gdlcu-20250331

TABLE OF CONTENTS

______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

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 814-01505

Golub Capital Direct Lending Unlevered Corporation

(Exact name of registrant as specified in its charter)


Maryland						88-1632039
(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 May 9, 2025, the Registrant had 24,103,543.606 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 March 31, 2025 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and September 30, 2024	8
	Notes to Consolidated Financial Statements (unaudited)	34
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	60
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	80
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 Unlevered Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	March 31, 2025		September 30, 2024
	(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $336,935 and $291,793, respectively)	$	341,527	$	295,825

Cash and cash equivalents	23,000		12,261
Foreign currencies (cost of $98 and $17, respectively)	90		10




Interest receivable	3,334		2,888
Receivable for investments	551		2,673



Deferred offering costs	—		58

Other assets	363		363
Total Assets	$	368,865	$	314,078
Liabilities






Distributions payable	$	4,886	$	5,423
Management and incentive fees payable	1,796		1,669



Accrued trustee fees	33		35
Net unrealized depreciation on forward currency contracts	78		185
Accounts payable and other liabilities	519		572
Total Liabilities	7,312		7,884
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and September 30, 2024	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 24,103,543.606 and 20,412,978.874 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively	24		20
Paid in capital in excess of par	361,256		305,901
Distributable earnings (losses)	273		273
Total Net Assets	361,553		306,194
Total Liabilities and Total Net Assets	$	368,865	$	314,078
Number of common shares outstanding	24,103,543.606		20,412,978.874
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Investment income
Interest income	$	8,314	$	5,638	$	16,304	$	9,914
Payment-in-kind interest income	484		351		945		728
Dividend income	35		19		85		33
Fee income	30		21		53		34






Total investment income	8,863		6,029		17,387		10,709
Expenses

Base management fee	845		482		1,630		849
Incentive fee	801		693		1,632		1,140
Professional fees	146		212		374		405
Administrative service fee	116		58		216		98
General and administrative expenses	25		25		47		83
Total expenses	1,933		1,470		3,899		2,575
Base management fee waived (Note 4)	(282)		(321)		(543)		(566)


Net expenses	1,651		1,149		3,356		2,009
Net investment income - before tax	7,212		4,880		14,031		8,700
Excise tax	—		8		—		28
Net investment income - after tax	7,212		4,872		14,031		8,672
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	—		—		—		(3)
Forward currency contracts	—		—		—		(211)
Foreign currency transactions	1		3		(5)		7
Net realized gain (loss) on investment transactions	1		3		(5)		(207)
Net change in unrealized appreciation (depreciation) from:
Investments	(24)		1,359		661		1,581
Forward currency contracts	(122)		63		107		130
Translation of assets and liabilities in foreign currencies	150		(58)		(100)		87
Net change in unrealized appreciation (depreciation) on investment transactions	4		1,364		668		1,798
Net gain (loss) on investment transactions	5		1,367		663		1,591
Net increase (decrease) in net assets resulting from operations	$	7,217	$	6,239	$	14,694	$	10,263
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 11)	$	0.31	$	0.46	$	0.66	$	0.83
Basic and diluted weighted average common shares outstanding (Note 11)	23,409,067		13,659,922		22,343,581		12,347,628

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)


	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2023	9,237,273.609	$	9	$	138,423	$	127	$	138,559
Issuance of common stock	5,374,478.999	5		80,612		—		80,617

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		8,672		8,672
Net realized gain (loss) on investment transactions	—	—		—		(207)		(207)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		1,798		1,798
Distributions to stockholders:

Distributions from distributable earnings (losses)	—	—		—		(5,649)		(5,649)
Distributions declared and payable	—	—		—		(4,614)		(4,614)

Total increase (decrease) for the six months ended March 31, 2024	5,374,478.999	5		80,612		—		80,617
Balance at March 31, 2024	14,611,752.608	$	14	$	219,035	$	127	$	219,176
Balance at December 31, 2023	13,486,861.608	$	13	$	202,162	$	127	$	202,302
Issuance of common stock	1,124,891.000	1		16,873		—		16,874

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		4,872		4,872
Net realized gain (loss) on investment transactions	—	—		—		3		3
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		1,364		1,364
Distributions to stockholders:

Distributions from distributable earnings (losses)	—	—		—		(1,625)		(1,625)
Distributions declared and payable	—	—		—		(4,614)		(4,614)

Total increase (decrease) for the three months ended March 31, 2024	1,124,891.000	1		16,873		—		16,874
Balance at March 31, 2024	14,611,752.608	$	14	$	219,035	$	127	$	219,176
Balance at September 30, 2024	20,412,978.874	$	20	$	305,901	$	273	$	306,194
Issuance of common stock	3,690,564.732	4		55,355		—		55,359

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		14,031		14,031
Net realized gain (loss) on investment transactions	—	—		—		(5)		(5)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		668		668
Distributions to stockholders:

Distributions from distributable earnings (losses)	—	—		—		(9,808)		(9,808)
Distributions declared and payable	—	—		—		(4,886)		(4,886)

Total increase (decrease) for the six months ended March 31, 2025	3,690,564.732	4		55,355		—		55,359
Balance at March 31, 2025	24,103,543.606	$	24	$	361,256	$	273	$	361,553
Balance at December 31, 2024	22,683,023.940	$	23	$	339,949	$	273	$	340,245
Issuance of common stock	1,420,519.666	1		21,307		—		21,308

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		7,212		7,212
Net realized gain (loss) on investment transactions	—	—		—		1		1
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		4		4
Distributions to stockholders:

Distributions from distributable earnings (losses)	—	—		—		(2,331)		(2,331)
Distributions declared and payable	—	—		—		(4,886)		(4,886)

Total increase (decrease) for the three months ended March 31, 2025	1,420,519.666	1		21,307		—		21,308
Balance at March 31, 2025	24,103,543.606	$	24	$	361,256	$	273	$	361,553

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Six months ended March 31,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	14,694	$	10,263
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Amortization of deferred offering costs	58		59
Accretion of discounts and amortization of premiums	(568)		(266)
Net realized (gain) loss on investments	—		3
Net realized (gain) loss on forward currency contracts	—		211
Net realized (gain) loss on foreign currency transactions	5		(7)
Net change in unrealized (appreciation) depreciation on investments	(661)		(1,581)
Net change in unrealized (appreciation) depreciation on forward currency contracts	(107)		(130)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	100		(87)
Proceeds from (fundings of) revolving loans, net	(654)		(74)
Fundings of investments	(57,715)		(93,808)
Proceeds from principal payments and sales of portfolio investments	14,701		1,098
Funding of settlements of forward currency contracts	—		(211)
Payment-in-kind interest capitalized	(934)		(773)
Non-cash dividends capitalized	(57)		(33)
Proceeds from non-cash dividends	84		—
Changes in operating assets and liabilities:

Interest receivable	(446)		(624)




Receivable for investments	2,122		—
Other assets	—		(340)
Payable for investments purchased	—		(319)
Management and incentive fees payable	127		515
Accrued trustee fees	(2)		19
Accounts payable and other liabilities	(53)		126
Net cash provided by (used in) operating activities	(29,306)		(85,959)



Cash flows from financing activities
Borrowings on debt	35		—
Repayments of debt	(35)		—





Proceeds from issuance of common shares	55,359		80,617

Distributions paid	(15,231)		(7,605)
Net cash provided by (used in) financing activities	40,128		73,012
Net change in cash and cash equivalents and foreign currencies	10,822		(12,947)
Effect of foreign currency exchange rates	(3)		3
Cash and cash equivalents and foreign currencies, beginning of period	12,271		30,396
Cash and cash equivalents and foreign currencies, end of period	$	23,090	$	17,452
Supplemental disclosure of cash flow information:


Distributions declared for the period	$	14,694	$	10,263
Supplemental disclosure of non-cash operating and financing activity:


Change in distributions payable	(537)		2,658

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Cash Flows

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
	March 31, 2025		September 30, 2024

Cash and cash equivalents	$	23,000	$	12,261
Foreign currencies (cost of $98 and $17, respectively)	90		10


Total cash and cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	23,090	$	12,271

