	%	(c)	6.78	%					07/2029	15,258		14,097		0.4		15,258
Sophia, L.P.#(8)(26)	Senior secured	SF +	2.75	%		6.91	%					10/2029	8,043		8,064		0.2		8,053
Spark Bidco Limited^(8)(9)(10)	One stop					N/A(6)						10/2032	—		—		—		—
Spark Bidco Limited^(8)(10)	One stop					N/A(6)						10/2032	—		—		—		—
Spark Bidco Limited^(8)(10)	One stop					N/A(6)						10/2032	—		—		—		—
Spark Bidco Limited^(8)(10)	One stop					N/A(6)						10/2032	—		—		—		—
Telesoft Holdings LLC*	One stop	SF +	5.75	%	(g)	10.01	%					12/2026	5,627		5,613		0.1		5,627

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Togetherwork Holdings, LLC&^	One stop	SF +	5.25	%	(g)	9.41	%					05/2031	$	44,428	$	44,114	1.1	%	$	43,984
Togetherwork Holdings, LLC^	One stop	SF +	5.25	%	(g)	9.41	%					05/2031	1,114		1,067		—		1,039
Togetherwork Holdings, LLC^(5)	One stop					N/A(6)						05/2031	—		(32)		—		(53)
Transform Bidco Limited^(8)(10)	One stop	SF +	6.75	%	(h)	10.53	%					01/2031	14,863		14,598		0.4		14,863
Transform Bidco Limited^(8)(10)	One stop	SF +	6.75	%	(h)	10.53	%					01/2031	7,874		7,785		0.2		7,874
Transform Bidco Limited^(8)(9)(10)(25)	One stop	A +	6.75	%	(e)	7.62	%	cash/	2.75	%	PIK	01/2031	2,647		2,588		0.1		2,647
Transform Bidco Limited^(8)(9)(10)(25)	One stop	SN +	6.75	%	(f)	7.97	%	cash/	2.75	%	PIK	01/2031	420		396		—		420
Transform Bidco Limited^(5)(8)(10)	One stop					N/A(6)						06/2030	—		(34)		—		—
Transform Bidco Limited^(5)(8)(10)	One stop					N/A(6)						01/2031	—		(47)		—		—
Transform Bidco Limited^(5)(8)(10)	One stop					N/A(6)						01/2031	—		(113)		—		—
Tricentis Operations Holdings, Inc.^(25)	One stop	SF +	6.25	%	(h)	5.61	%	cash/	4.88	%	PIK	02/2032	63,398		63,117		1.6		63,398
Tricentis Operations Holdings, Inc.^(5)	One stop					N/A(6)						02/2032	—		(35)		—		—
Tricentis Operations Holdings, Inc.^(5)	One stop					N/A(6)						02/2032	—		(56)		—		—
Vantage Bidco GMBH^(8)(9)(16)(25)	One stop	E +	6.25	%	(c)	8.25	%	PIK				04/2031	21,781		19,571		0.5		21,781
Vantage Bidco GMBH^(5)(8)(9)(16)	One stop					N/A(6)						10/2030	—		(40)		—		—
Varinem German Midco GMBH^(8)(9)(16)	One stop	E +	5.50	%	(d)	7.57	%					07/2031	27,619		25,454		0.7		27,688
Varinem German Midco GMBH^(8)(9)(16)	One stop	E +	4.75	%	(d)	6.82	%					07/2031	10,743		9,943		0.3		10,743
Viper Bidco, Inc.&^	One stop	SF +	4.75	%	(h)	8.75	%					11/2031	50,364		50,144		1.2		50,491
Viper Bidco, Inc.^(9)	One stop	SN +	4.75	%	(f)	8.72	%					11/2031	24,797		23,115		0.6		24,859
Viper Bidco, Inc.^(5)	One stop					N/A(6)						11/2031	—		(22)		—		—
