gbdc-20241231

TABLE OF CONTENTS

______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2024

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 814-01412

Golub Capital Direct Lending Corporation

(Exact name of registrant as specified in its charter)


Maryland						87-1489837
(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	o	Accelerated filer	o
Non-accelerated filer	þ	Smaller reporting company	o
Emerging growth company	þ

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. þ

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

As of February 11, 2025, the Registrant had 32,796,747.867 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of December 31, 2024 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and September 30, 2024	8
	Notes to Consolidated Financial Statements (unaudited)	48
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	75
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	96
Item 4.	Controls and Procedures	98
Part II. Other Information
Item 1.	Legal Proceedings	98
Item 1A.	Risk Factors	98
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	98
Item 3.	Defaults Upon Senior Securities	98
Item 4.	Mine Safety Disclosures	98
Item 5.	Other Information	98
Item 6.	Exhibits	99

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	December 31, 2024		September 30, 2024

Assets	(unaudited)
Non-controlled/non-affiliate company investments at fair value (amortized cost of $758,799 and $683,085, respectively)	$	763,730	$	689,946

Cash and cash equivalents	3,480		10,147
Foreign currencies (cost of $5,874 and $1,410, respectively)	5,041		1,423
Restricted cash and cash equivalents	11,901		8,545
Restricted foreign currencies (cost of $66 and $4, respectively)	79		5


Interest receivable	6,635		8,191
Receivable for investments	527		1,225



Other assets	26		26
Total Assets	$	791,419	$	719,508
Liabilities
Debt	$	285,234	$	244,053
Less unamortized debt issuance costs	(2,316)		(1,933)
Debt less unamortized debt issuance costs	282,918		242,120



Interest payable	4,085		4,926
Distributions payable	8,062		7,018

Management and incentive fees payable	3,494		3,298
Payable for investments purchased	139		—
Accrued trustee fees	50		55
Accounts payable and other liabilities	732		628

Total Liabilities	299,480		258,045
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and September 30, 2024	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 32,795,949.666 and 30,764,173.550 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively	33		31
Paid in capital in excess of par	491,063		460,589
Distributable earnings (losses)	843		843
Total Net Assets	491,939		461,463
Total Liabilities and Total Net Assets	$	791,419	$	719,508
Number of common shares outstanding	32,795,949.666		30,764,173.550
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share data)


	Three months ended December 31,
	2024		2023
Investment income
Interest income	$	18,071	$	11,146
Payment-in-kind interest income	1,276		945
Dividend income	376		261
Fee income	54		32
Total investment income	19,777		12,384






Expenses
Interest and other debt financing expenses	5,218		2,862
Base management fee	1,840		998
Incentive fee	1,266		838

Professional fees	289		202
Administrative service fee	236		118
General and administrative expenses	44		85
Total expenses	8,893		5,103
Base management fee waived (Note 4)	—		(332)


Net expenses	8,893		4,771
Net investment income - before tax	10,884		7,613
Excise and income taxes	—		75
Net investment income - after tax	10,884		7,538
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	—		(3)
Foreign currency transactions	(726)		15
Net realized gain (loss) on investment transactions	(726)		12
Net change in unrealized appreciation (depreciation) from:
Investments	1,373		403

Translation of assets and liabilities in foreign currencies	448		52
Net change in unrealized appreciation (depreciation) on investment transactions	1,821		455
Net gain (loss) on investment transactions	1,095		467
Net realized gain (loss) on extinguishment of debt	(432)		—
Net increase (decrease) in net assets resulting from operations	$	11,547	$	8,005
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 10)	$	0.37	$	0.47
Basic and diluted weighted average common shares outstanding (Note 10)	31,095,433		17,319,083

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)



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











Balance at September 30, 2023	15,702,639.886	$	16	$	234,869	$	655	$	235,540
Issuance of common stock	5,809,180.332	6		87,132		—		87,138

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		7,538		7,538
Net realized gain (loss) on investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		455		455
Distributions to stockholders:

Distributions from distributable earnings	—	—		—		(5,052)		(5,052)
Distributions declared and payable	—	—		—		(2,953)		(2,953)

Total increase (decrease) for the three months ended December 31, 2023	5,809,180.332	6		87,132		—		87,138
Balance at December 31, 2023	21,511,820.218	$	22	$	322,001	$	655	$	322,678














Balance at September 30, 2024	30,764,173.550	$	31	$	460,589	$	843	$	461,463
Issuance of common stock	2,031,000.000	2		30,463		—		30,465

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		10,884		10,884
Net realized gain (loss) on investment transactions	—	—		—		(726)		(726)
Net realized gain (loss) on extinguishment of debt						(432)		(432)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		1,821		1,821
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	776.116	—		11		—		11
Distributions from distributable earnings	—	—		—		(3,485)		(3,485)
Distributions declared and payable	—	—		—		(8,062)		(8,062)

Total increase (decrease) for the three months ended December 31, 2024	2,031,776.116	2		30,474		—		30,476
Balance at December 31, 2024	32,795,949.666	$	33	$	491,063	$	843	$	491,939

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Three months ended December 31,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	11,547	$	8,005
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	339		172
Amortization of deferred offering costs	—		32
Accretion of discounts and amortization of premiums	(527)		(371)
Net realized (gain) loss on investments	—		3
Net realized (gain) loss on foreign currency transactions	726		(15)
Net realized (gain) loss on extinguishment of debt	432		—
Net change in unrealized (appreciation) depreciation on investments	(1,373)		(403)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(448)		(52)

Proceeds from (fundings of) revolving loans, net	(682)		(369)
Fundings of investments	(85,175)		(141,473)
Proceeds from principal payments and sales of portfolio investments	12,191		2,318
Payment-in-kind interest capitalized	(1,276)		(898)
Non-cash dividends capitalized	(334)		(261)

Changes in operating assets and liabilities:

Interest receivable	1,556		(3,966)
Receivable for investments	698		—


Other assets	—		(437)

Interest payable	(841)		884
Management and incentive fees payable	196		432
Payable for investments purchased	139		18
Accrued trustee fees	(5)		1
Accounts payable and other liabilities	104		293

Net cash provided by (used in) operating activities	(62,733)		(136,087)



Cash flows from financing activities
Borrowings on debt	296,172		57,500
Repayments of debt	(251,139)		(10,700)


Capitalized debt issuance costs	(1,029)		(202)


Proceeds from issuance of common shares	30,465		87,138

Distributions paid	(10,492)		(9,167)
Net cash provided by (used in) financing activities	63,977		124,569
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	1,244		(11,518)
Effect of foreign currency exchange rates	(863)		56
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	20,120		29,041
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	20,501	$	17,579
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	5,719	$	1,806

Distributions declared for the period	11,547		8,005
Supplemental disclosure of non-cash financing activity:

Stock issued in connection with dividend reinvestment plan	$	11	$	—
Change in distributions payable	1,044		(1,162)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Cash Flows

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


	As of
	December 31, 2024		September 30, 2024
Cash and cash equivalents	$	3,480	$	10,147
Foreign currencies (cost of $5,874 and $1,410, respectively)	5,041		1,423
Restricted cash and cash equivalents	11,901		8,545
Restricted foreign currencies (cost of $66 and $4, respectively)	79		5
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	20,501	$	20,120

(1) See “Note 2. Significant Accounting Policies and Recent Accounting Updates” for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, and restricted foreign currencies.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.^	One stop	SF +	6.50%	(i)	10.93%				02/2029	$	7,600	$	7,441	1.6	%	$	7,714
PPW Aero Buyer, Inc.	One stop	SF +	6.50%	(a)(h)(i)	11.85%				02/2029	26		25		—		26
PPW Aero Buyer, Inc.	One stop	SF +	5.50%		N/A(6)				02/2029	—		—		—		—
PPW Aero Buyer, Inc.	One stop	SF +	5.50%	(i)	9.83%				02/2029	19		19		—		19
										7,645		7,485		1.6		7,759
Air Freight & Logistics
RJW Group Holdings, Inc.^	One stop	SF +	5.25%	(i)	9.58%				11/2031	4,380		4,294		0.9		4,293
RJW Group Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)				11/2031	—		(3)		—		(3)
										4,380		4,291		0.9		4,290
Auto Components
Arnott, LLC	One stop	SF +	4.75%	(i)	9.08%				11/2030	447		442		0.1		442
Arnott, LLC(5)	One stop	SF +	4.75%		N/A(6)				11/2030	—		(1)		—		(1)
Collision SP Subco, LLC^	One stop	SF +	5.50%	(i)	10.09%				01/2030	3,289		3,233		0.7		3,289
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)(j)	10.12%				01/2030	964		947		0.2		964
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)	10.09%				01/2030	81		72		—		81
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.22%				08/2027	271		270		—		260
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.24%				08/2027	55		54		—		53
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.08%				08/2027	93		92		—		89
OEConnection, LLC(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(5)		—		—
OEConnection, LLC(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—		(6)		—		—
OEConnection, LLC^	One stop	SF +	5.00%	(h)	9.36%				04/2031	5,744		5,692		1.2		5,744
OEConnection, LLC(5)	One stop	SF +	0.05		N/A(6)				04/2031	—		(3)		—		—
										10,944		10,787		2.2		10,921
Automobiles
CAP-KSI Holdings, LLC^	One stop	SF +	5.25%	(i)	9.58%				06/2030	1,952		1,925		0.4		1,952
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(h)	9.61%				06/2030	54		50		—		54
CG Group Holdings, LLC(25)	One stop	SF +	8.75%	(i)	11.08%	cash/	2.00%	PIK	07/2027	1,848		1,830		0.4		1,848
CG Group Holdings, LLC(25)	One stop	SF +	8.75%	(h)	11.11%	cash/	2.00%	PIK	07/2026	354		351		0.1		354
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	1,447		1,435		0.3		1,447
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	864		857		0.2		864
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2027	259		256		0.1		259
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	157		156		—		157
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	149		148		—		149
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	130		129		—		130
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	107		106		—		107
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	104		103		—		104
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	104		103		—		104
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	86		85		—		86
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.61%				12/2028	80		79		—		80
Denali Midco 2, LLC	One stop	SF +	5.25%	(h)	9.61%				12/2028	511		461		0.1		511
Denali Midco 2, LLC	One stop	SF +	5.25%	(h)	9.61%				12/2028	22		21		—		22
Denali Midco 2, LLC	One stop	SF +	5.25%	(h)	9.61%				12/2028	18		18		—		18
Denali Midco 2, LLC	One stop	SF +	5.25%	(h)	9.61%				12/2028	11		11		—		11
Denali Midco 2, LLC	One stop	SF +	5.25%	(h)	9.61%				12/2028	5		5		—		5
Denali Midco 2, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(2)		—		—
Denali Midco 2, LLC	One stop	SF +	5.25%	(h)	9.61%				12/2028	25		25		—		25
Denali Midco 2, LLC^	One stop	SF +	5.25%	(h)	9.59%				12/2028	1,001		992		0.2		1,001
Denali Midco 2, LLC(25)	Second lien	N/A			13.00%	PIK			12/2029	3,259		3,258		0.7		3,259
High Bar Brands Operating, LLC^	Senior secured	SF +	5.00%	(i)	9.33%				12/2029	275		270		0.1		275

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
High Bar Brands Operating, LLC^	Senior secured	SF +	5.00%	(i)	9.33%		12/2029	$	57	$	56	—	%	$	57
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)		12/2029	—		(1)		—		—
High Bar Brands Operating, LLC	Senior secured	SF +	5.00%	(i)	9.33%		12/2029	49		47		—		49
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.50%	(i)(j)	9.84%		07/2029	7,068		7,023		1.5		7,068
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(j)	9.86%		07/2029	177		175		0.1		177
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)		07/2029	—		(13)		—		—
National Express Wash Parent Holdco, LLC	One stop	SF +	6.00%	(j)	10.63%		07/2029	1,453		1,441		0.3		1,460
POY Holdings, LLC^	One stop	SF +	5.50%	(i)	9.98%		11/2027	5,146		5,072		1.0		5,146
POY Holdings, LLC^	One stop	SF +	5.50%	(i)	9.98%		11/2027	3,927		3,879		0.8		3,927
POY Holdings, LLC^	One stop	SF +	5.50%	(i)	9.98%		11/2027	226		225		—		226
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)		11/2027	—		(2)		—		—
POY Holdings, LLC	One stop	SF +	5.50%	(i)	9.98%		11/2027	122		122		—		122
POY Holdings, LLC	One stop	SF +	5.50%	(i)	9.98%		11/2027	274		272		0.1		274
POY Holdings, LLC	One stop	SF +	5.50%		N/A(6)		11/2027	—		—		—		—
POY Holdings, LLC	One stop	SF +	5.50%	(i)	10.24%		11/2027	367		365		0.1		367
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	4.75%	(h)	9.11%		06/2031	523		520		0.1		523
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%		N/A(6)		06/2031	—		—		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%		9.12%		06/2031	12		11		—		12
Yorkshire Parent, Inc.^	One stop	SF +	6.00%	(i)	10.33%		12/2029	7,249		7,188		1.5		7,249
Yorkshire Parent, Inc.	One stop	SF +	6.00%	(i)	10.33%		12/2029	181		168		—		181
Yorkshire Parent, Inc.	One stop	SF +	6.00%	(i)	10.52%		12/2029	592		576		0.1		592
								40,245		39,796		8.2		40,252
Banks
Empyrean Solutions, LLC	One stop	SF +	4.75%	(i)	9.08%		11/2031	516		514		0.1		514
Empyrean Solutions, LLC	One stop	SF +	4.75%		N/A(6)		11/2031	—		—		—		—
Empyrean Solutions, LLC(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(1)		—		(1)
OSP Hamilton Purchaser, LLC^	One stop	SF +	5.25%	(i)	9.84%		12/2029	1,339		1,325		0.3		1,339
OSP Hamilton Purchaser, LLC	One stop	SF +	5.25%	(i)	9.84%		12/2029	254		241		—		254
OSP Hamilton Purchaser, LLC	One stop	SF +	5.25%	(i)	9.84%		12/2029	90		88		—		90
								2,199		2,167		0.4		2,196
Beverages
Financial Information Technologies, LLC^	One stop	SF +	5.25%	(i)	9.58%		06/2030	2,796		2,757		0.6		2,796
Financial Information Technologies, LLC(25)	One stop	N/A			14.00%	PIK	06/2031	1,604		1,572		0.3		1,652
Financial Information Technologies, LLC^	One stop	SF +	5.25%	(i)	9.58%		06/2030	1,155		1,143		0.2		1,155
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(4)		—		—
								5,555		5,467		1.1		5,603
Building Products
BECO Holding Company, Inc.^	One stop	SF +	5.25%	(i)	9.73%		11/2028	3,818		3,797		0.8		3,818
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2027	—		(2)		—		—
								3,818		3,795		0.8		3,818
Capital Markets
BlueMatrix Holdings, LLC^	One stop	SF +	5.25%	(i)	9.58%		01/2031	4,859		4,822		1.0		4,859
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(6)		—		—
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(12)		—		—
								4,859		4,804		1.0		4,859
Chemicals
Krayden Holdings, Inc.^	Senior secured	SF +	4.75%	(h)	9.11%		03/2029	340		337		0.1		340
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(1)		—		—
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(2)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PHM NL SP Bidco B.V.(8)(9)(12)(25)	One stop	E +	6.75%	(d)	6.91%	cash/	3.00%	PIK	09/2028	$	1,908	$	2,113	0.4	%	$	1,812
PHM NL SP Bidco B.V.(8)(12)(25)	One stop	SF +	6.75%	(g)	8.31%	cash/	3.00%	PIK	09/2028	803		795		0.1		763
PHM NL SP Bidco B.V.(8)(9)(12)(25)	One stop	SN +	6.75%	(f)	8.45%	cash/	3.00%	PIK	09/2028	439		462		0.1		416
PHM NL SP Bidco B.V.(8)(9)(12)(25)	One stop	E +	6.75%	(d)	6.40%	cash/	3.00%	PIK	09/2028	203		218		—		192
										3,693		3,922		0.7		3,523
Commercial Services & Supplies
BradyIFS Holdings, LLC	One stop	SF +	5.00%	(i)	9.40%				10/2029	49		44		—		49
BradyIFS Holdings, LLC^	One stop	SF +	5.00%	(i)	9.52%				10/2029	7,718		7,580		1.6		7,718
CI (Quercus) Intermediate Holdings, LLC^	One stop	SF +	5.00%	(i)	9.33%				06/2031	1,263		1,253		0.2		1,263
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.00%	(h)	9.36%				06/2031	18		5		—		18
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.00%	(i)	9.33%				06/2031	53		49		—		53
Encore Holdings, LLC^	One stop	SF +	5.25%	(i)	9.68%				11/2028	5,346		5,266		1.1		5,359
Encore Holdings, LLC^	One stop	SF +	5.25%	(i)	9.68%				11/2028	1,063		1,047		0.2		1,066
Encore Holdings, LLC	One stop	SF +	5.00%	(i)	9.33%				11/2028	843		833		0.2		843
Encore Holdings, LLC	One stop	SF +	4.75%	(i)	9.08%				11/2028	392		388		0.1		388
Encore Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				11/2028	—		—		—		(1)
FR Vision Holdings, Inc.^	One stop	SF +	5.50%	(h)(i)	10.12%				01/2031	6,313		6,259		1.3		6,313
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(i)	10.08%				01/2031	862		844		0.2		862
FR Vision Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				01/2030	—		(4)		—		—
Kleinfelder Intermediate, LLC^	One stop	SF +	5.00%	(h)	9.36%				09/2030	843		821		0.1		843
Kleinfelder Intermediate, LLC	One stop	P +	4.00%	(a)	11.50%				09/2028	27		25		—		27
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)				09/2030	—		(1)		—		—
Profile Products LLC	One stop	SF +	5.50%	(j)	10.04%				11/2027	350		347		0.1		343
Profile Products LLC(8)	One stop	SF +	5.50%	(j)	10.04%				11/2027	71		70		—		70
Profile Products LLC	One stop	P +	4.50%	(a)	12.00%				11/2027	13		12		—		12
Profile Products LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—		—		—		(1)
PSC Parent, Inc.	One stop	SF +	5.25%		N/A(6)				04/2031	—		—		—		—
PSC Parent, Inc.	One stop	SF +	5.25%		9.61%				04/2031	74		73		—		74
PSC Parent, Inc.	One stop	SF +	5.25%	(a)(h)	9.97%				04/2030	56		55		—		56
PSC Parent, Inc.^	One stop	SF +	5.25%	(h)	9.76%				04/2031	441		437		0.1		441
Radwell Parent, LLC^	One stop	SF +	5.50%	(i)	9.83%				03/2029	8,386		8,303		1.7		8,302
Radwell Parent, LLC^	One stop	SF +	5.50%	(i)	9.83%				03/2029	302		296		0.1		299
Radwell Parent, LLC	One stop	SF +	5.50%	(i)	9.83%				03/2029	58		52		—		55
Radwell Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2029	—		(1)		—		(2)
WRE Holding Corp.(5)	One stop	SF +	5.00%		N/A(6)				07/2030	—		(7)		—		—
WRE Holding Corp.^	One stop	SF +	5.00%	(j)	9.25%				07/2031	4,895		4,849		1.0		4,895
WRE Holding Corp.	One stop	SF +	5.00%	(j)	9.52%				07/2031	402		396		0.1		402
										39,838		39,291		8.1		39,747
Construction & Engineering
Consor Intermediate II, LLC(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(1)		—		—
Consor Intermediate II, LLC	One stop	SF +	4.50%		N/A(6)				05/2031	—		—		—		—
Consor Intermediate II, LLC^	One stop	SF +	4.50%	(i)	8.83%				05/2031	325		323		0.1		325
										325		322		0.1		325
Containers & Packaging
Chase Intermediate^	One stop	SF +	4.75%	(i)	9.34%				10/2028	4,041		4,020		0.9		4,041
Chase Intermediate(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(2)		—		—
Chase Intermediate	One stop	SF +	4.75%	(i)	9.22%				10/2028	82		80		—		82
Fortis Solutions Group, LLC^	One stop	SF +	5.50%	(i)	9.93%				10/2028	2,085		2,066		0.4		2,085
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	9.93%				10/2028	50		43		—		50
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	9.93%				10/2028	5		2		—		5
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(a)(i)	10.32%				10/2027	106		103		—		106
										6,369		6,312		1.3		6,369

