gbdc-20231231

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, 2023

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 13, 2024, the Registrant had 21,511,820.218 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, 2023 (unaudited) and September 30, 2023	3
	Consolidated Statements of Operations for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2023 (unaudited) and September 30, 2023	7
	Notes to Consolidated Financial Statements (unaudited)	37
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	81
Item 4.	Controls and Procedures	82
Part II. Other Information
Item 1.	Legal Proceedings	82
Item 1A.	Risk Factors	82
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	82
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83

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, 2023		September 30, 2023
	(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $462,856 and $321,804, respectively)	$	462,782	$	320,486

Cash and cash equivalents	16,119		27,659
Foreign currencies (cost of $1,449 and $1,389, respectively)	1,460		1,382




Interest receivable	5,845		1,879



Deferred offering costs	64		96
Other assets	452		15
Total Assets	$	486,722	$	351,517
Liabilities
Debt	$	156,978	$	109,347
Less unamortized debt issuance costs	(920)		(890)
Debt less unamortized debt issuance costs	156,058		108,457



Interest payable	2,675		1,791
Distributions payable	2,953		4,115

Management and incentive fees payable	1,503		1,071
Payable for investments purchased	18		—
Accrued trustee fees	18		17
Accounts payable and other liabilities	819		526

Total Liabilities	164,044		115,977
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, 2023 and September 30, 2023	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 21,511,820.218 and 15,702,639.886 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively	22		16
Paid in capital in excess of par	322,001		234,869
Distributable earnings	655		655
Total Net Assets	322,678		235,540
Total Liabilities and Total Net Assets	$	486,722	$	351,517
Number of common shares outstanding	21,511,820.218		15,702,639.886
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,
		2023		2022
Investment income
Interest income		$	11,146	$	5,326
Payment-in-kind interest income		945		329
Dividend income		261		214
Fee income		32		21
Total investment income		12,384		5,890






Expenses
Interest and other debt financing expenses		2,862		1,220
Base management fee		998		570
Incentive fee		838		413
Professional fees		202		156
Administrative service fee		118		67
General and administrative expenses		85		24
Total expenses		5,103		2,450
Base management fee waived (Note 4)		(332)		(380)


Net expenses		4,771		2,070
Net investment income - before tax		7,613		3,820
Excise tax		75		105
Net investment income - after tax		7,538		3,715
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments		(3)		—
Foreign currency transactions		15		5
Net realized gain (loss) on investment transactions		12		5
Net change in unrealized appreciation (depreciation) from:
Investments		403		(1,195)

Translation of assets and liabilities in foreign currencies		52		20
Net change in unrealized appreciation (depreciation) on investment transactions		455		(1,175)
Net gain (loss) on investment transactions		467		(1,170)
Net increase (decrease) in net assets resulting from operations		$	8,005	$	2,545
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 10)		$	0.47	$	0.27
Basic and diluted weighted average common shares outstanding (Note 10)		17,319,083		9,597,994

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, 2022	9,066,482.048	$	9	$	135,669	$	275	$	135,953
Issuance of common stock	1,018,651.533	1		15,279		—		15,280

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		3,715		3,715
Net realized gain (loss) on investment transactions	—	—		—		5		5
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(1,175)		(1,175)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	945.746	—		14		—		14
Distributions from distributable earnings	—	—		—		(1,395)		(1,395)
Distributions declared and payable	—	—		—		(1,106)		(1,106)

Total increase (decrease) for the three months ended December 31, 2022	1,019,597.279	1		15,293		44		15,338
Balance at December 31, 2022	10,086,079.327	$	10	$	150,962	$	319	$	151,291














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

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,
	2023		2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	8,005	$	2,545
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	172		75
Accretion of discounts and amortization of premiums	(371)		(179)
Net realized (gain) loss on investments	3		—
Net realized (gain) loss on foreign currency transactions	(15)		(5)
Net change in unrealized (appreciation) depreciation on investments	(403)		1,195
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(52)		(20)

Proceeds from (fundings of) revolving loans, net	(369)		(429)
Fundings of investments	(141,473)		(41,570)
Proceeds from principal payments and sales of portfolio investments	2,318		1,851
Payment-in-kind interest capitalized	(898)		(262)
Non-cash dividends capitalized	(261)		(213)

Changes in operating assets and liabilities:

Interest receivable	(3,966)		(289)



Other assets	(437)		20

Interest payable	884		494
Management and incentive fees payable	432		603
Payable for investments purchased	18		—
Accrued trustee fees	1		(5)
Accounts payable and other liabilities	293		338

Net cash provided by (used in) operating activities	(136,119)		(35,851)



Cash flows from financing activities
Borrowings on debt	57,500		31,642
Repayments of debt	(10,700)		(10,000)


Capitalized debt issuance costs	(202)		(152)
Deferred offering costs	32		33
Proceeds from issuance of common shares	87,138		15,280

Distributions paid	(9,167)		(1,381)
Net cash provided by (used in) financing activities	124,601		35,422
Net change in cash and cash equivalents and foreign currencies	(11,518)		(429)
Effect of foreign currency exchange rates	56		29
Cash and cash equivalents and foreign currencies, beginning of period	29,041		6,073
Cash and cash equivalents and foreign currencies, end of period	$	17,579	$	5,673
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	1,806	$	651

Distributions declared for the period	8,005		2,501
Supplemental disclosure of non-cash financing activity:

Stock issued in connection with dividend reinvestment plan	$	—	$	14
Change in distributions payable	(1,162)		1,106

The following table provides a reconciliation of cash and cash equivalents and 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, 2023		September 30, 2023
Cash and cash equivalents	$	16,119	$	27,659
Foreign currencies (cost of $1,449 and $1,389, respectively)	1,460		1,382


Total cash and cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows	$	17,579	$	29,041

See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents and 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, 2023

(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 and Defense
PPW Aero Buyer, Inc.#	One stop	SF +	7.00%	(i)(j)	12.35%				02/2029	$	7,677	$	7,480	2.4	%	$	7,677
PPW Aero Buyer, Inc.	One stop	SF +	7.00%	(j)	12.35%				02/2029	3		2		—		3
										7,680		7,482		2.4		7,680
Auto Components
COP CollisionRight Holdings, Inc.#	One stop	SF +	5.00%	(j)	10.50%				04/2028	1,092		1,079		0.3		1,092
COP CollisionRight Holdings, Inc.	One stop	SF +	5.00%	(j)	10.50%				04/2028	31		30		—		31
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(k)	10.10%				08/2027	274		272		0.1		263
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(j)	10.00%				08/2027	55		55		—		53
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(j)	10.03%				08/2027	13		12		—		9
										1,465		1,448		0.4		1,448
Automobiles
CG Group Holdings, LLC(21)	One stop	SF +	8.75%	(j)	12.10%	cash/	2.00%	PIK	07/2027	1,829		1,804		0.6		1,792
CG Group Holdings, LLC(21)	One stop	SF +	8.75%	(i)	12.11%	cash/	2.00%	PIK	07/2026	347		342		0.1		342
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,701		1,689		0.5		1,701
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,016		1,009		0.3		1,016
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	304		302		0.1		304
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	185		183		0.1		185
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	175		174		0.1		175
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	153		152		0.1		153
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	126		125		—		126
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	122		122		—		122
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	122		122		—		122
Denali Midco 2, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	101		100		—		101
Denali Midco 2, LLC#	One stop	SF +	6.50%	(i)	11.96%				12/2027	94		92		—		95
Denali Midco 2, LLC	One stop	SF +	5.75%	(i)	11.21%				12/2027	82		22		—		20
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	25		25		—		25
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	21		21		—		22
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	13		12		—		13
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	6		6		—		6
Denali Midco 2, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(2)		—		—
Denali Midco 2, LLC(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(1)		—		—
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	278		272		0.1		272
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	58		57		—		57
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	5		3		—		3
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				12/2029	—		(1)		—		(1)
National Express Wash Parent Holdco, LLC#	One stop	SF +	5.50%	(j)(k)	10.86%				07/2029	7,141		7,084		2.2		6,926
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.50%		N/A(6)				07/2029	—		(2)		—		(6)
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(30)		—		(30)
POY Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%				11/2027	5,197		5,096		1.6		5,145
POY Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%				11/2027	3,968		3,902		1.2		3,928
POY Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%				11/2027	229		226		0.1		226
POY Holdings, LLC	One stop	SF +	5.50%	(j)	11.02%				11/2027	78		75		—		75
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(6)		—		(6)
Spotless Brands, LLC#	One stop	SF +	6.50%	(j)	12.03%				07/2028	1,109		1,092		0.4		1,109
Spotless Brands, LLC	One stop	SF +	6.50%	(j)	12.03%				07/2028	120		119		—		120
Spotless Brands, LLC	One stop	SF +	6.50%	(j)	12.04%				07/2028	89		89		—		89
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.96%				07/2028	6		5		—		6

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Yorkshire Parent, Inc.#	One stop	SF +	6.00%	(j)	11.39%		12/2029	$	6,229	$	6,167	1.9	%	$	6,167
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%	(i)	11.36%		12/2029	5		(10)		—		(10)
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(31)		—		(31)
								30,934		30,406		9.4		30,359
Banks
OSP Hamilton Purchaser, LLC#	One stop	SF +	5.50%	(j)	10.87%		12/2029	1,352		1,339		0.4		1,339
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(12)		—		(13)
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(2)		—		(2)
								1,352		1,325		0.4		1,324
Beverages
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(j)	11.85%		06/2030	2,825		2,785		0.9		2,895
Financial Information Technologies, LLC(21)	One stop	N/A			14.00%	PIK	06/2031	1,394		1,357		0.4		1,366
Financial Information Technologies, LLC#	One stop	SF +	5.50%	(j)	10.85%		06/2030	572		568		0.2		568
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)		06/2030	—		(9)		—		(9)
								4,791		4,700		1.5		4,820
Building Products
BECO Holding Company, Inc.	One stop	SF +	5.25%	(j)	10.75%		11/2028	3,858		3,831		1.2		3,780
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2027	—		(3)		—		(9)
								3,858		3,828		1.2		3,771
Chemicals
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	E +	6.25%	(d)	10.39%		09/2028	2,008		2,081		0.5		1,767
PHM NL SP Bidco B.V.(7)(11)	One stop	SF +	6.25%	(h)	11.57%		09/2028	790		781		0.2		696
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	SN +	6.25%	(g)	11.44%		09/2028	439		455		0.1		387
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	E +	6.25%	(d)	10.21%		09/2028	212		214		0.1		187


								3,449		3,531		0.9		3,037
Commercial Services and Supplies
BradyIFS Holdings, LLC#	One stop	SF +	6.00%	(j)	11.38%		10/2029	7,226		7,086		2.2		7,082
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(j)	11.37%		10/2029	195		187		0.1		179
BradyIFS Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)		10/2029	—		(13)		—		(13)
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(j)	10.75%		10/2028	1,033		1,023		0.3		1,033
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(i)	10.71%		10/2028	12		10		—		12
Encore Holdings, LLC	One stop	SF +	5.00%	(j)	10.45%		11/2028	2,503		2,428		0.7		2,395
Encore Holdings, LLC#	One stop	SF +	5.00%	(j)	10.45%		11/2028	1,074		1,053		0.3		1,052
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(j)	11.63%		09/2030	851		835		0.3		834
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2028	—		(2)		—		(2)
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2030	—		(2)		—		(2)
Profile Products LLC	One stop	SF +	5.50%	(j)	10.99%		11/2027	354		349		0.1		347
Profile Products LLC(7)	One stop	SF +	5.50%	(j)	10.99%		11/2027	72		71		—		70
Profile Products LLC(5)	One stop	SF +	5.50%		N/A(6)		11/2027	—		(1)		—		(1)
Profile Products LLC(5)	One stop	SF +	5.75%		N/A(6)		11/2027	—		—		—		(1)
Radwell Parent, LLC#	One stop	SF +	6.53%	(j)	11.97%		03/2029	7,690		7,596		2.4		7,690
Radwell Parent, LLC#	One stop	SF +	6.75%	(j)	12.10%		03/2029	305		298		0.1		306
Radwell Parent, LLC	One stop	SF +	6.75%	(j)	12.10%		03/2028	48		46		—		48
Radwell Parent, LLC	One stop	SF +	6.53%	(j)	11.91%		03/2029	56		45		—		56
								21,419		21,009		6.5		21,085




Containers and Packaging
Chase Intermediate	One stop	SF +	5.25%	(i)(j)(k)	10.92%		10/2028	4,082		4,056		1.2		4,041
Chase Intermediate(5)	One stop	SF +	5.25%		N/A(6)		10/2028	—		(3)		—		(4)
Chase Intermediate(5)	One stop	SF +	5.50%		N/A(6)		10/2028	—		(2)		—		(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, 2023

(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)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.95%				10/2028	$	1,979	$	1,956	0.6	%	$	1,920
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.96%				10/2028	20		16		—		—
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.95%				10/2028	6		1		—		5
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.95%				10/2027	15		11		—		8
										6,102		6,035		1.8		5,968