Viper Bidco, Inc.^(5)	One stop					N/A(6)						11/2031	—		(28)		—		—
Viper Bidco, Inc.^(5)	One stop					N/A(6)						11/2031	—		(22)		—		(44)
Zendesk, Inc.^	One stop	SF +	5.00	%	(h)	9.00	%					11/2028	10,160		10,160		0.3		10,160
													1,718,108		1,681,375		42.3		1,715,947
Specialized Finance
AGL CLO 20 Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.45	%		8.78	%					10/2037	1,500		1,508		—		1,509
Apidos CLO LIII(8)(20)(27)	Structured Finance Note	SF +	3.50	%		7.78	%					07/2038	2,000		2,000		0.1		2,037
Apidos CLO LIII(8)(20)(27)	Structured Finance Note	SF +	4.80	%		9.08	%					07/2038	2,375		2,375		0.1		2,417
Apidos CLO XXVIII(8)(20)(27)	Structured Finance Note	SF +	4.05	%		8.35	%					10/2038	4,500		4,500		0.1		4,552
Ares LXIII CLO, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.35	%		8.66	%					10/2038	3,500		3,500		0.1		3,538
Bain Capital Credit CLO 2025-3, Limited(8)(20)(27)	Structured Finance Note	SF +	4.05	%		8.33	%					07/2038	4,000		4,000		0.1		4,039
Bain Capital Credit CLO 2025-4, Limited(8)(20)	Structured Finance Note	SF +	3.65	%		7.65	%					01/2039	2,000		2,000		0.1		2,000
Ballyrock CLO 30, Ltd.(8)(20)	Structured Finance Note	SF +	4.05	%		8.36	%					10/2038	3,000		3,000		0.1		3,030
Carlyle US CLO 2023-3, Ltd.(8)(20)	Structured Finance Note	SF +	3.75	%		7.75	%					10/2040	5,000		5,000		0.1		5,000
Carlyle US CLO 2025-2, Ltd.(8)(20)(27)	Structured Finance Note	SF +	3.35	%		7.65	%					07/2038	9,000		9,000		0.2		9,157
CBAMR 2018-5, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.15	%		8.35	%					10/2038	4,000		4,000		0.1		4,045
CIFC Funding 2018-III, Ltd.(8)(20)	Structured Finance Note	SF +	3.90	%		8.10	%					10/2038	3,500		3,500		0.1		3,512
CIFC Funding 2019-II, Ltd.(8)(20)	Structured Finance Note	SF +	3.85	%		8.02	%					10/2038	5,000		5,000		0.1		5,058
CIFC Funding 2019-V, Ltd.(8)(20)	Structured Finance Note	SF +	3.95	%		8.15	%					10/2038	3,000		3,000		0.1		3,034
CIFC Funding 2025-IV, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.10	%		8.45	%					10/2038	2,500		2,500		0.1		2,525
CIFC Funding 2025-V, Ltd.(8)(20)	Structured Finance Note	SF +	4.00	%		8.30	%					10/2038	5,000		5,000		0.1		5,048
Davis Park CLO, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.35	%		8.63	%					07/2038	5,000		5,000		0.1		5,031
Dryden 40 Senior Loan Fund(8)(20)(27)	Structured Finance Note	SF +	3.10	%		7.57	%					08/2031	5,500		5,498		0.1		5,528
Eaton Vance CLO 2013-1, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.15	%		8.46	%					10/2038	5,000		5,000		0.1		5,057