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Consumer Services
Any Hour, LLC	One stop	SF +	5.00%	(i)	9.33%				05/2030	$	78	$	72	—	%	$	62
Any Hour, LLC(25)	One stop	N/A			13.00%	PIK			05/2031	904		888		0.2		895
Any Hour, LLC	One stop	SF +	5.00%	(i)	9.45%				05/2030	200		195		—		192
Any Hour, LLC^	One stop	SF +	5.00%	(i)	9.33%				05/2030	2,750		2,713		0.5		2,695
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.50%				10/2030	14		14		—		14
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.51%				10/2030	2,054		2,007		0.4		2,054
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.51%				10/2029	452		427		0.1		452
Apex Service Partners, LLC^	One stop	SF +	5.00%	(i)	9.51%				10/2030	8,631		8,422		1.8		8,631
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(i)	9.33%				05/2030	59		57		—		59
CHVAC Services Investment, LLC	One stop	SF +	5.00%		N/A(6)				05/2030	—		—		—		—
CHVAC Services Investment, LLC^	One stop	SF +	5.00%	(i)	9.33%				05/2030	355		349		0.1		355
COP Hometown Acquisitions, Inc.^	Senior secured	SF +	5.50%	(i)	10.17%				07/2027	3,944		3,891		0.8		3,944
COP Hometown Acquisitions, Inc.^	Senior secured	SF +	5.50%	(i)	10.14%				07/2027	2,986		2,945		0.6		2,986
COP Hometown Acquisitions, Inc.^	Senior secured	SF +	5.50%	(i)	10.15%				07/2027	2,627		2,592		0.5		2,627
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	142		141		—		142
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	96		96		—		96
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	94		93		—		94
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	86		85		—		86
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	9.99%				07/2027	61		61		—		61
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	9.98%				07/2027	43		43		—		43
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
EMS LINQ, LLC	One stop	SF +	6.25%	(i)	10.86%				12/2027	523		521		0.1		523
EMS LINQ, LLC	One stop	SF +	6.25%	(i)	10.81%				12/2027	39		39		—		39
Entomo Brands Acquisitions, Inc.^	Senior secured	SF +	5.50%	(i)	9.98%				07/2029	359		355		0.1		359
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	9.98%				07/2029	15		14		—		15
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	9.98%				07/2029	103		101		—		103
FPG Intermediate Holdco, LLC(25)	One stop	SF +	6.75%	(i)	5.70%	cash/	5.75%	PIK	03/2027	43		43		—		43
FPG Intermediate Holdco, LLC(25)	One stop	SF +	6.75%	(i)(j)	5.69%	cash/	5.75%	PIK	03/2027	1,720		1,705		0.3		1,376
FPG Intermediate Holdco, LLC(25)	One stop	SF +	6.75%	(h)(i)(j)	5.46%	cash/	5.75%	PIK	03/2027	13		13		—		13
FSS Buyer LLC	One stop	SF +	5.00%	(h)	9.36%				08/2028	304		301		0.1		304
FSS Buyer LLC	One stop	SF +	5.00%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.^	One stop	SF +	5.25%	(i)	9.76%				06/2029	431		425		0.1		431
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(a)(h)	10.06%				06/2028	13		12		—		13
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(i)	9.88%				06/2029	102		101		—		102
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC	One stop	SF +	5.00%	(h)	9.36%				05/2028	87		87		—		87
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC^	One stop	SF +	5.00%	(h)	9.36%				05/2028	427		425		0.1		427
Mario Purchaser, LLC^	One stop	SF +	5.75%	(h)	10.21%				04/2029	413		408		0.1		401
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.21%				04/2029	535		528		0.1		519
Mario Purchaser, LLC(25)	One stop	SF +	10.75%	(h)	15.21%	PIK			04/2032	273		269		0.1		270
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.21%				04/2028	13		13		—		12
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.21%				04/2029	69		63		—		48
NSG Buyer, Inc. ^	One stop	SF +	6.50%	(h)	10.96%				11/2029	7,212		7,121		1.5		7,266
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(14)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(3)		—		—
NSG Buyer, Inc. ^	One stop	SF +	5.75%	(h)	10.11%				11/2029	1,761		1,730		0.4		1,761
RW AM Holdco LLC^	One stop	SF +	5.25%	(i)	9.68%				04/2028	987		982		0.2		889
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		—		—		(9)
Severin Acquisition, LLC^(25)	One stop	SF +	5.00%	(h)	7.11%	cash/	2.25%	PIK	10/2031	3,138		3,108		0.6		3,138
Severin Acquisition, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2031	—		(4)		—		—
Severin Acquisition, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2031	—		(3)		—		—
Virginia Green Acquisition, LLC^	One stop	SF +	5.25%	(j)	9.53%				12/2030	6,843		6,785		1.4		6,843

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	$	—	$	(9)	—	%	$	—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(j)	9.56%				12/2030	343		319		0.1		343
										51,342		50,526		10.3		50,804
Diversified Financial Services
Avalara, Inc.^	One stop	SF +	6.25%	(i)	10.58%				10/2028	1,091		1,074		0.2		1,091
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(4)		—		—
Baker Tilly Advisory Group, LP^	One stop	SF +	4.75%	(h)	9.11%				06/2031	1,529		1,508		0.3		1,529
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(2)		—		—
Banker's Toolbox, Inc.^	One stop	SF +	4.50%	(i)	8.83%				07/2027	1,354		1,344		0.3		1,354
Banker's Toolbox, Inc.	One stop	SF +	4.50%		N/A(6)				07/2027	—		—		—		—
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(c)(d)	3.59%	cash/	8.00%	PIK	07/2032	98		101		—		98
Ceres Groupe SAS & Ceres PikCo^(8)(9)(20)	One stop	E +	5.25%	(d)	8.84%				07/2031	448		464		0.1		448
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Corsair Blade IV S.A R.L.(8)(9)(14)	One stop	SN +	5.50%	(f)	10.20%				12/2030	27		21		—		21
Corsair Blade IV S.A R.L.(8)(14)	One stop	SF +	5.50%	(g)	9.81%				12/2030	89		89		—		88
Finastra USA, Inc.	One stop	SF +	7.25%	(i)	11.65%				09/2029	31		30		—		31
Finastra USA, Inc.^	One stop	SF +	7.25%	(i)	11.65%				09/2029	4,913		4,836		1.0		4,937
Flash Topco, Inc.	One stop	SF +	6.00%	(i)	10.69%				10/2028	927		922		0.2		920
Flash Topco, Inc.	One stop	SF +	6.50%	(i)	10.83%				10/2028	46		45		—		46
Flash Topco, Inc.^	One stop	SF +	6.00%	(i)	10.40%				10/2028	321		320		0.1		318
Higginbotham Insurance Agency, Inc.^	One stop	SF +	4.50%	(h)	8.86%				11/2028	1,594		1,584		0.3		1,594
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.75%	(h)	9.11%				11/2028	191		188		—		191
Medlar Bidco Limited(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited(5)(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		(5)
Wealth Enhancement Group, LLC	One stop	SF +	5.00%		N/A(6)				10/2028	—		—		—		—
Wealth Enhancement Group, LLC	One stop	SF +	5.00%	(i)	9.57%				10/2028	255		255		0.1		254
Wealth Enhancement Group, LLC	One stop	SF +	5.00%	(i)	9.57%				10/2028	354		353		0.1		352
Wealth Enhancement Group, LLC(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(2)		—		(2)
										13,268		13,124		2.7		13,265
Electrical Equipment
Power Grid Holdings, Inc.^	One stop	SF +	4.75%	(i)	9.08%				12/2030	242		238		0.1		242
Power Grid Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—		(1)		—		—
Wildcat TopCo, Inc.^	One stop	SF +	5.00%	(h)	9.36%				11/2031	2,197		2,176		0.4		2,175
Wildcat TopCo, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(4)		—		(4)
Wildcat TopCo, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(2)		—		(2)
										2,439		2,407		0.5		2,411
Electronic Equipment, Instruments & Components
CST Holding Company^	One stop	SF +	5.00%	(h)	9.46%				11/2028	2,214		2,132		0.5		2,214
CST Holding Company(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(2)		—		—
										2,214		2,130		0.5		2,214
Food & Staples Retailing
Wineshipping.com LLC	One stop	SF +	5.75%	(j)	10.74%				10/2027	374		372		0.1		333
Wineshipping.com LLC	One stop	SF +	5.75%	(a)(i)(j)	10.59%				10/2027	73		73		—		64
Wineshipping.com LLC	One stop	SF +	5.75%	(j)	10.45%				10/2027	10		10		—		9
										457		455		0.1		406
Food Products
Blast Bidco Inc.^	One stop	SF +	6.00%	(i)	10.33%				10/2030	7,043		6,956		1.5		7,043
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(10)		—		—
Eagle Family Foods Group, LLC^	One stop	SF +	5.00%	(i)	9.59%				08/2030	1,156		1,146		0.3		1,156
Eagle Family Foods Group, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(1)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(i)	10.73%				07/2027	$	549	$	546	0.1	%	$	543
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(h)(i)	10.59%				07/2027	120		119		—		118
Wizard Bidco Limited^(8)(10)	One stop	SF +	6.00%	(i)	10.33%				03/2029	650		641		0.1		650
Wizard Bidco Limited(8)(9)(10)(25)	One stop	SN +	5.00%	(f)	8.20%	cash/	1.50%	PIK	03/2029	386		402		0.1		369
Wizard Bidco Limited^(8)(9)(10)	One stop	SN +	6.00%	(f)	10.70%				03/2029	222		216		—		222
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	4.75%	(f)	9.45%				09/2028	59		58		—		57
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(2)		—		—
										10,185		10,071		2.1		10,158
Healthcare Equipment & Supplies
Belmont Instrument, LLC^	One stop	SF +	6.25%	(i)	10.58%				08/2028	1,866		1,837		0.4		1,866
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	10.58%				08/2028	10		9		—		10
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50%	(i)	10.01%				06/2031	3,673		3,639		0.7		3,673
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(4)		—		—
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(i)	9.83%				06/2031	602		589		0.1		602
TIDI Legacy Products, Inc.^	One stop	SF +	5.25%	(h)	9.61%				12/2029	750		747		0.2		750
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		—
TIDI Legacy Products, Inc.	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
YI, LLC^	One stop	SF +	5.75%	(i)	10.39%				12/2029	2,923		2,875		0.6		2,923
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(9)		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(5)		—		—
										9,824		9,677		2.0		9,824
Healthcare Providers & Services
AAH TOPCO, LLC	One stop	SF +	5.25%	(h)	9.71%				12/2027	939		934		0.2		939
AAH TOPCO, LLC	One stop	SF +	5.25%	(h)	9.71%				12/2027	333		331		0.1		333
AAH TOPCO, LLC (25)	Subordinated debt	N/A			11.50%	PIK			12/2031	222		220		—		216
AAH TOPCO, LLC	One stop	SF +	5.25%		N/A(6)				12/2027	—		—		—		—
AAH TOPCO, LLC	One stop	SF +	5.25%	(h)	9.71%				12/2027	2,690		2,661		0.6		2,690
Bamboo US Bidco LLC^(8)(9)	One stop	E +	5.25%	(c)	8.25%				09/2030	1,601		1,599		0.3		1,584
Bamboo US Bidco LLC(5)	One stop	SF +	5.25%		N/A(6)				09/2030	—		(1)		—		(1)
Bamboo US Bidco LLC(5)	One stop	SF +	5.25%		N/A(6)				09/2030	—		—		—		(1)
Bamboo US Bidco LLC	One stop	SF +	5.25%	(i)	9.77%				09/2030	224		219		—		220
Bamboo US Bidco LLC(5)	One stop	SF +	5.25%		N/A(6)				10/2029	—		(12)		—		(5)
Bamboo US Bidco LLC^	One stop	SF +	5.25%	(i)	9.77%				09/2030	2,484		2,426		0.5		2,459
Community Care Partners, LLC^	One stop	SF +	6.00%	(h)	10.47%				06/2026	130		129		—		129
Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)	One stop	SN +	5.50%	(f)	10.20%				04/2031	1,439		1,418		0.3		1,425
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)	One stop	SF +	11.00%		N/A(6)				04/2031	—		(5)		—		(6)
Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)	One stop	SF +	5.50%	(j)	9.93%				04/2031	2,484		2,439		0.5		2,459
Datix Bidco Limited and RL Datix Holdings, Inc.(8)(10)	One stop	SF +	5.50%	(h)	9.86%				10/2030	29		20		—		24
Datix Bidco Limited and RL Datix Holdings, Inc.(8)(9)(10)	One stop	SN +	5.50%	(f)	10.20%				10/2030	32		34		—		32
ERC Topco Holdings, LLC(7)(25)	One stop	SF +	6.25%	(i)	7.33%	cash/	3.25%	PIK	11/2028	2,164		2,127		0.3		1,190
ERC Topco Holdings, LLC(7)(25)	One stop	SF +	6.25%	(i)	7.80%	cash/	3.25%	PIK	11/2027	101		112		—		42
ERC Topco Holdings, LLC(7)(25)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	75		36		—		41
ERC Topco Holdings, LLC(7)(25)	One stop	SF +	6.25%	(i)	4.33%	cash/	6.25%	PIK	11/2028	3		1		—		2
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(j)	9.47%				12/2026	294		293		0.1		294
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(j)	9.47%				12/2026	46		46		—		46
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
LOV Acquisition LLC^	Senior secured	SF +	4.50%	(h)	8.86%				11/2031	2,371		2,359		0.5		2,359
LOV Acquisition LLC(5)	Senior secured	SF +	4.50%		N/A(6)				11/2031	—		(1)		—		(1)
Premise Health Holding Corp.^	One stop	SF +	5.50%	(i)	9.82%				03/2031	6,494		6,408		1.3		6,494
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(10)		—		—
Suveto Buyer, LLC^	One stop	SF +	4.75%	(h)	9.11%				09/2027	1,100		1,095		0.2		1,096

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Suveto Buyer, LLC	One stop	P +	3.75%	(a)	11.25%				09/2027	$	9	$	8	—	%	$	8
Suveto Buyer, LLC	One stop	SF +	0.0475	(h)	0.0911				09/2027	164		162		—		161
										25,428		25,048		4.9		24,229
Healthcare Technology
Amberfield Acquisition Co.	One stop	SF +	5.00%	(i)	9.33%				05/2030	14		14		—		14
Amberfield Acquisition Co.	One stop	SF +	5.00%		N/A(6)				05/2030	—		—		—		—
Amberfield Acquisition Co.^	One stop	SF +	5.00%	(i)	9.33%				05/2030	587		582		0.1		587
Color Intermediate, LLC^	Senior secured	SF +	4.75%	(i)	9.18%				10/2029	1,053		1,039		0.2		1,053
Crow River Buyer, Inc.^	One stop	SF +	7.75%	(i)	12.34%				01/2029	367		361		0.1		363
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		(1)
Crow River Buyer, Inc.^	One stop	SF +	6.00%	(h)	10.36%				01/2029	821		813		0.2		813
GHX Ultimate Parent Corporation^	One stop	SF +	4.75%	(i)	9.08%				12/2031	11,292		11,179		2.3		11,179
GHX Ultimate Parent Corporation(5)	One stop	SF +	4.75%		N/A(6)				12/2031	—		(10)		—		(10)
HealthEdge Software, Inc.^	One stop	SF +	4.75%	(h)	9.13%				07/2031	444		440		0.1		444
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(1)		—		—
HealthEdge Software, Inc.	One stop	SF +	4.75%	(h)	9.15%				07/2031	196		194		—		196
Kona Buyer, LLC	One stop	SF +	7.00%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC^	One stop	SF +	4.50%	(i)	9.13%				07/2031	410		406		0.1		410
Kona Buyer, LLC	One stop	SF +	4.50%	(i)	9.13%				07/2031	24		24		—		24
Kona Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)				07/2031	—		(1)		—		—
Lacker Bidco Limited^(8)(9)(10)	One stop	SN +	5.25%	(f)	9.95%				02/2031	1,924		1,915		0.4		1,924
Lacker Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(6)		—		—
Lacker Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	9.95%				02/2031	888		883		0.2		888
Neptune Holdings, Inc.^	One stop	SF +	4.75%	(i)	9.08%				09/2030	2,602		2,557		0.5		2,602
Neptune Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.^(25)	One stop	SF +	5.20%	(h)	6.86%	cash/	2.70%	PIK	08/2031	6,232		6,173		1.3		6,232
Netsmart Technologies, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(8)		—		—
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(4)		—		—
Plasma Buyer LLC^	One stop	SF +	5.75%	(i)	10.08%				05/2029	301		297		—		298
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	10.08%				05/2028	19		19		—		19
Plasma Buyer LLC	One stop	SF +	6.25%	(i)	10.58%				05/2029	9		9		—		9
QF Holdings, Inc.	One stop	SF +	4.75%	(i)	9.34%				12/2027	35		35		—		35
Veranex, Inc.(7)(25)	Senior secured	SF +	6.75%	(j)	5.44%	cash/	5.75%	PIK	04/2028	127		126		—		92
Veranex, Inc.(7)(25)	Senior secured	SF +	6.75%	(j)	5.44%	cash/	5.75%	PIK	04/2028	43		42		—		31
Veranex, Inc.(7)(25)	Senior secured	SF +	6.75%	(i)(j)	5.44%	cash/	5.75%	PIK	04/2028	32		31		—		24
										27,420		27,107		5.5		27,226
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC^	One stop	SF +	6.00%	(i)	10.67%				08/2028	819		814		0.2		819
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.74%				08/2028	41		41		—		41
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.62%				08/2028	48		48		—		48
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.48%				08/2028	77		71		—		77
ESN Venture Holdings, LLC^	One stop	SF +	5.75%	(i)	10.08%				10/2028	2,061		2,034		0.5		2,061
ESN Venture Holdings, LLC^	One stop	SF +	5.75%	(i)	10.08%				10/2028	311		307		0.1		311
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.14%				10/2028	70		69		—		70
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.08%				10/2028	32		30		—		32
ESN Venture Holdings, LLC^	One stop	SF +	5.75%	(i)	10.08%				10/2028	143		141		—		143
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.14%				10/2028	20		16		—		20
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.08%				10/2028	352		349		0.1		352
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.18%				10/2028	168		167		—		168
GFP Atlantic Holdco 2, LLC^	One stop	SF +	6.00%	(i)	10.52%				11/2027	1,243		1,225		0.3		1,243
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(20)		—		—
Harri US LLC(25)	One stop	SF +	10.00%	(i)	10.66%	cash/	4.00%	PIK	08/2026	51		48		—		50
Harri US LLC(25)	One stop	SF +	10.00%	(i)	10.66%	cash/	4.00%	PIK	08/2026	34		34		—		34
Harri US LLC(25)	One stop	SF +	10.00%	(i)	10.66%	cash/	4.00%	PIK	08/2026	33		33		—		33

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Harri US LLC	One stop	SF +	10.00%		N/A(6)				08/2026	$	—	$	—	—	%	$	—
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(2)		—		(15)
Health Buyer, LLC^	Senior secured	SF +	5.25%	(i)	9.58%				04/2029	146		145		—		146
Health Buyer, LLC^	Senior secured	SF +	5.50%	(i)	9.83%				04/2029	75		74		—		75
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%	(i)	9.83%				04/2029	38		37		—		38
Health Buyer, LLC	Senior secured	SF +	5.50%	(i)	9.83%				04/2029	40		39		—		40
PB Group Holdings, LLC^(25)	One stop	SF +	5.50%	(h)	7.11%	cash/	2.75%	PIK	08/2030	3,274		3,259		0.7		3,274
PB Group Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(2)		—		—
SDC Holdco, LLC^	One stop	SF +	5.00%	(i)	9.33%				06/2031	6,459		6,429		1.3		6,459
SDC Holdco, LLC	One stop	SF +	5.00%	(i)	9.33%				06/2031	28		26		—		28
SDC Holdco, LLC(25)	Second lien	SF +	8.50%	(i)	12.83%	PIK			06/2032	1,026		1,019		0.2		1,026
Super REGO, LLC(25)	Subordinated debt	N/A			15.00%	PIK			03/2030	56		55		—		56
YE Brands Holding, LLC^	One stop	SF +	4.75%	(i)	9.08%				10/2027	2,940		2,917		0.6		2,940
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.08%				10/2027	34		34		—		34
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.08%				10/2027	344		339		0.1		344
										19,963		19,776		4.1		19,947
Industrial Conglomerates
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(i)	9.08%				07/2029	217		214		0.1		215
Dwyer Instruments, Inc.	One stop	P +	3.75%	(a)	11.25%				07/2029	114		106		—		106
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(i)	9.08%				07/2029	55		54		—		55
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(i)	9.08%				07/2029	29		28		—		28
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(i)	9.27%				07/2029	34		33		—		33
Dwyer Instruments, Inc.(5)(8)(9)	One stop	E +	5.00%		N/A(6)				07/2029	—		(4)		—		(4)
Dwyer Instruments, Inc.^(8)(9)	One stop	E +	5.00%	(c)	8.00%				07/2029	4,349		4,386		0.9		4,305
Dwyer Instruments, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—		(8)		—		(8)
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(i)	9.27%				07/2029	391		388		0.1		387
Essential Services Holdings Corporation^	One stop	SF +	5.00%	(i)	9.65%				06/2031	3,421		3,390		0.7		3,387
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(4)		—		(4)
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(3)		—		(7)
Excelitas Technologies Corp.^	One stop	SF +	5.25%	(h)	9.61%				08/2029	644		635		0.1		644
Excelitas Technologies Corp.^(8)(9)	One stop	E +	5.25%	(b)	8.11%				08/2029	114		112		—		114
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2028	—		—		—		—
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
Excelitas Technologies Corp.(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(5)		—		—
										9,368		9,322		1.9		9,251
Insurance
Alera Group, Inc.^	One stop	SF +	5.25%	(h)	9.61%				10/2028	1,405		1,397		0.3		1,405
Alera Group, Inc.	One stop	SF +	5.25%	(h)	9.61%				10/2028	454		452		0.1		454
Alera Group, Inc.	One stop	SF +	5.25%	(h)	9.61%				10/2028	399		396		0.1		399
Alera Group, Inc.	One stop	SF +	5.75%	(h)	10.09%				10/2028	7,566		7,514		1.6		7,606
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	9.68%				07/2027	179		178		—		179
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	9.68%				07/2027	53		53		—		53
AMBA Buyer, Inc.^	One stop	SF +	5.25%	(i)	9.68%				07/2027	50		50		—		50
AMBA Buyer, Inc.	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	9.68%				07/2027	19		19		—		19
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.50%	(i)	10.09%				03/2028	851		837		0.2		851
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.25%	(i)	9.75%				03/2028	572		572		0.1		572
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.50%	(i)	10.09%				03/2028	90		90		—		90
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.50%	(i)	10.09%				03/2028	140		133		—		140
Benefit Plan Administrators of Eau Claire, LLC^	One stop	SF +	4.75%	(h)	9.30%				11/2030	465		462		0.1		462
Benefit Plan Administrators of Eau Claire, LLC	One stop	SF +	4.75%		N/A(6)				11/2030	—		—		—		—
Benefit Plan Administrators of Eau Claire, LLC(5)	One stop	SF +	4.75%		N/A(6)				11/2030	—		(2)		—		(2)
Captive Resources Midco, LLC^	One stop	SF +	4.75%	(h)	9.11%				07/2029	5,452		5,395		1.1		5,452