Diversified Consumer Services
Apex Service Partners, LLC#(21)	One stop	SF +	7.00%	(j)	10.40%	cash/	2.00%	PIK	10/2030	8,535		8,411		2.6		8,428
Apex Service Partners, LLC(21)	One stop	SF +	7.00%	(j)	10.38%	cash/	2.00%	PIK	10/2030	454		428		0.1		428
Apex Service Partners, LLC	One stop	SF +	6.50%	(a)(j)	12.76%				10/2029	53		44		—		45
COP Hometown Acquisitions, Inc.	Senior secured	P +	4.50%	(a)(j)	12.21%				07/2027	3,059		2,983		0.9		2,979
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.50%	(j)	10.97%				07/2027	2,986		2,929		0.9		2,926
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.50%	(a)(j)	11.62%				07/2027	2,654		2,604		0.8		2,601
Entomo Brands Acquisitions, Inc.#	Senior secured	SF +	5.50%	(j)	11.00%				07/2029	362		357		0.1		362
Entomo Brands Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		(1)		—		—
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.94%				07/2029	30		28		—		30
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	143		142		0.1		140
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	97		97		—		94
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	95		94		—		92
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	10.78%				07/2027	87		85		—		84
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	62		62		—		60
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	10.78%				07/2027	44		43		—		43
COP Hometown Acquisitions, Inc.(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(j)	11.60%				09/2028	3,412		3,365		1.1		3,412
DP Flores Holdings, LLC	One stop	SF +	6.25%	(j)	11.60%				09/2028	530		523		0.2		530
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(8)		—		—
EMS LINQ, LLC	One stop	SF +	6.25%	(i)	11.71%				12/2027	523		520		0.2		513
EMS LINQ, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(1)		—		(2)
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(j)	11.54%				03/2027	881		868		0.3		855
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(j)	11.54%				03/2027	755		745		0.2		732
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(j)	11.53%				03/2027	41		40		—		39
FPG Intermediate Holdco, LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2027	—		(3)		—		—
FSS Buyer LLC	One stop	SF +	5.75%	(i)	11.21%				08/2028	307		303		0.1		307
FSS Buyer LLC	One stop	SF +	5.75%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(j)	11.12%				06/2029	435		429		0.1		431
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(i)	11.11%				06/2028	5		4		—		4
Mario Purchaser, LLC#	One stop	SF +	5.75%	(i)	11.21%				04/2029	417		411		0.1		400
Mario Purchaser, LLC	One stop	SF +	5.75%	(i)	11.21%				04/2029	247		241		0.1		226
Mario Purchaser, LLC(21)	One stop	SF +	10.75%	(j)	16.21%	PIK			04/2032	232		228		0.1		222
Mario Purchaser, LLC	One stop	SF +	5.75%	(i)	11.21%				04/2028	13		13		—		12
Mathnasium, LLC	One stop	SF +	5.00%	(j)	10.53%				11/2027	515		512		0.2		515
Mathnasium, LLC	One stop	SF +	5.00%	(j)	10.53%				11/2027	18		17		—		18
NSG Buyer, Inc. #	One stop	SF +	6.50%	(i)	11.96%				11/2029	7,285		7,176		2.3		7,358
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(17)		—		(5)
NSG Buyer, Inc. (5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(21)		—		(21)
RW AM Holdco LLC#	One stop	SF +	5.25%	(k)	10.82%				04/2028	998		990		0.3		958
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(4)
Virginia Green Acquisition, LLC#	One stop	SF +	5.50%	(k)	10.75%				12/2030	6,895		6,826		2.1		6,826
Virginia Green Acquisition, LLC	One stop	SF +	5.50%	(k)	10.75%				12/2029	138		127		—		127
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(27)		—		(28)




										42,308		41,565		12.9		41,736

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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 Financial Services
Avalara, Inc.#	One stop	SF +	7.25%	(j)	12.60%				10/2028	$	1,091	$	1,070	0.4	%	$	1,091
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(j)	10.73%				07/2027	455		451		0.1		455
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(j)	10.73%				07/2027	85		85		—		85
Banker's Toolbox, Inc.	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
Finastra USA, Inc.#	One stop	SF +	7.25%	(k)	12.71%				09/2029	4,950		4,856		1.5		4,851
Finastra USA, Inc.	One stop	SF +	7.25%	(i)	12.61%				09/2029	13		12		—		12
Flash Topco, Inc.	One stop	SF +	5.75%	(k)	11.44%				10/2028	936		930		0.3		890
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.94%				10/2028	45		44		—		42
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.94%				12/2024	24		24		—		24
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(i)	10.96%				11/2028	2,016		1,999		0.6		2,017
										9,615		9,469		2.9		9,467
Electrical Equipment
Power Grid Holdings, Inc.#	One stop	SF +	4.75%	(j)	10.14%				12/2030	244		239		0.1		239
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(j)	10.12%				12/2030	3		2		—		2
										247		241		0.1		241
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.50%	(i)	11.96%				11/2028	2,237		2,183		0.7		2,237
CST Holding Company	One stop	SF +	6.50%	(i)	11.96%				11/2028	5		4		—		5
										2,242		2,187		0.7		2,242
Food and Staples Retailing
Wineshipping.com LLC	One stop	SF +	5.75%	(j)	11.29%				10/2027	378		376		0.1		348
Wineshipping.com LLC	One stop	SF +	5.75%	(a)(j)	11.46%				10/2027	73		73		—		67
Wineshipping.com LLC	One stop	SF +	5.75%	(j)	11.33%				10/2027	10		10		—		10
										461		459		0.1		425
Food Products
Blast Bidco Inc.#	One stop	SF +	6.00%	(j)	11.35%				10/2030	7,097		6,994		2.2		7,026
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(12)		—		(8)
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(j)	11.75%				07/2027	554		551		0.2		549
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(i)(j)	11.74%				07/2027	105		104		—		104
Ultimate Baked Goods Midco LLC	One stop	SF +	6.25%	(i)	11.71%				08/2027	373		370		0.1		369
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(2)		—		(1)
Whitebridge Pet Brands, LLC#	One stop	SF +	4.75%	(i)	10.21%				07/2027	1,259		1,250		0.4		1,259
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(2)		—		—
Wizard Bidco Limited#(7)(9)	One stop	SF +	6.00%	(j)	11.35%				03/2029	650		639		0.2		651
Wizard Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.00%	(g)	8.69%	cash/	1.50%	PIK	03/2029	386		396		0.1		371
Wizard Bidco Limited#(7)(8)(9)	One stop	SN +	6.50%	(g)	11.69%				03/2029	226		216		0.1		227
Wizard Bidco Limited(7)(8)(9)	One stop	SN +	4.75%	(g)	9.94%				09/2028	61		57		—		58
Wizard Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)				03/2029	—		(2)		—		—
										10,711		10,559		3.3		10,605
Health Care Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(k)	13.75%				09/2024	21		21		—		21
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(i)	11.11%				05/2028	295		293		0.1		293
Coding Solutions Acquisition, Inc.	One stop	SF +	5.75%	(i)	11.11%				05/2028	90		88		—		89
Coding Solutions Acquisition, Inc.#	One stop	SF +	6.00%	(i)	11.36%				05/2028	39		39		—		39
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(i)	11.11%				05/2028	15		15		—		15
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(2)		—		—
Color Intermediate, LLC#	One stop	SF +	5.50%	(j)	10.95%				10/2029	1,064		1,046		0.4		1,064
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(j)	13.13%				01/2029	431		424		0.2		431
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
Neptune Holdings, Inc.#	One stop	SF +	6.00%	(k)	11.50%				09/2030	2,628		2,591		0.8		2,595
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		(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, 2023

(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)
Plasma Buyer LLC#	One stop	SF +	5.75%	(j)	11.10%				05/2029	$	304	$	299	0.1	%	$	289
Plasma Buyer LLC	One stop	SF +	5.75%	(j)	11.10%				05/2028	11		11		—		10
Plasma Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(1)		—		—
QF Holdings, Inc.	One stop	SF +	6.25%	(j)	11.73%				12/2027	35		34		—		35
Veranex, Inc.(21)	Senior secured	SF +	6.25%	(k)	10.64%	cash/	1.00%	PIK	04/2028	125		124		—		96
Veranex, Inc.(21)	Senior secured	SF +	6.25%	(k)	10.59%	cash/	1.00%	PIK	04/2028	42		42		—		33
Veranex, Inc.(21)	Senior secured	SF +	6.25%	(k)	10.56%	cash/	1.00%	PIK	04/2028	32		32		—		24
										5,132		5,054		1.6		5,033
Healthcare Equipment and Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(j)	11.60%				08/2028	1,885		1,870		0.6		1,885
Belmont Instrument, LLC	One stop	SF +	6.25%	(j)	11.60%				08/2028	29		28		—		29
TIDI Legacy Products, Inc.#	One stop	SF +	5.50%	(i)	10.86%				12/2029	757		750		0.2		750
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		(2)
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				06/2025	—		(1)		—		—
YI, LLC#	One stop	SF +	5.75%	(j)	11.09%				12/2029	2,952		2,894		0.9		2,893
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(11)		—		(11)
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(6)		—		(6)
										5,623		5,522		1.7		5,538
Healthcare Providers and Services
AAH TOPCO, LLC	One stop	SF +	5.50%	(i)	10.96%				12/2027	949		941		0.3		925
AAH TOPCO, LLC	One stop	SF +	5.50%	(i)	10.96%				12/2027	337		334		0.1		328
AAH TOPCO, LLC (21)	Subordinated debt	N/A			11.50%	PIK			12/2031	198		195		0.1		174
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(1)
AAH TOPCO, LLC (5)	One stop	SF +	6.00%		N/A(6)				12/2027	—		(38)		—		(40)
Bamboo US Bidco LLC#	One stop	SF +	6.00%	(j)	11.38%				09/2030	2,424		2,354		0.7		2,352
Bamboo US Bidco LLC#(7)(8)	One stop	E +	6.00%	(c)	9.95%				09/2030	1,665		1,549		0.5		1,615
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(14)		—		(15)
Bamboo US Bidco LLC	One stop	SF +	6.00%	(i)	11.36%				09/2030	26		21		—		20
Community Care Partners, LLC#	One stop	SF +	6.00%	(i)	11.47%				06/2026	131		131		—		123
Community Care Partners, LLC	One stop	SF +	6.00%		N/A(6)				06/2026	—		—		—		—
Datix Bidco Limited(7)(8)(9)	Senior secured	SN +	4.50%	(g)	9.69%				04/2025	3,212		3,420		1.0		3,212
Datix Bidco Limited(7)(8)(9)	Second lien	SN +	7.75%	(g)	12.94%				04/2026	1,140		1,210		0.4		1,140
ERC Topco Holdings, LLC(21)	One stop	SF +	6.25%	(j)	8.61%	cash/	3.25%	PIK	11/2028	2,164		2,153		0.5		1,688
ERC Topco Holdings, LLC(21)	One stop	SF +	6.25%	(j)	8.67%	cash/	3.25%	PIK	11/2027	65		64		—		37
ERC Topco Holdings, LLC(21)	One stop	SF +	6.25%	(j)	11.86%	PIK			11/2028	17		17		—		14
ERC Topco Holdings, LLC(21)	One stop	SF +	6.25%	(j)	11.60%	PIK			11/2028	1		1		—		—
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(i)	10.21%				12/2026	297		296		0.1		294
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(i)	10.21%				12/2026	47		47		—		47
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Suveto Buyer, LLC	One stop	SF +	4.25%	(i)	9.71%				09/2027	1,112		1,105		0.3		1,089
Suveto Buyer, LLC	One stop	SF +	4.25%	(i)	9.71%				09/2027	51		50		—		48
										13,836		13,836		4.0		13,050
Hotels, Restaurants and Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(j)	11.53%				08/2028	768		761		0.2		768
Barteca Restaurants, LLC	One stop	SF +	6.00%	(j)	11.51%				08/2028	60		59		—		60
Barteca Restaurants, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
ESN Venture Holdings, LLC#	One stop	SF +	6.50%	(j)	11.85%				10/2028	2,082		2,059		0.7		2,083
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(j)(k)	11.87%				10/2028	315		312		0.1		315
ESN Venture Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)				10/2028	—		(11)		—		—
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(j)	11.86%				10/2028	29		27		—		29
GFP Atlantic Holdco 2, LLC#	One stop	SF +	6.00%	(j)	11.62%				11/2027	1,256		1,231		0.4		1,231
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(27)		—		(56)
Harri US LLC(21)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	49		45		—		49
Harri US LLC(21)	One stop	SF +	10.00%	(j)	11.54%	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, 2023