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Elmwood CLO 19, Ltd.(8)(20)	Structured Finance Note	SF +	3.75	%		7.75	%		10/2038	$	2,000	$	2,000	0.1	%	$	2,000
GoldenTree Loan Management US CLO 17, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.00	%		8.33	%		01/2039	1,500		1,500		—		1,526
Green Lakes Park CLO, LLC(8)(27)	Structured Finance Note	SF +	3.70	%		8.02	%		01/2038	3,350		3,350		0.1		3,368
Higley Park CLO, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.00	%		8.32	%		07/2038	3,750		3,750		0.1		3,791
Hook Park CLO, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.75	%		9.01	%		07/2038	3,000		3,000		0.1		3,016
Ivy Hill Middle Market Credit Fund XX, Ltd.(8)(19)(27)	Structured Finance Note	SF +	4.00	%		8.32	%		07/2037	4,500		4,500		0.1		4,521
Madison Park Funding XVII, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.15	%		8.48	%		10/2037	5,700		5,710		0.1		5,730
MCF CLO IV, LLC(8)	Structured Finance Note	SF +	5.00	%		9.00	%		10/2037	4,750		4,750		0.1		4,750
Neuberger Berman CLO 32R, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.25	%		8.53	%		07/2039	5,500		5,500		0.1		5,555
OCP CLO 2025-44, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.05	%		8.37	%		10/2038	4,000		4,000		0.1		4,043
OHA Credit Funding 22, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.25	%		8.57	%		07/2038	2,500		2,500		0.1		2,527
OHA Credit Partners VII, Ltd.(8)(20)(26)(27)	Structured Finance Note	SF +	3.50	%		7.70	%		02/2028	2,000		1,972		—		2,011
Orion CLO 2025-5, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.25	%		8.57	%		07/2038	4,000		4,000		0.1		4,044
Orion CLO 2025-6 Ltd.(8)(20)	Structured Finance Note	SF +	4.05	%		8.35	%		10/2038	4,000		4,000		0.1		4,039
Palmer Square CLO 2019-1, Ltd.(8)(20)	Structured Finance Note	SF +	4.00	%		8.20	%		08/2038	3,000		3,000		0.1		3,017
Palmer Square CLO 2021-3, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.05	%		8.35	%		10/2038	4,500		4,500		0.1		4,548
Peace Park CLO, Ltd.(8)(20)	Structured Finance Note	SF +	3.85	%		8.05	%		10/2038	3,900		3,900		0.1		3,922
Pikes Peak CLO 9(8)(20)(27)	Structured Finance Note	SF +	4.20	%		8.51	%		10/2038	5,000		5,000		0.1		5,048
Rockland Park CLO, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.20	%		8.51	%		07/2038	2,500		2,500		0.1		2,530
Sixth Street CLO XIV, Ltd.(8)(20)(27)	Structured Finance Note	SF +	3.70	%		8.03	%		01/2038	2,000		1,974		0.1		2,011
Sixth Street CLO XVIII, Ltd.(8)(20)	Structured Finance Note	SF +	3.85	%		8.05	%		10/2038	3,000		3,000		0.1		3,029
Voya CLO 2020-2, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.00	%		8.33	%		01/2038	1,000		1,000		—		1,012
Voya CLO 2025-2, Ltd.(8)(20)(27)	Structured Finance Note	SF +	4.85	%		9.15	%		07/2038	5,000		5,000		0.1		5,027
Voya CLO 2025-4, Ltd.(8)(20)	Structured Finance Note	SF +	4.05	%		8.38	%		10/2038	5,700		5,700		0.1		5,761
										161,525		161,487		4.0		162,943
Specialty Retail
Ashco, LLC#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%		01/2032	37,656		37,583		0.9		37,685
Ave Holdings III, Corp*&	One stop	SF +	5.50	%	(i)	9.62	%		02/2028	13,445		13,238		0.3		12,976
Biscuit Parent, LLC&^	One stop	SF +	4.75	%	(h)	8.75	%		02/2031	35,995		35,738		0.9		35,995
Biscuit Parent, LLC^(5)	One stop					N/A(6)			02/2031	—		(33)		—		—
Biscuit Parent, LLC^	One stop	SF +	4.75	%	(h)	8.75	%		02/2031	261		223		—		261
Cavender Stores L.P.*&	Senior secured	SF +	5.00	%	(h)	9.00	%		10/2029	23,949		23,788		0.6		23,949
Consilio Midco Limited^(8)(9)(10)(25)	Subordinated debt	E +	7.50	%	(d)	9.59	%		04/2033	4,253		4,090		0.1		4,253
Consilio Midco Limited^(8)(9)(10)	Senior secured	E +	4.75	%	(c)	6.75	%		04/2032	38,032		36,669		1.0		38,032
Consilio Midco Limited^(8)(10)	Senior secured	SF +	4.75	%	(h)	9.04	%		04/2032	30,962		30,818		0.8		30,962
Consilio Midco Limited^(8)(10)	Senior secured	SF +	4.75	%	(h)	9.04	%		04/2032	19,084		18,995		0.5		19,084
Consilio Midco Limited^(8)(10)	Senior secured					N/A(6)			04/2032	—		—		—		—
Consilio Midco Limited^(8)(10)	Senior secured					N/A(6)			04/2032	—		—		—		—
Consilio Midco Limited^(8)(10)(25)	Subordinated debt	SF +	7.50	%	(i)	11.64	%		04/2033	5,314		5,277		0.1		5,314
Consilio Midco Limited^(8)(10)(25)	Subordinated debt	SF +	7.50	%	(h)	11.82	%	PIK	04/2033	3		3		—		3