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Captive Resources Midco, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2028	$	—	$	(1)	—	%	$	—
Disco Parent, Inc.^	One stop	SF +	7.50%	(i)	12.01%				03/2029	650		638		0.2		650
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC^	One stop	SF +	5.25%	(i)	9.60%				12/2030	4,873		4,832		1.0		4,886
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(9)		—		—
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(i)	9.74%				12/2030	4,477		4,437		0.9		4,488
Doxa Insurance Holdings LLC	One stop	SF +	5.00%		N/A(6)				12/2030	—		—		—		—
Gimlet Bidco GMBH^(8)(9)(19)	One stop	E +	5.75%	(c)	8.80%				04/2031	3,376		3,410		0.7		3,376
Gimlet Bidco GMBH(8)(9)(19)	One stop	E +	5.75%	(b)(c)	8.72%				04/2031	547		545		0.1		547
Illumifin Corporation(25)	One stop	SF +	7.00%	(i)	8.15%	cash/	3.73%	PIK	09/2027	184		183		—		170
Integrated Specialty Coverages, LLC^	One stop	SF +	4.75%	(h)(i)(j)	9.11%				07/2030	495		485		0.1		491
Integrated Specialty Coverages, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2030	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2030	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%	(i)	9.51%				08/2028	3,356		3,321		0.7		3,356
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%		N/A(6)				08/2028	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(1)		—		—
Keystone Agency Partners LLC^	Senior secured	SF +	5.00%	(i)	9.33%				05/2027	1,585		1,563		0.3		1,585
Keystone Agency Partners LLC	Senior secured	SF +	5.00%	(i)	9.33%				05/2027	332		329		0.1		332
Keystone Agency Partners LLC^	Senior secured	SF +	5.00%	(i)	9.33%				05/2027	183		182		—		183
Keystone Agency Partners LLC	Senior secured	SF +	5.00%	(i)	9.33%				05/2027	163		162		—		163
Keystone Agency Partners LLC	Senior secured	SF +	5.00%	(i)	9.33%				05/2027	6,677		6,577		1.4		6,677
MRH Trowe Germany GMBH(8)(9)(19)	One stop	E +	6.25%	(c)	9.17%				02/2029	1,528		1,568		0.3		1,528
Oakbridge Insurance Agency LLC^	One stop	SF +	5.75%	(h)	10.23%				11/2029	3,149		3,124		0.7		3,149
Oakbridge Insurance Agency LLC	One stop	P +	4.75%	(a)	12.25%				11/2029	84		80		—		84
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(h)	10.22%				11/2029	590		578		0.1		590
Pareto Health Intermediate Holdings, Inc.^	One stop	SF +	5.00%	(j)	9.28%				05/2030	6,975		6,888		1.4		6,905
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(6)		—		(6)
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(i)	9.33%				10/2028	7,076		6,973		1.5		7,076
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(i)	9.48%				10/2028	613		591		0.1		613
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(i)	9.48%				10/2028	137		136		—		137
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(h)	9.46%				10/2028	84		82		—		84
										64,829		64,208		13.2		64,793
IT Services
CivicPlus, LLC	One stop	SF +	5.75%	(i)	10.41%				08/2027	364		362		0.1		364
CivicPlus, LLC^	One stop	SF +	5.75%	(i)	10.41%				08/2027	234		233		0.1		234
CivicPlus, LLC	One stop	SF +	5.75%	(i)	10.41%				08/2027	171		170		—		171
CivicPlus, LLC(25)	One stop	SF +	11.75%	(i)	17.00%	PIK			06/2034	196		193		0.1		200
CivicPlus, LLC	One stop	SF +	8.50%		N/A(6)				08/2027	—		—		—		—
Critical Start, Inc.^(25)	One stop	SF +	6.75%	(i)	7.75%	cash/	3.63%	PIK	05/2028	198		197		0.1		196
Critical Start, Inc.^(25)	One stop	SF +	6.75%	(i)	7.75%	cash/	3.63%	PIK	05/2028	108		107		—		107
Critical Start, Inc.	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		—
Goldcup 31018 AB(8)(9)(16)(25)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	827		806		0.2		827
Goldcup 31018 AB(8)(9)(16)(25)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	77		78		—		77
Goldcup 31018 AB(8)(9)(16)	One stop	E +	6.25%	(c)(d)	9.00%				01/2029	63		63		—		63
Kentik Technologies, Inc.(25)	Second lien	SF +	12.25%	(i)	16.61%	PIK			11/2029	51		47		—		48
Kentik Technologies, Inc.(5)	Second lien	SF +	12.25%		N/A(6)				11/2029	—		(1)		—		(2)
Netwrix Corporation^	One stop	SF +	4.75%	(i)	9.26%				06/2029	4,386		4,365		0.9		4,386
Netwrix Corporation(5)	One stop	SF +	4.75%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	4.75%	(i)	9.26%				06/2029	90		55		—		90
Netwrix Corporation	One stop	SF +	4.75%	(i)	9.26%				06/2029	621		617		0.1		621
PDQ Intermediate, Inc.(25)	Subordinated debt	N/A			13.75%	PIK			10/2031	59		58		—		59
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(3)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				04/2031	$	—	$	(1)	—	%	$	—
ReliaQuest Holdings, LLC^(25)	One stop	SF +	6.75%	(i)	7.71%	cash/	3.63%	PIK	04/2031	8,058		8,023		1.6		8,058
WPEngine, Inc.^	One stop	SF +	6.50%	(h)	10.90%				08/2029	443		437		0.1		443
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		—
Zarya Holdco, Inc.^	One stop	SF +	6.50%	(i)	11.01%				07/2027	434		434		0.1		434
Zarya Holdco, Inc.	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		—
Zarya Holdco, Inc.^	One stop	SF +	6.50%	(i)	11.01%				07/2027	173		170		—		173
										16,553		16,408		3.4		16,549
Leisure Products
Crunch Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(3)		—		—
Crunch Holdings, LLC^	One stop	SF +	4.75%	(h)	9.11%				09/2031	5,118		5,093		1.0		5,118
Movement Holdings, LLC^	One stop	SF +	5.25%	(i)	9.58%				03/2030	2,413		2,392		0.5		2,413
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(4)		—		—
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(14)		—		—
										7,531		7,464		1.5		7,531
Life Sciences Tools & Services
Celerion Buyer, Inc.^	One stop	SF +	5.00%	(i)	9.53%				11/2029	6,280		6,145		1.3		6,217
Celerion Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		(1)
Celerion Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(21)		—		(10)
Celerion Buyer, Inc.^	One stop	SF +	5.00%	(i)	9.52%				11/2029	850		842		0.2		842
Graphpad Software, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(1)		—		—
Graphpad Software, LLC^	One stop	SF +	4.75%	(i)	9.08%				06/2031	2,629		2,617		0.5		2,629
Graphpad Software, LLC	One stop	SF +	4.75%	(i)	9.08%				06/2031	66		63		—		66
PAS Parent Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2028	—		(3)		—		—
PAS Parent Inc.^	One stop	SF +	4.75%	(h)	9.11%				12/2028	2,730		2,697		0.6		2,730
PAS Parent Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2027	—		(3)		—		—
PAS Parent Inc.	One stop	SF +	4.75%	(h)	9.11%				12/2028	235		232		0.1		235
Reaction Biology Corporation(7)(25)	One stop	SF +	6.85%	(h)	6.86%	cash/	4.35%	PIK	03/2029	334		324		—		187
Reaction Biology Corporation(7)(25)	One stop	SF +	6.85%	(h)	6.86%	cash/	4.35%	PIK	03/2029	309		300		—		173
Reaction Biology Corporation(7)(25)	One stop	SF +	6.85%	(h)	6.86%	cash/	4.35%	PIK	03/2029	205		200		—		115
Reaction Biology Corporation(7)(25)	One stop	SF +	6.85%	(h)(i)	6.86%	cash/	4.35%	PIK	03/2029	98		95		—		55
Reaction Biology Corporation	One stop	SF +	6.85%		N/A(6)				03/2029	—		—		—		—
Unchained Labs, LLC	Senior secured	SF +	5.50%	(h)	9.91%				08/2027	56		56		—		55
Unchained Labs, LLC	Senior secured	SF +	5.50%	(h)	9.91%				08/2027	47		47		—		47
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										13,839		13,589		2.7		13,340
Machinery
AI Titan Parent, Inc.^	One stop	SF +	4.75%	(h)	9.11%				08/2031	930		921		0.2		930
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		—
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		—
Blackbird Purchaser, Inc.^	One stop	SF +	5.50%	(i)	9.83%				12/2030	8,236		8,166		1.7		8,236
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	9.83%				12/2030	581		567		0.1		581
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	9.83%				12/2029	275		265		—		275
										10,022		9,917		2.0		10,022
Marine
Project Nike Purchaser, LLC^	One stop	SF +	5.25%	(i)	9.58%				04/2029	4,356		4,329		0.9		4,356
Project Nike Purchaser, LLC^	One stop	SF +	5.25%	(i)	9.58%				04/2029	98		98		—		98
Project Nike Purchaser, LLC	One stop	SF +	5.25%	(i)	9.58%				04/2029	75		74		—		75
										4,529		4,501		0.9		4,529
Media
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(1)		—		—
Lotus Topco, Inc.^	One stop	SF +	4.75%	(j)	9.00%				06/2030	410		407		0.1		410
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(1)		—		—
										410		405		0.1		410

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
Envernus, Inc.^	One stop	SF +	5.50%	(h)	9.86%				12/2029	$	5,474	$	5,405	1.1	%	$	5,474
Envernus, Inc.	One stop	SF +	5.50%	(h)	9.86%				12/2029	13		8		—		13
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		—
										5,487		5,411		1.1		5,487
Paper & Forest Products
Messenger, LLC^	One stop	SF +	5.25%	(i)	9.73%				12/2027	577		574		0.1		577
Messenger, LLC^	One stop	SF +	5.25%	(h)	9.71%				12/2027	174		173		0.1		174
Messenger, LLC	One stop	SF +	5.25%	(i)	9.73%				12/2027	87		87		—		87
Messenger, LLC	One stop	SF +	5.25%		N/A(6)				12/2027	—		—		—		—
Messenger, LLC(5)(8)(9)	One stop	SN +	5.25%		N/A(6)				12/2027	—		(1)		—		—
Messenger, LLC^(8)(9)	One stop	SN +	5.25%	(f)	0.1005				12/2027	981		975		0.2		981
Messenger, LLC^	One stop	SF +	5.25%	(i)	0.0973				12/2027	589		584		0.1		589
										2,408		2,392		0.5		2,408
Pharmaceuticals
Caerus Midco 3 S.A.R.L.^(8)(14)	One stop	SF +	5.00%	(i)	9.33%				05/2029	778		769		0.2		778
Caerus Midco 3 S.A.R.L.^(8)(14)	One stop	SF +	5.00%	(i)	9.33%				05/2029	139		137		—		139
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.00%	(i)(j)	9.40%				05/2029	119		117		—		119
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.00%	(h)	9.34%				05/2029	7		6		—		7
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.00%	(i)(j)	9.40%				05/2029	20		20		—		20
Cobalt Buyer Sub, Inc.	One stop	SF +	5.50%	(h)	9.86%				10/2028	588		581		0.1		588
Cobalt Buyer Sub, Inc.	One stop	SF +	5.50%	(h)	9.86%				10/2028	197		195		—		197
Cobalt Buyer Sub, Inc.^	One stop	SF +	5.50%	(h)	9.86%				10/2028	164		160		—		164
Cobalt Buyer Sub, Inc.	One stop	SF +	5.50%	(h)	9.86%				10/2027	14		13		—		14
Cobalt Buyer Sub, Inc.^	One stop	SF +	5.50%	(h)	9.86%				10/2028	249		246		0.1		249
Cobalt Buyer Sub, Inc.(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(3)		—		—
Creek Parent, Inc.^	One stop	SF +	5.25%	(i)	9.63%				12/2031	7,169		7,044		1.5		7,044
Creek Parent, Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(18)		—		(18)
Spark Bidco Limited(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.45%	cash/	1.13%	PIK	08/2028	1,421		1,549		0.3		1,367
Spark Bidco Limited^(8)(9)(10)	Senior secured	SN +	6.00%	(f)	10.70%				08/2028	619		594		0.2		619
Spark Bidco Limited(8)(10)	Senior secured	SF +	6.00%	(i)	10.33%				08/2028	475		469		0.1		475
Spark Bidco Limited(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.45%	cash/	1.13%	PIK	08/2028	173		156		—		166
Spark Bidco Limited(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.45%	cash/	1.13%	PIK	08/2028	151		146		—		145
Spark Bidco Limited(5)(8)(9)(10)	Senior secured	SN +	4.88%		N/A(6)				02/2028	—		(1)		—		(3)
										12,283		12,180		2.5		12,070
Professional Services
ALKU Intermediate Holdings, LLC^	One stop	SF +	6.25%	(i)	10.50%				05/2029	547		541		0.1		553
ALKU Intermediate Holdings, LLC^	One stop	SF +	5.50%	(i)	9.75%				05/2029	60		59		—		60
bswift, LLC^	One stop	SF +	6.38%	(i)	11.05%				11/2028	460		451		0.1		467
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(j)	9.28%				10/2027	302		300		0.1		302
Citrin Cooperman Advisors LLC^	One stop	SF +	5.00%	(j)	9.28%				10/2027	131		128		—		131
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(j)	9.28%				10/2027	39		38		—		39
Citrin Cooperman Advisors LLC^	One stop	SF +	5.25%	(j)	9.63%				10/2027	21		21		—		21
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(j)	9.66%				10/2027	121		120		—		121
DISA Holdings Corp.^	Senior secured	SF +	5.00%	(i)	9.50%				09/2028	326		322		0.1		326
DISA Holdings Corp.(25)	Subordinated debt	SF +	8.50%	(i)	10.99%	cash/	2.00%	PIK	03/2029	52		51		—		52
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	9.50%				09/2028	37		36		—		37
DISA Holdings Corp.	One stop	SF +	5.00%	(i)	9.50%				09/2028	46		45		—		46
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(2)		—		—
DISA Holdings Corp.^	Senior secured	SF +	5.00%	(i)	9.50%				09/2028	493		486		0.1		493
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	9.40%				09/2028	43		40		—		43
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(6)		—		—
Eclipse Buyer, Inc.^	One stop	SF +	4.75%	(h)	9.26%				09/2031	1,264		1,252		0.3		1,264
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(1)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Eliassen Group, LLC^	One stop	SF +	5.75%	(i)	10.08%				04/2028	$	74	$	73	—	%	$	72
Eliassen Group, LLC	One stop	SF +	5.75%	(i)	10.30%				04/2028	15		15		—		15
Filevine, Inc.^(25)	One stop	SF +	6.50%	(i)	8.76%	cash/	2.50%	PIK	04/2027	310		306		0.1		314
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC^	One stop	SF +	5.00%	(i)	9.57%				09/2028	684		675		0.2		684
IG Investments Holdings, LLC	One stop	SF +	5.00%		N/A(6)				09/2028	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.^	One stop	SF +	5.50%	(i)	10.24%				11/2028	3,195		3,182		0.6		3,099
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.50%	(i)	9.98%				11/2028	173		172		—		166
NBG Acquisition Corp. and NBG-P Acquisition Corp.^	One stop	SF +	5.50%	(i)	9.98%				11/2028	234		233		0.1		227
Procure Acquireco, Inc.^	One stop	SF +	4.75%	(j)	9.49%				12/2028	940		935		0.2		935
Procure Acquireco, Inc.^	One stop	SF +	4.75%	(i)	9.08%				12/2028	132		131		—		131
Procure Acquireco, Inc.	One stop	SF +	4.75%		N/A(6)				12/2028	—		—		—		—
Procure Acquireco, Inc.(5)	One stop	SF +	0.0475		N/A(6)				12/2028	—		(4)		—		(4)
Varicent Intermediate Holdings Corporation^(25)	One stop	SF +	0.06	(i)	0.0708	cash/	3.25%	PIK	08/2031	5,116		5,045		1.0		5,116
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	0.055		N/A(6)				08/2031	—		(9)		—		—
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	0.06		N/A(6)				08/2031	—		(8)		—		—
										14,815		14,627		3.0		14,710
Software
Anaplan, Inc.^	One stop	SF +	5.25%	(i)	9.58%				06/2029	8,552		8,497		1.8		8,552
Anaplan, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2028	—		(1)		—		—
Anaplan, Inc.^	One stop	SF +	5.25%	(i)	9.58%				06/2029	167		166		—		167
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	9.95%				06/2029	640		613		0.1		640
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	9.95%				06/2029	334		311		0.1		334
Arrow Buyer, Inc.^	One stop	SF +	5.75%	(i)	10.08%				07/2030	2,027		1,987		0.4		2,027
Arrow Buyer, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(5)		—		—
Arrow Buyer, Inc.	One stop	SF +	5.75%	(i)	10.08%				07/2030	133		132		—		133
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(1)		—		—
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		—
Artifact Bidco, Inc.^	One stop	SF +	4.50%	(i)	8.83%				05/2031	453		449		0.1		453
Auvik Networks Inc.^(8)(11)(25)	One stop	SF +	6.25%	(i)	7.59%	cash/	3.25%	PIK	07/2027	432		430		0.1		432
Auvik Networks Inc.^(8)(11)(25)	One stop	SF +	6.25%	(i)	7.59%	cash/	3.25%	PIK	07/2027	91		90		—		91
Auvik Networks Inc.(8)(11)	One stop	SF +	6.00%		N/A(6)				07/2027	—		—		—		—
Auvik Networks Inc.^(8)(11)(25)	One stop	SF +	6.25%	(i)	7.59%	cash/	3.25%	PIK	07/2027	73		72		—		73
Azurite Intermediate Holdings, Inc.^	One stop	SF +	6.50%	(h)	10.86%				03/2031	839		828		0.2		839
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(h)	10.86%				03/2031	1,907		1,881		0.4		1,907
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(4)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(2)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(2)		—		—
Baxter Planning Systems, LLC^(25)	One stop	SF +	6.25%	(i)(j)	7.30%	cash/	3.38%	PIK	05/2031	1,245		1,237		0.3		1,245
Bayshore Intermediate #2, L.P.(5)	One stop	SF +	5.75%		N/A(6)				10/2027	—		(18)		—		(19)
Bayshore Intermediate #2, L.P.^(25)	One stop	SF +	6.25%	(i)	7.39%	cash/	3.38%	PIK	10/2028	4,800		4,760		1.0		4,753
BestPass, Inc.^	One stop	SF +	5.25%	(h)	9.61%				08/2031	6,247		6,218		1.3		6,247
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(3)		—		—
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(4)		—		—
Bloomerang, LLC^	One stop	SF +	6.00%	(i)	10.33%				12/2029	4,643		4,604		1.0		4,643
Bloomerang, LLC	One stop	SF +	6.00%	(i)	10.52%				12/2029	78		69		—		78
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(12)		—		—
Bonterra LLC^(25)	One stop	SF +	7.75%	(i)	12.08%	PIK			09/2027	5,153		5,108		1.1		5,153
Bonterra LLC^	One stop	SF +	7.00%	(i)	11.33%				09/2027	3,591		3,567		0.8		3,591
Bonterra LLC	One stop	SF +	7.00%	(i)	11.33%				09/2027	128		127		0.1		128
Bonterra LLC^	One stop	SF +	7.00%	(i)	11.43%				09/2027	682		672		0.2		682