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.	One stop	SF +	6.50%	(h)	10.81%		02/2029	$	5,313	$	5,209	1.5	%	$	5,379
PPW Aero Buyer, Inc.	One stop	P +	5.50%	(a)(h)	12.03%		02/2029	33		32		—		33
PPW Aero Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)		02/2029	—		(2)		—		—
PPW Aero Buyer, Inc.	One stop	SF +	5.50%	(h)	9.80%		02/2029	180		179		0.1		180
								5,526		5,418		1.6		5,592
Air Freight & Logistics
RJW Group Holdings, Inc.	One stop	SF +	5.25%	(h)	9.55%		11/2031	2,920		2,864		0.8		2,891
RJW Group Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2031	—		(2)		—		(2)
								2,920		2,862		0.8		2,889
Auto Components
Arnott, LLC	One stop	SF +	4.75%	(i)	8.97%		11/2030	297		294		0.1		294
Arnott, LLC	One stop	P +	3.75%	(a)	11.25%		11/2030	8		8		—		8
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)	9.79%		01/2030	1,696		1,669		0.5		1,679
Collision SP Subco, LLC	One stop	SF +	5.50%	(g)(i)	9.82%		01/2030	767		759		0.2		757
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)	9.79%		01/2030	42		38		—		39
OEConnection, LLC(5)	One stop	SF +	5.00%		N/A(6)		04/2031	—		(4)		—		—
OEConnection, LLC	One stop	SF +	5.00%	(g)	9.32%		04/2031	4,413		4,375		1.2		4,413
OEConnection, LLC	One stop	SF +	5.00%	(g)	9.32%		04/2031	770		763		0.2		770
OEConnection, LLC	One stop	SF +	5.00%		N/A(6)		04/2031	—		—		—		—
								7,993		7,902		2.2		7,960
Automobiles
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(h)	9.55%		06/2030	1,725		1,703		0.5		1,703
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(h)	9.56%		06/2030	86		83		—		83
National Express Wash Parent Holdco, LLC	One stop	SF +	5.00%	(i)	9.25%		07/2029	99		98		—		98
National Express Wash Parent Holdco, LLC	One stop	SF +	5.00%	(h)	9.30%		07/2029	5,402		5,367		1.5		5,375
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.00%		N/A(6)		07/2029	—		(1)		—		(1)
National Express Wash Parent Holdco, LLC	One stop	SF +	5.00%		N/A(6)		07/2029	—		—		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%	(g)	9.07%		06/2031	6,082		6,037		1.7		6,082
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)		06/2031	—		(4)		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%	(g)	9.07%		06/2031	190		183		0.1		190
Yorkshire Parent, Inc.	One stop	SF +	5.50%	(h)	9.80%		12/2029	3,749		3,710		1.0		3,758
Yorkshire Parent, Inc.	One stop	SF +	5.50%	(h)	9.80%		12/2029	136		128		—		136
Yorkshire Parent, Inc.	One stop	SF +	5.50%	(h)	9.80%		12/2029	1,039		1,028		0.3		1,041
Yorkshire Parent, Inc.	One stop	SF +	5.00%	(h)	9.29%		12/2029	1		—		—		—
Yorkshire Parent, Inc.	One stop	SF +	5.00%	(h)	9.29%		12/2029	49		49		—		49
								18,558		18,381		5.1		18,514
Banks
Empyrean Solutions, LLC	One stop	SF +	4.75%	(h)	9.05%		11/2031	258		257		0.1		258
Empyrean Solutions, LLC	One stop	SF +	4.75%		N/A(6)		11/2031	—		—		—		—
Empyrean Solutions, LLC	One stop	SF +	4.75%		N/A(6)		11/2031	—		—		—		—
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(h)	9.29%		12/2029	712		705		0.2		712
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(h)	9.29%		12/2029	135		128		—		135
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(h)	9.29%		12/2029	48		47		—		48
								1,153		1,137		0.3		1,153
Beverages
Financial Information Technologies, LLC(17)	One stop	N/A			14.00%	PIK	06/2031	2,299		2,257		0.7		2,368
Financial Information Technologies, LLC	One stop	SF +	5.25%	(h)	9.55%		06/2030	1,487		1,467		0.4		1,487
Financial Information Technologies, LLC	One stop	SF +	5.25%	(h)	9.55%		06/2030	623		617		0.2		623
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(2)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Financial Information Technologies, LLC	One stop	SF +	5.25%		N/A(6)		06/2030	$	—	$	—	—	%	$	—
Spindrift Beverage Co. Inc.	One stop	SF +	5.25%	(h)	9.56%		02/2032	16		13		—		13
Spindrift Beverage Co. Inc.(5)	One stop	SF +	5.25%		N/A(6)		02/2032	—		(1)		—		(2)
Spindrift Beverage Co. Inc.	One stop	SF +	5.25%	(g)	9.56%		02/2032	1,131		1,117		0.3		1,117
								5,556		5,468		1.6		5,606
Capital Markets
BlueMatrix Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%		01/2031	2,586		2,567		0.7		2,573
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		01/2031	—		(3)		—		(2)
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		01/2031	—		(6)		—		(4)
BlueMatrix Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%		01/2031	1,328		1,322		0.4		1,322
								3,914		3,880		1.1		3,889
Chemicals
Krayden Holdings, Inc.	Senior secured	SF +	4.75%	(g)	9.07%		03/2029	170		168		—		170
Krayden Holdings, Inc.	Senior secured	SF +	4.75%	(g)	9.07%		03/2029	2		1		—		2
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(1)		—		—
								172		168		—		172
Commercial Services & Supplies
BradyIFS Holdings, LLC	One stop	SF +	5.00%	(h)	9.29%		10/2029	26		24		—		26
BradyIFS Holdings, LLC	One stop	SF +	5.00%	(h)	9.29%		10/2029	4,107		4,037		1.1		4,107
CHA Vision Holdings, Inc.	One stop	SF +	5.00%	(h)	9.29%		01/2031	3,256		3,225		0.9		3,256
CHA Vision Holdings, Inc.	One stop	SF +	5.00%	(h)	9.29%		01/2031	445		434		0.1		445
CHA Vision Holdings, Inc. (5)	One stop	SF +	5.00%		N/A(6)		01/2030	—		(2)		—		—
Kleinfelder Intermediate, LLC	One stop	SF +	5.00%	(h)	9.29%		09/2030	463		451		0.1		463
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2028	—		(1)		—		—
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2030	—		(1)		—		—
PSC Parent, Inc.	One stop	SF +	5.25%	(a)(g)	9.67%		04/2030	233		231		0.1		233
PSC Parent, Inc.	One stop	SF +	5.25%	(g)	9.57%		04/2031	1,656		1,642		0.5		1,656
PSC Parent, Inc.	One stop	SF +	5.25%	(g)	9.56%		04/2031	154		152		—		154
PSC Parent, Inc.	One stop	SF +	5.25%	(g)	9.57%		04/2031	276		275		0.1		276
WRE Holding Corp.(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(3)		—		—
WRE Holding Corp.	One stop	SF +	5.00%	(i)	9.22%		07/2031	2,624		2,601		0.7		2,624
WRE Holding Corp.	One stop	SF +	5.00%	(h)(i)	9.40%		07/2031	240		237		0.1		240
								13,480		13,302		3.7		13,480
Construction & Engineering
Consor Intermediate II, LLC	One stop	SF +	4.50%	(h)	8.80%		05/2031	2,897		2,885		0.8		2,897
Consor Intermediate II, LLC(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—		(3)		—		—
Consor Intermediate II, LLC(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—		(8)		—		—
Royal Holdco Corporation	One stop	SF +	4.50%		N/A(6)		12/2030	—		—		—		—
Royal Holdco Corporation(5)	One stop	SF +	4.50%		N/A(6)		12/2030	—		—		—		(1)
Royal Holdco Corporation	One stop	SF +	4.50%	(h)	8.79%		12/2030	265		263		0.1		263
								3,162		3,137		0.9		3,159
Diversified Consumer Services
Any Hour, LLC	One stop	SF +	5.25%	(h)	9.55%		05/2030	2,004		1,979		0.5		1,924
Any Hour, LLC	One stop	SF +	5.25%	(h)	9.51%		05/2030	165		161		0.1		152
Any Hour, LLC	One stop	SF +	5.25%	(h)	9.55%		05/2030	57		53		—		33
Any Hour, LLC(17)	One stop	N/A			13.00%	PIK	05/2031	682		671		0.2		655
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.31%		10/2030	32		32		—		32
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.31%		10/2030	1,085		1,061		0.3		1,086
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.31%		10/2029	306		294		0.1		306
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.31%		10/2030	4,561		4,455		1.3		4,561
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(h)	9.30%		05/2030	3,365		3,357		0.9		3,348
CHVAC Services Investment, LLC(5)	One stop	SF +	5.00%		N/A(6)		05/2030	—		(3)		—		(2)
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(h)	9.29%		05/2030	890		870		0.2		880