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
CVP Holdco, Inc.^	One stop	SF +	4.75	%	(g)	8.91	%					06/2031	$	32,806	$	32,537	0.8	%	$	32,806
CVP Holdco, Inc.^(5)	One stop					N/A(6)						06/2030	—		(28)		—		—
CVP Holdco, Inc.^	One stop	SF +	4.75	%	(g)	8.91	%					06/2031	1,881		1,846		—		1,881
Med Parentco, LP^#(26)	Senior secured	SF +	3.25	%	(g)	7.41	%					04/2031	22,398		22,417		0.6		22,470
Metal Supermarkets US Buyer, LLC&(8)(11)	One stop	SF +	4.75	%	(h)	8.75	%					12/2030	12,326		12,273		0.3		12,326
Metal Supermarkets US Buyer, LLC^(8)(11)	One stop	SF +	4.75	%	(h)	8.75	%					12/2030	328		322		—		328
PetVet Care Centers LLC^	One stop	SF +	6.00	%	(g)	10.16	%					11/2030	9,238		9,104		0.2		8,499
PetVet Care Centers LLC^(5)	One stop					N/A(6)						11/2029	—		(19)		—		(95)
PetVet Care Centers LLC^(5)	One stop					N/A(6)						11/2030	—		(9)		—		—
Radiance Borrower, LLC&^(25)	One stop	SF +	5.75	%	(g)	7.16	%	cash/	2.75	%	PIK	06/2031	41,498		41,251		1.0		41,498
Radiance Borrower, LLC^	One stop	SF +	5.25	%	(g)	9.41	%					06/2031	388		361		—		388
VSG Acquisition Corp. and Sherrill, Inc.*^	One stop	SF +	5.00	%	(g)(h)	9.16	%					10/2029	31,077		30,651		0.8		30,921
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	5.00	%	(g)	9.16	%					10/2029	430		422		—		424
VSG Acquisition Corp. and Sherrill, Inc.^(5)	One stop					N/A(6)						10/2029	—		(10)		—		(11)
													361,324		357,507		8.9		359,949
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.^(25)	One stop	SF +	7.00	%	(h)	8.19	%	cash/	3.25	%	PIK	06/2028	11,900		11,582		0.3		10,769
Marcone Yellowstone Buyer Inc.^(25)	One stop	SF +	7.00	%	(h)	8.19	%	cash/	3.25	%	PIK	06/2028	5,047		4,912		0.1		4,567
													16,947		16,494		0.4		15,336
Transportation Infrastructure
LDS Intermediate Holdings, LLC*^	One stop	SF +	5.00	%	(g)	9.16	%					02/2032	54,753		54,442		1.3		54,207
LDS Intermediate Holdings, LLC^(5)	One stop					N/A(6)						02/2032	—		(46)		—		(82)
LDS Intermediate Holdings, LLC^	One stop	SF +	5.00	%	(g)	9.16	%					02/2032	10,842		10,781		0.3		10,734
LDS Intermediate Holdings, LLC^(5)	One stop					N/A(6)						02/2032	—		(40)		—		(80)
LDS Intermediate Holdings, LLC^	One stop	SF +	5.00	%	(g)	9.16	%					02/2032	800		796		—		792
PODS, LLC#(26)	Senior secured	SF +	3.00	%		7.28	%					03/2028	2,992		2,925		0.1		2,936
													69,387		68,858		1.7		68,507
Water Utilities
Aegion Corporation^#(26)	Senior secured	SF +	3.00	%	(g)	7.16	%					05/2028	12,349		12,294		0.3		12,380
Aegion Corporation#(26)	Senior secured					N/A(6)						05/2028	—		1		—		1
Vessco Midco Holdings, LLC^	One stop	SF +	4.75	%	(g)(i)	8.93	%					07/2031	15,577		15,448		0.4		15,577
Vessco Midco Holdings, LLC^	One stop	SF +	4.75	%	(g)(i)	8.89	%					07/2031	2,821		2,800		0.1		2,821
Vessco Midco Holdings, LLC^(5)	One stop					N/A(6)						07/2031	—		(14)		—		—
													30,747		30,529		0.8		30,779