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Bottomline Technologies, Inc.^	One stop	SF +	5.25%	(h)	9.61%				05/2029	$	1,532	$	1,513	0.3	%	$	1,532
Bottomline Technologies, Inc.^	One stop	SF +	5.75%	(h)	10.11%				05/2029	275		271		0.1		276
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(1)		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)	One stop	SF +	6.00%	(i)	10.62%				01/2029	507		496		0.1		507
Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)	One stop	SF +	6.00%	(i)	10.62%				01/2029	134		131		—		134
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(12)	One stop	SF +	6.00%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(12)	One stop	SF +	6.00%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited^(8)(9)(10)	One stop	SN +	5.25%	(f)	9.95%				08/2030	641		641		0.1		641
Camelia Bidco Limited^(8)(9)(10)	One stop	A +	5.25%	(e)	9.69%				08/2030	39		40		—		39
Camelia Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	9.95%				08/2030	91		87		—		91
Camelia Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(5)		—		—
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(6)		—		—
CB Buyer, Inc.^	One stop	SF +	5.25%	(h)	9.61%				07/2031	5,293		5,244		1.1		5,293
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(7)		—		—
Coupa Holdings, LLC^	One stop	SF +	5.50%	(i)	10.09%				02/2030	3,063		3,000		0.6		3,063
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2030	—		(3)		—		—
Crewline Buyer, Inc.^	One stop	SF +	6.75%	(h)	11.11%				11/2030	11,639		11,493		2.4		11,639
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(15)		—		—
Daxko Acquisition Corporation^	One stop	SF +	5.00%	(h)	9.36%				10/2028	1,526		1,518		0.3		1,526
Daxko Acquisition Corporation	One stop	SF +	5.00%	(h)	9.36%				10/2028	129		128		—		129
Daxko Acquisition Corporation(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(3)		—		—
Daxko Acquisition Corporation	One stop	SF +	5.00%	(h)	9.36%				10/2028	8		8		—		8
Daxko Acquisition Corporation	One stop	SF +	5.00%	(h)	9.37%				10/2028	23		20		—		23
Denali Bidco Limited^(8)(9)(10)	One stop	SN +	5.75%	(f)	10.45%				08/2030	1,011		1,001		0.2		1,013
Denali Bidco Limited^(8)(9)(10)	One stop	E +	5.75%	(c)	8.43%				08/2030	243		250		—		243
Denali Bidco Limited^(8)(9)(10)	One stop	E +	5.25%	(c)	7.93%				08/2030	1,679		1,697		0.3		1,679
Denali Bidco Limited(8)(9)(10)	One stop	E +	5.75%	(c)	8.43%				08/2030	339		341		0.1		341
Denali Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(16)		—		—
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75%	(i)	9.08%				09/2030	5,463		5,325		1.1		5,463
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—		(15)		—		—
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75%	(i)	9.08%				09/2030	396		392		0.1		396
Gainsight, Inc.	One stop	SF +	6.00%	(i)	10.66%				07/2027	761		757		0.2		761
Gainsight, Inc.	One stop	SF +	6.00%	(i)	10.66%				07/2027	64		63		—		64
GTY Technology Holdings, Inc.^(25)	One stop	SF +	6.88%	(i)	6.90%	cash/	4.30%	PIK	07/2029	1,841		1,820		0.4		1,841
GTY Technology Holdings, Inc.^(25)	One stop	SF +	6.88%	(i)	6.90%	cash/	4.30%	PIK	07/2029	1,204		1,188		0.2		1,204
GTY Technology Holdings, Inc.^(25)	One stop	SF +	6.88%	(i)	6.90%	cash/	4.30%	PIK	07/2029	220		219		—		220
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(1)		—		—
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(8)		—		2
GTY Technology Holdings, Inc.^(25)	One stop	SF +	7.13%	(i)	7.23%	cash/	4.45%	PIK	07/2029	291		289		0.1		292
Gurobi Optimization, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(4)		—		—
Gurobi Optimization, LLC^	One stop	SF +	4.75%	(h)(i)	9.05%				09/2031	4,573		4,530		0.9		4,573
Hornet Security Holding GMBH^(8)(9)(19)(25)	One stop	E +	7.00%	(d)	5.91%	cash/	4.50%	PIK	02/2031	2,333		2,410		0.5		2,333
Hornet Security Holding GMBH^(8)(9)(19)(25)	One stop	E +	7.00%	(c)(d)	5.91%	cash/	4.50%	PIK	02/2031	1,555		1,606		0.3		1,555
Hornet Security Holding GMBH(8)(9)(19)	One stop	E +	6.50%		N/A(6)				08/2030	—		—		—		—
Hornet Security Holding GMBH(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				02/2031	—		(9)		—		—
Hyland Software, Inc.^	One stop	SF +	6.00%	(h)	10.36%				09/2030	13,225		13,063		2.7		13,225
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.^	One stop	SF +	6.50%	(h)	10.86%				01/2030	7,751		7,621		1.6		7,751
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(12)		—		—
ICIMS, Inc.^(25)	One stop	SF +	5.75%	(i)	10.38%				08/2028	14,550		14,412		2.8		13,895

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
ICIMS, Inc.	One stop	SF +	5.75%	(i)	10.34%				08/2028	$	57	$	54	—	%	$	44
IQN Holding Corp. ^	One stop	SF +	5.25%	(i)	9.76%				05/2029	924		918		0.2		924
IQN Holding Corp.	One stop	SF +	5.25%	(i)	9.77%				05/2028	27		27		—		27
Island Bidco AB^(8)(16)(25)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	1,060		1,055		0.2		1,060
Island Bidco AB(8)(9)(16)(25)	One stop	E +	7.25%	(c)(d)	2.58%	cash/	7.25%	PIK	07/2028	381		385		0.1		381
Island Bidco AB^(8)(16)(25)	One stop	SF +	7.00%	(i)(j)	7.78%	cash/	3.50%	PIK	07/2028	181		180		—		181
Island Bidco AB(8)(16)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(8)(9)(16)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Kaseya Inc.^	One stop	SF +	5.50%	(i)	10.09%				06/2029	4,253		4,213		0.9		4,253
Kaseya Inc.	One stop	SF +	5.50%	(i)	9.83%				06/2029	41		40		—		41
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.09%				06/2029	16		14		—		16
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.09%				06/2029	49		47		—		49
LeadsOnline, LLC^	One stop	SF +	4.75%	(i)	9.34%				02/2028	2,051		2,011		0.4		2,051
LeadsOnline, LLC^	One stop	SF +	4.75%	(i)	9.34%				02/2028	362		355		0.1		362
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
LeadsOnline, LLC^	One stop	SF +	4.75%	(i)	9.08%				02/2028	203		202		—		203
Lighthouse Bidco GMBH(8)(9)(19)	One stop	E +	5.00%		N/A(6)				06/2031	—		—		—		—
Lighthouse Bidco GMBH^(8)(9)(19)	One stop	E +	5.00%	(c)	7.83%				12/2031	436		436		0.1		431
Lighthouse Bidco GMBH(5)(8)(9)(19)	One stop	E +	5.00%		N/A(6)				12/2031	—		(3)		—		(3)
LogicMonitor, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2031	—		(4)		—		(4)
LogicMonitor, Inc.^	One stop	SF +	5.50%	(i)	9.99%				11/2031	5,031		5,000		1.0		4,999
Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(15)	One stop	E +	5.50%	(c)	8.49%				11/2030	44		40		—		40
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)	One stop	E +	5.50%	(c)	8.49%				11/2031	1,426		1,433		0.3		1,404
Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(15)	One stop	E +	5.50%	(c)	8.49%				11/2031	12		8		—		9
Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)	One stop	SF +	5.50%	(i)	10.02%				11/2031	1,031		1,016		0.2		1,016
Ministry Brands Holdings LLC^	One stop	SF +	5.50%	(h)	9.96%				12/2028	1,172		1,165		0.2		1,149
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(h)	9.96%				12/2028	337		335		0.1		330
Ministry Brands Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		(1)		—		(2)
Navex TopCo, Inc.^	One stop	SF +	5.50%	(h)	9.88%				11/2030	11,007		10,822		2.2		11,007
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(15)		—		—
Naviga Inc.(7)	Senior secured	SF +	7.00%	(h)	11.57%				04/2025	6		6		—		3
Orsay Bidco 1 B.V. and Sky Group Holding B.V.(5)(8)(9)(12)	One stop	E +	5.75%		N/A(6)				11/2029	—		(8)		—		—
Panzura, LLC(25)	One stop	N/A			4.00%	cash/	13.00%	PIK	08/2027	61		57		—		54
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	3,217		3,319		0.6		3,193
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	220		225		—		219
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	995		1,016		0.2		988
Pineapple German Bidco GMBH(8)(9)(19)	One stop	E +	5.50%	(c)	8.34%				01/2031	115		111		—		107
Pineapple German Bidco GMBH(8)(19)	One stop	SF +	3.25%	(i)	7.64%				01/2031	369		366		0.1		362
Pineapple German Bidco GMBH(8)(19)	One stop	SF +	3.25%	(i)	7.64%				01/2031	245		239		—		243
PING Identity Holding Corp.^	One stop	SF +	4.75%	(i)	9.08%				10/2029	907		895		0.2		907
PING Identity Holding Corp.(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.50%	(i)	11.01%				09/2028	239		238		—		239
ProcessUnity Holdings, LLC^	One stop	SF +	6.50%	(i)	11.01%				09/2028	146		144		—		146
ProcessUnity Holdings, LLC	One stop	SF +	6.50%	(i)	11.01%				09/2028	48		48		—		48
ProcessUnity Holdings, LLC	One stop	SF +	6.50%		N/A(6)				09/2028	—		—		—		—
ProcessUnity Holdings, LLC^	One stop	SF +	6.75%	(i)	11.10%				09/2028	400		398		0.1		400
QAD, Inc.^	One stop	SF +	4.75%	(h)	9.11%				11/2027	3,827		3,809		0.8		3,827
QAD, Inc.(5)	One stop	SF +	4.75%		N/A(6)				11/2027	—		(2)		—		—
Quant Buyer, Inc.^	One stop	SF +	5.25%	(i)	9.76%				06/2029	2,391		2,376		0.5		2,391
Quant Buyer, Inc.^	One stop	SF +	5.25%	(i)	9.79%				06/2029	3,277		3,250		0.7		3,277
Quant Buyer, Inc.	One stop	SF +	5.25%	(i)	9.77%				06/2029	18		18		—		18

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	$	—	$	(22)	—	%	$	—
Rainforest Bidco Limited(8)(9)(10)(25)	One stop	SN +	6.30%	(f)	8.20%	cash/	2.80%	PIK	07/2029	727		680		0.1		712
Rainforest Bidco Limited(8)(10)(25)	One stop	SF +	6.30%	(g)	7.81%	cash/	2.80%	PIK	07/2029	137		136		—		135
Rainforest Bidco Limited(8)(9)(10)(25)	One stop	SN +	6.30%	(f)	8.20%	cash/	2.80%	PIK	07/2029	53		50		—		52
Rainforest Bidco Limited(8)(9)(10)(25)	One stop	SN +	7.30%	(f)	8.70%	cash/	3.30%	PIK	07/2029	1,851		1,802		0.4		1,851
Riskonnect Parent, LLC^	One stop	SF +	5.00%	(i)	9.48%				12/2028	4,137		4,114		0.8		4,044
Riskonnect Parent, LLC(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(2)		—		(7)
Riskonnect Parent, LLC	One stop	SF +	5.00%	(i)	9.48%				12/2028	102		101		—		100
Riskonnect Parent, LLC^	One stop	SF +	5.25%	(i)	9.58%				12/2028	3,340		3,308		0.7		3,273
Riskonnect Parent, LLC^	One stop	SF +	5.25%	(i)	9.58%				12/2028	2,349		2,325		0.5		2,302
Riskonnect Parent, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(1)		—		(3)
SailPoint Technologies Holdings, Inc.^	One stop	SF +	6.00%	(i)	10.52%				08/2029	11,372		11,143		2.3		11,372
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(4)		—		—
Sapphire Bidco Oy(8)(9)(15)	One stop	E +	5.50%	(c)	8.68%				07/2029	1,770		1,700		0.4		1,770
Sapphire Bidco Oy^(8)(9)(15)	One stop	E +	5.75%	(c)	8.97%				07/2029	145		146		—		145
Sapphire Bidco Oy^(8)(9)(15)	One stop	E +	5.75%	(c)	9.00%				07/2029	910		939		0.2		911
Templafy APS and Templafy, LLC^(8)(18)	One stop	SF +	6.00%	(h)	10.46%				07/2028	554		545		0.1		554
Templafy APS and Templafy, LLC(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Togetherwork Holdings, LLC	One stop	SF +	5.00%	(h)	9.36%				05/2031	217		206		—		217
Togetherwork Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				05/2031	—		(7)		—		—
Togetherwork Holdings, LLC^	One stop	SF +	5.00%	(h)	9.36%				05/2031	8,662		8,594		1.8		8,662
Transform Bidco Limited(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(6)		—		—
Transform Bidco Limited(8)(10)	One stop	SF +	7.00%	(h)	11.52%				06/2030	158		152		—		158
Transform Bidco Limited^(8)(10)	One stop	SF +	7.00%	(i)	11.58%				01/2031	3,562		3,516		0.7		3,562
Transform Bidco Limited(8)(9)(10)	One stop	A +	7.00%	(e)	11.44%				01/2031	259		271		0.1		259
Transform Bidco Limited(8)(9)(10)	One stop	SN +	7.00%	(f)	11.70%				01/2031	41		41		—		41
Vantage Bidco GMBH(8)(9)(19)(25)	One stop	E +	6.25%	(c)	5.85%	cash/	3.13%	PIK	04/2031	2,456		2,498		0.5		2,431
Vantage Bidco GMBH(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				10/2030	—		(6)		—		(4)
Varinem German Midco GMBH^(8)(9)(19)	One stop	E +	5.75%	(d)	8.58%				07/2031	2,037		2,126		0.4		2,037
Varinem German Midco GMBH(8)(9)(19)	One stop	E +	5.75%		N/A(6)				07/2031	—		—		—		—
Vendavo, Inc.	One stop	SF +	5.75%	(i)	10.29%				09/2027	1,086		1,081		0.2		1,031
Vendavo, Inc.	One stop	SF +	5.75%	(i)(j)	10.17%				09/2027	247		246		—		230
Vendavo, Inc.^	One stop	SF +	5.75%	(i)	10.28%				09/2027	87		87		—		83
Viper Bidco, Inc.^(8)(9)	One stop	SN +	5.00%	(f)	9.70%				11/2031	1,346		1,347		0.3		1,339
Viper Bidco, Inc.^	One stop	SF +	5.00%	(i)	9.52%				11/2031	2,937		2,922		0.6		2,922
Viper Bidco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(1)		—		(1)
Viper Bidco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(2)		—		(2)
WebPT, Inc.	One stop	SF +	6.25%	(i)	10.86%				01/2028	35		35		—		34
Zendesk, Inc.^	One stop	SF +	5.00%	(i)	9.33%				11/2028	9,427		9,308		1.9		9,427
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(15)		—		—
										231,200		228,819		46.7		229,927
Specialty Retail
Ave Holdings III, Corp^	One stop	SF +	5.25%	(j)	9.75%				02/2028	874		864		0.2		874
Ave Holdings III, Corp^	One stop	SF +	5.25%	(j)	9.75%				02/2028	652		648		0.2		652
Ave Holdings III, Corp	One stop	SF +	5.25%	(j)	9.75%				02/2028	86		85		—		86
Ave Holdings III, Corp(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—		(1)		—		—
Biscuit Parent, LLC^	One stop	SF +	4.75%	(i)	9.08%				02/2031	6,053		6,012		1.2		5,992
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(12)		—		(18)
Cavender Stores L.P.^	Senior secured	SF +	5.00%	(i)	9.33%				10/2029	11,215		11,126		2.3		11,215
CVP Holdco, Inc.(5)	One stop	SF +	7.25%		N/A(6)				06/2030	—		(4)		—		—
CVP Holdco, Inc.^	One stop	SF +	4.75%	(h)	9.11%				06/2031	4,020		3,983		0.8		4,020
CVP Holdco, Inc.(5)	One stop	SF +	7.25%		N/A(6)				06/2031	—		(5)		—		—
Metal Supermarkets US Buyer, LLC^(8)(11)	One stop	SF +	4.75%	(i)	9.08%				12/2030	1,103		1,097		0.2		1,097

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Metal Supermarkets US Buyer, LLC(8)(11)	One stop	SF +	4.75%	(i)	9.08%				12/2030	$	13	$	12	—	%	$	12
PetVet Care Centers LLC^	One stop	SF +	6.00%	(h)	10.36%				11/2030	4,428		4,354		0.9		4,207
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(11)		—		(28)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(5)		—		—
PPV Intermediate Holdings, LLC^	One stop	SF +	5.75%	(i)	10.26%				08/2029	14,352		14,184		2.9		14,352
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	2,563		2,530		0.5		2,563
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	592		588		0.1		592
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	109		108		—		109
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	107		100		—		107
PPV Intermediate Holdings, LLC(25)	One stop	N/A			14.75%	PIK			08/2030	61		60		—		62
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(5)		—		—
PPV Intermediate Holdings, LLC	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
Radiance Borrower, LLC	One stop	SF +	5.25%	(h)	9.61%				06/2031	122		117		—		122
Radiance Borrower, LLC^(25)	One stop	SF +	5.75%	(h)	7.36%	cash/	2.75%	PIK	06/2031	6,435		6,391		1.3		6,435
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	4,674		4,635		1.0		4,674
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	311		309		0.1		311
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	305		303		0.1		305
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	242		240		—		242
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(i)	13.33%	PIK			09/2029	257		254		0.1		257
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(i)	13.33%	PIK			09/2029	67		64		—		67
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	101		100		—		101
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	76		76		—		76
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	71		70		—		71
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	18		16		—		18
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	20		15		—		20
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(7)		—		—
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	138		137		—		138
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(i)	13.33%	PIK			09/2029	136		135		—		136
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	93		93		—		93
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(i)	13.33%	PIK			09/2029	13		13		—		13
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	480		477		0.1		480
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(i)	13.33%	PIK			09/2029	71		65		—		71
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(i)	13.33%	PIK			09/2029	50		49		—		50
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.08%				08/2028	151		150		—		151
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^(8)	One stop	SF +	5.25%	(i)	9.58%				12/2029	1,069		1,054		0.2		1,069
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(8)	One stop	SF +	5.25%	(i)	9.58%				12/2028	254		251		0.1		254
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)(8)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(2)		—		—
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^(8)(9)	One stop	CA +	5.25%	(k)	8.42%				12/2029	2,307		2,399		0.5		2,307
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(8)(9)	One stop	CA +	5.25%	(k)	8.42%				12/2028	13		13		—		13
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	6.00%	(h)	10.47%				04/2028	196		193		—		192
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	6.00%	(h)	10.47%				04/2028	452		439		0.1		443
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	6.00%	(h)	10.47%				04/2028	172		171		—		169
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	6.00%	(h)	10.47%				04/2028	8		8		—		7
										64,530		63,936		12.9		64,179
Water Utilities
Vessco Midco Holdings, LLC^	One stop	SF +	4.75%	(h)(j)	9.43%				07/2031	554		549		0.1		554
Vessco Midco Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(1)		—		—
Vessco Midco Holdings, LLC	One stop	SF +	4.75%	(j)	9.04%				07/2031	49		48		—		49
										603		596		0.1		603

Total debt investments										750,817		742,535		151.6		745,955

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		02/2023	N/A	21	$	207	—	%	$	181

Air Freight & Logistics
RJW Group Holdings, Inc.	LP units	N/A	N/A		11/2024	N/A	412	412		0.1		412

Automobiles
CAP-KSI Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	192	—		—		9
CAP-KSI Holdings, LLC	Preferred stock	N/A	N/A		06/2024	N/A	192	192		0.1		200
CG Group Holdings, LLC	LP units	N/A	N/A		07/2021	N/A	—	51		—		39
Go Car Wash Parent, Corp.(24)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	363		0.1		361
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		04/2022	N/A	—	166		—		—
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		07/2022	N/A	1	81		—		105
POY Holdings, LLC	LLC units	N/A	N/A		11/2022	N/A	41	20		—		88
Quick Quack Car Wash Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	125	125		—		140
Quick Quack Car Wash Holdings, LLC	LLC units	N/A	N/A		06/2024	N/A	25	25		—		27
Yorkshire Parent, Inc.	LP units	N/A	N/A		12/2023	N/A	—	45		—		51
								1,068		0.2		1,020
Auto Components
Arnott, LLC	LP units	N/A	N/A		12/2024	N/A	—	33		—		33