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
CHVAC Services Investment, LLC	One stop	SF +	4.50%		N/A(6)				05/2030	$	—	$	—	—	%	$	—
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(h)	9.95%				07/2029	197		195		0.2		195
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(h)	9.95%				07/2029	9		9		—		9
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(h)	9.95%				07/2029	57		56		—		57
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(h)	9.56%				06/2029	469		463		0.1		469
HS Spa Holdings, Inc.	One stop	P +	4.25%	(a)(g)	10.70%				06/2028	22		22		—		22
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(h)	9.54%				06/2029	76		75		—		76
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC	One stop	SF +	5.00%	(g)	9.32%				05/2028	1,873		1,866		0.5		1,873
Litera Bidco, LLC	One stop	SF +	5.00%	(g)	9.32%				05/2028	748		746		0.2		748
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
NSG Buyer, Inc.	One stop	SF +	5.00%	(g)	9.32%				11/2029	5,160		5,065		1.4		5,160
NSG Buyer, Inc.	One stop	SF +	5.00%	(g)	9.32%				11/2028	23		21		—		23
NSG Buyer, Inc. (5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(1)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(2)		—		—
Severin Acquisition, LLC(17)	One stop	SF +	5.00%	(g)	7.07%	cash/	2.25%	PIK	10/2031	2,215		2,195		0.6		2,215
Severin Acquisition, LLC	One stop	SF +	4.75%	(g)(h)	9.06%				10/2031	42		39		—		42
Severin Acquisition, LLC(17)	One stop	SF +	5.00%	(g)	7.07%	cash/	2.25%	PIK	10/2031	31		29		—		31
Stellar Brands, LLC	Senior secured	SF +	4.50%	(i)	8.72%				02/2031	463		460		0.1		460
Stellar Brands, LLC	Senior secured	SF +	4.50%		N/A(6)				02/2031	—		—		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(i)	9.47%				12/2030	3,615		3,586		1.0		3,615
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(5)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(i)	9.51%				12/2030	254		242		0.1		254
										28,401		27,991		7.8		28,224
Diversified Financial Services
Baker Tilly Advisory Group, LP(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(3)		—		—
Baker Tilly Advisory Group, LP	One stop	SF +	4.75%	(g)	9.07%				06/2031	1,114		1,100		0.3		1,114
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(1)		—		—
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.50%	(g)	8.83%				11/2028	876		871		0.2		876
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.75%	(g)	9.07%				11/2028	204		202		0.1		204
Wealth Enhancement Group, LLC	One stop	SF +	5.00%		N/A(6)				10/2028	—		—		—		—
Wealth Enhancement Group, LLC	One stop	SF +	5.00%	(h)	9.29%				10/2028	160		159		—		160
Wealth Enhancement Group, LLC	One stop	SF +	5.00%	(h)	9.29%				10/2028	221		221		0.1		221
Wealth Enhancement Group, LLC(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(1)		—		—
										2,575		2,548		0.7		2,575
Electric Utilities
Smart Energy Systems, Inc.(5)	One stop	SF +	7.50%		N/A(6)				01/2030	—		(1)		—		(2)
Smart Energy Systems, Inc.(17)	One stop	SF +	7.50%	(i)	8.01%	cash/	3.75%	PIK	01/2030	398		389		0.1		390
										398		388		0.1		388
Electrical Equipment
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(h)	9.05%				12/2030	129		127		—		129
Power Grid Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—		(1)		—		—
Wildcat TopCo, Inc.	One stop	SF +	5.00%	(h)	9.30%				11/2031	1,461		1,447		0.4		1,461
Wildcat TopCo, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(2)		—		—
Wildcat TopCo, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(1)		—		—
										1,590		1,570		0.4		1,590
Electronic Equipment, Instruments & Components
CST Holding Company	One stop	SF +	5.00%	(g)	9.42%				11/2028	1,558		1,504		0.4		1,558
CST Holding Company(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(2)		—		—
										1,558		1,502		0.4		1,558

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Blast Bidco Inc.	One stop	SF +	6.00%	(h)	10.30%	10/2030	$	3,871	$	3,825	1.1	%	$	3,871
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)	10/2029	—		(5)		—		—
Eagle Family Foods Group, LLC	One stop	SF +	5.00%	(h)	9.29%	08/2030	806		799		0.2		806
Eagle Family Foods Group, LLC(5)	One stop	SF +	5.00%		N/A(6)	08/2030	—		(1)		—		—
							4,677		4,618		1.3		4,677
Healthcare Equipment & Supplies
Belmont Instrument, LLC	One stop	SF +	5.25%	(h)	9.55%	08/2028	1,276		1,258		0.4		1,276
Belmont Instrument, LLC	One stop	SF +	5.25%	(h)	9.55%	08/2028	6		5		—		6
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(h)	9.81%	06/2031	2,677		2,654		0.8		2,677
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)	05/2030	—		(3)		—		—
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(h)	9.80%	06/2031	486		476		0.1		486
TIDI Legacy Products, Inc.	One stop	SF +	5.25%	(g)	9.57%	12/2029	399		399		0.1		399
TIDI Legacy Products, Inc.	One stop	SF +	5.50%		N/A(6)	12/2029	—		—		—		—
TIDI Legacy Products, Inc.	One stop	SF +	5.50%		N/A(6)	12/2029	—		—		—		—
YI, LLC	One stop	SF +	5.75%	(h)	10.05%	12/2029	1,555		1,531		0.4		1,555
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(5)		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(3)		—		—
							6,399		6,312		1.8		6,399
Healthcare Providers & Services
Bamboo US Bidco LLC(7)(8)	One stop	E +	5.25%	(c)	7.86%	09/2030	334		318		0.1		334
Bamboo US Bidco LLC	One stop	SF +	5.25%		N/A(6)	09/2030	—		—		—		—
Bamboo US Bidco LLC	One stop	SF +	5.25%		N/A(6)	09/2030	—		—		—		—
Bamboo US Bidco LLC	One stop	SF +	5.25%	(g)(h)	9.55%	09/2030	76		75		—		76
Bamboo US Bidco LLC(5)	One stop	SF +	5.25%		N/A(6)	10/2029	—		(2)		—		—
Bamboo US Bidco LLC	One stop	SF +	5.25%	(h)	9.54%	09/2030	496		485		0.1		496
Benefit Plan Administrators of Eau Claire, LLC	One stop	SF +	5.00%	(h)	9.31%	11/2030	232		230		0.1		230
Benefit Plan Administrators of Eau Claire, LLC	One stop	SF +	5.00%		N/A(6)	11/2030	—		—		—		—
Benefit Plan Administrators of Eau Claire, LLC(5)	One stop	SF +	5.00%		N/A(6)	11/2030	—		(1)		—		(1)
Benefit Plan Administrators of Eau Claire, LLC	One stop	SF +	5.00%	(g)	9.32%	11/2030	1,242		1,234		0.3		1,234
Community Care Partners, LLC	One stop	SF +	6.00%	(g)	10.44%	06/2026	142		141		—		142
LOV Acquisition LLC	Senior secured	SF +	4.50%	(g)	8.82%	11/2031	1,581		1,573		0.5		1,581
LOV Acquisition LLC(5)	Senior secured	SF +	4.50%		N/A(6)	11/2031	—		(1)		—		—
Premise Health Holding Corp.	One stop	SF +	5.50%	(h)	9.80%	03/2031	4,969		4,906		1.4		4,969
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)	03/2030	—		(7)		—		—
							9,072		8,951		2.5		9,061
Healthcare Technology
Amberfield Acquisition Co.(5)	One stop	SF +	5.50%		N/A(6)	05/2030	—		(1)		—		—
Amberfield Acquisition Co.	One stop	SF +	5.50%	(h)	9.80%	05/2030	2,030		2,013		0.6		2,030
Amberfield Acquisition Co.	One stop	SF +	5.50%	(h)	9.80%	05/2030	50		48		—		50
Color Intermediate, LLC	Senior secured	SF +	4.75%	(h)	9.15%	10/2029	720		711		0.2		720
Crow River Buyer, Inc.	One stop	SF +	6.00%	(h)	10.29%	01/2029	258		255		0.1		258
Crow River Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)	01/2029	—		(1)		—		—
Crow River Buyer, Inc.	One stop	SF +	6.00%	(g)	10.32%	01/2029	547		542		0.1		547
GHX Ultimate Parent Corporation	One stop	SF +	4.75%	(h)	9.05%	12/2031	3,116		3,086		0.9		3,116
GHX Ultimate Parent Corporation(5)	One stop	SF +	4.75%		N/A(6)	12/2031	—		(3)		—		—
HealthEdge Software, Inc.	One stop	SF +	4.75%	(h)	9.07%	07/2031	253		251		0.1		253
HealthEdge Software, Inc.	One stop	SF +	4.75%		N/A(6)	07/2031	—		—		—		—
HealthEdge Software, Inc.	One stop	SF +	4.75%	(h)	9.07%	07/2031	112		111		—		112
Kona Buyer, LLC	One stop	SF +	7.00%		N/A(6)	07/2031	—		—		—		—
Kona Buyer, LLC	One stop	SF +	4.50%	(h)	8.79%	07/2031	234		232		—		234
Kona Buyer, LLC	One stop	SF +	4.50%	(h)	8.79%	07/2031	14		13		—		14