Total debt investments													8,521,763		8,418,294		209.2		8,490,414

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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(22)(23)
Air Freight & Logistics
RJW Group Holdings, Inc.(24)	LLC units	N/A	N/A		11/2024	N/A	1,563	$	962	—	%	$	1,241

Auto Components
Arnott, LLC	LP units	N/A	N/A		12/2024	N/A	—	125		—		112

Automobiles
CAP-KSI Holdings, LLC	Preferred stock	N/A	N/A		06/2024	N/A	1,146	1,146		0.1		1,274
CAP-KSI Holdings, LLC	Common stock	N/A	N/A		06/2024	N/A	1,146	—		—		296
Quick Quack Car Wash Holdings, LLC	LLC units	N/A	N/A		06/2024	N/A	417	417		—		547
Quick Quack Car Wash Holdings, LLC	Preferred stock	N/A	N/A		06/2024	N/A	83	83		—		104
Yorkshire Parent, Inc.	LP interest	N/A	N/A		12/2023	N/A	—	94		—		110
								1,740		0.1		2,331
Beverages
Spindrift Beverage Co. Inc.	LLC interest	N/A	N/A		02/2025	N/A	3	3,178		0.1		3,897

Commercial Services & Supplies
CHA Vision Holdings, Inc.	Warrant	N/A	N/A		01/2024	N/A	—	109		—		151

Containers & Packaging
Packaging Coordinators Midco, Inc.	LP units	N/A	N/A		09/2025	N/A	182	1,822		0.1		1,822

Diversified Consumer Services
CHVAC Services Investment, LLC	Preferred stock	N/A	N/A		05/2024	N/A	162	408		—		698
Kodiak Buyer, LLC	LP interest	N/A	N/A		08/2025	N/A	4	448		—		448
Virginia Green Acquisition, LLC	Preferred stock	N/A	N/A		12/2023	N/A	73	73		—		83
								929		—		1,229
Electric Utilities
Smart Energy Systems, Inc.	Preferred stock	N/A	N/A		01/2025	N/A	7	36		—		174

Electrical Equipment
Wildcat TopCo, Inc.	Preferred stock	N/A	N/A		12/2024	N/A	191	191		—		256

Food Products
Zullas, L.C.	Warrant	N/A	N/A		06/2025	N/A	2	1,726		—		1,726

Healthcare Equipment & Supplies
Centegix Intermediate II, LLC	Preferred stock	N/A	N/A		08/2025	N/A	3,652	3,652		0.1		3,651
Isto Group, Inc.(9)	LP units	N/A	N/A		09/2025	N/A	18	2,189		—		2,166
								5,841		0.1		5,817
Healthcare Providers & Services
HP TLE Buyer, Inc.	LP units	N/A	N/A		07/2025	N/A	743	743		—		743

Healthcare Technology
Amberfield Acquisition Co.	Preferred stock	N/A	N/A		05/2024	N/A	450	450		—		536
Modernizing Medicine, Inc.(24)	Preferred stock	N/A	13.00%	Non-Cash	04/2025	N/A	14	14,820		0.4		15,155
								15,270		0.4		15,691