Building Products
BECO Holding Company, Inc.(24)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	15	1,958		0.5		2,133
BECO Holding Company, Inc.	LP interest	N/A	N/A		11/2021	N/A	1	103		—		99
								2,061		0.5		2,232
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A		10/2021	N/A	36	36		—		48
FR Vision Holdings, Inc.	LP units	N/A	N/A		01/2024	N/A	—	38		—		49
Radwell Parent, LLC	LP units	N/A	N/A		03/2022	N/A	1	105		—		109
								179		—		206
Containers & Packaging
Chase Intermediate	LP units	N/A	N/A		04/2022	N/A	19	10		—		32

Diversified Consumer Services
CHVAC Services Investment, LLC	Common stock	N/A	N/A		05/2024	N/A	32	81		—		131
DP Flores Holdings, LLC	LLC units	N/A	N/A		09/2022	N/A	93	74		—		115
EMS LINQ, LLC	LP interest	N/A	N/A		12/2021	N/A	33	33		—		33
HS Spa Holdings, Inc.	Common stock	N/A	N/A		05/2022	N/A	31	31		—		31
NSG Buyer, Inc. (8)	LP units	N/A	N/A		11/2022	N/A	1	588		0.2		859
Virginia Green Acquisition, LLC	LP units	N/A	N/A		12/2023	N/A	33	33		—		38
								840		0.2		1,207
Electrical Equipment
Wildcat TopCo, Inc.	LP units	N/A	N/A		12/2024	N/A	47	47		—		47

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		07/2021	N/A	—	$	34	—	%	$	15
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		09/2022	N/A	—	1		—		2
								35		—		17
Healthcare Providers & Services
Suveto Buyer, LLC	Common stock	N/A	N/A		11/2021	N/A	—	35		—		23

Healthcare Technology
Amberfield Acquisition Co.	LLC units	N/A	N/A		05/2024	N/A	137	137		—		143

Hotels, Restaurants & Leisure
Harri US LLC	Preferred stock	N/A	N/A		10/2023	N/A	4	50		—		66
Harri US LLC	LLC units	N/A	N/A		02/2022	N/A	5	43		—		36
Harri US LLC	Preferred stock	N/A	N/A		10/2021	N/A	5	30		—		29
Harri US LLC	Warrant	N/A	N/A		10/2021	N/A	2	7		—		10
Harri US LLC	Warrant	N/A	N/A		03/2024	N/A	5	—		—		68
PB Group Holdings, LLC	LP units	N/A	N/A		08/2024	N/A	34	78		0.1		87
								208		0.1		296
Insurance
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		11/2023	N/A	2	34		—		34

IT Services
Critical Start, Inc.	Common stock	N/A	N/A		05/2022	N/A	17	17		—		9
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		09/2021	N/A	33	189		—		189
Kentik Technologies, Inc.	Warrant	N/A	N/A		11/2024	N/A	—	3		—		3
Netwrix Corporation	LLC units	N/A	N/A		06/2022	N/A	4	8		—		10
								217		—		211
Leisure Products
Movement Holdings, LLC	LLC units	N/A	N/A		03/2024	N/A	—	144		—		119

Life Sciences Tools & Services
Celerion Buyer, Inc.(24)	LP units	N/A	N/A		11/2022	N/A	275	230		—		188
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	275	—		0.1		280
PAS Parent Inc.	LP interest	N/A	N/A		12/2021	N/A	1	82		—		94
PAS Parent Inc.	Preferred stock	N/A	N/A		03/2023	N/A	—	12		—		17
Reaction Biology Corporation	LLC units	N/A	N/A		03/2022	N/A	—	38		—		—
								362		0.1		579
Paper & Forest Products
Messenger, LLC	LLC units	N/A	N/A		12/2021	N/A	1	99		—		90
Messenger, LLC	LLC units	N/A	N/A		12/2021	N/A	—	—		—		—
								99		—		90
Pharmaceuticals
Cobalt Buyer Sub, Inc.(24)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	—	694		0.2		769
Cobalt Buyer Sub, Inc.	Preferred stock	N/A	N/A		10/2021	N/A	—	10		—		12
Cobalt Buyer Sub, Inc.	Common stock	N/A	N/A		10/2021	N/A	—	—		—		—
Creek Parent, Inc.	LP interest	N/A	N/A		12/2024	N/A	318	318		0.1		318
								1,022		0.3		1,099

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Eclipse Buyer, Inc.(24)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	515	0.1	%	$	525
Enboarder, Inc.(8)(13)	Preferred stock	N/A			N/A		01/2022	N/A	3	32		—		21
Filevine, Inc.	Preferred stock	N/A			N/A		04/2022	N/A	36	231		0.1		440
Filevine, Inc.	Preferred stock	N/A			N/A		05/2024	N/A	2	15		—		26
Filevine, Inc.	Warrant	N/A			N/A		04/2022	N/A	5	8		—		55
Procure Acquireco, Inc.	LP interest	N/A			N/A		12/2021	N/A	—	42		—		61
										843		0.2		1,128
Software
Anaplan, Inc.	LP interest	N/A			N/A		06/2022	N/A	336	336		0.1		544
Auvik Networks Inc.(8)(11)	Preferred stock	N/A			N/A		07/2021	N/A	2	16		—		25
Auvik Networks Inc.(8)(11)	Preferred stock	N/A			N/A		02/2023	N/A	—	2		—		3
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		10/2021	N/A	243	243		0.1		306
CB Buyer, Inc.	LP units	N/A			N/A		07/2024	N/A	77	77		—		99
Cynet Security Ltd.(8)(17)	Preferred stock	N/A			N/A		08/2022	N/A	13	46		—		63
Denali Bidco Limited(8)(10)	LP interest	N/A			N/A		08/2023	N/A	35	46		—		69
GTY Technology Holdings, Inc.	LP units	N/A			N/A		07/2022	N/A	26	26		—		57
Gurobi Optimization, LLC	Common stock	N/A			N/A		09/2024	N/A	—	63		—		72
Kaseya Inc.(24)	Preferred stock	SF +	10.75%	(i)	15.08%	Non-Cash	06/2022	N/A	2	2,480		0.6		2,592
Kaseya Inc.	LP interest	N/A			N/A		06/2022	N/A	46	46		—		53
LogicMonitor, Inc.	LP interest	N/A			N/A		12/2024	N/A	250	250		0.1		250
Ministry Brands Holdings LLC	LP interest	N/A			N/A		12/2021	N/A	46	47		—		41
Onit, Inc.(24)	Preferred stock	N/A			15.00%	Non-Cash	02/2023	N/A	—	58		—		67
Onit, Inc.	Warrant	N/A			N/A		02/2023	N/A	—	6		—		9
Panzura, LLC	LLC units	N/A			N/A		09/2023	N/A	1	4		—		1
QAD, Inc.(24)	Preferred stock	N/A			9.00%	Non-Cash	11/2021	N/A	—	113		—		119
QAD, Inc.	Common stock	N/A			N/A		11/2021	N/A	7	—		—		—
Riskonnect Parent, LLC(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	1	1,278		0.3		1,250
Riskonnect Parent, LLC(24)	Preferred stock	SF +	10.50%	(i)	14.83%	Non-Cash	07/2022	N/A	1	864		0.2		901
Riskonnect Parent, LLC	LP interest	N/A			N/A		11/2021	N/A	52	52		—		59
Riskonnect Parent, LLC(24)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	52		—		54
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	8		—		12
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A		07/2024	N/A	91	399		0.1		418
Zendesk, Inc.	LP units	N/A			N/A		11/2022	N/A	21	211		0.1		207
										6,723		1.6		7,271

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp(24)	Preferred stock	N/A	11.50%	Non-Cash	02/2022	N/A	1	$	1,267	0.3	%	$	1,231
Ave Holdings III, Corp	LP units	N/A	N/A		02/2022	N/A	—	127		—		39
Metal Supermarkets US Buyer, LLC(8)(11)	LLC units	N/A	N/A		12/2024	N/A	—	—		—		—
Metal Supermarkets US Buyer, LLC(8)(11)	Preferred stock	N/A	N/A		12/2024	N/A	—	33		—		33
Salon Lofts Group, LLC	LP units	N/A	N/A		08/2022	N/A	—	116		—		88
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		04/2022	N/A	—	5		—		4
								1,548		0.3		1,395

Total equity investments								16,264		3.6		17,775

Total investments								758,799		155.2		763,730

Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			4.4%	(26)				$	7,915	1.6	%	$	7,915
Total money market funds								7,915		1.6		7,915
Total investments and money market funds								$	766,714	156.8	%	$	771,645

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2024

(Dollar and share amounts in thousands)


^						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in “Note 7. Borrowings”).

(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”), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2024, as the loan could have priced or repriced based on an index rate prior to December 31, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of December 31, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.85% as of December 31, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.71% as of December 31, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.57% as of December 31, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.42% as of December 31, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.70% as of December 31, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.49% as of December 31, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 4.33% as of December 31, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 4.31% as of December 31, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 4.25% as of December 31, 2024.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.15% as of December 31, 2024.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2024.

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

(4)The fair values of investment were valued using significant unobservable inputs, unless otherwise noted. See “Note 6. Fair Value Measurements”.

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

(6)The entire commitment was unfunded as of December 31, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Investment was on non-accrual status as of December 31, 2024, meaning that the Company has ceased recognizing interest income on the investment.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, total non-qualifying assets at fair value represented 9.2% 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. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation”.

(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 the Netherlands.

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

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

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

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

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

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

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

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

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

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

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

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

(25)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2024.

(26)The rate shown is the annualized seven-day yield as of December 31, 2024.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.^	One stop	SF +	6.50%	(h)(i)	11.24%				02/2029	$	7,619	$	7,451	1.7	%	$	7,734
PPW Aero Buyer, Inc.	One stop	SF +	6.50%	(a)(h)(i)	12.20%				02/2029	26		25		—		26
PPW Aero Buyer, Inc.	One stop	SF +	5.50%		N/A(6)				02/2029	—		—		—		—
PPW Aero Buyer, Inc.	One stop	SF +	5.50%	(i)	10.10%				02/2029	17		17		—		17
										7,662		7,493		1.7		7,777
Auto Components
Collision SP Subco, LLC#	One stop	SF +	5.50%	(i)	10.75%				01/2030	3,297		3,239		0.7		3,297
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)(j)	10.36%				01/2030	602		585		0.1		602
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)	10.75%				01/2030	81		72		—		81
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.97%				08/2027	272		270		0.1		263
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(h)	9.45%				08/2027	55		54		—		53
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(h)	9.62%				08/2027	30		29		—		27
OEConnection, LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—		(5)		—		—
OEConnection, LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—		(6)		—		—
OEConnection, LLC#	One stop	SF +	5.25%	(h)	10.10%				04/2031	5,758		5,704		1.3		5,758
										10,095		9,942		2.2		10,081
Automobiles
CAP-KSI Holdings, LLC^	One stop	SF +	5.25%	(i)	9.85%				06/2030	1,957		1,928		0.4		1,957
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(h)	10.10%				06/2030	54		50		—		54
CG Group Holdings, LLC(24)	One stop	SF +	8.75%	(i)	11.35%	cash/	2.00%	PIK	07/2027	1,843		1,824		0.4		1,825
CG Group Holdings, LLC(24)	One stop	SF +	8.75%	(h)	11.60%	cash/	2.00%	PIK	07/2026	352		349		0.1		349
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,688		1,678		0.4		1,688
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,008		1,003		0.2		1,008
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	302		300		0.1		302
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	183		182		—		183
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	174		173		—		174
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	152		151		—		152
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	125		125		—		125
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	122		121		—		122
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	122		121		—		122
Denali Midco 2, LLC^	One stop	SF +	6.00%	(h)	10.95%				12/2027	100		100		—		100
Denali Midco 2, LLC#	One stop	SF +	6.50%	(h)	11.45%				12/2027	94		92		—		94
Denali Midco 2, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2027	—		(45)		—		—
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.45%				12/2027	25		25		—		25
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.45%				12/2027	21		21		—		21
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.45%				12/2027	13		12		—		13
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.45%				12/2027	6		6		—		6
Denali Midco 2, LLC	One stop	SF +	6.00%	(h)	10.95%				12/2027	65		63		—		65
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.45%				12/2027	29		29		—		29
Denali Midco 2, LLC^	One stop	SF +	5.75%	(h)	10.70%				12/2027	691		686		0.2		691
High Bar Brands Operating, LLC#	Senior secured	SF +	5.00%	(i)	9.60%				12/2029	275		271		0.1		275
High Bar Brands Operating, LLC#	Senior secured	SF +	5.00%	(i)	9.60%				12/2029	57		56		—		57
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				12/2029	—		(1)		—		—
High Bar Brands Operating, LLC	Senior secured	SF +	5.00%	(i)	9.60%				12/2029	49		47		—		49
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.50%	(i)	10.74%				07/2029	8,543		8,483		1.8		8,372
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(j)	9.75%				07/2029	64		63		—		60
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(13)		—		—
POY Holdings, LLC#^	One stop	SF +	5.50%	(i)	10.25%				11/2027	5,160		5,078		1.1		5,160
POY Holdings, LLC#^	One stop	SF +	5.50%	(i)	10.25%				11/2027	3,937		3,885		0.9		3,937

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
POY Holdings, LLC#	One stop	SF +	5.50%	(i)	10.25%				11/2027	$	227	$	225	0.1	%	$	227
POY Holdings, LLC	One stop	SF +	5.50%	(i)	10.29%				11/2027	17		15		—		17
POY Holdings, LLC	One stop	SF +	5.50%	(i)	10.29%				11/2027	122		122		—		122
POY Holdings, LLC	One stop	SF +	5.50%	(i)	10.25%				11/2027	274		273		0.1		274
POY Holdings, LLC	One stop	SF +	5.50%		N/A(6)				11/2027	—		—		—		—
POY Holdings, LLC	One stop	SF +	5.50%	(i)	10.89%				11/2027	367		365		0.1		367
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	4.75%	(h)	9.60%				06/2031	451		447		0.1		451
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%		N/A(6)				06/2031	—		—		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%		9.60%				06/2031	17		16		—		17
Yorkshire Parent, Inc.^	One stop	SF +	6.00%	(i)	10.60%				12/2029	7,264		7,201		1.6		7,264
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(13)		—		—
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(17)		—		—
										35,950		35,497		7.7		35,754
Banks
OSP Hamilton Purchaser, LLC#	One stop	SF +	5.00%	(i)	10.25%				12/2029	1,342		1,327		0.3		1,342
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(i)	10.26%				12/2029	254		241		—		254
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.00%		N/A(6)				12/2029	—		(2)		—		—
										1,596		1,566		0.3		1,596
Beverages
Financial Information Technologies, LLC#	One stop	SF +	5.25%	(i)	9.85%				06/2030	2,803		2,763		0.6		2,803
Financial Information Technologies, LLC(24)	One stop	N/A			14.00%	PIK			06/2031	1,549		1,516		0.3		1,549
Financial Information Technologies, LLC#^	One stop	SF +	5.25%	(i)	9.85%				06/2030	1,158		1,145		0.3		1,158
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)				06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)				06/2030	—		(4)		—		—
										5,510		5,419		1.2		5,510
Building Products
BECO Holding Company, Inc.^	One stop	SF +	5.25%	(i)	10.00%				11/2028	3,828		3,806		0.8		3,828
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)				11/2027	—		(3)		—		—
										3,828		3,803		0.8		3,828
Capital Markets
BlueMatrix Holdings, LLC#	One stop	SF +	5.25%	(i)	9.85%				01/2031	4,871		4,833		1.1		4,871
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2031	—		(7)		—		—
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2031	—		(13)		—		—
										4,871		4,813		1.1		4,871
Chemicals
Krayden Holdings, Inc.^	Senior secured	SF +	4.75%	(h)	9.60%				03/2029	341		338		0.1		338
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—		(1)		—		(1)
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—		(2)		—		(2)
PHM NL SP Bidco B.V.(8)(9)(12)(24)	One stop	E +	9.25%	(d)	9.41%	cash/	3.00%	PIK	09/2028	2,056		2,116		0.4		1,851
PHM NL SP Bidco B.V.(8)(12)(24)	One stop	SF +	9.25%	(g)	11.33%	cash/	3.00%	PIK	09/2028	803		795		0.2		723
PHM NL SP Bidco B.V.(8)(9)(12)(24)	One stop	SN +	6.75%	(f)	8.70%	cash/	3.00%	PIK	09/2028	462		455		0.1		416
PHM NL SP Bidco B.V.(8)(9)(12)(24)	One stop	E +	6.75%	(d)	7.50%	cash/	3.00%	PIK	09/2028	214		214		—		193
										3,876		3,915		0.8		3,518
Commercial Services & Supplies
BradyIFS Holdings, LLC#	One stop	SF +	6.00%	(i)	11.25%				10/2029	7,172		7,051		1.5		7,172
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(h)(i)	11.18%				10/2029	566		559		0.1		566
CI (Quercus) Intermediate Holdings, LLC^	One stop	SF +	5.00%	(i)	9.63%				06/2031	1,154		1,143		0.3		1,154
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.00%	(i)	10.05%				06/2031	18		4		—		18
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(4)		—		—
Encore Holdings, LLC^	One stop	SF +	5.50%	(i)	10.25%				11/2028	5,359		5,275		1.2		5,373
Encore Holdings, LLC#	One stop	SF +	5.50%	(i)	10.20%				11/2028	1,066		1,049		0.2		1,068
Encore Holdings, LLC	One stop	SF +	5.25%	(i)	10.11%				11/2028	659		648		0.1		659
FR Vision Holdings, Inc.#	One stop	SF +	5.50%	(i)	10.78%				01/2031	6,329		6,272		1.4		6,329
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(i)	10.78%				01/2031	533		514		0.1		533

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FR Vision Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)		01/2030	$	—	$	(5)	—	%	$	—
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(i)	11.31%		09/2030	845		822		0.2		845
Kleinfelder Intermediate, LLC	One stop	P +	4.00%	(a)	12.00%		09/2028	27		25		—		27
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2030	—		(1)		—		—
Profile Products LLC	One stop	SF +	5.50%	(h)	10.70%		11/2027	351		347		0.1		334
Profile Products LLC(8)	One stop	SF +	5.50%	(h)	10.70%		11/2027	71		70		—		68
Profile Products LLC	One stop	P +	4.50%	(a)	12.50%		11/2027	36		36		—		34
Profile Products LLC(5)	One stop	SF +	5.75%		N/A(6)		11/2027	—		—		—		(2)
PSC Parent, Inc.	One stop	SF +	5.25%		N/A(6)		04/2031	—		—		—		—
PSC Parent, Inc.	One stop	SF +	5.25%		10.10%		04/2031	74		73		—		74
PSC Parent, Inc.	One stop	SF +	5.25%	(a)(h)	10.36%		04/2030	44		44		—		44
PSC Parent, Inc.#	One stop	SF +	5.25%	(h)	10.42%		04/2031	443		438		0.1		443
Radwell Parent, LLC^	One stop	SF +	5.50%	(i)	10.10%		03/2029	8,282		8,196		1.8		8,200
Radwell Parent, LLC#	One stop	SF +	5.50%	(i)	10.10%		03/2029	303		297		0.1		300
Radwell Parent, LLC	One stop	SF +	5.50%	(i)	10.10%		03/2029	58		51		—		55
Radwell Parent, LLC	One stop	SF +	5.50%	(i)	10.10%		03/2029	125		122		—		122
WRE Holding Corp.(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(7)		—		—
WRE Holding Corp.^	One stop	SF +	5.00%	(j)	9.25%		07/2031	4,907		4,860		1.1		4,907
WRE Holding Corp.	One stop	SF +	5.00%	(j)	9.81%		07/2031	72		65		—		72
								38,494		37,944		8.3		38,395
Construction & Engineering
Consor Intermediate II, LLC(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(1)		—		—
Consor Intermediate II, LLC	One stop	SF +	4.75%		N/A(6)		05/2031	—		—		—		—
Consor Intermediate II, LLC#	One stop	SF +	4.75%	(i)	9.35%		05/2031	325		324		0.1		325
								325		323		0.1		325
Containers & Packaging
Chase Intermediate^	One stop	SF +	4.75%	(i)	10.00%		10/2028	4,051		4,029		0.9		4,051
Chase Intermediate(5)	One stop	SF +	4.75%		N/A(6)		10/2028	—		(2)		—		—
Chase Intermediate	One stop	SF +	4.75%	(i)	9.90%		10/2028	82		80		—		82
Fortis Solutions Group, LLC^	One stop	SF +	5.50%	(i)	10.20%		10/2028	2,090		2,070		0.5		2,049
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	10.20%		10/2028	17		10		—		6
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	10.20%		10/2028	6		2		—		5
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(a)(i)	10.78%		10/2027	81		77		—		76
								6,327		6,266		1.4		6,269
Diversified Consumer Services
Any Hour, LLC	One stop	SF +	5.00%	(i)	10.28%		05/2030	78		72		—		70
Any Hour, LLC(24)	One stop	N/A			13.00%	PIK	05/2031	875		859		0.2		866
Any Hour, LLC	One stop	SF +	5.00%	(i)	9.90%		05/2030	133		128		—		129
Any Hour, LLC^	One stop	SF +	5.00%	(i)	9.60%		05/2030	2,757		2,718		0.6		2,729
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2030	6		5		—		5
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2030	2,060		2,010		0.4		2,039
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2029	319		293		0.1		314
Apex Service Partners, LLC#	One stop	SF +	5.00%	(h)	9.86%		10/2030	8,653		8,434		1.9		8,566
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(i)	9.60%		05/2030	113		109		—		113
CHVAC Services Investment, LLC	One stop	SF +	5.00%		N/A(6)		05/2030	—		—		—		—
CHVAC Services Investment, LLC#	One stop	SF +	5.00%	(i)	9.60%		05/2030	242		240		0.1		242
COP Hometown Acquisitions, Inc.^	Senior secured	SF +	5.50%	(g)(i)	10.83%		07/2027	3,954		3,896		0.9		3,954
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.50%	(i)	10.75%		07/2027	2,986		2,941		0.6		2,986
COP Hometown Acquisitions, Inc.^	Senior secured	SF +	5.50%	(i)	10.74%		07/2027	2,634		2,595		0.6		2,634
Entomo Brands Acquisitions, Inc.#	Senior secured	SF +	5.50%	(i)	10.25%		07/2029	360		355		0.1		360
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.25%		07/2029	15		14		—		15
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.25%		07/2029	103		101		—		103
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%		07/2027	142		141		—		142
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%		07/2027	96		96		—		96