(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(21)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	$	32	$	32	—	%	$	32
Harri US LLC	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Health Buyer, LLC#	Senior secured	SF +	5.25%	(j)	10.75%				04/2029	147		145		0.1		146
Health Buyer, LLC#	Senior secured	SF +	5.50%	(j)	10.85%				04/2029	75		73		—		75
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		—		—		—
YE Brands Holding, LLC#	One stop	SF +	5.75%	(j)	11.20%				10/2027	2,970		2,942		0.9		2,970
YE Brands Holding, LLC	One stop	SF +	5.50%	(i)	10.96%				10/2027	26		26		—		26
										7,842		7,706		2.4		7,761
Household Durables
Groundworks LLC#	One stop	SF +	6.50%	(j)	11.90%				03/2030	681		664		0.2		681
Groundworks LLC	One stop	SF +	6.50%	(i)(j)	11.86%				03/2030	16		15		—		16
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—
										697		678		0.2		697
Industrial Conglomerates
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(j)	11.20%				07/2027	219		216		0.1		215
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		(1)
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(i)(j)	11.20%				07/2027	56		55		—		55
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(k)	11.09%				07/2027	29		28		—		28
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Essential Services Holdings Corporation	One stop	SF +	5.75%	(j)	11.29%				11/2026	2,711		2,696		0.8		2,657
Essential Services Holdings Corporation	One stop	SF +	5.75%	(j)	11.28%				11/2025	26		26		—		25
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(j)	11.23%				08/2029	721		709		0.2		713
Excelitas Technologies Corp.#(7)(8)	One stop	E +	5.75%	(c)	9.75%				08/2029	123		113		0.1		122
Excelitas Technologies Corp.	One stop	SF +	5.75%	(a)(j)	11.29%				08/2028	40		40		—		40
Excelitas Technologies Corp.	One stop	SF +	5.75%	(j)	11.22%				08/2029	64		61		—		63
										3,989		3,944		1.2		3,917
Insurance
Alera Group, Inc.	One stop	SF +	6.00%	(i)	11.46%				10/2028	1,419		1,409		0.4		1,419
Alera Group, Inc.	One stop	SF +	6.00%	(i)	11.46%				10/2028	459		456		0.1		459
Alera Group, Inc.	One stop	SF +	6.00%	(i)	11.46%				10/2028	403		399		0.1		403
Alera Group, Inc.(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(39)		—		(40)
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)(k)	10.53%				07/2027	181		180		0.1		179
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)(k)	10.53%				07/2027	54		54		—		53
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(j)(k)	10.53%				07/2027	49		48		—		48
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)	10.70%				07/2027	10		10		—		10
AMBA Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Captive Resources Midco, LLC#(21)	One stop	SF +	5.25%	(i)	5.31%	cash/	5.80%	PIK	07/2029	4,689		4,619		1.5		4,689
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(j)	12.89%				03/2029	384		376		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 +	5.50%	(j)	10.87%				12/2030	4,910		4,861		1.5		4,861
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(10)		—		(10)
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(46)		—		(47)
Illumifin Corporation(21)	One stop	SF +	7.00%	(j)	6.66%	cash/	6.00%	PIK	09/2027	174		172		0.1		148
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(i)(j)(k)	11.40%				07/2030	417		407		0.1		417
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(1)		—		—
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC	One stop	SF +	6.00%	(j)	11.39%				08/2026	185		173		—		158
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(i)	10.96%				05/2027	1,601		1,569		0.5		1,569
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	335		331		0.1		328
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	185		183		0.1		181
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	160		158		—		157

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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)
Keystone Agency Partners LLC(5)	Senior secured	SF +	5.50%		N/A(6)				05/2027	$	—	$	(73)	—	%	$	(74)
Oakbridge Insurance Agency LLC#	One stop	SF +	5.75%	(i)	11.09%				11/2029	3,173		3,142		1.0		3,141
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(5)		—		(5)
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(15)		—		(15)
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.75%	(c)	10.70%				03/2028	266		254		0.1		264
Paisley Bidco Limited(5)(7)(8)(9)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(6)		—		(5)
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.75%	(c)	10.70%				03/2028	252		238		0.1		249
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(k)	11.97%				05/2030	1,798		1,765		0.6		1,798
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.50%	(k)	11.97%				05/2030	599		588		0.2		599
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(j)	11.10%				10/2028	705		603		0.2		554
Patriot Growth Insurance Services, LLC	One stop	SF +	5.50%	(i)(j)	11.00%				10/2028	619		615		0.2		606
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(j)	11.25%				10/2028	139		138		—		137
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(2)		—		(3)
										23,166		22,546		7.1		22,611
IT Services
CivicPlus, LLC(21)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	360		358		0.1		357
CivicPlus, LLC#(21)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	231		229		0.1		229
CivicPlus, LLC(21)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	169		168		—		167
CivicPlus, LLC(21)	One stop	SF +	11.75%	(k)	17.00%	PIK			06/2034	181		177		0.1		177
CivicPlus, LLC	One stop	SF +	6.00%	(i)	11.46%				08/2027	27		27		—		26
Critical Start, Inc.#(21)	One stop	SF +	6.75%	(j)	8.54%	cash/	3.63%	PIK	05/2028	191		190		0.1		189
Critical Start, Inc.#(21)	One stop	SF +	6.75%	(j)	8.54%	cash/	3.63%	PIK	05/2028	104		102		—		103
Critical Start, Inc.	One stop	SF +	6.25%	(h)	11.57%				05/2028	16		16		—		16
Goldcup 31018 AB(7)(8)(15)(21)	One stop	E +	6.50%	(d)	10.43%	PIK			07/2029	837		757		0.3		829
Goldcup 31018 AB(7)(8)(15)(21)	One stop	E +	6.50%	(d)	10.43%	PIK			07/2029	78		74		—		77
Goldcup 31018 AB(5)(7)(8)(15)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—		(1)
Netwrix Corporation#	One stop	SF +	5.00%	(j)(k)	10.39%				06/2029	3,488		3,466		1.1		3,419
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		(2)
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(5)		—		(19)
Netwrix Corporation(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(48)		—		(49)
PDQ Intermediate, Inc.(21)	Subordinated debt	N/A			13.75%	PIK			10/2031	50		49		—		49
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(j)	16.13%				10/2026	205		203		0.1		205
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(j)	16.13%				10/2026	65		65		—		65
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(j)	16.13%				10/2026	23		23		—		23
Transform Bidco Limited(7)(9)	One stop	SF +	7.00%		N/A(6)				06/2030	—		—		—		—
Transform Bidco Limited#(7)(9)	One stop	SF +	7.00%		N/A(6)				12/2030	—		—		—		—
WPEngine, Inc.#	One stop	SF +	6.50%	(k)	11.92%				08/2029	443		435		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%	(j)	11.89%				07/2027	438		438		0.1		438
Zarya Holdco, Inc.	One stop	SF +	6.50%	(j)	11.87%				07/2027	37		37		—		37
										6,943		6,758		2.1		6,778
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	6.50%	(k)	11.93%				11/2029	6,282		6,153		2.0		6,282
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(21)		—		—
PAS Parent Inc.	One stop	SF +	5.00%	(i)	10.47%				12/2028	2,614		2,580		0.8		2,548
PAS Parent Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2027	—		(5)		—		(3)
PAS Parent Inc.	One stop	SF +	5.00%	(i)	10.47%				12/2028	144		137		—		140
PAS Parent Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(3)		—		(3)
Reaction Biology Corporation	One stop	SF +	5.25%	(j)	10.75%				03/2029	324		321		0.1		291
Reaction Biology Corporation	One stop	SF +	5.25%	(j)	10.75%				03/2029	299		297		0.1		270
Reaction Biology Corporation	One stop	SF +	5.25%	(j)	10.75%				03/2029	199		198		0.1		179
Reaction Biology Corporation	One stop	SF +	5.25%	(j)	10.75%				03/2029	67		66		—		57

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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)
Reaction Biology Corporation(5)	One stop	SF +	5.25%		N/A(6)				03/2029	$	—	$	(2)	—	%	$	—
Unchained Labs, LLC	Senior secured	SF +	5.50%	(i)	10.91%				08/2027	57		56		—		56
Unchained Labs, LLC	Senior secured	SF +	5.50%	(i)	10.91%				08/2027	48		47		—		47
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										10,034		9,823		3.1		9,864
Machinery
Blackbird Purchaser, Inc.#	One stop	SF +	5.50%	(j)	10.86%				12/2030	8,320		8,237		2.5		8,236
Blackbird Purchaser, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(16)		—		(16)
Blackbird Purchaser, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(11)		—		(11)
										8,320		8,210		2.5		8,209
Marine
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(j)	11.35%				04/2029	4,401		4,367		1.3		4,268
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(j)	11.35%				04/2029	99		98		0.1		96
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(j)	11.35%				04/2029	45		44		—		41
										4,545		4,509		1.4		4,405
Oil, Gas & Consumable Fuels
Envernus, Inc.#	One stop	SF +	5.50%	(i)	10.86%				12/2029	5,515		5,433		1.7		5,432
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(7)		—		(7)
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		(2)
										5,515		5,424		1.7		5,423
Paper and Forest Products
Messenger, LLC#	One stop	SF +	5.75%	(j)	11.25%				12/2027	594		590		0.2		576
Messenger, LLC	One stop	SF +	5.75%	(j)	11.28%				12/2027	179		178		0.1		174
Messenger, LLC	One stop	SF +	5.75%	(j)	11.25%				12/2027	90		89		—		87
Messenger, LLC	One stop	P +	4.75%	(a)	13.25%				12/2027	5		5		—		4
										868		862		0.3		841
Pharmaceuticals
Caerus Midco 3 S.A.R.L.#(7)(13)	One stop	SF +	5.50%	(j)	10.85%				05/2029	786		774		0.2		763
Caerus Midco 3 S.A.R.L.#(7)(13)	One stop	SF +	5.75%	(j)	11.10%				05/2029	140		138		—		138
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(k)	11.21%				05/2029	53		52		—		51
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(i)	11.11%				05/2029	74		72		—		72
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(k)	11.21%				05/2029	9		9		—		9
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(i)	11.47%				10/2028	594		586		0.2		583
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(i)	11.47%				10/2028	199		197		0.1		195
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(i)	11.47%				10/2028	166		161		0.1		163
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(i)	11.47%				10/2027	38		37		—		37
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	1,433		1,533		0.4		1,354
Spark Bidco Limited#(7)(8)(9)	Senior secured	SN +	6.00%	(g)	11.19%				08/2028	630		593		0.2		624
Spark Bidco Limited(7)(9)	Senior secured	SF +	6.00%	(j)	11.35%				08/2028	475		467		0.2		470
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	174		154		0.1		164
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	152		144		—		144
Spark Bidco Limited(5)(7)(8)(9)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
										4,923		4,915		1.5		4,762
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(i)	11.61%				05/2029	553		545		0.2		553
bswift, LLC#	One stop	SF +	6.38%	(j)	11.78%				11/2028	465		453		0.2		465
Citrin Cooperman Advisors LLC	One stop	SF +	5.75%	(j)(k)	11.26%				10/2027	305		303		0.1		305
Citrin Cooperman Advisors LLC#	One stop	SF +	6.25%	(k)	11.82%				10/2027	132		129		—		132
Citrin Cooperman Advisors LLC	One stop	SF +	6.25%	(k)	11.78%				10/2027	30		29		—		30
Citrin Cooperman Advisors LLC#	One stop	SF +	5.25%	(i)	10.68%				10/2027	21		21		—		21
Citrin Cooperman Advisors LLC(5)	One stop	SF +	5.25%		N/A(6)				10/2027	—		(1)		—		(1)
DISA Holdings Corp.#	Senior secured	SF +	5.50%	(i)	10.84%				09/2028	329		324		0.1		329
DISA Holdings Corp.(21)	Subordinated debt	SF +	10.00%	(i)	13.36%	cash/	2.00%	PIK	03/2029	51		50		—		51
DISA Holdings Corp.	Senior secured	SF +	5.50%	(i)	10.84%				09/2028	23		22		—		23