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
Hotels, Restaurants & Leisure
Patriot Acquireco, LLC	LP units	N/A	N/A		09/2025	N/A	3,613	$	3,613	0.1	%	$	3,613
PB Group Holdings, LLC	Preferred stock	N/A	N/A		08/2024	N/A	113	262		—		279
Rooster BidCo Limited(8)(10)	LLC units	N/A	N/A		03/2025	N/A	1,601	1,656		0.1		2,450
Saguaro Buyer, LLC	LP units	N/A	N/A		07/2025	N/A	4	3,798		0.1		4,038
								9,329		0.3		10,380
Insurance
Oakbridge Insurance Agency LLC	Preferred stock	N/A	N/A		11/2023	N/A	4	70		—		89

Leisure Products
Movement Holdings, LLC(8)(10)	LP units	N/A	N/A		03/2024	N/A	—	661		—		385

Pharmaceuticals
Creek Parent, Inc.	Preferred stock	N/A	N/A		12/2024	N/A	1,279	1,279		—		1,368

Professional Services
Eclipse Buyer, Inc.(24)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	3,773		0.1		3,833

Software
CB Buyer, Inc.	Preferred stock	N/A	N/A		07/2024	N/A	458	458		—		285
Denali Bidco Limited(8)(10)	LP units	N/A	N/A		08/2023	N/A	75	46		—		128
Energy Worldnet, LLC(24)	Preferred stock	N/A	N/A		02/2025	N/A	50	52		—		54
Gurobi Optimization, LLC	LLC units	N/A	N/A		09/2024	N/A	—	209		—		229
LogicMonitor, Inc.	LLC units	N/A	N/A		12/2024	N/A	250	250		—		277
Menlo Ridgeview Co-Invest, LLC(8)	LLC units	N/A	N/A		05/2025	N/A	1,484	1,520		—		1,587
Panzura, LLC	LLC units	N/A	N/A		03/2025	N/A	1	4		—		—
Pluralsight, LLC	Common stock	N/A	N/A		08/2024	N/A	597	1,100		—		1,055
StrongDM, Inc.	Preferred stock	N/A	N/A		05/2025	N/A	676	3,599		0.1		3,745
Togetherwork Holdings, LLC	Preferred stock	N/A	N/A		07/2024	N/A	545	2,384		0.1		2,445
Transform Bidco Limited(8)(10)	LP units	N/A	N/A		04/2025	N/A	3,477	3,477		0.1		3,601
Tricentis Operations Holdings, Inc.	Preferred stock	N/A	N/A		02/2025	N/A	40	40		—		44
								13,139		0.3		13,450
Specialty Retail
Metal Supermarkets US Buyer, LLC(8)(11)	LLC units	N/A	N/A		12/2024	N/A	1	124		—		132
Metal Supermarkets US Buyer, LLC(8)(11)	Preferred stock	N/A	N/A		12/2024	N/A	—	—		—		10
								124		—		142

Total equity investments								61,047		1.5		64,837

Total investments								$	8,479,341	210.7	%	$	8,555,251

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%	(28)				$	251,491	6.2	%	$	251,491
JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Share Class (CUSIP 4812A0375)			4.09%	(28)				161,145		4.0		161,145
Total money market funds								412,636		10.2		412,636

Total investments and money market funds								$	8,891,977	220.9	%	$	8,967,887

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 2025-R Debt Securitization (as defined in Note 7).
&						Denotes that all or a portion of the investment collateralizes the 2025 Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
#						Denotes that all or a portion of the investment collateralizes the BANA Credit Facility (as defined in Note 7).

(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”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or 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 may 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 Prime, 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 the 30-day Term SOFR which was 4.13% as of September 30, 2025.

(h) 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.

(i) 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.

(j) 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.

(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)Investment was on non-accrual status as of September 30, 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 September 30, 2025, total non-qualifying assets at fair value represented 21.3% of the Company’s total assets calculated in accordance with the 1940 Act.