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	$	94	$	93	—	%	$	94
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.65%				07/2027	86		85		—		86
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.72%				07/2027	62		61		—		62
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.68%				07/2027	43		43		—		43
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
EMS LINQ, LLC	One stop	SF +	6.25%	(i)	11.41%				12/2027	523		520		0.1		523
EMS LINQ, LLC	One stop	SF +	6.25%	(i)	11.41%				12/2027	31		31		—		31
FPG Intermediate Holdco, LLC(24)	One stop	SF +	6.75%	(j)	7.25%	cash/	4.00%	PIK	03/2027	904		894		0.2		705
FPG Intermediate Holdco, LLC(24)	One stop	SF +	6.75%	(j)	7.25%	cash/	4.00%	PIK	03/2027	775		767		0.1		604
FPG Intermediate Holdco, LLC(24)	One stop	SF +	6.75%	(h)(j)	7.81%	cash/	4.00%	PIK	03/2027	41		41		—		41
FSS Buyer LLC	One stop	SF +	5.00%	(h)	9.85%				08/2028	305		301		0.1		305
FSS Buyer LLC	One stop	SF +	5.00%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.25%	(i)	10.31%				06/2029	432		426		0.1		432
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(a)(h)	11.15%				06/2028	19		19		—		19
HS Spa Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC	One stop	SF +	5.00%	(h)	9.85%				05/2028	87		87		—		87
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC^	One stop	SF +	5.00%	(h)	9.85%				05/2028	428		426		0.1		428
Mario Purchaser, LLC#	One stop	SF +	5.75%	(h)	10.70%				04/2029	414		409		0.1		410
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.70%				04/2029	537		529		0.1		531
Mario Purchaser, LLC(24)	One stop	SF +	10.75%	(h)	15.70%	PIK			04/2032	262		259		0.1		259
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.70%				04/2028	5		4		—		4
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.70%				04/2029	70		63		—		63
NSG Buyer, Inc. #^	One stop	SF +	6.25%	(h)	11.20%				11/2029	7,231		7,134		1.6		7,284
NSG Buyer, Inc. (5)	One stop	SF +	6.25%		N/A(6)				11/2028	—		(15)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(8)		—		—
NSG Buyer, Inc. ^	One stop	SF +	5.50%	(h)	10.35%				11/2029	1,152		1,124		0.2		1,152
RW AM Holdco LLC#	One stop	SF +	5.25%	(i)	9.95%				04/2028	990		984		0.2		921
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(6)
Virginia Green Acquisition, LLC#	One stop	SF +	5.25%	(j)	9.50%				12/2030	6,860		6,799		1.5		6,860
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(10)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(j)	9.50%				12/2030	283		258		0.1		283
										47,160		46,329		10.1		46,584
Diversified Financial Services
Avalara, Inc.#	One stop	SF +	6.25%	(i)	10.85%				10/2028	1,091		1,073		0.2		1,091
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(5)		—		—
Baker Tilly Advisory Group, LP^	One stop	SF +	5.00%	(h)	9.85%				06/2031	1,532		1,511		0.3		1,532
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(2)		—		—
Banker's Toolbox, Inc.^	One stop	SF +	4.50%	(i)	9.10%				07/2027	1,357		1,347		0.3		1,357
Banker's Toolbox, Inc.	One stop	SF +	4.50%		N/A(6)				07/2027	—		—		—		—
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)(24)	Subordinated debt	E +	8.00%	(d)	3.59%	cash/	8.00%	PIK	07/2032	102		98		—		101
Ceres Groupe SAS & Ceres PikCo^(8)(9)(20)	One stop	E +	5.25%	(d)	8.84%				07/2031	482		464		0.1		478
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Finastra USA, Inc.	One stop	SF +	7.25%	(i)	12.18%				09/2029	23		22		—		23
Finastra USA, Inc.#	One stop	SF +	7.25%	(i)	12.18%				09/2029	4,925		4,844		1.1		4,944
Flash Topco, Inc.	One stop	SF +	5.75%	(i)	11.10%				10/2028	929		924		0.2		883
Flash Topco, Inc.	One stop	SF +	6.50%	(i)	11.71%				10/2028	72		71		—		68
Flash Topco, Inc.	One stop	SF +	6.50%	(i)	11.72%				12/2024	36		36		—		36
Higginbotham Insurance Agency, Inc.^	One stop	SF +	4.50%	(h)	9.35%				11/2028	1,598		1,587		0.4		1,598
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.75%	(h)	9.60%				11/2028	115		112		—		115
										12,262		12,080		2.6		12,226

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Electrical Equipment
Power Grid Holdings, Inc.#	One stop	SF +	4.75%	(i)	10.00%				12/2030	$	242	$	238	0.1	%	$	242
Power Grid Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—		(1)		—		—
										242		237		0.1		242
Electronic Equipment, Instruments & Components
CST Holding Company#	One stop	SF +	5.00%	(h)	9.95%				11/2028	2,220		2,133		0.5		2,220
CST Holding Company(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(2)		—		—
										2,220		2,131		0.5		2,220
Food & Staples Retailing
Wineshipping.com LLC	One stop	SF +	5.75%	(j)	10.74%				10/2027	375		373		0.1		356
Wineshipping.com LLC	One stop	SF +	5.75%	(a)(i)	11.20%				10/2027	73		73		—		69
Wineshipping.com LLC	One stop	SF +	5.75%	(i)	11.20%				10/2027	10		10		—		10
										458		456		0.1		435
Food Products
Blast Bidco Inc.#	One stop	SF +	6.00%	(i)	10.60%				10/2030	7,061		6,970		1.5		7,061
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(10)		—		—
Eagle Family Foods Group, LLC^	One stop	SF +	5.00%	(i)	10.33%				08/2030	1,189		1,177		0.3		1,177
Eagle Family Foods Group, LLC	One stop	SF +	5.00%	(i)	10.33%				08/2030	18		17		—		17
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(i)	11.00%				07/2027	550		547		0.1		545
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(i)	11.00%				07/2027	98		97		—		97
Ultimate Baked Goods Midco LLC	One stop	SF +	6.25%	(i)	11.41%				08/2027	370		368		0.1		370
Ultimate Baked Goods Midco LLC	One stop	SF +	6.25%	(i)	11.40%				08/2027	24		22		—		24
Ultimate Baked Goods Midco LLC^	One stop	SF +	5.50%	(i)	10.66%				08/2027	574		571		0.1		574
Whitebridge Pet Brands, LLC#^	One stop	SF +	4.75%	(h)	9.70%				07/2027	1,115		1,109		0.3		1,115
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(1)		—		—
Wizard Bidco Limited#(8)(10)	One stop	SF +	6.00%	(i)	10.60%				03/2029	650		640		0.1		650
Wizard Bidco Limited(8)(9)(10)(24)	One stop	SN +	5.00%	(f)	8.45%	cash/	1.50%	PIK	03/2029	411		401		0.1		392
Wizard Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(f)	10.95%				03/2029	238		216		0.1		238
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	4.75%	(f)	9.70%				09/2028	64		58		—		61
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(2)		—		—
										12,362		12,180		2.7		12,321
Healthcare Equipment & Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(i)	10.85%				08/2028	1,870		1,840		0.4		1,870
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	10.85%				08/2028	29		28		—		29
HuFriedy Group Acquisition, LLC^	One stop	SF +	5.50%	(i)	10.56%				06/2031	3,682		3,647		0.8		3,645
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(4)		—		(4)
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				06/2031	—		(8)		—		(8)
TIDI Legacy Products, Inc.#	One stop	SF +	5.50%	(h)	10.35%				12/2029	752		748		0.2		752
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		—
TIDI Legacy Products, Inc.	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
YI, LLC#	One stop	SF +	5.75%	(h)	10.87%				12/2029	2,930		2,880		0.6		2,930
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(10)		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(5)		—		—
										9,263		9,115		2.0		9,214
Healthcare Providers & Services
AAH TOPCO, LLC	One stop	SF +	5.25%	(h)	10.22%				12/2027	941		936		0.2		941
AAH TOPCO, LLC	One stop	SF +	5.25%	(h)	10.20%				12/2027	334		332		0.1		334
AAH TOPCO, LLC (24)	Subordinated debt	N/A			11.50%	PIK			12/2031	216		214		0.1		203
AAH TOPCO, LLC	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		—
AAH TOPCO, LLC	One stop	SF +	5.25%	(h)	10.22%				12/2027	1,694		1,663		0.4		1,694
Bamboo US Bidco LLC#(24)	One stop	SF +	6.75%	(i)	8.62%	cash/	3.38%	PIK	09/2030	2,469		2,408		0.5		2,444
Bamboo US Bidco LLC#(8)(9)(24)	One stop	E +	6.75%	(c)	7.01%	cash/	3.38%	PIK	09/2030	1,711		1,584		0.4		1,694
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(13)		—		(4)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Bamboo US Bidco LLC(24)	One stop	SF +	6.75%	(i)	8.56%	cash/	3.38%	PIK	09/2030	$	183	$	178	—	%	$	179
Community Care Partners, LLC#	One stop	SF +	6.00%	(h)	10.96%				06/2026	130		130		—		126
Datix Bidco Limited and RL Datix Holdings, Inc.#(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%				04/2031	1,538		1,418		0.3		1,523
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)	One stop	SF +	5.50%		N/A(6)				04/2031	—		(5)		—		(6)
Datix Bidco Limited and RL Datix Holdings, Inc.#(8)(10)	One stop	SF +	5.50%	(j)	10.81%				04/2031	2,484		2,437		0.5		2,459
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)	One stop	SF +	5.50%		N/A(6)				10/2030	—		(9)		—		(5)
ERC Topco Holdings, LLC(7)(24)	One stop	SF +	6.25%	(i)	7.60%	cash/	3.25%	PIK	11/2028	2,200		2,175		0.3		1,320
ERC Topco Holdings, LLC(7)(24)	One stop	SF +	6.25%	(i)	8.38%	cash/	3.25%	PIK	11/2027	116		114		—		56
ERC Topco Holdings, LLC(7)(24)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	36		36		—		22
ERC Topco Holdings, LLC(7)(24)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	1		1		—		1
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(h)	9.70%				12/2026	295		294		0.1		292
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(h)	9.70%				12/2026	47		46		—		46
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Premise Health Holding Corp.#	One stop	SF +	5.50%	(j)	10.76%				03/2031	6,511		6,421		1.4		6,511
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(10)		—		—
Suveto Buyer, LLC^	One stop	SF +	4.25%	(h)	9.20%				09/2027	1,103		1,098		0.3		1,099
Suveto Buyer, LLC	One stop	SF +	4.25%	(a)(h)	9.58%				09/2027	98		97		—		97
										22,107		21,545		4.6		21,026
Healthcare Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(i)	13.46%				09/2026	20		20		—		20
Amberfield Acquisition Co.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(2)		—		—
Amberfield Acquisition Co.	One stop	SF +	5.00%		N/A(6)				05/2030	—		—		—		—
Amberfield Acquisition Co.#	One stop	SF +	5.00%	(i)	9.60%				05/2030	400		396		0.1		400
Color Intermediate, LLC#	Senior secured	SF +	4.75%	(i)	9.45%				10/2029	1,056		1,040		0.2		1,056
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(h)(i)	13.00%				01/2029	367		361		0.1		367
Crow River Buyer, Inc.	One stop	SF +	7.75%	(i)	12.85%				01/2029	13		12		—		13
HealthEdge Software, Inc.^	One stop	SF +	4.75%	(h)	9.85%				07/2031	445		441		0.1		440
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(1)		—		(1)
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(1)		—		(1)
Kona Buyer, LLC	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC^	One stop	SF +	4.50%	(i)	9.78%				07/2031	410		406		0.1		406
Kona Buyer, LLC	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(1)		—		(1)
Lacker Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				02/2031	2,057		1,914		0.4		2,057
Lacker Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(7)		—		—
Lacker Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				02/2031	463		411		0.1		463
Neptune Holdings, Inc.#	One stop	SF +	5.75%	(i)	10.35%				09/2030	2,608		2,575		0.6		2,608
Neptune Holdings, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.^(24)	One stop	SF +	5.20%	(h)	7.35%	cash/	2.70%	PIK	08/2031	6,189		6,128		1.3		6,127
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(8)		—		(8)
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(4)		—		(4)
Plasma Buyer LLC#	One stop	SF +	5.75%	(i)	10.35%				05/2029	302		297		0.1		293
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	10.35%				05/2028	19		19		—		18
Plasma Buyer LLC	One stop	SF +	6.25%	(i)	10.88%				05/2029	7		7		—		6
QF Holdings, Inc.	One stop	SF +	5.00%	(i)	10.35%				12/2027	35		35		—		35
Veranex, Inc.(7)(24)	Senior secured	SF +	6.75%	(j)	7.65%	cash/	4.25%	PIK	04/2028	127		126		—		90
Veranex, Inc.(7)(24)	Senior secured	SF +	6.75%	(j)	7.81%	cash/	4.25%	PIK	04/2028	43		42		—		30
Veranex, Inc.(7)(24)	Senior secured	SF +	6.75%	(j)	7.57%	cash/	4.25%	PIK	04/2028	32		32		—		23
										14,593		14,237		3.1		14,437

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC^	One stop	SF +	6.00%	(i)	11.21%				08/2028	$	822	$	816	0.2	%	$	822
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.40%				08/2028	41		41		—		41
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.85%				08/2028	18		18		—		18
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.75%				08/2028	77		71		—		77
ESN Venture Holdings, LLC#^	One stop	SF +	5.75%	(i)	10.35%				10/2028	2,066		2,037		0.5		2,066
ESN Venture Holdings, LLC^	One stop	SF +	5.75%	(i)	10.35%				10/2028	312		308		0.1		312
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.85%				10/2028	101		99		—		101
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.35%				10/2028	32		30		—		32
ESN Venture Holdings, LLC^	One stop	SF +	5.75%	(i)	10.35%				10/2028	143		141		—		143
ESN Venture Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(5)		—		—
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.93%				10/2028	353		350		0.1		353
GFP Atlantic Holdco 2, LLC#	One stop	SF +	6.00%	(i)	11.13%				11/2027	1,246		1,227		0.3		1,246
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(22)		—		—
Harri US LLC(24)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	50		48		—		49
Harri US LLC(24)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	34		34		—		33
Harri US LLC(24)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	33		33		—		32
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		(1)
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(3)		—		(22)
Health Buyer, LLC#	Senior secured	SF +	5.25%	(i)	9.85%				04/2029	146		145		—		145
Health Buyer, LLC#	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	75		74		—		75
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	30		29		—		30
Health Buyer, LLC	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		—		—		—
PB Group Holdings, LLC^(24)	One stop	SF +	5.50%	(h)	7.60%	cash/	2.75%	PIK	08/2030	3,251		3,235		0.7		3,235
PB Group Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(2)		—		(2)
SDC Holdco, LLC^	One stop	SF +	5.00%	(i)	9.60%				06/2031	6,459		6,428		1.4		6,459
SDC Holdco, LLC	One stop	SF +	5.00%	(i)	9.66%				06/2031	57		54		—		57
SDC Holdco, LLC(24)	Second lien	SF +	8.50%	(i)	13.10%	PIK			06/2032	993		986		0.2		993
Super REGO, LLC(24)	Subordinated debt	N/A			15.00%	PIK			03/2030	54		53		—		54
YE Brands Holding, LLC#	One stop	SF +	4.75%	(i)	9.35%				10/2027	2,947		2,922		0.7		2,947
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.47%				10/2027	27		27		—		27
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.40%				10/2027	332		327		0.1		332
										19,699		19,501		4.3		19,654
Industrial Conglomerates
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(i)	10.45%				07/2027	218		215		0.1		218
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(i)	10.45%				07/2027	55		54		—		55
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(i)	10.45%				07/2027	29		28		—		29
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Essential Services Holdings Corporation^	One stop	SF +	5.00%	(i)	10.29%				06/2031	3,421		3,388		0.7		3,387
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(4)		—		(4)
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(3)		—		(7)
Excelitas Technologies Corp.^	One stop	SF +	5.25%	(i)	9.85%				08/2029	644		634		0.2		637
Excelitas Technologies Corp.#(8)(9)	One stop	E +	5.25%	(c)	8.60%				08/2029	123		113		—		122
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2028	—		—		—		—
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
Excelitas Technologies Corp.(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(5)		—		(7)
										4,490		4,420		1.0		4,430
Insurance
Alera Group, Inc.^	One stop	SF +	5.25%	(h)	10.10%				10/2028	1,408		1,400		0.3		1,408
Alera Group, Inc.	One stop	SF +	5.25%	(h)	10.10%				10/2028	456		453		0.1		456
Alera Group, Inc.	One stop	SF +	5.25%	(h)	10.10%				10/2028	400		397		0.1		400
Alera Group, Inc.	One stop	SF +	5.75%	(h)	10.60%				10/2028	2,438		2,405		0.6		2,478