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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.	One stop	SF +	5.50%	(i)	10.84%				09/2028	$	20	$	20	—	%	$	20
DISA Holdings Corp.	Senior secured	SF +	5.50%	(i)	10.85%				09/2028	8		8		—		8
Eliassen Group, LLC#	One stop	SF +	5.50%	(j)	10.85%				04/2028	74		74		—		74
Eliassen Group, LLC	One stop	SF +	5.50%	(j)	10.87%				04/2028	15		15		—		15
Filevine, Inc.(21)	One stop	SF +	6.50%	(j)(k)	9.71%	cash/	2.50%	PIK	04/2027	302		296		0.1		306
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(j)	11.48%				09/2028	366		361		0.1		366
IG Investments Holdings, LLC	One stop	SF +	6.00%	(j)	11.48%				09/2028	35		34		—		35
IG Investments Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(j)	10.78%				11/2028	3,228		3,211		1.0		3,099
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(i)(j)	10.77%				11/2028	151		149		0.1		141
Procure Acquireco, Inc.	One stop	SF +	5.00%	(j)	10.54%				12/2028	950		943		0.3		950
Procure Acquireco, Inc.	One stop	SF +	5.00%	(j)	10.50%				12/2028	133		132		—		133
Procure Acquireco, Inc.	One stop	SF +	5.00%		N/A(6)				12/2028	—		—		—		—
										7,191		7,117		2.2		7,055
Software
Anaplan, Inc.#	One stop	SF +	6.50%	(j)	11.85%				06/2029	8,552		8,485		2.7		8,552
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Armstrong Bidco Limited#(7)(8)(9)	One stop	SN +	5.25%	(g)	10.44%				06/2029	651		611		0.2		625
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(g)	10.44%				06/2029	340		310		0.1		326
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(j)	11.85%				06/2030	2,048		2,000		0.6		2,048
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(5)		—		—
Auvik Networks Inc.(7)(10)(21)	One stop	SF +	5.75%	(j)	8.53%	cash/	2.75%	PIK	07/2027	418		416		0.1		412
Auvik Networks Inc.#(7)(10)(21)	One stop	SF +	6.25%	(j)	8.53%	cash/	3.25%	PIK	07/2027	88		87		—		88
Auvik Networks Inc.(5)(7)(10)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Avetta, LLC#	One stop	SF +	5.75%	(j)	11.15%				10/2030	5,864		5,736		1.8		5,732
Avetta, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2029	—		(12)		—		(13)
Bayshore Intermediate #2, L.P.(21)	One stop	SF +	7.50%	(i)	12.96%				10/2028	4,244		4,193		1.3		4,244
Bayshore Intermediate #2, L.P.	One stop	SF +	6.50%	(j)	12.01%				10/2027	33		31		—		33
Bloomerang, LLC#	One stop	SF +	6.00%	(k)	11.19%				12/2029	4,643		4,597		1.4		4,597
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(10)		—		(10)
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(14)		—		(14)
Bonterra LLC(21)	One stop	SF +	8.00%	(j)	13.35%				09/2027	4,518		4,457		1.4		4,383
Bonterra LLC	One stop	SF +	7.25%	(j)	12.60%				09/2027	3,591		3,558		1.1		3,483
Bonterra LLC	One stop	SF +	7.25%	(j)	12.60%				09/2027	60		58		—		54
Bottomline Technologies, Inc.	One stop	SF +	5.25%	(i)	10.61%				05/2029	1,548		1,524		0.5		1,486
Bottomline Technologies, Inc.#	One stop	SF +	5.75%	(i)	11.11%				05/2029	277		272		0.1		271
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		(6)
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(11)	One stop	SF +	7.25%	(j)	12.63%				01/2029	507		494		0.2		507
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(11)	One stop	SF +	7.25%	(j)	12.63%				01/2029	134		130		—		134
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(11)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(11)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited#(7)(8)(9)	One stop	SN +	6.25%	(g)	11.44%				08/2030	652		639		0.2		642
Camelia Bidco Limited#(7)(8)(9)	One stop	A +	6.25%	(e)	10.57%				08/2030	43		40		—		43
Camelia Bidco Limited#(5)(7)(8)(9)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(4)		—		(4)
Coupa Holdings, LLC#	One stop	SF +	7.50%	(i)	12.86%				02/2030	3,079		3,011		0.9		3,048
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(3)		—		(3)
Crewline Buyer, Inc.#	One stop	SF +	6.75%	(j)	12.10%				11/2030	11,589		11,419		3.6		11,444
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(18)		—		(15)
Daxko Acquisition Corporation	One stop	SF +	5.50%	(i)	10.96%				10/2028	1,542		1,531		0.5		1,496

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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)
Daxko Acquisition Corporation	One stop	SF +	5.50%	(i)	10.96%				10/2028	$	130	$	129	—	%	$	126
Daxko Acquisition Corporation	One stop	P +	4.50%	(a)	13.00%				10/2027	12		11		—		7
Daxko Acquisition Corporation	One stop	SF +	5.50%	(i)	10.96%				10/2028	8		7		—		6
Denali Bidco Limited#(7)(8)(9)	One stop	SN +	6.00%	(g)	11.19%				08/2030	1,028		997		0.3		1,018
Denali Bidco Limited#(7)(8)(9)	One stop	E +	6.00%	(b)	9.84%				08/2030	258		249		0.1		256
Denali Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(4)		—		(4)
Dragon UK Bidco Limited(7)(8)(9)	One stop	SN +	5.75%	(g)	10.94%				02/2029	821		841		0.3		796
Dragon UK Bidco Limited(7)(8)(9)	One stop	C +	5.75%	(f)	11.19%				02/2029	491		500		0.2		477
Dragon UK Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(6)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(j)	11.35%				09/2030	5,518		5,385		1.7		5,380
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(15)		—		(15)
Gainsight, Inc.(21)	One stop	SF +	6.75%	(j)	12.28%	PIK			07/2027	694		688		0.2		687
Gainsight, Inc.(21)	One stop	SF +	6.75%	(j)	12.28%	PIK			07/2027	58		57		—		57
GTY Technology Holdings, Inc.#(21)	One stop	SF +	6.88%	(j)	7.92%	cash/	4.30%	PIK	07/2029	1,762		1,736		0.5		1,727
GTY Technology Holdings, Inc.(21)	One stop	SF +	6.88%	(j)	7.95%	cash/	4.30%	PIK	07/2029	1,151		1,131		0.3		1,128
GTY Technology Holdings, Inc.(21)	One stop	SF +	6.88%	(j)	7.92%	cash/	4.30%	PIK	07/2029	211		209		0.1		207
GTY Technology Holdings, Inc.	One stop	P +	5.25%	(a)	13.75%				07/2029	7		6		—		6
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(10)		—		(10)
Hyland Software, Inc.#	One stop	SF +	6.00%	(i)	11.36%				09/2030	13,359		13,167		4.1		13,159
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(2)
ICIMS, Inc.#(21)	One stop	SF +	7.25%	(j)	8.74%	cash/	3.88%	PIK	08/2028	14,070		13,891		4.3		13,788
ICIMS, Inc.	One stop	SF +	6.75%	(j)	12.10%				08/2028	47		43		—		42
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(58)
IQN Holding Corp. #	One stop	SF +	5.25%	(j)	10.64%				05/2029	934		926		0.3		915
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(1)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(2)		—		(4)
Island Bidco AB#(7)(8)(15)(21)	One stop	E +	7.25%	(d)	3.89%	cash/	7.25%	PIK	07/2028	378		355		0.1		378
Island Bidco AB#(7)(15)(21)	One stop	SF +	7.00%	(k)	8.68%	cash/	3.50%	PIK	07/2028	174		173		0.1		174
Island Bidco AB(7)(15)	One stop	SF +	6.50%	(k)	11.83%				07/2028	18		18		—		18
Island Bidco AB(7)(8)(15)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Kaseya Inc.#(21)	One stop	SF +	6.00%	(j)	8.88%	cash/	2.50%	PIK	06/2029	4,221		4,172		1.3		4,179
Kaseya Inc.(21)	One stop	SF +	5.50%	(i)	10.86%				06/2029	41		40		—		39
Kaseya Inc.(21)	One stop	SF +	6.00%	(j)	8.88%	cash/	2.50%	PIK	06/2029	16		13		—		13
LeadsOnline, LLC#	One stop	SF +	6.00%	(j)	11.49%				02/2028	2,072		2,024		0.6		2,072
LeadsOnline, LLC#	One stop	SF +	6.00%	(j)	11.49%				02/2028	366		357		0.1		366
LeadsOnline, LLC	One stop	SF +	6.00%	(i)	11.46%				02/2028	8		7		—		8
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(i)	10.96%				12/2028	1,184		1,176		0.4		1,137
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(i)	10.96%				12/2028	340		332		0.1		296
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(a)(i)	11.28%				12/2027	63		62		—		59
Navex TopCo, Inc.#	One stop	SF +	5.75%	(i)	11.11%				11/2030	11,090		10,873		3.4		10,868
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(19)		—		(20)
Naviga Inc.	Senior secured	SF +	7.00%	(j)	12.45%				02/2024	6		6		—		6
Panzura, LLC(21)	One stop	N/A			2.00%	cash/	15.00%	PIK	08/2027	52		47		—		47
PING Identity Holding Corp.#	One stop	SF +	7.00%	(i)	12.36%				10/2029	910		898		0.3		910
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(i)	12.11%				09/2028	239		237		0.1		239
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(j)	12.10%				09/2028	146		144		0.1		146
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(j)	12.10%				09/2028	48		47		—		48
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
QAD, Inc.	One stop	SF +	5.38%	(i)	10.73%				11/2027	3,867		3,842		1.2		3,867
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.	One stop	SF +	6.00%	(k)	11.39%				06/2029	2,416		2,397		0.7		2,343
Quant Buyer, Inc.#	One stop	SF +	6.00%	(k)	11.39%				06/2029	2,035		2,019		0.6		1,974
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(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, 2023

(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 +	6.50%		N/A(6)				06/2029	$	—	$	(37)	—	%	$	—
Rainforest Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.43%	(g)	8.68%	cash/	1.93%	PIK	07/2029	722		661		0.2		697
Rainforest Bidco Limited(7)(9)(21)	One stop	SF +	5.43%	(h)	8.82%	cash/	1.93%	PIK	07/2029	134		133		—		129
Rainforest Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.43%	(g)	8.68%	cash/	1.93%	PIK	07/2029	53		49		—		51
Rainforest Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(61)		—		—
Riskonnect Parent, LLC#	One stop	SF +	5.50%	(j)	11.00%				12/2028	4,179		4,150		1.3		4,096
Riskonnect Parent, LLC	One stop	SF +	5.50%	(j)	11.00%				12/2028	132		130		—		127
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(1)		—		(2)
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.00%	(i)	11.36%				08/2029	17,386		17,107		5.3		17,212
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(5)		—		(3)
Sapphire Bidco Oy(7)(8)(14)	One stop	E +	5.50%	(c)	9.49%				07/2029	1,887		1,696		0.6		1,887
Sapphire Bidco Oy#(7)(8)(14)	One stop	E +	5.50%	(c)	9.49%				07/2029	154		146		—		154
Templafy APS and Templafy, LLC#(7)(17)	One stop	SF +	6.00%	(k)	11.68%				07/2028	554		542		0.2		554
Templafy APS and Templafy, LLC(7)(17)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(7)(17)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(2)		—		—
Vendavo, Inc.	One stop	SF +	5.75%	(j)	11.23%				09/2027	1,097		1,091		0.3		1,031
Vendavo, Inc.	One stop	P +	4.75%	(a)	13.25%				09/2027	104		103		—		95
WebPT, Inc.	One stop	SF +	6.75%	(j)	12.24%				01/2028	35		34		—		34
Zendesk, Inc.#(21)	One stop	SF +	6.75%	(j)	8.86%	cash/	3.25%	PIK	11/2028	9,451		9,300		2.9		9,451
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(19)		—		—
										160,558		157,698		49.0		157,940
Specialty Retail
Ave Holdings III, Corp	One stop	SF +	5.50%	(j)	11.00%				02/2028	883		870		0.3		883
Ave Holdings III, Corp	One stop	SF +	5.50%	(j)	11.00%				02/2028	658		654		0.2		658
Ave Holdings III, Corp	One stop	SF +	5.50%	(j)	11.00%				02/2028	86		86		—		86
Ave Holdings III, Corp(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		—
Cavender Stores L.P.#	Senior secured	SF +	5.00%	(j)	10.35%				10/2029	11,328		11,220		3.5		11,215
PetVet Care Centers LLC#	One stop	SF +	6.00%	(i)	11.36%				11/2030	4,473		4,385		1.4		4,383
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(13)		—		(13)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(6)		—		(6)
PPV Intermediate Holdings, LLC#	One stop	SF +	5.75%	(j)	11.14%				08/2029	14,424		14,219		4.4		14,135
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.75%	PIK			08/2030	2,234		2,195		0.6		2,077
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.75%	PIK			08/2030	516		511		0.2		480
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.75%	PIK			08/2030	95		94		—		88
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.75%	PIK			08/2030	93		85		—		87
PPV Intermediate Holdings, LLC(21)	One stop	N/A			14.75%	PIK			08/2030	53		51		—		51
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(6)		—		(8)
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	4,722		4,685		1.5		4,675
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	311		309		0.1		308
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	309		306		0.1		306
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	244		242		0.1		242
Salon Lofts Group, LLC(21)	Second lien	SF +	9.00%	(j)	14.43%				09/2029	221		218		0.1		217
Salon Lofts Group, LLC(5)	Second lien	SF +	17.00%		N/A(6)				09/2029	—		(6)		—		(5)
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	102		101		—		101
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	77		77		—		76
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	71		71		—		71
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	67		66		—		65
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(10)		—		(13)
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(7)		—		(8)
SureWerx Purchaser III, Inc.#(7)	One stop	SF +	6.75%	(j)	12.10%				12/2029	782		765		0.2		782
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(i)	12.11%				12/2028	27		26		—		27
SureWerx Purchaser III, Inc.(5)(7)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(2)		—		—
VSG Acquisition Corp. and Sherrill, Inc.#	One stop	SF +	5.50%	(k)	11.11%				04/2028	457		452		0.1		438

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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)
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(j)(k)	11.11%	04/2028	$	174	$	168	0.1	%	$	167
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(j)	11.11%	04/2028	9		9		—		7
							42,416		41,814		12.9		41,572



Water Utilities
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(k)	10.07%	11/2026	119		118		—		115
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(i)	9.96%	11/2026	12		12		—		11
Vessco Midco Holdings, LLC	Senior secured	P +	3.50%	(a)	12.00%	10/2026	1		1		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	5.25%	(k)	10.73%	11/2026	1		—		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	5.00%	(k)	10.40%	11/2026	7		7		—		6
							140		138		—		132