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kona Buyer, LLC	One stop	SF +	7.00%		N/A(6)				07/2031	$	—	$	—	—	%	$	—
Neptune Holdings, Inc.	One stop	SF +	4.50%	(h)	8.80%				09/2030	1,430		1,406		0.4		1,430
Neptune Holdings, Inc.	One stop	SF +	4.50%		N/A(6)				08/2029	—		—		—		—
Netsmart Technologies, Inc.(17)	One stop	SF +	4.95%	(g)	6.82%	cash/	2.45%	PIK	08/2031	3,001		2,974		0.8		3,001
Netsmart Technologies, Inc.(5)	One stop	SF +	4.50%		N/A(6)				08/2031	—		(4)		—		—
Netsmart Technologies, Inc.(5)	One stop	SF +	6.95%		N/A(6)				08/2031	—		(2)		—		—
Plasma Buyer LLC	One stop	SF +	5.75%	(h)	10.05%				05/2029	258		255		0.1		256
Plasma Buyer LLC	One stop	SF +	5.75%	(h)	10.05%				05/2028	24		24		—		24
Plasma Buyer LLC	One stop	SF +	6.25%	(h)	10.55%				05/2029	10		10		—		10
										12,057		11,920		3.3		12,055
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	10.46%				08/2028	560		556		0.2		560
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	10.44%				08/2028	28		28		—		28
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	10.45%				08/2028	53		53		—		53
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	10.45%				08/2028	102		94		—		102
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	1,410		1,392		0.4		1,410
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	48		47		—		48
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	21		20		—		21
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	213		210		0.1		213
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	98		97		—		98
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.04%				10/2028	15		13		—		15
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	241		239		0.1		241
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.05%				10/2028	115		114		—		115
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.06%				10/2028	61		60		—		61
GFP Atlantic Holdco 2, LLC	One stop	SF +	6.00%	(h)	10.33%				11/2029	661		653		0.2		661
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(10)		—		—
Health Buyer, LLC	Senior secured	SF +	5.25%	(h)	9.55%				04/2029	125		124		—		125
Health Buyer, LLC	Senior secured	SF +	5.50%	(h)	9.80%				04/2029	64		63		—		64
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%	(h)	9.80%				04/2029	32		32		—		32
Health Buyer, LLC	Senior secured	SF +	5.50%	(h)	9.80%				04/2029	29		29		—		29
PB Group Holdings, LLC(17)	One stop	SF +	5.50%	(g)	7.07%	cash/	2.75%	PIK	08/2030	2,320		2,310		0.6		2,320
PB Group Holdings, LLC	One stop	SF +	5.00%	(g)	9.32%				08/2030	32		31		—		32
SDC Holdco, LLC	One stop	SF +	4.75%	(h)	9.05%				06/2031	3,446		3,431		1.0		3,446
SDC Holdco, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(1)		—		—
SDC Holdco, LLC(17)	Second lien	SF +	8.50%	(h)	12.80%	PIK			06/2032	774		769		0.2		774
Super REGO, LLC(17)	Subordinated debt	N/A			15.00%	PIK			03/2030	34		34		—		34
YE Brands Holding, LLC	One stop	SF +	4.75%	(h)	9.05%				10/2027	1,616		1,604		0.5		1,616
YE Brands Holding, LLC	One stop	SF +	4.75%		N/A(6)				10/2027	—		—		—		—
YE Brands Holding, LLC	One stop	SF +	4.75%	(h)	9.05%				10/2027	191		189		0.1		191
										12,289		12,181		3.4		12,289
Industrial Conglomerates
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(h)	9.05%				07/2029	236		234		0.1		236
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(h)	9.05%				07/2029	2		1		—		2
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(h)	9.05%				07/2029	60		59		—		60
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(h)	9.05%				07/2029	31		31		—		31
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(h)	9.05%				07/2029	37		36		—		37
Essential Services Holdings Corporation	One stop	SF +	5.00%	(h)	9.30%				06/2031	2,500		2,478		0.7		2,475
Essential Services Holdings Corporation	One stop	SF +	5.00%	(h)	9.30%				06/2030	49		46		—		47
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(2)		—		(5)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Excelitas Technologies Corp.	One stop	SF +	5.25%	(g)	9.57%				08/2029	$	643	$	635	0.2	%	$	643
Excelitas Technologies Corp.(7)(8)	One stop	E +	5.25%	(b)	7.61%				08/2029	119		112		—		119
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2028	—		—		—		—
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
Excelitas Technologies Corp.(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(27)		—		—
										3,677		3,603		1.0		3,645
Insurance
Captive Resources Midco, LLC	One stop	SF +	4.75%	(g)	9.07%				07/2029	4,525		4,479		1.3		4,525
Captive Resources Midco, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2028	—		(1)		—		—
Disco Parent, Inc.	One stop	SF +	7.50%	(h)	11.81%				03/2029	457		449		0.1		457
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(h)	9.55%				12/2030	2,574		2,553		0.7		2,581
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(h)	9.55%				12/2029	67		63		—		67
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(h)	9.55%				12/2030	2,365		2,345		0.7		2,371
Doxa Insurance Holdings LLC	One stop	SF +	5.00%		N/A(6)				12/2030	—		—		—		—
Integrated Specialty Coverages, LLC	One stop	SF +	4.75%	(h)	9.05%				07/2030	501		493		0.1		501
Integrated Specialty Coverages, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC	One stop	SF +	4.75%		N/A(6)				07/2030	—		—		—		—
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%	(h)	9.31%				08/2028	2,192		2,171		0.6		2,192
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%		N/A(6)				08/2028	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(1)		—		—
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(g)	10.06%				11/2029	1,676		1,663		0.5		1,676
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(g)	10.07%				11/2029	80		78		—		80
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(g)	10.06%				11/2029	346		340		0.1		346
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	5.00%	(i)	9.28%				05/2030	4,248		4,199		1.2		4,248
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(4)		—		—
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		—
World Insurance Associates, LLC(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—		(1)		—		(2)
World Insurance Associates, LLC	One stop	SF +	5.00%		N/A(6)				04/2030	—		—		—		—
										19,031		18,823		5.3		19,042
IT Services
Critical Start, Inc.(17)	One stop	SF +	6.75%	(h)	7.41%	cash/	3.63%	PIK	05/2028	218		217		0.1		216
Critical Start, Inc.(17)	One stop	SF +	6.75%	(h)	7.41%	cash/	3.63%	PIK	05/2028	119		118		—		118
Critical Start, Inc.	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		—
Goldcup 31018 AB(7)(8)(11)(17)	One stop	E +	6.50%	(c)(d)	9.15%	PIK			07/2029	880		821		0.2		871
Goldcup 31018 AB(7)(8)(11)(17)	One stop	E +	6.50%	(d)	9.15%	PIK			07/2029	82		80		—		81
Goldcup 31018 AB(7)(8)(11)	One stop	E +	6.25%	(d)	9.02%				01/2029	72		69		—		71
Netwrix Corporation	One stop	SF +	4.75%	(h)	9.06%				06/2029	4,852		4,830		1.4		4,852
Netwrix Corporation(5)	One stop	SF +	4.75%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	4.75%	(h)	9.06%				06/2029	9		7		—		9
Netwrix Corporation	One stop	SF +	4.75%	(h)	9.06%				06/2029	37		37		—		37
PDQ Intermediate, Inc.(17)	Subordinated debt	N/A			13.75%	PIK			10/2031	61		60		—		61
ReliaQuest Holdings, LLC(17)	One stop	SF +	6.75%	(h)	7.41%	cash/	3.63%	PIK	04/2031	5,848		5,823		1.6		5,848
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(1)		—		—
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(2)		—		—
WPEngine, Inc.	One stop	SF +	6.50%	(h)	10.82%				08/2029	244		241		0.1		244
WPEngine, Inc.	One stop	SF +	6.50%		N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.	One stop	SF +	6.50%	(h)	10.81%				07/2027	297		297		0.1		297
Zarya Holdco, Inc.	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		—
Zarya Holdco, Inc.	One stop	SF +	6.50%	(h)	10.81%				07/2027	118		117		—		118
										12,837		12,713		3.5		12,823