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	9.95%				07/2027	$	179	$	179	0.1	%	$	179
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	9.95%				07/2027	53		53		—		53
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(i)	9.95%				07/2027	50		50		—		50
AMBA Buyer, Inc.	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	9.95%				07/2027	19		19		—		19
Ben Nevis Midco Limited#(8)(10)	One stop	SF +	5.50%	(h)	10.35%				03/2028	851		836		0.2		851
Ben Nevis Midco Limited#(8)(10)	One stop	SF +	5.50%	(i)	10.56%				03/2028	572		572		0.1		572
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.50%	(h)	10.34%				03/2028	90		90		—		90
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.50%	(h)	10.36%				03/2028	140		134		—		140
Captive Resources Midco, LLC^(24)	One stop	SF +	5.25%	(h)	10.10%				07/2029	4,747		4,687		1.0		4,747
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(1)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(i)	12.56%				03/2029	384		377		0.1		384
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC#	One stop	SF +	5.25%	(i)	10.06%				12/2030	4,886		4,842		1.1		4,898
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(9)		—		—
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(i)	10.22%				12/2030	4,038		3,996		0.9		4,049
Doxa Insurance Holdings LLC	One stop	SF +	5.00%		N/A(6)				12/2030	—		—		—		—
Gimlet Bidco GMBH#(8)(9)(19)	One stop	E +	5.75%	(c)	9.39%				04/2031	3,632		3,407		0.8		3,595
Gimlet Bidco GMBH(8)(9)(19)	One stop	E +	5.75%	(c)	9.39%				04/2031	269		242		0.1		254
Illumifin Corporation(24)	One stop	SF +	7.00%	(i)	6.54%	cash/	6.00%	PIK	09/2027	182		180		—		160
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(h)(i)(j)	10.98%				07/2030	414		405		0.1		414
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC	One stop	SF +	6.00%	(h)(i)(j)	10.88%				07/2030	83		81		—		83
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%	(i)	10.07%				08/2028	3,201		3,165		0.7		3,169
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%		N/A(6)				08/2028	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(1)		—		(10)
Keystone Agency Partners LLC#	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	1,589		1,565		0.3		1,589
Keystone Agency Partners LLC	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	332		329		0.1		332
Keystone Agency Partners LLC#	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	184		183		0.1		184
Keystone Agency Partners LLC	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	164		162		—		164
Keystone Agency Partners LLC	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	5,420		5,317		1.2		5,420
MRH Trowe Germany GMBH(8)(9)(19)	One stop	E +	6.00%	(c)	9.49%				02/2029	1,127		1,074		0.2		1,127
Oakbridge Insurance Agency LLC#	One stop	SF +	5.50%	(h)	10.66%				11/2029	3,157		3,130		0.7		3,157
Oakbridge Insurance Agency LLC	One stop	P +	4.50%	(a)(h)	12.07%				11/2029	158		154		—		158
Oakbridge Insurance Agency LLC	One stop	SF +	5.50%	(h)	10.66%				11/2029	126		113		—		126
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.25%	(i)	10.85%				05/2030	1,784		1,755		0.4		1,784
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(i)	10.85%				05/2030	595		585		0.1		595
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(i)	10.35%				10/2028	4,363		4,268		0.9		4,262
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(i)	9.75%				10/2028	614		591		0.1		611
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(i)	9.75%				10/2028	138		137		—		137
Patriot Growth Insurance Services, LLC	One stop	SF +	5.00%	(h)	9.95%				10/2028	28		26		—		27
										48,271		47,345		10.4		48,112
IT Services
CivicPlus, LLC(24)	One stop	SF +	5.75%	(i)	10.96%				08/2027	365		363		0.1		365
CivicPlus, LLC#(24)	One stop	SF +	5.75%	(i)	10.96%				08/2027	234		233		0.1		234
CivicPlus, LLC(24)	One stop	SF +	5.75%	(i)	10.96%				08/2027	171		170		0.1		171
CivicPlus, LLC(24)	One stop	SF +	11.75%	(j)	17.00%	PIK			06/2034	196		193		0.1		196
CivicPlus, LLC	One stop	SF +	8.50%		N/A(6)				08/2027	—		—		—		—
Critical Start, Inc.#(24)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	196		195		—		195
Critical Start, Inc.#(24)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	107		106		—		106
Critical Start, Inc.	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		—
Goldcup 31018 AB(8)(9)(16)(24)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	890		806		0.2		890
Goldcup 31018 AB(8)(9)(16)(24)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	83		78		—		83

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Goldcup 31018 AB(5)(8)(9)(16)	One stop	E +	6.50%		N/A(6)				01/2029	$	—	$	(1)	—	%	$	—
Netwrix Corporation^	One stop	SF +	5.50%	(i)	10.56%				06/2029	4,397		4,375		1.0		4,397
Netwrix Corporation(5)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	5.50%	(i)	10.56%				06/2029	622		581		0.1		679
PDQ Intermediate, Inc.(24)	Subordinated debt	N/A			13.75%	PIK			10/2031	57		56		—		57
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(3)		—		—
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(1)		—		—
ReliaQuest Holdings, LLC#(24)	One stop	SF +	6.75%	(i)	8.37%	cash/	3.63%	PIK	04/2031	7,984		7,947		1.7		7,984
WPEngine, Inc.#	One stop	SF +	6.50%	(i)	11.62%				08/2029	443		436		0.1		443
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		—
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(i)	11.56%				07/2027	435		435		0.1		427
Zarya Holdco, Inc.(5)	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		(1)
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(i)	11.56%				07/2027	173		170		—		170
										16,353		16,137		3.6		16,396
Leisure Products
Crunch Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(4)		—		(3)
Crunch Holdings, LLC^	One stop	SF +	4.75%	(h)	9.61%				09/2031	5,118		5,092		1.1		5,092
Movement Holdings, LLC#	One stop	SF +	5.25%	(h)	10.10%				03/2030	2,419		2,397		0.5		2,419
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(4)		—		—
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(15)		—		—
										7,537		7,466		1.6		7,508
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	5.50%	(i)	10.73%				11/2029	6,235		6,109		1.4		6,235
Celerion Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(20)		—		—
Graphpad Software, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(1)		—		—
Graphpad Software, LLC^	One stop	SF +	4.75%	(i)	9.35%				06/2031	2,635		2,623		0.6		2,635
Graphpad Software, LLC	One stop	SF +	4.75%	(i)	9.35%				06/2031	66		63		—		66
PAS Parent Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(3)		—		(7)
PAS Parent Inc.^	One stop	SF +	5.00%	(h)	9.85%				12/2028	2,737		2,702		0.6		2,710
PAS Parent Inc.	One stop	SF +	5.00%	(h)	9.85%				12/2027	43		39		—		41
PAS Parent Inc.	One stop	SF +	5.00%	(h)	9.85%				12/2028	217		213		—		215
Reaction Biology Corporation(7)(24)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	330		324		0.1		254
Reaction Biology Corporation(7)(24)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	305		300		0.1		235
Reaction Biology Corporation(7)(24)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	203		200		—		156
Reaction Biology Corporation(7)(24)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	97		95		—		75
Unchained Labs, LLC	Senior secured	SF +	5.50%	(h)	10.40%				08/2027	56		56		—		55
Unchained Labs, LLC	Senior secured	SF +	5.50%	(h)	10.40%				08/2027	48		47		—		47
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										12,972		12,746		2.8		12,717
Machinery
AI Titan Parent, Inc.^	One stop	SF +	4.75%	(i)	9.81%				08/2031	930		921		0.2		921
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		(1)
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		(1)
Blackbird Purchaser, Inc.#	One stop	SF +	5.50%	(i)	10.10%				12/2030	8,257		8,184		1.8		8,257
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	10.10%				12/2030	490		475		0.1		490
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	10.10%				12/2029	165		155		—		165
										9,842		9,733		2.1		9,831

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Marine
Project Nike Purchaser, LLC^	One stop	SF +	5.25%	(i)	9.85%				04/2029	$	4,367	$	4,338	1.0	%	$	4,323
Project Nike Purchaser, LLC#	One stop	SF +	5.25%	(i)	9.85%				04/2029	99		98		—		98
Project Nike Purchaser, LLC	One stop	SF +	5.25%	(i)	9.85%				04/2029	75		74		—		74
										4,541		4,510		1.0		4,495
Media
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(1)		—		—
Lotus Topco, Inc.^	One stop	SF +	4.75%	(j)	9.00%				06/2030	411		408		0.1		411
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(1)		—		—
										411		406		0.1		411
Oil, Gas & Consumable Fuels
Envernus, Inc.^	One stop	SF +	5.50%	(h)	10.35%				12/2029	5,487		5,415		1.2		5,487
Envernus, Inc.	One stop	SF +	5.50%	(h)	10.35%				12/2029	29		23		—		29
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		—
										5,516		5,436		1.2		5,516
Paper & Forest Products
Messenger, LLC#^	One stop	SF +	5.75%	(i)	10.50%				12/2027	578		574		0.1		578
Messenger, LLC^	One stop	SF +	5.75%	(i)	11.15%				12/2027	174		173		0.1		174
Messenger, LLC	One stop	SF +	5.75%	(i)	10.50%				12/2027	87		87		—		87
Messenger, LLC	One stop	SF +	5.75%		N/A(6)				12/2027	—		—		—		—
Messenger, LLC(5)(8)(9)	One stop	SN +	5.75%		N/A(6)				12/2027	—		(1)		—		—
Messenger, LLC#(8)(9)	One stop	SN +	5.75%	(f)	0.108				12/2027	1,049		975		0.2		1,049
Messenger, LLC#	One stop	SF +	5.75%	(i)	0.105				12/2027	589		583		0.1		589
										2,477		2,391		0.5		2,477
Pharmaceuticals
Caerus Midco 3 S.A.R.L.#(8)(14)	One stop	SF +	5.00%	(i)	9.60%				05/2029	780		770		0.2		773
Caerus Midco 3 S.A.R.L.#(8)(14)	One stop	SF +	5.00%	(i)	9.60%				05/2029	139		137		—		138
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.00%	(i)	9.60%				05/2029	53		52		—		52
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.00%	(h)	9.87%				05/2029	46		45		—		45
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.00%	(i)	9.60%				05/2029	9		9		—		9
Cobalt Buyer Sub, Inc.	One stop	SF +	5.50%	(h)	10.35%				10/2028	590		582		0.1		583
Cobalt Buyer Sub, Inc.	One stop	SF +	5.50%	(h)	10.35%				10/2028	198		195		0.1		195
Cobalt Buyer Sub, Inc.#	One stop	SF +	5.50%	(h)	10.35%				10/2028	165		160		0.1		163
Cobalt Buyer Sub, Inc.	One stop	SF +	5.50%	(h)	10.35%				10/2027	14		12		—		12
Cobalt Buyer Sub, Inc.^	One stop	SF +	5.50%	(h)	10.35%				10/2028	249		246		0.1		246
Cobalt Buyer Sub, Inc.(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(3)		—		(3)
Spark Bidco Limited(8)(9)(10)(24)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	1,514		1,544		0.3		1,454
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	6.00%	(f)	10.95%				08/2028	662		594		0.1		662
Spark Bidco Limited(8)(10)	Senior secured	SF +	6.00%	(i)	10.60%				08/2028	475		469		0.1		475
Spark Bidco Limited(8)(9)(10)(24)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	184		155		—		176
Spark Bidco Limited(8)(9)(10)(24)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	161		145		—		154
Spark Bidco Limited(5)(8)(9)(10)	Senior secured	SN +	4.88%		N/A(6)				02/2028	—		(1)		—		(3)
										5,239		5,111		1.1		5,131
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(j)	10.50%				05/2029	548		542		0.1		555
ALKU Intermediate Holdings, LLC#	One stop	SF +	5.50%	(j)	9.75%				05/2029	61		60		—		61
bswift, LLC#	One stop	SF +	6.38%	(i)	11.68%				11/2028	461		452		0.1		469
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)	10.32%				10/2027	303		301		0.1		303
Citrin Cooperman Advisors LLC#	One stop	SF +	5.00%	(i)	10.32%				10/2027	131		129		—		131
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)	10.42%				10/2027	39		38		—		39
Citrin Cooperman Advisors LLC#	One stop	SF +	5.25%	(i)	10.67%				10/2027	21		21		—		21
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(i)	10.67%				10/2027	55		54		—		55
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	10.02%				09/2028	326		322		0.1		326
DISA Holdings Corp.(24)	Subordinated debt	SF +	8.50%	(h)	11.51%	cash/	2.00%	PIK	03/2029	52		51		—		52

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	10.02%				09/2028	$	37	$	36	—	%	$	37
DISA Holdings Corp.	One stop	SF +	5.00%	(i)	10.02%				09/2028	46		45		—		46
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(2)		—		—
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	10.02%				09/2028	494		487		0.1		494
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	10.11%				09/2028	43		40		—		43
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(6)		—		(1)
Eclipse Buyer, Inc.^	One stop	SF +	4.75%	(i)	9.74%				09/2031	1,264		1,252		0.3		1,252
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(1)		—		(1)
Eliassen Group, LLC#	One stop	SF +	5.75%	(i)	10.35%				04/2028	74		73		—		72
Eliassen Group, LLC	One stop	SF +	5.75%	(i)	10.88%				04/2028	15		15		—		15
Filevine, Inc.^(24)	One stop	SF +	6.50%	(i)	9.47%	cash/	2.50%	PIK	04/2027	308		303		0.1		312
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(i)	11.35%				09/2028	363		359		0.1		363
IG Investments Holdings, LLC	One stop	SF +	6.00%	(j)	11.35%				09/2028	34		34		—		34
IG Investments Holdings, LLC	One stop	SF +	6.00%		N/A(6)				09/2027	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.^	One stop	SF +	5.25%	(i)	10.65%				11/2028	3,203		3,190		0.7		3,107
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(i)	10.65%				11/2028	153		152		—		146
NBG Acquisition Corp. and NBG-P Acquisition Corp.^	One stop	SF +	5.25%	(i)	10.72%				11/2028	235		233		0.1		228
Procure Acquireco, Inc.^	One stop	SF +	5.00%	(j)	9.99%				12/2028	943		937		0.2		943
Procure Acquireco, Inc.^	One stop	SF +	5.00%	(i)	9.75%				12/2028	132		132		—		132
Procure Acquireco, Inc.	One stop	SF +	5.00%		N/A(6)				12/2028	—		—		—		—
Varicent Intermediate Holdings Corporation^(24)	One stop	SF +	0.06	(i)	0.0735	cash/	3.25%	PIK	08/2031	4,981		4,907		1.1		4,906
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	0.06		N/A(6)				08/2031	—		(10)		—		(10)
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	0.06		N/A(6)				08/2031	—		(9)		—		(10)
										14,322		14,137		3.1		14,120
Software
Anaplan, Inc.#	One stop	SF +	5.25%	(i)	9.85%				06/2029	8,552		8,494		1.9		8,552
Anaplan, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2028	—		(1)		—		—
Anaplan, Inc.#	One stop	SF +	5.25%	(i)	9.85%				06/2029	167		165		—		167
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				06/2029	684		613		0.1		684
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				06/2029	357		311		0.1		357
Arrow Buyer, Inc.#	One stop	SF +	5.75%	(i)	10.35%				07/2030	2,032		1,991		0.4		2,032
Arrow Buyer, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(6)		—		—
Arrow Buyer, Inc.	One stop	SF +	5.75%	(i)	10.35%				07/2030	133		133		—		133
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(1)		—		(1)
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		(1)
Artifact Bidco, Inc.#	One stop	SF +	4.50%	(i)	9.10%				05/2031	453		448		0.1		448
Auvik Networks Inc.^(8)(11)(24)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	428		426		0.1		428
Auvik Networks Inc.#(8)(11)(24)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	90		90		—		90
Auvik Networks Inc.(8)(11)	One stop	SF +	6.00%		N/A(6)				07/2027	—		—		—		—
Auvik Networks Inc.#(8)(11)(24)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	72		71		—		72
Azurite Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(h)	11.35%				03/2031	839		828		0.2		839
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(h)	11.35%				03/2031	1,221		1,199		0.3		1,221
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(4)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(2)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(2)		—		—
Baxter Planning Systems, LLC^(24)	One stop	SF +	6.25%	(i)	8.12%	cash/	3.38%	PIK	05/2031	1,234		1,226		0.3		1,234
Bayshore Intermediate #2, L.P.(24)	One stop	SF +	7.75%	(i)	13.13%	PIK			10/2028	4,592		4,550		1.0		4,592
Bayshore Intermediate #2, L.P.(5)	One stop	SF +	6.75%		N/A(6)				10/2027	—		(2)		—		—
BestPass, Inc.^	One stop	SF +	5.25%	(h)	10.10%				08/2031	6,263		6,232		1.4		6,231
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(3)		—		(3)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	$	—	$	(4)	—	%	$	(4)
Bloomerang, LLC^	One stop	SF +	6.00%	(h)	10.85%				12/2029	4,643		4,602		1.0		4,643
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(9)		—		—
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(12)		—		—
Bonterra LLC^(24)	One stop	SF +	7.75%	(i)	12.35%	PIK			09/2027	4,995		4,946		1.1		4,920
Bonterra LLC^	One stop	SF +	7.00%	(i)	11.60%				09/2027	3,591		3,565		0.8		3,537
Bonterra LLC	One stop	SF +	7.00%	(i)	11.64%				09/2027	116		115		—		113
Bonterra LLC^	One stop	SF +	7.00%	(i)	11.94%				09/2027	682		672		0.2		671
Bottomline Technologies, Inc.^	One stop	SF +	5.25%	(h)	10.10%				05/2029	1,536		1,516		0.3		1,521
Bottomline Technologies, Inc.#	One stop	SF +	5.75%	(h)	10.60%				05/2029	276		271		0.1		276
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		(2)
Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)	One stop	SF +	7.25%	(i)	12.53%				01/2029	507		495		0.1		507
Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)	One stop	SF +	7.25%	(i)	12.53%				01/2029	134		131		—		134
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(12)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(12)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited#(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%				08/2030	685		640		0.2		685
Camelia Bidco Limited#(8)(9)(10)	One stop	A +	5.50%	(e)	9.93%				08/2030	44		40		—		44
Camelia Bidco Limited#(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%				08/2030	97		87		—		97
Camelia Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(5)		—		—
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(6)		—		—
CB Buyer, Inc.^	One stop	SF +	5.25%	(i)	9.85%				07/2031	5,306		5,255		1.2		5,306
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(7)		—		—
Coupa Holdings, LLC#	One stop	SF +	5.50%	(i)	10.75%				02/2030	3,071		3,005		0.7		3,071
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2030	—		(3)		—		—
Crewline Buyer, Inc.^	One stop	SF +	6.75%	(i)	11.35%				11/2030	11,589		11,438		2.5		11,589
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(16)		—		—
Daxko Acquisition Corporation^	One stop	SF +	5.00%	(h)	9.85%				10/2028	1,530		1,521		0.3		1,530
Daxko Acquisition Corporation	One stop	SF +	5.00%	(h)	9.85%				10/2028	129		128		—		129
Daxko Acquisition Corporation	One stop	P +	4.00%	(a)	12.00%				10/2028	19		16		—		19
Daxko Acquisition Corporation	One stop	SF +	5.00%	(h)	9.85%				10/2028	8		8		—		8
Daxko Acquisition Corporation(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(3)		—		—
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(f)	10.95%				08/2030	1,080		1,000		0.2		1,086
Denali Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(c)	9.35%				08/2030	261		249		0.1		262
Denali Bidco Limited#(8)(9)(10)	One stop	E +	5.50%	(c)	8.85%				08/2030	1,805		1,696		0.4		1,805
Denali Bidco Limited(8)(9)(10)	One stop	E +	6.00%	(c)	9.35%				08/2030	365		341		0.1		367
Denali Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(17)		—		—
Dragon UK Bidco Limited(8)(9)(10)	One stop	SN +	5.75%	(f)	10.70%				02/2029	862		842		0.2		854
Dragon UK Bidco Limited(8)(9)(10)	One stop	CA +	5.75%	(k)	9.67%				02/2029	481		501		0.1		477
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(2)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	4.75%	(i)	9.35%				09/2030	5,477		5,333		1.2		5,422
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—		(16)		—		(5)
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75%	(i)	9.35%				09/2030	397		393		0.1		393
Gainsight, Inc.(24)	One stop	SF +	6.00%	(i)	11.40%	PIK			07/2027	761		756		0.2		761
Gainsight, Inc.(24)	One stop	SF +	6.00%	(i)	11.40%	PIK			07/2027	64		63		—		64
GTY Technology Holdings, Inc.^(24)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	1,821		1,799		0.4		1,803
GTY Technology Holdings, Inc.^(24)	One stop	SF +	6.88%	(h)	7.54%	cash/	4.30%	PIK	07/2029	1,189		1,172		0.3		1,177
GTY Technology Holdings, Inc.^(24)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	218		217		0.1		216
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(1)		—		(1)
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(8)		—		—
GTY Technology Holdings, Inc.^(24)	One stop	SF +	7.13%	(i)	7.92%	cash/	4.45%	PIK	07/2029	288		286		0.1		288
Gurobi Optimization, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(4)		—		(4)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Gurobi Optimization, LLC^	One stop	SF +	4.75%	(h)(i)	9.47%				09/2031	$	4,671	$	4,624	1.0	%	$	4,624
Hornet Security Holding GMBH#(8)(9)(19)(24)	One stop	E +	7.00%	(d)	5.91%	cash/	4.50%	PIK	02/2031	2,510		2,408		0.5		2,510
Hornet Security Holding GMBH#(8)(9)(19)(24)	One stop	E +	7.00%	(c)(d)	5.91%	cash/	4.50%	PIK	02/2031	1,673		1,605		0.4		1,673
Hornet Security Holding GMBH(8)(9)(19)	One stop	E +	6.50%		N/A(6)				08/2030	—		—		—		—
Hornet Security Holding GMBH(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				02/2031	—		(9)		—		—
Hyland Software, Inc.#	One stop	SF +	6.00%	(h)	10.85%				09/2030	13,259		13,090		2.9		13,259
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.#	One stop	SF +	6.50%	(h)	11.35%				01/2030	7,751		7,614		1.7		7,751
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(13)		—		—
ICIMS, Inc.#(24)	One stop	SF +	5.75%	(h)(i)	10.67%				08/2028	14,539		14,391		3.0		13,813
ICIMS, Inc.	One stop	SF +	5.75%	(h)	10.62%				08/2028	85		82		—		71
ICIMS, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		—		—		(120)
IQN Holding Corp. ^	One stop	SF +	5.25%	(i)	10.31%				05/2029	927		920		0.2		927
IQN Holding Corp.	One stop	SF +	5.25%	(i)	10.31%				05/2028	16		16		—		16
Island Bidco AB^(8)(16)(24)	One stop	SF +	7.00%	(i)(j)	8.76%	cash/	3.50%	PIK	07/2028	1,050		1,045		0.2		1,050
Island Bidco AB#(8)(9)(16)(24)	One stop	E +	7.25%	(b)(d)	3.65%	cash/	7.25%	PIK	07/2028	402		376		0.1		402
Island Bidco AB^(8)(16)(24)	One stop	SF +	7.00%	(j)	8.76%	cash/	3.50%	PIK	07/2028	179		178		—		179
Island Bidco AB(8)(16)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(8)(9)(16)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Kaseya Inc.^(24)	One stop	SF +	5.50%	(i)	10.75%				06/2029	4,264		4,222		0.9		4,264
Kaseya Inc.(24)	One stop	SF +	5.50%	(i)	10.10%				06/2029	41		40		—		41
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.75%				06/2029	16		14		—		16
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.78%				06/2029	49		47		—		49
LeadsOnline, LLC#	One stop	SF +	4.75%	(i)	10.17%				02/2028	2,057		2,013		0.4		2,057
LeadsOnline, LLC#	One stop	SF +	4.75%	(i)	10.17%				02/2028	363		355		0.1		363
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
LeadsOnline, LLC#	One stop	SF +	4.75%	(i)	9.45%				02/2028	203		202		—		203
Ministry Brands Holdings LLC^	One stop	SF +	5.50%	(h)	10.45%				12/2028	1,175		1,168		0.2		1,151
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(h)	10.45%				12/2028	338		335		0.1		331
Ministry Brands Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		(1)		—		(2)
Navex TopCo, Inc.#^	One stop	SF +	5.50%	(h)	10.60%				11/2030	11,034		10,841		2.4		11,034
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(16)		—		—
Naviga Inc.(7)	Senior secured	SF +	7.00%	(h)	12.25%				12/2024	6		6		—		2
Orsay Bidco 1 B.V. and Sky Group Holding B.V.(5)(8)(9)(12)	One stop	E +	5.75%		N/A(6)				11/2029	—		(9)		—		—
Panzura, LLC(24)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	59		54		—		49
Pineapple German Bidco GMBH#(8)(9)(19)(24)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	3,364		3,226		0.7		3,330
Pineapple German Bidco GMBH(8)(9)(19)(24)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	231		219		—		229
Pineapple German Bidco GMBH(8)(9)(19)(24)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	800		759		0.2		787
PING Identity Holding Corp.#	One stop	SF +	4.75%	(i)	9.35%				10/2029	910		898		0.2		910
PING Identity Holding Corp.(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.50%	(h)	11.35%				09/2028	239		238		0.1		239
ProcessUnity Holdings, LLC^	One stop	SF +	6.50%	(h)	11.35%				09/2028	146		144		—		146
ProcessUnity Holdings, LLC	One stop	SF +	6.50%	(h)	11.35%				09/2028	48		48		—		48
ProcessUnity Holdings, LLC	One stop	SF +	6.50%	(h)	11.35%				09/2028	45		44		—		45
QAD, Inc.^	One stop	SF +	4.75%	(h)	9.60%				11/2027	3,837		3,817		0.8		3,837
QAD, Inc.(5)	One stop	SF +	4.75%		N/A(6)				11/2027	—		(2)		—		—
Quant Buyer, Inc.^	One stop	SF +	5.25%	(i)	10.31%				06/2029	2,397		2,381		0.5		2,397
Quant Buyer, Inc.^	One stop	SF +	5.25%	(i)	10.39%				06/2029	3,285		3,257		0.7		3,285
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(24)		—		—
Rainforest Bidco Limited(8)(9)(10)(24)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	772		675		0.2		743
Rainforest Bidco Limited(8)(10)(24)	One stop	SF +	6.05%	(g)	8.34%	cash/	2.55%	PIK	07/2029	136		135		—		131