Total debt investments							$	458,372	$	450,798	139.4	%	$	449,796

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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)
Equity investments(18)(19)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	21	$	207	0.1	%	$	219
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	51		—		35
Go Car Wash Parent, Corp.(20)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	305		0.1		310
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	166		—		58
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	1	81		0.1		109
POY Holdings, LLC	LLC units	N/A	N/A		N/A	41	20		—		85
Yorkshire Parent, Inc.	LP units	N/A	N/A		N/A	—	45		—		45
							668		0.2		642
Building Products
BECO Holding Company, Inc.(20)	Preferred stock	N/A	11.75%	Non-Cash	N/A	15	1,717		0.6		1,806
BECO Holding Company, Inc.	LP Interest	N/A	N/A		N/A	1	103		—		122
							1,820		0.6		1,928
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP Interest	N/A	N/A		N/A	36	36		—		43
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	376	178		0.2		555
Radwell Parent, LLC	LP units	N/A	N/A		N/A	1	105		—		141
							319		0.2		739
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	19	10		—		21

Diversified Consumer Services
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	93	93		0.1		114
EMS LINQ, LLC	LP Interest	N/A	N/A		N/A	33	33		—		26
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	31	31		—		31
NSG Buyer, Inc. (7)	LP units	N/A	N/A		N/A	1	588		0.2		614
Virginia Green Acquisition, LLC	LP units	N/A	N/A		N/A	33	33		—		33
							778		0.3		818
Food Products
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		N/A	—	34		—		26
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		N/A	—	1		—		2
							35		—		28
Healthcare Providers and Services
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	—	35		—		23

Hotels, Restaurants and Leisure
Harri US LLC	Preferred stock	N/A	N/A		N/A	4	50		—		50
Harri US LLC	LLC units	N/A	N/A		N/A	5	43		—		38
Harri US LLC	Preferred stock	N/A	N/A		N/A	5	30		—		32
Harri US LLC	Warrant	N/A	N/A		N/A	2	7		—		10
							130		—		130
Insurance
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		N/A	2	34		—		34

IT Services
Critical Start, Inc.	Common stock	N/A	N/A		N/A	17	17		—		19
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	11	63		—		63
Netwrix Corporation	LLC units	N/A	N/A		N/A	4	8		—		13
							88		—		95

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	275	$	275	0.1	%	$	275
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	275	—		0.1		97
PAS Parent Inc.	LP Interest	N/A			N/A		N/A	1	82		—		81
PAS Parent Inc.	Preferred stock	N/A			N/A		N/A	—	12		—		15
Reaction Biology Corporation	LLC units	N/A			N/A		N/A	—	38		—		29
									407		0.2		497

Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	—	27		—		16
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									27		—		16
Pharmaceuticals
Cobalt Buyer Sub, Inc.(20)	Preferred stock	SF +	10.00%	(j)	15.35%	Non-Cash	N/A	—	589		0.2		653
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	10		—		9
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	—	—		—		—
									599		0.2		662
Professional Services
Enboarder, Inc.(7)(12)	Preferred stock	N/A			N/A		N/A	3	32		—		32
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	36	231		0.1		295
Filevine, Inc.	Warrant	N/A			N/A		N/A	15	15		—		17
Filevine, Inc.	Warrant	N/A			N/A		N/A	5	8		—		33
Procure Acquireco, Inc.	LP Interest	N/A			N/A		N/A	—	42		—		55
									328		0.1		432
Software
Anaplan, Inc.	LP Interest	N/A			N/A		N/A	336	336		0.2		498
Auvik Networks Inc.(7)(10)	Preferred stock	N/A			N/A		N/A	2	17		—		20
Auvik Networks Inc.(7)(10)	Preferred stock	N/A			N/A		N/A	—	2		—		2
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	243	243		0.1		222
Cynet Security Ltd.(7)(16)	Preferred stock	N/A			N/A		N/A	13	46		—		57
Denali Bidco Limited(7)(9)	LP Interest	N/A			N/A		N/A	32	42		—		48
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	26	26		—		37
Kaseya Inc.(20)	Preferred stock	SF +	11.75%	(j)	17.10%	Non-Cash	N/A	2	2,101		0.7		2,200
Kaseya Inc.	LP Interest	N/A			N/A		N/A	46	46		—		47
Ministry Brands Holdings LLC	LP Interest	N/A			N/A		N/A	46	47		—		46
Onit, Inc.(20)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	48		—		53
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		3
QAD, Inc.(20)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	103		—		113
QAD, Inc.	Common stock	N/A			N/A		N/A	7	—		—		15
Riskonnect Parent, LLC(20)	Preferred stock	N/A			11.00%	Non-Cash	N/A	1	1,138		0.3		1,063
Riskonnect Parent, LLC(20)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	1	735		0.3		763
Riskonnect Parent, LLC	LP Interest	N/A			N/A		N/A	47	47		—		53
Templafy APS and Templafy, LLC(7)(17)	Warrant	N/A			N/A		N/A	—	8		—		10
Zendesk, Inc.	LP units	N/A			N/A		N/A	21	211		0.1		292
									5,206		1.7		5,549

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(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)
Specialty Retail
Ave Holdings III, Corp(20)	Preferred stock	N/A	11.50%	Non-Cash	N/A	1	$	1,119	0.3	%	$	929
Ave Holdings III, Corp	LP units	N/A	N/A		N/A	—	127		0.1		119
Salon Lofts Group, LLC	LP units	N/A	N/A		N/A	—	116		—		102
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		N/A	—	5		—		3
							1,367		0.4		1,153

Total equity investments							12,058		4.0		12,986

Total investments							462,856		143.4		462,782

Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Money Market (CUSIP 61747C582)			5.21%	(22)			4,819		1.5		4,819


Total investments and money market funds							$	467,675	144.9	%	$	467,601

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


#						Denotes that all or a portion of the investment collateralizes the PNC Facility (as defined in Note 7).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’), Prime (‘‘P’’), Australian Interbank Rate (”AUD” or ”A”), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) or Canadian Bankers’ Acceptance Rate (“CDOR” or “C”) 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, 2023. 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, 2023, 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, 2023, as the loan may have priced or repriced based on an index rate prior to December 31, 2023.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of December 31, 2023.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of December 31, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.91% as of December 31, 2023.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.86% as of December 31, 2023.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.36% as of December 31, 2023.

(f) Denotes that all or a portion of the contract was indexed to 90-day CDOR, which was 5.45% as of December 31, 2023.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of December 31, 2023.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.38% as of December 31, 2023.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 5.35% as of December 31, 2023.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 5.33% as of December 31, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 5.16% as of December 31, 2023.

(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, 2023.

(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, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 6.5% of the Company’s total assets calculated in accordance with the 1940 Act.

(8)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation.

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

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

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

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

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

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

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

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

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

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

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

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

(21)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, 2023.

(22)The rate shown is the annualized seven-day yield as of December 31, 2023.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(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 and Defense
PPW Aero Buyer, Inc.#	One stop	SF +	7.00%	(j)(l)	12.33%				02/2029	$	7,697	$	7,489	3.2	%	$	7,697
PPW Aero Buyer, Inc.(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										7,697		7,488		3.2		7,697
Auto Components
COP CollisionRight Holdings, Inc.#	One stop	SF +	5.25%	(k)	10.79%				04/2028	1,095		1,082		0.5		1,084
COP CollisionRight Holdings, Inc.	One stop	SF +	5.25%	(k)	10.79%				04/2028	21		21		—		21
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(k)(l)	10.10%				08/2027	274		272		0.1		263
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(l)	10.09%				08/2027	55		54		—		53
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(l)	10.03%				08/2027	13		12		—		9
										1,458		1,441		0.6		1,430
Automobiles
CG Group Holdings, LLC(21)	One stop	SF +	8.75%	(k)	12.14%	cash/	2.00%	PIK	07/2027	1,824		1,797		0.7		1,751
CG Group Holdings, LLC(21)	One stop	SF +	8.75%	(j)	12.07%	cash/	2.00%	PIK	07/2026	345		340		0.1		333
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	1,705		1,693		0.7		1,671
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	1,018		1,011		0.4		998
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	305		303		0.1		299
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	185		184		0.1		181
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	176		175		0.1		172
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	154		152		0.1		150
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	127		126		0.1		124
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	123		122		0.1		120
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	123		122		0.1		120
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	101		101		—		99
Denali Midco 2, LLC#	One stop	SF +	6.50%	(j)	11.92%				12/2027	95		92		—		94
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	13		12		—		13
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	6		6		—		6
Denali Midco 2, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(2)		—		(7)
Denali Midco 2, LLC(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(1)		—		—
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	22		21		—		21
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	25		25		—		25
National Express Wash Parent Holdco, LLC#	One stop	SF +	5.50%	(k)(l)	10.89%				07/2029	6,659		6,604		2.7		6,393
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.50%		N/A(6)				07/2029	—		(4)		—		(20)
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(l)	10.96%				07/2029	96		95		—		89
POY Holdings, LLC	One stop	SF +	5.50%	(k)	11.04%				11/2027	2,250		2,219		0.9		2,250
POY Holdings, LLC	One stop	SF +	5.50%	(k)	11.04%				11/2027	147		146		0.1		147
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(3)		—		—
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(2)		—		—
Spotless Brands, LLC#	One stop	SF +	6.50%	(k)	12.00%				07/2028	1,112		1,094		0.5		1,101
Spotless Brands, LLC	One stop	SF +	6.50%	(k)	12.02%				07/2028	121		120		0.1		120
Spotless Brands, LLC	One stop	SF +	6.50%	(k)	11.99%				07/2028	90		89		—		89
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
										16,822		16,637		6.9		16,339
Beverages
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(k)	11.89%				06/2030	2,832		2,791		1.2		2,803
Financial Information Technologies, LLC(21)	One stop	N/A			14.00%	PIK			06/2031	1,346		1,308		0.5		1,306
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(1)		—		(1)
										4,178		4,098		1.7		4,108

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Building Products
BECO Holding Company, Inc.	One stop	SF +	5.25%	(k)	10.79%	11/2028	$	3,717	$	3,690	1.5	%	$	3,642
BECO Holding Company, Inc.	One stop	SF +	5.25%	(j)	10.67%	11/2027	22		19		—		13
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—		(7)		—		(19)
							3,739		3,702		1.5		3,636
Chemicals
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	E +	6.25%	(e)	10.39%	09/2028	1,923		2,080		0.7		1,693
PHM NL SP Bidco B.V.(7)(11)	One stop	SF +	6.25%	(i)	11.55%	09/2028	790		781		0.3		696
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	SN +	6.25%	(h)	11.44%	09/2028	421		455		0.1		371
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	E +	6.25%	(e)	10.01%	09/2028	203		214		0.1		179


							3,337		3,530		1.2		2,939
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(j)(k)	10.79%	10/2028	1,008		998		0.4		1,008
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(j)	10.67%	10/2028	10		8		—		10
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%		N/A(6)	10/2028	—		—		—		—
Kleinfelder Intermediate, LLC	One stop	SF +	6.25%	(k)	11.66%	09/2028	14		12		—		12
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(k)	11.66%	09/2030	853		836		0.4		836
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)	09/2030	—		(2)		—		(2)
Profile Products LLC	One stop	SF +	5.75%	(k)	11.22%	11/2027	355		349		0.2		348
Profile Products LLC(7)	One stop	SF +	5.75%	(k)	11.22%	11/2027	72		71		—		70
Profile Products LLC	One stop	SF +	5.75%	(b)(j)	11.42%	11/2027	42		41		—		41
Profile Products LLC	One stop	P +	4.75%	(b)	13.25%	11/2027	8		8		—		8
Radwell Parent, LLC#	One stop	SF +	6.53%	(k)	12.02%	03/2029	7,709		7,611		3.3		7,709
Radwell Parent, LLC#	One stop	SF +	6.75%	(k)	12.14%	03/2029	306		298		0.1		307
Radwell Parent, LLC	One stop	SF +	6.75%	(k)	12.14%	03/2028	48		46		—		48
Radwell Parent, LLC(5)	One stop	SF +	6.53%		N/A(6)	03/2029	—		(12)		—		—
							10,425		10,264		4.4		10,395




Containers and Packaging
Chase Intermediate	One stop	SF +	5.25%	(j)(k)(l)	10.95%	10/2028	4,080		4,052		1.7		3,998
Chase Intermediate	One stop	SF +	5.25%	(l)	11.00%	10/2028	120		117		—		113
Chase Intermediate	One stop	SF +	5.25%		N/A(6)	10/2028	—		—		—		—
Chase Intermediate(5)	One stop	SF +	5.75%		N/A(6)	10/2028	—		(2)		—		(2)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.99%	10/2028	1,939		1,915		0.8		1,881
Fortis Solutions Group, LLC(5)	One stop	SF +	5.50%		N/A(6)	10/2027	—		(4)		—		(8)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.99%	10/2028	6		1		—		5
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.99%	10/2028	45		41		—		24
							6,190		6,120		2.5		6,011







Diversified Consumer Services
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.90%	07/2027	144		142		0.1		144
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.90%	07/2027	97		97		—		97
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.90%	07/2027	95		94		—		95
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.75%	(k)	10.31%	07/2027	87		85		—		87
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.92%	07/2027	62		62		—		62
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.98%	07/2027	44		44		—		44
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%		N/A(6)	07/2027	—		—		—		—
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)	07/2029	—		(1)		—		(1)
COP Exterminators Acquisitions, Inc.#	Senior secured	SF +	5.50%	(k)	11.02%	07/2029	363		358		0.2		359
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)	07/2029	—		(3)		—		(3)
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(l)	11.59%	09/2028	3,421		3,371		1.5		3,421
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(16)		—		—
EMS LINQ, LLC	One stop	SF +	6.25%	(j)	11.67%	12/2027	523		520		0.2		508
EMS LINQ, LLC(5)	One stop	SF +	6.25%		N/A(6)	12/2027	—		(1)		—		(2)
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(k)	11.57%	03/2027	885		868		0.4		876