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
Crunch Holdings, LLC(5)	One stop	SF +	4.50%		N/A(6)				09/2031	$	—	$	(2)	—	%	$	—
Crunch Holdings, LLC	One stop	SF +	4.50%	(g)	8.82%				09/2031	3,287		3,272		0.9		3,287
Movement Holdings, LLC(7)(9)	One stop	SF +	5.25%	(h)	9.55%				03/2030	1,794		1,779		0.5		1,794
Movement Holdings, LLC(5)(7)(9)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(3)		—		—
Movement Holdings, LLC(5)(7)(9)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(10)		—		—
										5,081		5,036		1.4		5,081
Life Sciences Tools & Services
Celerion Buyer, Inc.	One stop	SF +	5.00%	(h)	9.30%				11/2029	4,229		4,144		1.2		4,229
Celerion Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(14)		—		—
Celerion Buyer, Inc.	One stop	SF +	5.00%	(h)	9.30%				11/2029	721		715		0.2		721
Graphpad Software, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(1)		—		—
Graphpad Software, LLC	One stop	SF +	4.75%	(h)	9.05%				06/2031	1,916		1,908		0.5		1,916
Graphpad Software, LLC	One stop	SF +	4.75%	(h)	9.05%				06/2031	48		46		—		48
										6,914		6,797		1.9		6,914
Machinery
AI Titan Parent, Inc.	One stop	SF +	4.75%	(g)	9.07%				08/2031	655		649		0.2		655
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		—
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		—
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	9.80%				12/2030	4,352		4,316		1.2		4,352
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	9.80%				12/2030	482		475		0.1		482
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(g)(h)	9.81%				12/2029	204		199		0.1		204
										5,693		5,637		1.6		5,693
Media
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(2)		—		—
Lotus Topco, Inc.	One stop	SF +	4.75%	(h)	9.05%				06/2030	1,756		1,745		0.5		1,756
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(6)		—		—
										1,756		1,737		0.5		1,756
Oil, Gas & Consumable Fuels
Envernus, Inc.	One stop	SF +	5.50%	(g)	9.82%				12/2029	3,004		2,969		0.8		3,004
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(3)		—		—
Envernus, Inc.	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
										3,004		2,966		0.8		3,004
Pharmaceuticals
Caerus Midco 3 S.A.R.L.(7)	One stop	SF +	5.00%	(h)	9.30%				05/2029	776		767		0.2		776
Caerus Midco 3 S.A.R.L.(7)	One stop	SF +	5.00%	(h)(i)	9.30%				05/2029	119		117		0.1		119
Caerus Midco 3 S.A.R.L.(7)	One stop	SF +	5.00%	(g)	9.33%				05/2029	2		1		—		2
Creek Parent, Inc.	One stop	SF +	5.25%	(g)	9.57%				12/2031	3,279		3,223		0.9		3,279
Creek Parent, Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2031	—		(8)		—		—
										4,176		4,100		1.2		4,176
Professional Services
ALKU Intermediate Holdings, LLC	One stop	SF +	6.25%	(i)	10.47%				05/2029	292		289		0.1		294
ALKU Intermediate Holdings, LLC	One stop	SF +	5.50%	(i)	9.72%				05/2029	32		32		—		32
bswift, LLC	One stop	SF +	4.75%	(h)	9.04%				11/2028	324		318		0.1		324
bswift, LLC	One stop	SF +	4.75%	(h)	9.07%				11/2028	1,239		1,232		0.3		1,239
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)	9.25%				10/2027	259		258		0.1		259
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)	9.28%				10/2027	112		110		—		112
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)	9.28%				10/2027	33		33		—		33
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(i)	9.63%				10/2027	18		18		—		18
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(h)(i)	9.73%				10/2027	124		124		—		124
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	9.32%				09/2028	223		220		0.1		223
DISA Holdings Corp.(17)	Subordinated debt	SF +	8.50%	(h)	10.82%	cash/	2.00%	PIK	03/2029	52		51		—		52
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	9.32%				09/2028	25		25		—		25

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
DISA Holdings Corp.	One stop	SF +	5.00%	(h)	9.32%				09/2028	$	31	$	31	—	%	$	31
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	9.31%				09/2028	25		24		—		25
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	9.32%				09/2028	366		362		0.1		366
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	9.31%				09/2028	269		265		0.1		269
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(4)		—		—
Eclipse Buyer, Inc.	One stop	SF +	4.75%	(g)	9.06%				09/2031	890		882		0.3		890
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(1)		—		—
Varicent Intermediate Holdings Corporation(7)(10)(17)	One stop	SF +	6.00%	(h)	7.05%	cash/	3.25%	PIK	08/2031	2,856		2,819		0.8		2,856
Varicent Intermediate Holdings Corporation(5)(7)(10)	One stop	SF +	5.50%		N/A(6)				08/2031	—		(5)		—		—
Varicent Intermediate Holdings Corporation(5)(7)(10)	One stop	SF +	6.00%		N/A(6)				08/2031	—		(4)		—		—
										7,170		7,079		2.0		7,172
Software
Anaplan, Inc.	One stop	SF +	5.00%	(h)	9.30%				06/2029	9,234		9,178		2.5		9,234
Anaplan, Inc.(5)	One stop	SF +	5.00%		N/A(6)				06/2028	—		(1)		—		—
Anaplan, Inc.	One stop	SF +	5.00%	(h)	9.30%				06/2029	50		50		—		50
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(e)	9.71%				06/2029	661		613		0.2		661
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(e)	9.71%				06/2029	345		311		0.1		345
Arrow Buyer, Inc.	One stop	SF +	5.75%	(h)	10.05%				07/2030	1,078		1,056		0.3		1,078
Arrow Buyer, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(2)		—		—
Arrow Buyer, Inc.	One stop	SF +	5.75%	(h)	10.05%				07/2030	71		70		—		71
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.	One stop	SF +	4.50%	(h)	8.80%				05/2031	331		328		0.1		331
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2031	—		—		—		—
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(g)	10.82%				03/2031	625		617		0.2		625
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(g)	10.82%				03/2031	1,421		1,402		0.4		1,421
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(3)		—		—
Baxter Planning Systems, LLC(17)	One stop	SF +	6.25%	(i)	7.30%	cash/	3.38%	PIK	05/2031	918		912		0.2		918
Baxter Planning Systems, LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(1)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(1)		—		—
BestPass, Inc.	One stop	SF +	5.25%	(g)	9.57%				08/2031	3,035		3,021		0.8		3,035
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(1)		—		—
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(2)		—		—
Bloomerang, LLC	One stop	SF +	6.00%	(h)	10.30%				12/2029	2,477		2,457		0.7		2,477
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(4)		—		—
Bloomerang, LLC	One stop	SF +	6.00%	(h)	10.31%				12/2029	248		242		0.1		248
CB Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—		(3)		—		—
CB Buyer, Inc.	One stop	SF +	5.00%	(h)	9.30%				07/2031	2,840		2,816		0.8		2,840
CB Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—		(3)		—		—
Coupa Holdings, LLC	One stop	SF +	5.25%	(h)	9.54%				02/2030	2,151		2,108		0.6		2,151
Coupa Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				02/2030	—		(2)		—		—
Crewline Buyer, Inc.	One stop	SF +	6.75%	(g)	11.07%				11/2030	6,213		6,138		1.7		6,213
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(8)		—		—
Einstein Parent, Inc.	One stop	SF +	6.50%	(h)	10.79%				01/2031	2,738		2,685		0.7		2,683
Einstein Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2031	—		(5)		—		(6)
Espresso Bidco, Inc.(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—		(2)		—		(3)
Espresso Bidco, Inc.(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—		(1)		—		(1)
Espresso Bidco, Inc.	One stop	SF +	5.25%	(h)	9.55%				03/2032	801		789		0.2		789
Evergreen IX Borrower 2023, LLC	One stop	SF +	4.75%	(h)	9.05%				09/2030	3,003		2,930		0.8		3,003
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—		(8)		—		—
Evergreen IX Borrower 2023, LLC	One stop	SF +	4.75%	(h)	9.05%				09/2030	278		275		0.1		278
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.63%	(h)	6.79%	cash/	4.13%	PIK	07/2029	2,031		2,009		0.6		2,000