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rainforest Bidco Limited(8)(9)(10)(24)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	$	57	$	50	—	%	$	55
Rainforest Bidco Limited(8)(9)(10)(24)	One stop	SN +	6.55%	(f)	8.95%	cash/	2.55%	PIK	07/2029	1,963		1,784		0.4		1,963
Riskonnect Parent, LLC#^	One stop	SF +	5.50%	(i)	10.25%				12/2028	4,148		4,123		0.9		4,127
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(2)		—		(2)
Riskonnect Parent, LLC	One stop	SF +	5.50%	(i)	10.25%				12/2028	102		101		—		102
Riskonnect Parent, LLC^	One stop	SF +	5.50%	(i)	10.10%				12/2028	3,348		3,314		0.7		3,314
Riskonnect Parent, LLC^	One stop	SF +	5.50%	(i)	10.10%				12/2028	2,355		2,329		0.5		2,332
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(2)		—		(2)
SailPoint Technologies Holdings, Inc.^	One stop	SF +	6.00%	(i)	11.10%				08/2029	17,386		17,144		3.8		17,386
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(4)		—		—
Sapphire Bidco Oy(8)(9)(15)	One stop	E +	5.50%	(c)	9.20%				07/2029	1,904		1,699		0.4		1,904
Sapphire Bidco Oy#(8)(9)(15)	One stop	E +	5.75%	(c)	9.41%				07/2029	156		146		—		156
Sapphire Bidco Oy#(8)(9)(15)	One stop	E +	5.75%	(c)	9.46%				07/2029	978		938		0.2		980
Templafy APS and Templafy, LLC^(8)(18)	One stop	SF +	6.00%	(i)	11.40%				07/2028	554		544		0.1		554
Templafy APS and Templafy, LLC(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Togetherwork Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(11)		—		—
Togetherwork Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(8)		—		—
Togetherwork Holdings, LLC^	One stop	SF +	5.25%	(h)	10.10%				05/2031	8,684		8,613		1.9		8,684
Transform Bidco Limited(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(10)		—		(10)
Transform Bidco Limited(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(6)		—		(6)
Transform Bidco Limited#(8)(10)	One stop	SF +	7.00%	(i)	12.31%				01/2031	3,562		3,514		0.8		3,518
Vantage Bidco GMBH#(8)(9)(19)(24)	One stop	E +	6.25%	(c)	6.47%	cash/	3.13%	PIK	04/2031	2,638		2,493		0.6		2,612
Vantage Bidco GMBH(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				10/2030	—		(6)		—		(4)
Varinem German Midco GMBH^(8)(9)(19)	One stop	E +	6.00%	(d)	9.67%				07/2031	2,191		2,125		0.5		2,169
Varinem German Midco GMBH(8)(9)(19)	One stop	E +	6.00%		N/A(6)				07/2031	—		—		—		—
Vendavo, Inc.	One stop	SF +	5.75%	(i)	10.84%				09/2027	1,089		1,084		0.2		1,012
Vendavo, Inc.	One stop	SF +	5.75%	(i)(j)	10.69%				09/2027	179		177		—		155
Vendavo, Inc.^	One stop	SF +	5.75%	(i)	10.84%				09/2027	87		87		—		81
WebPT, Inc.	One stop	SF +	6.75%	(i)	11.91%				01/2028	35		35		—		34
Zendesk, Inc.#	One stop	SF +	5.00%	(i)	9.69%				11/2028	9,451		9,323		2.0		9,451
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(16)		—		—
										224,888		220,705		48.4		223,236
Specialty Retail
Ave Holdings III, Corp^	One stop	SF +	5.25%	(j)	9.75%				02/2028	877		866		0.2		877
Ave Holdings III, Corp^	One stop	SF +	5.25%	(j)	9.75%				02/2028	653		650		0.1		653
Ave Holdings III, Corp	One stop	SF +	5.25%	(j)	9.75%				02/2028	86		85		—		86
Ave Holdings III, Corp(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—		(1)		—		—
Biscuit Parent, LLC#	One stop	SF +	4.75%	(i)	9.35%				02/2031	6,018		5,977		1.3		6,018
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(13)		—		—
Cavender Stores L.P.^	Senior secured	SF +	5.00%	(i)	9.60%				10/2029	11,243		11,149		2.5		11,243
CVP Holdco, Inc.(5)	One stop	SF +	7.50%		N/A(6)				06/2030	—		(4)		—		—
CVP Holdco, Inc.^	One stop	SF +	5.00%	(h)	9.85%				06/2031	4,020		3,981		0.9		4,020
CVP Holdco, Inc.(5)	One stop	SF +	7.50%		N/A(6)				06/2031	—		(5)		—		—
PetVet Care Centers LLC#	One stop	SF +	6.00%	(h)	10.85%				11/2030	4,439		4,362		0.9		4,217
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(11)		—		(30)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(5)		—		—
PPV Intermediate Holdings, LLC^	One stop	SF +	5.75%	(i)	10.81%				08/2029	14,388		14,210		3.1		14,388
PPV Intermediate Holdings, LLC(24)	One stop	N/A			13.75%	PIK			08/2030	2,476		2,441		0.5		2,476
PPV Intermediate Holdings, LLC(24)	One stop	N/A			13.75%	PIK			08/2030	572		568		0.1		572
PPV Intermediate Holdings, LLC(24)	One stop	N/A			13.75%	PIK			08/2030	105		104		—		105
PPV Intermediate Holdings, LLC(24)	One stop	N/A			13.75%	PIK			08/2030	103		96		—		103
PPV Intermediate Holdings, LLC(24)	One stop	N/A			14.75%	PIK			08/2030	59		58		—		60
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(5)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PPV Intermediate Holdings, LLC	One stop	SF +	5.25%		N/A(6)				08/2029	$	—	$	—	—	%	$	—
Radiance Borrower, LLC	One stop	SF +	5.25%	(h)	10.10%				06/2031	122		117		—		122
Radiance Borrower, LLC^(24)	One stop	SF +	5.75%	(h)	7.85%	cash/	2.75%	PIK	06/2031	6,406		6,360		1.4		6,406
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	4,686		4,645		1.0		4,686
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	311		308		0.1		311
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	306		304		0.1		306
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	242		240		0.1		242
Salon Lofts Group, LLC(24)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	248		246		0.1		248
Salon Lofts Group, LLC(24)	Second lien	SF +	9.00%	(i)(j)	14.11%	PIK			09/2029	64		61		—		64
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	101		100		—		101
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	77		76		—		77
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	71		70		—		71
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		—
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(5)		—		—
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(8)		—		—
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	138		137		—		138
Salon Lofts Group, LLC(24)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	132		130		—		132
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	94		93		—		94
Salon Lofts Group, LLC(24)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	12		12		—		12
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(i)	10.35%				09/2029	482		478		0.1		482
Salon Lofts Group, LLC(24)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	51		45		—		51
Salon Lofts Group, LLC(24)	Second lien	SF +	9.00%	(i)(j)	14.30%	PIK			09/2029	47		47		—		47
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	151		150		—		151
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^(8)	One stop	SF +	5.25%	(i)	9.85%				12/2029	1,071		1,057		0.2		1,071
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(8)	One stop	SF +	5.25%	(i)	9.85%				12/2028	223		220		0.1		223
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)(8)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(2)		—		—
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.#(8)(9)	One stop	CA +	5.25%	(l)	9.18%				12/2029	2,459		2,404		0.5		2,459
VSG Acquisition Corp. and Sherrill, Inc.#	One stop	SF +	5.50%	(i)	11.01%				04/2028	453		449		0.1		439
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(i)	11.01%				04/2028	173		171		—		167
VSG Acquisition Corp. and Sherrill, Inc.(5)	One stop	SF +	5.50%		N/A(6)				04/2028	—		(1)		—		(2)
										63,159		62,405		13.4		62,886
Water Utilities
Vessco Midco Holdings, LLC^	One stop	SF +	5.25%	(h)(j)	10.22%				07/2031	554		548		0.1		548
Vessco Midco Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(1)		—		(1)
Vessco Midco Holdings, LLC	One stop	SF +	5.25%	(j)	9.54%				07/2031	27		26		—		25
										581		573		0.1		572

Total debt investments										679,499		668,313		146.1		674,121

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		02/2023	N/A	21	$	207	0.1	%	$	172

Automobiles
CAP-KSI Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	192	—		—		—
CAP-KSI Holdings, LLC	Preferred stock	N/A	N/A		06/2024	N/A	192	192		0.1		192
CG Group Holdings, LLC	LP units	N/A	N/A		07/2021	N/A	—	51		—		31
Go Car Wash Parent, Corp.(23)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	347		0.1		347
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		04/2022	N/A	—	166		—		2
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		07/2022	N/A	1	81		—		116
POY Holdings, LLC	LLC units	N/A	N/A		11/2022	N/A	41	20		—		88
Quick Quack Car Wash Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	125	125		—		132
Quick Quack Car Wash Holdings, LLC	LLC units	N/A	N/A		06/2024	N/A	25	25		—		26
Yorkshire Parent, Inc.	LP units	N/A	N/A		12/2023	N/A	—	45		—		49
								1,052		0.2		983
Building Products
BECO Holding Company, Inc.(23)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	15	1,895		0.5		2,046
BECO Holding Company, Inc.	LP interest	N/A	N/A		11/2021	N/A	1	103		—		100
								1,998		0.5		2,146
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A		10/2021	N/A	36	36		—		46
FR Vision Holdings, Inc.	LP units	N/A	N/A		01/2024	N/A	—	38		—		40
Radwell Parent, LLC	LP units	N/A	N/A		03/2022	N/A	1	105		—		120
								179		—		206
Containers & Packaging
Chase Intermediate	LP units	N/A	N/A		04/2022	N/A	19	10		—		30

Diversified Consumer Services
CHVAC Services Investment, LLC	Common stock	N/A	N/A		05/2024	N/A	32	81		—		92
DP Flores Holdings, LLC	LLC units	N/A	N/A		09/2022	N/A	93	93		—		119
EMS LINQ, LLC	LP interest	N/A	N/A		12/2021	N/A	33	33		—		32
HS Spa Holdings, Inc.	Common stock	N/A	N/A		05/2022	N/A	31	31		—		31
NSG Buyer, Inc. (8)	LP units	N/A	N/A		11/2022	N/A	1	588		0.2		764
Virginia Green Acquisition, LLC	LP units	N/A	N/A		12/2023	N/A	33	33		—		38
								859		0.2		1,076
Food Products
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		07/2021	N/A	—	34		—		16
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		09/2022	N/A	—	1		—		2
								35		—		18
Healthcare Providers & Services
Suveto Buyer, LLC	Common stock	N/A	N/A		11/2021	N/A	—	35		—		24

Healthcare Technology
Amberfield Acquisition Co.	LLC units	N/A	N/A		05/2024	N/A	137	137		—		137

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
Harri US LLC	Preferred stock	N/A	N/A		10/2023	N/A	4	$	50	—	%	$	62
Harri US LLC	LLC units	N/A	N/A		02/2022	N/A	5	43		—		33
Harri US LLC	Preferred stock	N/A	N/A		10/2021	N/A	5	30		—		27
Harri US LLC	Warrant	N/A	N/A		10/2021	N/A	2	7		—		9
Harri US LLC	Warrant	N/A	N/A		03/2024	N/A	5	—		—		64
PB Group Holdings, LLC	LP units	N/A	N/A		08/2024	N/A	34	78		—		78
								208		—		273
Insurance
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		11/2023	N/A	2	34		—		35

IT Services
Critical Start, Inc.	Common stock	N/A	N/A		05/2022	N/A	17	17		—		9
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		09/2021	N/A	11	63		—		63
Netwrix Corporation	LLC units	N/A	N/A		06/2022	N/A	4	8		—		10
								88		—		82
Leisure Products
Movement Holdings, LLC	LLC units	N/A	N/A		03/2024	N/A	—	144		—		131

Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	275	275		0.1		275
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	275	—		0.1		208
PAS Parent Inc.	LP interest	N/A	N/A		12/2021	N/A	1	82		—		86
PAS Parent Inc.	Preferred stock	N/A	N/A		03/2023	N/A	—	12		—		16
Reaction Biology Corporation	LLC units	N/A	N/A		03/2022	N/A	—	38		—		—
								407		0.2		585
Paper & Forest Products
Messenger, LLC	LLC units	N/A	N/A		12/2021	N/A	1	99		—		81
Messenger, LLC	LLC units	N/A	N/A		12/2021	N/A	—	—		—		—
								99		—		81
Pharmaceuticals
Cobalt Buyer Sub, Inc.(23)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	—	668		0.2		743
Cobalt Buyer Sub, Inc.	Preferred stock	N/A	N/A		10/2021	N/A	—	10		—		13
Cobalt Buyer Sub, Inc.	Common stock	N/A	N/A		10/2021	N/A	—	—		—		1
								678		0.2		757
Professional Services
Eclipse Buyer, Inc.(23)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	499		0.1		495
Enboarder, Inc.(8)(13)	Preferred stock	N/A	N/A		01/2022	N/A	3	32		—		21
Filevine, Inc.	Preferred stock	N/A	N/A		04/2022	N/A	36	231		0.1		401
Filevine, Inc.	Preferred stock	N/A	N/A		05/2024	N/A	2	15		—		23
Filevine, Inc.	Warrant	N/A	N/A		04/2022	N/A	5	8		—		49
Procure Acquireco, Inc.	LP interest	N/A	N/A		12/2021	N/A	—	42		—		59
								827		0.2		1,048
Software
Anaplan, Inc.	LP interest	N/A	N/A		06/2022	N/A	336	336		0.1		521
Auvik Networks Inc.(8)(11)	Preferred stock	N/A	N/A		07/2021	N/A	2	17		—		23
Auvik Networks Inc.(8)(11)	Preferred stock	N/A	N/A		02/2023	N/A	—	2		—		3
Bayshore Intermediate #2, L.P.	Common stock	N/A	N/A		10/2021	N/A	243	243		0.1		259
CB Buyer, Inc.	LP units	N/A	N/A		07/2024	N/A	77	77		—		77
Cynet Security Ltd.(8)(17)	Preferred stock	N/A	N/A		08/2022	N/A	13	46		—		60
Denali Bidco Limited(8)(10)	LP interest	N/A	N/A		08/2023	N/A	35	46		—		67
GTY Technology Holdings, Inc.	LP units	N/A	N/A		07/2022	N/A	26	26		—		50

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Gurobi Optimization, LLC	Common stock	N/A			N/A		09/2024	N/A	—	$	63	—	%	$	63
Kaseya Inc.(23)	Preferred stock	SF +	10.75%	(i)	15.35%	Non-Cash	06/2022	N/A	2	2,382		0.6		2,511
Kaseya Inc.	LP interest	N/A			N/A		06/2022	N/A	46	46		—		49
Ministry Brands Holdings LLC	LP interest	N/A			N/A		12/2021	N/A	46	46		—		41
Onit, Inc.(23)	Preferred stock	N/A			15.00%	Non-Cash	02/2023	N/A	—	55		—		64
Onit, Inc.	Warrant	N/A			N/A		02/2023	N/A	—	6		—		10
Panzura, LLC	LLC units	N/A			N/A		09/2023	N/A	1	4		—		—
QAD, Inc.(23)	Preferred stock	N/A			9.00%	Non-Cash	11/2021	N/A	—	110		—		111
QAD, Inc.	Common stock	N/A			N/A		11/2021	N/A	7	—		—		—
Riskonnect Parent, LLC(23)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	1	1,242		0.3		1,209
Riskonnect Parent, LLC(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	07/2022	N/A	1	831		0.2		871
Riskonnect Parent, LLC	LP interest	N/A			N/A		11/2021	N/A	52	52		—		57
Riskonnect Parent, LLC(23)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	51		—		52
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	8		—		11
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A		07/2024	N/A	91	399		0.1		402
Zendesk, Inc.	LP units	N/A			N/A		11/2022	N/A	21	211		0.1		199
										6,299		1.5		6,710
Specialty Retail
Ave Holdings III, Corp(23)	Preferred stock	N/A			11.50%	Non-Cash	02/2022	N/A	1	1,228		0.3		1,168
Ave Holdings III, Corp	LP units	N/A			N/A		02/2022	N/A	—	127		—		62
Salon Lofts Group, LLC	LP units	N/A			N/A		08/2022	N/A	—	116		—		98
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A			N/A		04/2022	N/A	—	5		—		3
										1,476		0.3		1,331

Total equity investments										14,772		3.4		15,825

Total investments										683,085		149.5		689,946

Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					4.8%	(25)				$	5,658	1.2	%	$	5,658
Total money market funds										5,658		1.2		5,658
Total investments and money market funds										$	688,743	150.7	%	$	695,604

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


#						Denotes that all or a portion of the investment collateralizes the PNC Facility (as defined in “Note 7. Borrowings”).
^						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in “Note 7. Borrowings”).

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

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

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

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

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

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

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

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

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

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

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

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30, 2024.

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

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

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

(4)The fair values of investment were valued using significant unobservable inputs, unless otherwise noted. See “Note 6. Fair Value Measurements”.

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

(7)Loan was on non-accrual status as of September 30, 2024, meaning that the Company has ceased recognizing interest income on the loan.

(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, 2024, total non-qualifying assets at fair value represented 9.0% of the Company’s total assets calculated in accordance with the 1940 Act.