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(k)	11.57%		03/2027	$	759	$	748	0.3	%	$	751
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(b)(k)	12.16%		03/2027	22		21		—		21
FPG Intermediate Holdco, LLC(5)	One stop	SF +	6.50%		N/A(6)		03/2027	—		(3)		—		—
FSS Buyer LLC	One stop	SF +	5.75%	(k)	11.24%		08/2028	308		304		0.1		308
FSS Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2027	—		(1)		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(l)	11.07%		06/2029	436		429		0.2		432
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(j)(k)	11.07%		06/2028	8		7		—		7
Mario Purchaser, LLC#	One stop	SF +	5.75%	(j)	11.17%		04/2029	418		412		0.2		402
Mario Purchaser, LLC(21)	One stop	SF +	10.75%	(j)	16.17%	PIK	04/2032	222		218		0.1		218
Mario Purchaser, LLC	One stop	SF +	5.75%	(j)	11.17%		04/2029	248		241		0.1		226
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)		04/2028	—		(1)		—		(2)
Mathnasium, LLC	One stop	SF +	5.00%	(k)	10.51%		11/2027	517		513		0.2		517
Mathnasium, LLC	One stop	SF +	5.00%	(k)	10.52%		11/2027	11		11		—		11
NSG Buyer, Inc. #	One stop	SF +	6.50%	(j)	11.92%		11/2029	6,133		6,028		2.6		6,133
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)		11/2029	—		(10)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)		11/2028	—		(13)		—		—
RW AM Holdco LLC#	One stop	SF +	5.25%	(l)	10.82%		04/2028	1,000		993		0.4		970
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)		04/2028	—		(1)		—		(3)




								15,803		15,515		6.6		15,678
Diversified Financial Services
Avalara, Inc.#	One stop	SF +	7.25%	(k)	12.64%		10/2028	1,091		1,068		0.5		1,091
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)		10/2028	—		(2)		—		—
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(k)	10.72%		07/2027	456		451		0.2		456
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(k)	10.72%		07/2027	85		85		—		85
Banker's Toolbox, Inc.	One stop	SF +	5.25%		N/A(6)		07/2027	—		—		—		—
Finastra USA, Inc.#(7)	One stop	SF +	7.25%	(l)	12.71%		09/2029	4,950		4,852		2.0		4,851
Finastra USA, Inc.(7)	One stop	SF +	7.25%	(j)	12.58%		09/2029	11		10		—		10
Flash Topco, Inc.	One stop	SF +	5.75%	(k)	11.22%		10/2028	939		932		0.4		892
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.87%		10/2028	41		40		—		38
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.87%		12/2024	19		18		—		18
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.50%		N/A(6)		11/2028	—		(15)		—		(15)
								7,592		7,439		3.1		7,426
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.50%	(j)	11.92%		11/2028	2,242		2,185		0.9		2,242
CST Holding Company(5)	One stop	SF +	6.50%		N/A(6)		11/2028	—		(1)		—		—
								2,242		2,184		0.9		2,242
Food and Staples Retailing
Wineshipping.com LLC	One stop	SF +	5.75%	(k)	11.32%		10/2027	379		376		0.2		364
Wineshipping.com LLC	One stop	SF +	5.75%	(b)(k)	11.47%		10/2027	63		63		—		60
Wineshipping.com LLC	One stop	SF +	5.75%	(k)	11.20%		10/2027	10		10		—		10
								452		449		0.2		434
Food Products
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(k)	11.79%		07/2027	556		552		0.2		539
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(b)(j)(k)	12.06%		07/2027	76		75		—		72
Ultimate Baked Goods Midco LLC	One stop	SF +	6.25%	(j)	11.67%		08/2027	374		371		0.2		374
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)		08/2027	—		(2)		—		—
Whitebridge Pet Brands, LLC#	One stop	SF +	4.75%	(j)	10.17%		07/2027	1,259		1,250		0.5		1,259
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)		07/2027	—		(2)		—		—
Wizard Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(h)	10.44%		03/2029	369		394		0.2		354
Wizard Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(h)	10.44%		09/2028	58		57		—		56
Wizard Bidco Limited#(7)(9)	One stop	SF +	6.50%	(k)	11.89%		03/2029	650		638		0.3		651
Wizard Bidco Limited#(7)(8)(9)	One stop	SN +	6.50%	(h)	11.69%		03/2029	217		216		0.1		217
Wizard Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)		03/2029	—		(2)		—		—
								3,559		3,547		1.5		3,522

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Health Care Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(l)	13.36%		09/2024	$	21	$	21	—	%	$	21
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(j)	10.82%		05/2028	296		294		0.1		286
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(j)	10.82%		05/2028	9		8		—		7
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(j)	11.57%		05/2028	90		89		0.1		86
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	6.00%		N/A(6)		05/2028	—		(2)		—		(2)
Coding Solutions Acquisition, Inc.#	One stop	SF +	6.00%	(k)	11.32%		05/2028	40		39		—		39
Color Intermediate, LLC#	One stop	SF +	5.50%	(k)	10.99%		10/2029	1,066		1,048		0.4		1,034
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(k)	13.12%		01/2029	431		424		0.2		431
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)		01/2029	—		(1)		—		—
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)		08/2029	—		(1)		—		(1)
Neptune Holdings, Inc.#	One stop	SF +	6.00%	(l)	11.50%		09/2030	2,628		2,589		1.1		2,595
Plasma Buyer LLC#	One stop	SF +	5.75%	(k)	11.14%		05/2029	305		300		0.1		280
Plasma Buyer LLC	One stop	SF +	5.75%	(k)	11.14%		05/2028	7		6		—		4
Plasma Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)		05/2029	—		(1)		—		—
QF Holdings, Inc.	One stop	SF +	6.25%	(k)	11.72%		12/2027	35		34		—		35
Veranex, Inc.	Senior secured	SF +	5.25%	(l)	10.64%		04/2028	125		124		0.1		106
Veranex, Inc.	Senior secured	SF +	5.25%	(l)	10.54%		04/2028	42		42		—		36
Veranex, Inc.	Senior secured	SF +	5.25%	(l)	10.63%		04/2028	32		31		—		27
								5,127		5,044		2.1		4,984
Healthcare Equipment and Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(k)	11.64%		08/2028	1,889		1,874		0.8		1,889
Belmont Instrument, LLC	One stop	SF +	6.25%	(k)	11.64%		08/2028	29		28		—		29
								1,918		1,902		0.8		1,918
Healthcare Providers and Services
AAH TOPCO, LLC	One stop	SF +	5.50%	(j)	10.92%		12/2027	861		854		0.3		830
AAH TOPCO, LLC	One stop	SF +	5.50%	(j)	10.92%		12/2027	337		335		0.1		327
AAH TOPCO, LLC (21)	Subordinated debt	N/A			11.50%	PIK	12/2031	192		190		0.1		177
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)		12/2027	—		—		—		(1)
Bamboo US Bidco LLC#(7)(8)	One stop	E +	6.00%	(c)	9.86%		09/2030	1,595		1,547		0.6		1,547
Bamboo US Bidco LLC#	One stop	SF +	6.00%	(j)	11.32%		09/2030	2,424		2,352		1.0		2,352
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)		09/2029	—		(15)		—		(15)
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)		09/2030	—		(6)		—		(6)
Community Care Partners, LLC#	One stop	SF +	6.00%	(j)	11.43%		06/2026	132		131		0.1		124
Community Care Partners, LLC	One stop	SF +	6.00%		N/A(6)		06/2026	—		—		—		—
Datix Bidco Limited(7)(8)(9)	Senior secured	SN +	4.50%	(h)	9.69%		04/2025	3,079		3,415		1.3		3,048
Datix Bidco Limited(7)(8)(9)	Second lien	SN +	7.75%	(h)	12.94%		04/2026	1,093		1,209		0.5		1,087
ERC Topco Holdings, LLC	One stop	SF +	5.50%	(k)	11.15%		11/2028	2,164		2,152		0.8		1,796
ERC Topco Holdings, LLC	One stop	SF +	5.50%	(k)	11.10%		11/2027	60		59		—		37
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(j)	10.17%		12/2026	298		296		0.1		292
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(j)	10.17%		12/2026	47		47		—		46
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)		12/2026	—		—		—		—
Suveto Buyer, LLC	One stop	SF +	4.25%	(j)	9.67%		09/2027	1,114		1,107		0.5		1,081
Suveto Buyer, LLC	One stop	SF +	4.25%	(j)	9.67%		09/2027	24		23		—		19
								13,420		13,696		5.4		12,741

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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 and Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(k)	11.57%				08/2028	$	686	$	681	0.3	%	$	686
Barteca Restaurants, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC	One stop	SF +	6.00%	(k)	11.57%				08/2028	46		45		—		46
ESN Venture Holdings, LLC#	One stop	SF +	6.00%	(k)	11.39%				10/2028	2,087		2,063		0.9		2,087
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(k)	11.39%				10/2028	14		13		—		14
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(k)(l)	11.27%				10/2028	97		82		—		97



Harri US LLC(21)	One stop	SF +	10.00%	(k)	11.57%	cash/	4.00%	PIK	08/2026	48		44		—		48
Harri US LLC(21)	One stop	SF +	10.00%	(k)	11.57%	cash/	4.00%	PIK	08/2026	33		33		—		33
Harri US LLC	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC(21)	One stop	SF +	10.00%	(k)	11.57%	cash/	4.00%	PIK	08/2026	32		32		—		32
Health Buyer, LLC#	Senior secured	SF +	5.25%	(b)(k)	10.80%				04/2029	147		145		0.1		142
Health Buyer, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		(1)
Health Buyer, LLC	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		—		—		—
Health Buyer, LLC#	Senior secured	SF +	5.50%	(k)	10.89%				04/2029	75		74		—		74
YE Brands Holding, LLC(5)	One stop	SF +	5.50%		N/A(6)				10/2027	—		—		—		(1)
YE Brands Holding, LLC#	One stop	SF +	5.75%	(j)	11.18%				10/2027	2,977		2,948		1.3		2,947
										6,242		6,159		2.6		6,204
Household Durables
Groundworks LLC#	One stop	SF +	6.50%	(k)	11.81%				03/2030	651		634		0.3		651
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(2)		—		—
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—
										651		631		0.3		651
Industrial Conglomerates
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(b)(k)	11.25%				07/2027	220		217		0.1		220
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(j)(k)	11.23%				07/2027	7		7		—		7
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Essential Services Holdings Corporation	One stop	SF +	5.75%	(k)	11.15%				11/2026	2,718		2,701		1.1		2,663
Essential Services Holdings Corporation(5)	One stop	SF +	5.75%		N/A(6)				11/2025	—		—		—		(1)
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(k)	11.21%				08/2029	722		710		0.3		714
Excelitas Technologies Corp.#(7)(8)	One stop	E +	5.75%	(d)	9.54%				08/2029	118		113		0.1		117
Excelitas Technologies Corp.	One stop	SF +	5.75%	(k)	11.27%				08/2028	39		38		—		39
Excelitas Technologies Corp.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(2)		—		(1)
										3,824		3,784		1.6		3,758
Insurance
Alera Group, Inc.	One stop	SF +	6.00%	(j)	11.42%				10/2028	1,423		1,413		0.6		1,409
Alera Group, Inc.	One stop	SF +	6.00%	(j)	11.42%				10/2028	460		457		0.2		456
Alera Group, Inc.	One stop	SF +	6.00%	(j)	11.42%				10/2028	404		400		0.2		400
AMBA Buyer, Inc.	One stop	SF +	5.25%	(k)	10.74%				07/2027	181		180		0.1		179
AMBA Buyer, Inc.	One stop	SF +	5.25%	(k)	10.74%				07/2027	54		54		—		53
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(k)	10.74%				07/2027	49		48		—		48
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)	10.67%				07/2027	4		4		—		4
AMBA Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Captive Resources Midco, LLC#(21)	One stop	SF +	5.25%	(j)	5.29%	cash/	5.78%	PIK	07/2029	4,633		4,560		1.9		4,633
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(k)	12.92%				03/2029	384		376		0.2		375
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Illumifin Corporation(21)	One stop	SF +	7.00%	(k)	6.58%	cash/	6.00%	PIK	09/2027	171		169		0.1		147
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(j)(k)(l)	11.38%				07/2030	417		407		0.2		407
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2026	—		(13)		—		(26)
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(k)	11.04%				05/2027	336		332		0.1		336