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.63%	(h)	6.79%	cash/	4.13%	PIK	07/2029	$	1,328	$	1,311	0.4	%	$	1,308
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.63%	(h)	6.79%	cash/	4.13%	PIK	07/2029	243		242		0.1		239
GTY Technology Holdings, Inc.	One stop	P +	5.00%	(a)(h)	11.95%				07/2029	20		18		—		18
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.63%	(h)	6.81%	cash/	4.13%	PIK	07/2029	605		592		0.2		596
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.63%	(h)	6.80%	cash/	4.13%	PIK	07/2029	258		256		0.1		254
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.63%	(h)	6.81%	cash/	4.13%	PIK	07/2029	50		49		—		49
Gurobi Optimization, LLC(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—		(3)		—		—
Gurobi Optimization, LLC	One stop	SF +	4.50%	(h)	8.80%				09/2031	3,218		3,189		0.9		3,218
Hyland Software, Inc.	One stop	SF +	5.00%	(g)	9.32%				09/2030	7,193		7,108		2.0		7,193
Hyland Software, Inc.(5)	One stop	SF +	5.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.	One stop	SF +	6.50%	(h)	10.79%				01/2030	3,968		3,905		1.1		3,968
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(6)		—		—
ICIMS, Inc.(17)	One stop	SF +	5.75%	(h)	10.04%				08/2028	3,316		3,286		0.9		3,250
ICIMS, Inc.	One stop	SF +	5.75%	(h)	10.04%				08/2028	11		10		—		9
IQN Holding Corp.	One stop	SF +	5.25%	(h)	9.56%				05/2029	794		789		0.2		794
IQN Holding Corp.	One stop	SF +	5.25%	(h)	9.56%				05/2028	34		33		—		34
Island Bidco AB(7)(11)(17)	One stop	SF +	7.00%	(i)	7.78%	cash/	3.50%	PIK	07/2028	781		778		0.2		781
Island Bidco AB(7)(8)(11)(17)	One stop	E +	7.25%	(d)	2.58%	cash/	7.25%	PIK	07/2028	442		426		0.1		442
Island Bidco AB(7)(11)(17)	One stop	SF +	7.00%	(i)	7.78%	cash/	3.50%	PIK	07/2028	199		198		0.1		199
Island Bidco AB(7)(11)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(7)(8)(11)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
LogicMonitor, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2031	—		(2)		—		—
LogicMonitor, Inc.	One stop	SF +	5.50%	(h)	9.79%				11/2031	3,333		3,313		0.9		3,333
Navex TopCo, Inc.	One stop	SF +	5.50%	(g)	9.82%				11/2030	5,819		5,726		1.6		5,819
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(7)		—		—
Onit, Inc.	One stop	SF +	4.75%	(h)	9.05%				01/2032	252		249		0.1		249
Onit, Inc.	One stop	SF +	4.75%		N/A(6)				01/2032	—		—		—		—
Onit, Inc.(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		(1)		—		(1)
Panzura, LLC(17)	One stop	N/A			4.00%	cash/	11.00%	PIK	08/2027	63		59		—		56
PING Identity Holding Corp.	One stop	SF +	4.75%	(h)	9.05%				10/2029	638		631		0.2		638
PING Identity Holding Corp.(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
Quant Buyer, Inc.	One stop	SF +	5.25%	(h)	9.56%				06/2029	2,645		2,629		0.7		2,645
Quant Buyer, Inc.	One stop	SF +	5.25%	(h)	9.56%				06/2029	2,281		2,268		0.6		2,282
Quant Buyer, Inc.	One stop	SF +	5.25%	(h)	9.57%				06/2029	33		33		—		33
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Quant Buyer, Inc.	One stop	SF +	5.25%	(h)	9.56%				06/2029	20		20		—		20
Rainforest Bidco Limited(7)(8)(9)(17)	One stop	SN +	6.05%	(e)	7.96%	cash/	2.55%	PIK	07/2029	756		686		0.2		742
Rainforest Bidco Limited(7)(9)(17)	One stop	SF +	6.05%	(f)	7.81%	cash/	2.55%	PIK	07/2029	138		137		—		136
Rainforest Bidco Limited(7)(8)(9)(17)	One stop	SN +	6.05%	(e)	7.96%	cash/	2.55%	PIK	07/2029	56		51		—		55
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(1)		—		—
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%	(g)	10.42%				07/2028	552		544		0.2		552
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Togetherwork Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				05/2031	—		(5)		—		—
Togetherwork Holdings, LLC	One stop	SF +	5.00%	(g)	9.32%				05/2031	5,868		5,823		1.6		5,868
Togetherwork Holdings, LLC	One stop	SF +	5.00%	(g)	9.32%				05/2031	147		140		—		147
Tricentis Operations Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—		(2)		—		(2)
Tricentis Operations Holdings, Inc.(17)	One stop	SF +	6.25%	(h)	5.67%	cash/	4.88%	PIK	02/2032	2,833		2,819		0.8		2,818
Tricentis Operations Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—		(3)		—		(3)
Viper Bidco, Inc.(7)(8)	One stop	SN +	5.00%	(e)	9.46%				11/2031	277		269		0.1		277
Viper Bidco, Inc.	One stop	SF +	5.00%	(h)	9.30%				11/2031	586		583		0.2		586

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Viper Bidco, Inc.	One stop	SF +	5.00%		N/A(6)				11/2031	$	—	$	—	—	%	$	—
Viper Bidco, Inc.	One stop	SF +	5.00%		N/A(6)				11/2031	—		—		—		—
Zendesk, Inc.	One stop	SF +	5.00%		N/A(6)				11/2028	—		—		—		—
Zendesk, Inc.	One stop	SF +	5.00%		N/A(6)				11/2028	—		—		—		—
Zendesk, Inc.	One stop	SF +	5.00%	(h)	9.30%				11/2028	4,043		3,995		1.1		4,043
										93,349		92,091		25.7		93,085
Specialty Retail
Biscuit Parent, LLC	One stop	SF +	4.75%	(h)	9.05%				02/2031	3,361		3,339		0.9		3,361
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(6)		—		—
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(1)		—		—
Cavender Stores L.P.	Senior secured	SF +	5.00%	(h)	9.30%				10/2029	6,110		6,064		1.7		6,110
CVP Holdco, Inc.(5)	One stop	SF +	7.25%		N/A(6)				06/2030	—		(3)		—		—
CVP Holdco, Inc.	One stop	SF +	4.75%	(g)	9.07%				06/2031	2,734		2,709		0.8		2,734
CVP Holdco, Inc.	One stop	SF +	4.75%	(g)	9.07%				06/2031	19		15		—		19
PetVet Care Centers LLC	One stop	SF +	6.00%	(g)	10.32%				11/2030	2,356		2,318		0.6		2,238
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(5)		—		(15)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(2)		—		—
PPV Intermediate Holdings, LLC	One stop	SF +	5.75%	(h)	10.06%				08/2029	3,734		3,692		1.0		3,734
PPV Intermediate Holdings, LLC(17)	One stop	N/A			14.75%	PIK			08/2030	1,730		1,699		0.5		1,765
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	514		507		0.2		514
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	119		118		—		119
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	22		22		—		22
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	21		20		—		21
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(3)		—		—
PPV Intermediate Holdings, LLC	One stop	SF +	5.25%	(h)	9.56%				08/2029	158		155		0.1		158
Radiance Borrower, LLC	One stop	SF +	5.25%	(g)	9.57%				06/2031	32		30		—		32
Radiance Borrower, LLC(17)	One stop	SF +	5.75%	(g)	7.32%	cash/	2.75%	PIK	06/2031	3,427		3,405		1.0		3,427
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	2,503		2,484		0.7		2,516
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	167		166		0.1		168
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	164		162		—		164
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	129		128		0.1		130
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.30%	PIK			09/2029	38		37		—		38
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	54		54		—		54
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	32		31		—		32
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	41		41		—		41
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	38		38		—		38
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	239		236		0.1		240
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.30%	PIK			09/2029	146		145		—		148
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(3)		—		1
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	74		73		—		74
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.30%	PIK			09/2029	78		77		—		78
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	50		50		—		50
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.30%	PIK			09/2029	7		7		—		7
Salon Lofts Group, LLC(5)(17)	Second lien	SF +	9.00%		N/A(6)				09/2029	—		(5)		—		9
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	257		256		0.1		259
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.30%	PIK			09/2029	28		28		—		29
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	81		80		—		81
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				08/2028	—		(2)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.05%				08/2028	117		116		—		118
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.30%	PIK			09/2029	321		318		0.1		326
										28,901		28,590		8.0		28,840