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(k)	11.04%				05/2027	$	186	$	184	0.1	%	$	186
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(k)	11.04%				05/2027	129		127		—		129
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.50%		N/A(6)				03/2028	—		—		—		—
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.50%	(d)	10.21%				03/2028	255		253		0.1		255
Paisley Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(10)		—		—
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(l)	11.97%				05/2030	1,802		1,768		0.7		1,802
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.50%	(l)	11.97%				05/2030	601		589		0.3		601
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(k)	11.28%				10/2028	620		616		0.3		608
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(b)(k)	11.29%				10/2028	90		89		—		87
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		—		—		(1)
										12,199		11,997		5.1		12,084
IT Services
CivicPlus, LLC(21)	One stop	SF +	6.50%	(k)	9.57%	cash/	2.50%	PIK	08/2027	358		355		0.2		354
CivicPlus, LLC#(21)	One stop	SF +	6.50%	(k)	9.57%	cash/	2.50%	PIK	08/2027	230		228		0.1		228
CivicPlus, LLC(21)	One stop	SF +	6.50%	(k)	9.57%	cash/	2.50%	PIK	08/2027	168		166		0.1		166
CivicPlus, LLC(21)	One stop	SF +	11.75%	(l)	17.00%	PIK			06/2034	166		163		0.1		165
CivicPlus, LLC	One stop	SF +	6.00%	(j)	11.42%				08/2027	6		6		—		6
Critical Start, Inc.#(21)	One stop	SF +	6.75%	(k)	8.46%	cash/	3.63%	PIK	05/2028	189		188		0.1		187
Critical Start, Inc.	One stop	SF +	6.75%		N/A(6)				05/2028	—		—		—		—
Critical Start, Inc.#(21)	One stop	SF +	6.75%	(k)	8.46%	cash/	3.63%	PIK	05/2028	103		101		—		102
Goldcup 31018 AB(7)(8)(15)(21)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	802		756		0.3		794
Goldcup 31018 AB(5)(7)(8)(15)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—		(1)
Goldcup 31018 AB(7)(8)(15)(21)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	75		74		—		73
Netwrix Corporation#	One stop	SF +	5.00%	(k)(l)	10.37%				06/2029	3,475		3,452		1.4		3,406
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(5)		—		(20)
Netwrix Corporation	One stop	SF +	5.00%	(l)	10.47%				06/2029	27		25		—		25
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.12%				10/2026	205		202		0.1		205
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.12%				10/2026	50		50		—		50
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.12%				10/2026	15		15		—		15
WPEngine, Inc.#	One stop	SF +	6.50%	(l)	11.92%				08/2029	443		435		0.2		437
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		(1)
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(k)	11.92%				07/2027	437		437		0.2		437
Zarya Holdco, Inc.	One stop	SF +	6.50%	(k)	11.91%				07/2027	18		18		—		18
										6,767		6,664		2.8		6,646
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	6.50%	(l)	11.93%				11/2029	6,298		6,162		2.7		6,298
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(22)		—		—
Covaris Intermediate 3, LLC	One stop	SF +	5.25%	(k)	10.79%				01/2028	233		232		0.1		222
Covaris Intermediate 3, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		(2)
Covaris Intermediate 3, LLC	One stop	SF +	5.25%	(k)	10.79%				01/2028	66		63		—		42
PAS Parent Inc.	One stop	SF +	5.25%	(j)	10.68%				12/2028	2,620		2,585		1.1		2,568
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(4)		—		(4)
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(7)		—		(3)
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.79%				03/2029	324		322		0.1		308
Reaction Biology Corporation	One stop	SF +	5.25%	(l)	10.87%				03/2029	300		298		0.1		285
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.79%				03/2029	200		198		0.1		190
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.79%				03/2029	48		47		—		43
Reaction Biology Corporation(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(3)		—		(16)
Unchained Labs, LLC	Senior secured	SF +	5.50%	(j)	10.87%				08/2027	57		56		—		56
Unchained Labs, LLC	Senior secured	SF +	5.50%	(j)	10.87%				08/2027	48		47		—		47
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										10,194		9,973		4.2		10,034

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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 +	6.00%	(k)	11.39%	04/2029	$	4,411	$	4,376	1.8	%	$	4,279
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(k)	11.39%	04/2029	45		44		—		41
							4,456		4,420		1.8		4,320
Paper and Forest Products
Messenger, LLC#	One stop	SF +	5.75%	(k)	11.29%	12/2027	596		591		0.3		573
Messenger, LLC	One stop	SF +	5.75%	(k)	11.27%	12/2027	180		179		0.1		173
Messenger, LLC	One stop	SF +	5.75%	(k)	11.29%	12/2027	90		90		—		87
Messenger, LLC	One stop	P +	4.75%	(b)	13.25%	12/2027	14		13		—		12
							880		873		0.4		845
Pharmaceuticals
Caerus Midco 3 S.A.R.L.#(7)(13)	One stop	SF +	5.50%	(k)	10.89%	05/2029	788		776		0.3		765
Caerus Midco 3 S.A.R.L.#(7)(13)	One stop	SF +	5.75%	(k)	11.14%	05/2029	141		138		0.1		138
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(j)	11.07%	05/2029	26		24		—		24
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(l)	11.21%	05/2029	53		52		—		51
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(l)	11.21%	05/2029	9		9		—		9
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.43%	10/2028	596		587		0.2		584
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.43%	10/2028	200		197		0.1		196
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.43%	10/2027	12		11		—		10
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(j)	11.43%	10/2028	166		161		0.1		163
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(h)	9.94%	08/2028	1,374		1,532		0.5		1,271
Spark Bidco Limited#(7)(8)(9)	Senior secured	SN +	6.00%	(h)	11.19%	08/2028	604		592		0.2		586
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(h)	9.94%	08/2028	167		154		0.1		154
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(h)	9.94%	08/2028	146		144		0.1		135
Spark Bidco Limited(5)(7)(8)(9)	Senior secured	SN +	4.75%		N/A(6)	02/2028	—		(2)		—		(6)
Spark Bidco Limited(7)(9)	Senior secured	SF +	6.00%	(k)	11.39%	08/2028	475		467		0.2		461
							4,757		4,842		1.9		4,541

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(j)	11.57%				05/2029	$	554	$	546	0.2	%	$	547
bswift, LLC#	One stop	SF +	6.63%	(k)	11.91%				11/2028	466		454		0.2		466
Citrin Cooperman Advisors LLC	One stop	SF +	5.75%	(k)	11.14%				10/2027	240		237		0.1		240
Citrin Cooperman Advisors LLC(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(1)		—		—
Citrin Cooperman Advisors LLC#	One stop	SF +	6.25%	(l)	11.70%				10/2027	133		129		0.1		133
DISA Holdings Corp.#	Senior secured	SF +	5.50%	(j)	10.83%				09/2028	330		324		0.2		330
DISA Holdings Corp.(21)	Subordinated debt	SF +	10.00%	(j)	13.33%	cash/	2.00%	PIK	03/2029	51		49		—		51
DISA Holdings Corp.	Senior secured	SF +	5.50%	(j)	10.83%				09/2028	20		20		—		20
DISA Holdings Corp.	One stop	SF +	5.50%	(j)	10.83%				09/2028	15		15		—		15
DISA Holdings Corp.	Senior secured	SF +	5.50%	(j)	10.83%				09/2028	6		5		—		6
Eliassen Group, LLC#	One stop	SF +	5.50%	(l)	10.84%				04/2028	75		74		—		75
Eliassen Group, LLC	One stop	SF +	5.50%	(j)(k)	10.86%				04/2028	15		15		—		15
Filevine, Inc.(21)	One stop	SF +	6.50%	(k)(l)	9.13%	cash/	2.50%	PIK	04/2027	301		294		0.1		304
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(j)(k)	11.45%				09/2028	366		361		0.2		366
IG Investments Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2027	—		(1)		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(k)	11.47%				09/2028	35		34		—		35
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(k)	10.77%				11/2028	3,236		3,218		1.3		3,139
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(k)	10.78%				11/2028	157		156		0.1		150
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(5)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%		N/A(6)				11/2028	—		—		—		—
Procure Acquireco, Inc.	One stop	SF +	5.00%	(k)	10.57%				12/2028	952		945		0.4		952
Procure Acquireco, Inc.	One stop	SF +	5.00%		N/A(6)				12/2028	—		—		—		—
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(4)		—		—
										6,952		6,865		2.9		6,844
Software
Anaplan, Inc.#	One stop	SF +	6.50%	(j)	11.82%				06/2029	8,552		8,482		3.6		8,552
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Armstrong Bidco Limited#(7)(8)(9)	One stop	SN +	5.00%	(h)	10.19%				06/2029	624		611		0.3		593
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.00%	(h)	10.19%				06/2029	326		310		0.1		309
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(k)	11.89%				06/2030	2,048		1,998		0.8		2,022
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(6)		—		(6)
Auvik Networks Inc.(7)(10)(21)	One stop	SF +	5.75%	(k)	8.52%	cash/	2.75%	PIK	07/2027	415		413		0.2		409
Auvik Networks Inc.#(7)(10)(21)	One stop	SF +	6.25%	(k)	8.52%	cash/	3.25%	PIK	07/2027	87		86		—		87
Auvik Networks Inc.(5)(7)(10)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Bayshore Intermediate #2, L.P.(21)	One stop	SF +	7.50%	(k)	13.00%				10/2028	4,109		4,055		1.7		4,109
Bayshore Intermediate #2, L.P.	One stop	SF +	6.50%	(k)	11.87%				10/2027	33		31		—		33
Bonterra LLC	One stop	SF +	7.25%	(k)	12.64%				09/2027	3,591		3,556		1.5		3,483
Bonterra LLC(5)	One stop	SF +	7.25%		N/A(6)				09/2027	—		(2)		—		(6)
Bonterra LLC	One stop	SF +	8.00%	(k)	13.39%				09/2027	4,369		4,303		1.8		4,238
Bottomline Technologies, Inc.	One stop	SF +	5.25%	(j)	10.57%				05/2029	1,552		1,527		0.6		1,486
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		(5)
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(11)	One stop	SF +	7.25%	(k)	12.60%				01/2029	507		493		0.2		507
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(11)	One stop	SF +	7.25%	(k)	12.60%				01/2029	134		130		0.1		134
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(11)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(11)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited(7)(8)(9)	One stop	A +	6.25%	(f)	10.39%				08/2030	41		40		—		40
Camelia Bidco Limited#(7)(8)(9)	One stop	SN +	6.25%	(h)	11.44%				08/2030	625		638		0.3		616

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Camelia Bidco Limited#(5)(7)(8)(9)	One stop	SN +	6.25%		N/A(6)				08/2030	$	—	$	(4)	—	%	$	(4)
Coupa Holdings, LLC#	One stop	SF +	7.50%	(j)	12.82%				02/2030	3,079		3,009		1.3		3,002
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(3)		—		(7)
Daxko Acquisition Corporation	One stop	SF +	5.50%	(j)	10.92%				10/2028	1,546		1,535		0.6		1,484
Daxko Acquisition Corporation	One stop	SF +	5.50%	(j)	10.92%				10/2028	130		129		0.1		125
Daxko Acquisition Corporation	One stop	P +	4.50%	(b)	13.00%				10/2027	22		21		—		17
Daxko Acquisition Corporation(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		—		—		(2)
Denali Bidco Limited#(7)(8)(9)	One stop	E +	6.00%	(c)	9.86%				08/2030	248		248		0.1		241
Denali Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(4)		—		(4)
Denali Bidco Limited#(7)(8)(9)	One stop	SN +	6.00%	(h)	11.19%				08/2030	986		996		0.4		961
Dragon UK Bidco Limited(7)(8)(9)	One stop	SN +	5.75%	(h)	10.94%				02/2029	787		840		0.3		763
Dragon UK Bidco Limited(7)(8)(9)	One stop	C +	5.75%	(g)	11.26%				02/2029	479		499		0.2		465
Dragon UK Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(6)
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(15)		—		(15)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(k)	11.39%				09/2030	5,518		5,380		2.3		5,380
Gainsight, Inc.(21)	One stop	SF +	6.75%	(k)	12.27%	PIK			07/2027	673		667		0.3		667
Gainsight, Inc.(21)	One stop	SF +	6.75%	(k)	12.27%	PIK			07/2027	56		55		—		55
GTY Technology Holdings, Inc.#(21)	One stop	SF +	6.87%	(k)	7.97%	cash/	4.30%	PIK	07/2029	1,744		1,716		0.7		1,726
GTY Technology Holdings, Inc.(21)	One stop	SF +	6.88%	(k)	7.97%	cash/	4.30%	PIK	07/2029	1,139		1,118		0.5		1,127
GTY Technology Holdings, Inc.(21)	One stop	SF +	6.88%	(k)	7.97%	cash/	4.30%	PIK	07/2029	209		207		0.1		207
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(1)		—		(1)
Hyland Software, Inc.#	One stop	SF +	6.00%	(j)	11.32%				09/2030	13,359		13,160		5.5		13,159
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(2)
ICIMS, Inc.#(21)	One stop	SF +	7.25%	(k)	8.76%	cash/	3.88%	PIK	08/2028	13,932		13,742		5.7		13,653
ICIMS, Inc.	One stop	SF +	6.75%	(k)	12.14%				08/2028	47		43		—		42
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(64)
IQN Holding Corp. #	One stop	SF +	5.25%	(k)	10.67%				05/2029	936		927		0.4		918
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(2)		—		(4)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(1)
Island Bidco AB#(7)(8)(15)(21)	One stop	E +	7.25%	(e)	3.93%	cash/	7.25%	PIK	07/2028	355		348		0.1		355
Island Bidco AB#(7)(15)(21)	One stop	SF +	7.00%	(l)	8.84%	cash/	3.50%	PIK	07/2028	173		172		0.1		173
Island Bidco AB(7)(15)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(7)(8)(15)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Kaseya Inc.#(21)	One stop	SF +	6.25%	(k)	9.12%	cash/	2.50%	PIK	06/2029	4,194		4,143		1.7		4,152
Kaseya Inc.(21)	One stop	SF +	6.25%	(j)	9.07%	cash/	2.50%	PIK	06/2029	41		40		—		39
Kaseya Inc.(21)	One stop	SF +	6.25%	(k)	9.12%	cash/	2.50%	PIK	06/2029	15		13		—		13
LeadsOnline, LLC#	One stop	SF +	6.25%	(j)	11.58%				02/2028	367		358		0.2		358
LeadsOnline, LLC#	One stop	SF +	6.25%	(j)	11.58%				02/2028	2,077		2,026		0.9		2,025
LeadsOnline, LLC(5)	One stop	SF +	6.25%		N/A(6)				02/2028	—		(1)		—		(1)
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)	10.92%				12/2028	1,187		1,178		0.5		1,140
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)	10.92%				12/2027	53		52		—		49
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)(k)	10.99%				12/2028	175		167		0.1		131
Naviga Inc.	Senior secured	SF +	7.00%	(k)	12.49%				12/2023	6		6		—		6
Panzura, LLC(21)	One stop	N/A			2.00%	cash/	13.00%	PIK	08/2027	50		44		—		44
PING Identity Holding Corp.#	One stop	SF +	7.00%	(j)	12.32%				10/2029	910		898		0.4		910
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(j)	12.07%				09/2028	239		237		0.1		239
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(k)	12.14%				09/2028	48		47		—		48
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(k)	12.14%				09/2028	146		144		0.1		146
QAD, Inc.	One stop	SF +	5.38%	(j)	10.69%				11/2027	3,877		3,850		1.6		3,877
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.	One stop	SF +	6.00%	(l)	11.30%				06/2029	2,422		2,402		1.0		2,367

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Quant Buyer, Inc.#	One stop	SF +	6.00%	(l)	11.30%				06/2029	$	2,040	$	2,024	0.8	%	$	1,994
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(2)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(39)		—		—
Rainforest Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.50%	(h)	8.69%	cash/	2.00%	PIK	07/2029	689		657		0.3		658
Rainforest Bidco Limited(7)(9)(21)	One stop	SF +	5.50%	(i)	8.80%	cash/	2.00%	PIK	07/2029	133		132		0.1		127
Rainforest Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.50%	(h)	8.69%	cash/	2.00%	PIK	07/2029	51		48		—		48
Rainforest Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(64)		—		(64)
Riskonnect Parent, LLC#	One stop	SF +	5.50%	(k)	11.04%				12/2028	4,190		4,159		1.7		4,107
Riskonnect Parent, LLC	One stop	SF +	5.50%	(k)	11.04%				12/2028	92		90		—		87
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(1)		—		(2)
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.25%	(j)	11.58%				08/2029	17,386		17,094		7.2		17,212
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(5)		—		(3)
Sapphire Bidco Oy(7)(8)(14)	One stop	E +	5.75%	(d)	9.41%				07/2029	1,808		1,695		0.8		1,808
Sapphire Bidco Oy#(7)(8)(14)	One stop	E +	5.75%		N/A(6)				07/2029	—		—		—		—
Tahoe Bidco B.V. (7)(11)	One stop	SF +	6.00%	(j)	11.42%				09/2028	683		678		0.3		663
Tahoe Bidco B.V. (5)(7)(11)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		(2)
Templafy APS and Templafy, LLC#(7)(17)	One stop	SF +	6.00%	(l)	11.68%				07/2028	554		542		0.2		554
Templafy APS and Templafy, LLC(7)(17)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(7)(17)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(2)		—		—
Vendavo, Inc.	One stop	SF +	5.75%	(k)	11.25%				09/2027	1,100		1,093		0.4		1,045
Vendavo, Inc.	One stop	P +	4.75%	(b)	13.25%				09/2027	85		84		—		78
WebPT, Inc.	One stop	SF +	6.75%	(k)	12.27%				01/2028	35		34		—		34
Zendesk, Inc.#(21)	One stop	SF +	6.75%	(k)	8.90%	cash/	3.25%	PIK	11/2028	9,373		9,215		3.9		9,373
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(20)		—		—
										126,457		124,451		52.2		124,267

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Specialty Retail
Ave Holdings III, Corp	One stop	SF +	5.50%	(k)	11.04%		02/2028	$	1,022	$	1,006	0.4	%	$	991
Ave Holdings III, Corp	One stop	SF +	5.50%	(k)	11.04%		02/2028	761		756		0.3		738
Ave Holdings III, Corp(5)	One stop	SF +	5.50%		N/A(6)		02/2028	—		(1)		—		(3)
Ave Holdings III, Corp	One stop	SF +	5.50%	(k)	11.04%		02/2028	95		81		—		60
PPV Intermediate Holdings, LLC#	One stop	SF +	5.75%	(k)	11.17%		08/2029	14,424		14,210		6.0		14,208
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	2,159		2,118		0.9		2,029
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2029	—		(6)		—		(6)
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	90		82		—		85
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	499		494		0.2		469
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	92		91		0.1		86
PPV Intermediate Holdings, LLC(21)	One stop	N/A			14.25%	PIK	08/2030	51		49		—		49
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.59%		08/2028	309		307		0.1		306
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(l)	11.59%		08/2028	4,734		4,695		2.0		4,687
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.64%		08/2028	77		77		—		77
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.60%		08/2028	67		66		—		65
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(11)		—		(13)
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.64%		08/2028	245		243		0.1		242
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.64%		08/2028	102		101		0.1		101
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.63%		08/2028	72		71		—		71
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.68%		08/2028	319		316		0.1		316
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(8)		—		(8)
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(l)	14.45%		09/2029	114		105		—		107
SureWerx Purchaser III, Inc.#(7)	One stop	SF +	6.75%	(k)	12.14%		12/2029	784		767		0.3		784
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(j)(k)	12.07%		12/2028	29		28		—		29
SureWerx Purchaser III, Inc.(5)(7)	One stop	SF +	6.75%		N/A(6)		12/2029	—		(2)		—		—
VSG Acquisition Corp. and Sherrill, Inc.#	One stop	SF +	5.50%	(l)	11.40%		04/2028	458		453		0.2		439
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(l)	11.31%		04/2028	174		168		0.1		167
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(b)(k)	11.34%		04/2028	6		5		—		4
								26,683		26,261		10.9		26,080



Water Utilities
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(a)(l)	10.04%		11/2026	119		118		0.1		119
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(j)	9.92%		11/2026	12		12		—		12
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%		N/A(6)		10/2026	—		—		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	4.00%		N/A(6)		11/2026	—		—		—		—
								131		130		0.1		131

Total debt investments								$	314,152	$	310,106	129.4	%	$	307,905

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Equity investments(18)(19)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	21	$	207	0.1	%	$	216
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	51		—		34
Go Car Wash Parent, Corp.(20)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	292		0.1		304
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	166		0.1		131
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	1	81		0.1		93
POY Holdings, LLC(20)	LLC units	N/A	N/A		N/A	41	41		0.1		102
							631		0.4		664
Building Products
BECO Holding Company, Inc.(20)	Preferred stock	N/A	11.75%	Non-Cash	N/A	15	1,661		0.8		1,779
BECO Holding Company, Inc.	LP interest	N/A	N/A		N/A	1	103		—		105
							1,764		0.8		1,884
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A		N/A	36	36		—		42
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	376	254		0.2		539
Radwell Parent, LLC(20)	LP units	N/A	N/A		N/A	1	105		0.1		132
							395		0.3		713
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	19	10		—		22

Diversified Consumer Services
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	93	93		0.1		105
EMS LINQ, LLC	LP interest	N/A	N/A		N/A	33	33		—		25
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	31	31		—		32
NSG Buyer, Inc. (7)	LP units	N/A	N/A		N/A	1	551		0.2		536
							708		0.3		698
Food Products
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		N/A	—	34		—		25
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		N/A	—	1		—		2
							35		—		27
Healthcare Providers and Services
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	—	35		—		24

Hotels, Restaurants and Leisure
Harri US LLC	LLC units	N/A	N/A		N/A	5	43		—		40
Harri US LLC	Preferred stock	N/A	N/A		N/A	5	30		—		34
Harri US LLC	Warrant	N/A	N/A		N/A	2	7		—		11
							80		—		85
IT Services
Critical Start, Inc.	Common stock	N/A	N/A		N/A	17	17		—		21
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	11	63		—		63
Netwrix Corporation(20)	LLC units	N/A	N/A		N/A	4	8		—		13
							88		—		97
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	275	275		0.1		275
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	275	—		0.1		85
PAS Parent Inc.	LP interest	N/A	N/A		N/A	1	82		—		78
PAS Parent Inc.	Preferred stock	N/A	N/A		N/A	—	12		—		14
Reaction Biology Corporation	LLC units	N/A	N/A		N/A	—	38		—		40
							407		0.2		492

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(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)
Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	—	$	27	—	%	$	14
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									27		—		14
Pharmaceuticals
Cobalt Buyer Sub, Inc.(20)	Preferred stock	SF +	10.00%	(k)	15.24%	Non-Cash	N/A	—	565		0.3		638
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	10		—		10
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	—	—		—		—
									575		0.3		648
Professional Services
Enboarder, Inc.(7)(12)	Preferred stock	N/A			N/A		N/A	3	32		—		32
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	36	231		0.1		263
Filevine, Inc.	Warrant	N/A			N/A		N/A	5	8		—		28
Filevine, Inc.	Warrant	N/A			N/A		N/A	15	15		—		15
Procure Acquireco, Inc.	LP interest	N/A			N/A		N/A	—	42		—		53
									328		0.1		391
Software
Anaplan, Inc.	LP interest	N/A			N/A		N/A	336	336		0.2		478
Auvik Networks Inc.(7)(10)	Preferred stock	N/A			N/A		N/A	2	17		—		20
Auvik Networks Inc.(7)(10)	Preferred stock	N/A			N/A		N/A	—	2		—		2
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	243	243		0.1		213
Cynet Security Ltd.(7)(16)	Preferred stock	N/A			N/A		N/A	13	46		—		55
Denali Bidco Limited(7)(9)	LP interest	N/A			N/A		N/A	32	42		—		42
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	26	26		—		33
Kaseya Inc.(20)	Preferred stock	N/A			11.75%	Non-Cash	N/A	2	2,037		0.9		2,074
Kaseya Inc.	LP interest	N/A			N/A		N/A	46	46		—		51
Ministry Brands Holdings LLC	LP interest	N/A			N/A		N/A	46	46		—		41
Onit, Inc.(20)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	46		—		50
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		4
QAD, Inc.(20)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	100		0.1		110
QAD, Inc.	Common stock	N/A			N/A		N/A	7	—		—		9
Riskonnect Parent, LLC(20)	Preferred stock	N/A			11.00%	Non-Cash	N/A	1	1,105		0.5		1,061
Riskonnect Parent, LLC(20)	Preferred stock	SF +	10.50%	(k)	15.92%	Non-Cash	N/A	1	705		0.3		735
Riskonnect Parent, LLC	LP interest	N/A			N/A		N/A	47	47		—		61
Templafy APS and Templafy, LLC(7)(17)	Warrant	N/A			N/A		N/A	—	11		—		8
Zendesk, Inc.	LP units	N/A			N/A		N/A	21	211		0.1		292
									5,076		2.2		5,346
Specialty Retail
Ave Holdings III, Corp(20)	Preferred stock	N/A			11.50%	Non-Cash	N/A	1	1,084		0.5		1,045
Ave Holdings III, Corp	LP units	N/A			N/A		N/A	—	127		0.1		121
Salon Lofts Group, LLC	LP units	N/A			N/A		N/A	—	116		—		91
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A			N/A		N/A	—	5		—		3
									1,332		0.6		1,260

Total equity investments									11,698		5.3		12,581

Total investments									321,804		134.7		320,486

Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Money Market (CUSIP 61747C582)					5.17%	(22)			14,996		6.3		14,996


Total investments and money market funds									$	336,800	141.0	%	$	335,482

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


#						Denotes that all or a portion of the investment collateralizes the PNC Facility (as defined in Note 7).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’), Prime (‘‘P’’), Australian Interbank Rate (”AUD” or ”A”), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) or Canadian Bankers’ Acceptance Rate (“CDOR” or “C”) 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, 2023. 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, 2023, 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, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

(a) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was last quoted on June 30, 2023 at 5.76%.

(b) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of September 30, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of September 30, 2023.

(d) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.95% as of September 30, 2023.

(e) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 4.13% as of September 30, 2023.

(f) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.14% as of September 30, 2023.

(g) Denotes that all or a portion of the contract was indexed to 90-day CDOR, which was 5.51% as of September 30, 2023.

(h) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of September 30, 2023.

(i) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.31% as of September 30, 2023.

(j) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 5.32% as of September 30, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 5.40% as of September 30, 2023.

(l) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 5.47% as of September 30, 2023.

(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, 2023.

(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, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 13.0% of the Company’s total assets calculated in accordance with the 1940 Act.