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Transportation Infrastructure
LDS Intermediate Holdings, LLC	One stop	SF +	5.00%	(g)	9.32%	02/2032	$	55	$	53	—	%	$	53
LDS Intermediate Holdings, LLC	One stop	SF +	5.00%	(g)	9.32%	02/2032	2,785		2,768		0.8		2,768
LDS Intermediate Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)	02/2032	—		(3)		—		(3)
							2,840		2,818		0.8		2,818
Water Utilities
Vessco Midco Holdings, LLC	One stop	SF +	4.75%	(g)(i)	9.05%	07/2031	277		274		0.1		277
Vessco Midco Holdings, LLC	One stop	SF +	4.75%		N/A(6)	07/2031	—		—		—		—
Vessco Midco Holdings, LLC	One stop	SF +	4.75%	(g)(i)	9.06%	07/2031	24		24		—		24
							301		298		0.1		301

Total debt investments							336,180		331,924		92.8		335,580

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

Investment
Type

Spread

Above

Index(1)

Interest

Rate(2)

Acquisition
Date

Maturity
Date

Principal ($) /

Shares(3)

Amortized Cost

Percentage
of Net
Assets

Fair

Value (4)

Equity investments(14)(15)

Aerospace & Defense

PPW Aero Buyer, Inc.

LP units

N/A

02/2023

N/A

145

—

111

Air Freight & Logistics

RJW Group Holdings, Inc.

LP units

N/A

11/2024

N/A

275

0.1

275

Auto Components

Arnott, LLC

LP units

N/A

12/2024

N/A

—

Automobiles

CAP-KSI Holdings, LLC

LP units

N/A

06/2024

N/A

140

—

CAP-KSI Holdings, LLC

Preferred stock

N/A

06/2024

N/A

140

0.1

149

National Express Wash Parent Holdco, LLC

LP units

N/A

07/2022

N/A

—

Quick Quack Car Wash Holdings, LLC

LP units

N/A

06/2024

N/A

751

0.3

894

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

06/2024

N/A

149

0.1

171

Yorkshire Parent, Inc.

LP units

N/A

12/2023

N/A

—

1,108

0.5

1,334

Beverages

Spindrift Beverage Co. Inc.

LP units

N/A

02/2025

N/A

—

482

0.1

482

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP units

N/A

01/2024

N/A

—

Diversified Consumer Services

CHVAC Services Investment, LLC

Common stock

N/A

05/2024

N/A

—

DP Flores Holdings, LLC

LLC units

N/A

09/2022

N/A

—

HS Spa Holdings, Inc.

Common stock

N/A

05/2022

N/A

—

NSG Buyer, Inc. (7)

LP units

N/A

11/2022

N/A

—

397

0.2

523

Virginia Green Acquisition, LLC

LP units

N/A

12/2023

N/A

—

547

0.2

745

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

01/2025

N/A

—

Electrical Equipment

Wildcat TopCo, Inc.

LP units

N/A

12/2024

N/A

—

Healthcare Technology

Amberfield Acquisition Co.

LLC units

N/A

05/2024

N/A

100

—

100

Hotels, Restaurants & Leisure

PB Group Holdings, LLC

LP units

N/A

08/2024

N/A

—

Insurance

Oakbridge Insurance Agency LLC

LP units

N/A

11/2023

N/A

—

IT Services

Critical Start, Inc.

Common stock

N/A

05/2022

N/A

—

Netwrix Corporation

LLC units

N/A

06/2022

N/A

—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
Movement Holdings, LLC(7)(9)	LLC units	N/A			N/A		03/2024	N/A	—	$	107	—	%	$	79

Life Sciences Tools & Services
Celerion Buyer, Inc.(16)	LP units	N/A			N/A		11/2022	N/A	186	156		0.1		127
Celerion Buyer, Inc.	LP units	N/A			N/A		11/2022	N/A	186	—		0.1		280
										156		0.2		407
Pharmaceuticals
Creek Parent, Inc.	LP interest	N/A			N/A		12/2024	N/A	212	212		0.1		225

Professional Services
Eclipse Buyer, Inc.(16)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	53		—		54

Software
Anaplan, Inc.	LP interest	N/A			N/A		06/2022	N/A	364	364		0.2		593
CB Buyer, Inc.	LP units	N/A			N/A		07/2024	N/A	56	56		—		40
Cynet Security Ltd.(7)(12)	Preferred stock	N/A			N/A		08/2022	N/A	9	31		—		42
Energy Worldnet, LLC	LLC units	N/A			N/A		02/2025	N/A	50	52		—		52
GTY Technology Holdings, Inc.	LP units	N/A			N/A		07/2022	N/A	28	28		—		65
Gurobi Optimization, LLC	Common stock	N/A			N/A		09/2024	N/A	—	44		—		52
Kaseya Inc.(16)	Preferred stock	SF +	10.75%	(h)	15.03%	Non-Cash	06/2022	N/A	—	299		0.1		312
Kaseya Inc.	LP interest	N/A			N/A		06/2022	N/A	20	20		—		23
LogicMonitor, Inc.	LP interest	N/A			N/A		12/2024	N/A	250	250		0.1		257
Onit, Inc.	Warrant	N/A			N/A		02/2023	N/A	—	6		—		8
Panzura, LLC	LLC units	N/A			N/A		03/2025	N/A	1	4		—		—
Templafy APS and Templafy, LLC(7)(13)	Warrant	N/A			N/A		07/2022	N/A	—	8		—		9
Tricentis Operations Holdings, Inc.	LP interest	N/A			N/A		02/2025	N/A	40	40		—		40
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A		07/2024	N/A	67	291		0.1		313
Zendesk, Inc.	LP units	N/A			N/A		11/2022	N/A	9	91		—		89
										1,584		0.5		1,895
Specialty Retail
Salon Lofts Group, LLC	LP units	N/A			N/A		08/2022	N/A	—	63		—		44

Total equity investments										5,011		1.7		5,947

Total investments										336,935		94.5		341,527

Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					4.2%	(18)				$	15,572	4.3	%	$	15,572
Total money market funds										15,572		4.3		15,572
Total investments and money market funds										$	352,507	98.8	%	$	357,099

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Prime (“P”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or Sterling Overnight Index Average (“SONIA” or “SN”), which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of March 31, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of March 31, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2025, as the loan could have priced or repriced based on an index rate prior to March 31, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of March 31, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.36% as of March 31, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.34% as of March 31, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.34% as of March 31, 2025.

(e) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.46% as of March 31, 2025.

(f) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.41% as of March 31, 2025.

(g) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 4.32% as of March 31, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 4.29% as of March 31, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 4.19% as of March 31, 2025.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2025.

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

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

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

(6)The entire commitment was unfunded as of March 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, total non-qualifying assets at fair value represented 3.3% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

(17)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the six months ended March 31, 2025.

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.	One stop	SF +	6.50%	(g)(h)	11.24%		02/2029	$	5,340	$	5,222	1.8	%	$	5,420
PPW Aero Buyer, Inc.	One stop	SF +	6.50%	(a)(g)(h)	12.20%		02/2029	26		25		—		26
PPW Aero Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)		02/2029	—		(2)		—		—
PPW Aero Buyer, Inc.	One stop	SF +	5.50%	(h)	10.10%		02/2029	98		98		—		98
								5,464		5,343		1.8		5,544
Auto Components
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)	10.75%		01/2030	1,705		1,675		0.6		1,705
Collision SP Subco, LLC	One stop	SF +	5.50%	(g)(i)	10.36%		01/2030	311		303		0.1		311
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)	10.75%		01/2030	42		37		—		42
OEConnection, LLC(5)	One stop	SF +	5.25%		N/A(6)		04/2031	—		(5)		—		—
OEConnection, LLC	One stop	SF +	5.25%	(g)	10.10%		04/2031	4,435		4,394		1.4		4,435
OEConnection, LLC(5)	One stop	SF +	5.25%		N/A(6)		04/2031	—		(4)		—		—
								6,493		6,400		2.1		6,493
Automobiles
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(h)	9.85%		06/2030	1,430		1,409		0.5		1,430
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(g)	10.10%		06/2030	39		36		—		39
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(h)	10.74%		07/2029	4,535		4,503		1.4		4,445
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(i)	9.75%		07/2029	44		43		—		41
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)		07/2029	—		(7)		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%	(g)	9.60%		06/2031	4,896		4,855		1.6		4,896
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)		06/2031	—		(5)		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%	(g)	9.60%		06/2031	190		174		0.1		190
Yorkshire Parent, Inc.	One stop	SF +	6.00%	(h)	10.60%		12/2029	3,847		3,814		1.3		3,847
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(7)		—		—
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(9)		—		—
								14,981		14,806		4.9		14,888
Banks
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(h)	10.25%		12/2029	716		708		0.2		716
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(h)	10.26%		12/2029	136		128		0.1		136
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.00%		N/A(6)		12/2029	—		(1)		—		—
								852		835		0.3		852
Beverages
Financial Information Technologies, LLC(17)	One stop	N/A			14.00%	PIK	06/2031	2,144		2,099		0.7		2,144
Financial Information Technologies, LLC	One stop	SF +	5.25%	(h)	9.85%		06/2030	1,495		1,473		0.5		1,495
Financial Information Technologies, LLC	One stop	SF +	5.25%	(h)	9.85%		06/2030	626		620		0.2		626
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(2)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
								4,265		4,189		1.4		4,265
Capital Markets
BlueMatrix Holdings, LLC	One stop	SF +	5.25%	(h)	9.85%		01/2031	2,599		2,578		0.8		2,599
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(4)		—		—
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(7)		—		—
								2,599		2,567		0.8		2,599
Chemicals
Krayden Holdings, Inc.	Senior secured	SF +	4.75%	(g)	9.60%		03/2029	171		169		0.1		169
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(1)		—		(1)
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(1)		—		(1)
								171		167		0.1		167

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services & Supplies
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(h)	11.25%		10/2029	$	3,826	$	3,761	1.2	%	$	3,826
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(g)(h)	11.18%		10/2029	302		298		0.1		302
Encore Holdings, LLC	One stop	SF +	5.50%	(h)	10.25%		11/2028	2,953		2,907		1.0		2,960
Encore Holdings, LLC	One stop	SF +	5.50%	(h)	10.20%		11/2028	587		578		0.2		589
Encore Holdings, LLC	One stop	SF +	5.25%	(h)	10.11%		11/2028	988		973		0.3		988
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(h)	10.78%		01/2031	3,272		3,243		1.1		3,272
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(h)	10.78%		01/2031	276		266		0.1		276
FR Vision Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)		01/2030	—		(2)		—		—
Kleinfelder Intermediate, LLC	One stop	SF +	6.25%	(h)	11.31%		09/2030	465		453		0.1		465
Kleinfelder Intermediate, LLC	One stop	P +	4.00%	(a)	12.00%		09/2028	15		14		—		15
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2030	—		(1)		—		—
PSC Parent, Inc.	One stop	SF +	5.25%	(a)(g)	10.36%		04/2030	177		174		0.1		177
PSC Parent, Inc.	One stop	SF +	5.25%	(g)	10.42%		04/2031	1,664		1,649		0.5		1,664
PSC Parent, Inc.(5)	One stop	SF +	5.25%		N/A(6)		04/2031	—		(2)		—		—
PSC Parent, Inc.	One stop	SF +	5.25%	(g)	10.10%		04/2031	277		276		0.1		277
WRE Holding Corp.(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(4)		—		—
WRE Holding Corp.	One stop	SF +	5.00%	(i)	9.25%		07/2031	2,637		2,612		0.9		2,637
WRE Holding Corp.	One stop	SF +	5.00%	(i)	9.81%		07/2031	38		35		—		38
								17,477		17,230		5.7		17,486
Construction & Engineering
Consor Intermediate II, LLC	One stop	SF +	4.75%	(h)	9.35%		05/2031	2,470		2,458		0.8		2,470
Consor Intermediate II, LLC(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(3)		—		—
Consor Intermediate II, LLC(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(11)		—		—
								2,470		2,444		0.8		2,470
Diversified Consumer Services
Any Hour, LLC	One stop	SF +	5.00%	(h)	9.60%		05/2030	2,015		1,986		0.7		1,994
Any Hour, LLC	One stop	SF +	5.00%	(h)	9.90%		05/2030	98		93		—		94
Any Hour, LLC	One stop	SF +	5.00%	(h)	10.28%		05/2030	57		53		—		51
Any Hour, LLC(17)	One stop	N/A			13.00%	PIK	05/2031	639		628		0.2		633
Apex Service Partners, LLC	One stop	SF +	5.00%	(g)	9.86%		10/2030	6		5		—		5
Apex Service Partners, LLC	One stop	SF +	5.00%	(g)	9.86%		10/2030	1,091		1,065		0.3		1,080
Apex Service Partners, LLC	One stop	SF +	5.00%	(g)	9.86%		10/2029	173		161		0.1		171
Apex Service Partners, LLC	One stop	SF +	5.00%	(g)	9.86%		10/2030	4,584		4,468		1.5		4,538
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(h)	9.60%		05/2030	1,968		1,952		0.6		1,968
CHVAC Services Investment, LLC(5)	One stop	SF +	5.00%		N/A(6)		05/2030	—		(3)		—		—
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(h)	9.60%		05/2030	916		888		0.3		916
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(h)	10.25%		07/2029	198		196		0.1		198
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(h)	10.25%		07/2029	9		9		—		9
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(h)	10.25%		07/2029	57		55		—		57
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(h)	10.31%		06/2029	472		465		0.2		471
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(a)(g)	11.15%		06/2028	21		20		—		21
HS Spa Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)		06/2029	—		(1)		—		—
Litera Bidco, LLC(5)	One stop	SF +	5.00%		N/A(6)		05/2028	—		(1)		—		—
Litera Bidco, LLC	One stop	SF +	5.00%	(g)	9.85%		05/2028	1,882		1,874		0.6		1,882
Litera Bidco, LLC	One stop	SF +	5.00%	(g)	9.85%		05/2028	384		382		0.1		384
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)		05/2028	—		—		—		—
NSG Buyer, Inc.	One stop	SF +	6.25%	(g)	11.20%		11/2029	4,869		4,798		1.6		4,906
NSG Buyer, Inc. (5)	One stop	SF +	6.25%		N/A(6)		11/2028	—		(1)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.50%		N/A(6)		11/2029	—		(1)		—		—
NSG Buyer, Inc.	One stop	SF +	5.50%	(g)	10.35%		11/2029	196		192		0.1		196

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(i)	9.50%				12/2030	$	3,633	$	3,601	1.2	%	$	3,633
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(5)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(i)	9.50%				12/2030	150		137		—		150
										23,418		23,016		7.6		23,357
Diversified Financial Services
Avalara, Inc.	One stop	SF +	6.25%	(h)	10.85%				10/2028	770		757		0.2		770
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(1)		—		—
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(3)		—		—
Baker Tilly Advisory Group, LP	One stop	SF +	5.00%	(g)	9.85%				06/2031	1,120		1,104		0.4		1,120
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(1)		—		—
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.50%	(g)	9.35%				11/2028	881		875		0.3		881
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.75%	(g)	9.60%				11/2028	86		83		—		86
										2,857		2,814		0.9		2,857
Electrical Equipment
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(h)	10.00%				12/2030	129		127		—		129
Power Grid Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—		(1)		—		—
										129		126		—		129
Electronic Equipment, Instruments & Components
CST Holding Company	One stop	SF +	5.00%	(g)	9.95%				11/2028	1,566		1,504		0.5		1,566
CST Holding Company(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(2)		—		—
										1,566		1,502		0.5		1,566
Food Products
Blast Bidco Inc.	One stop	SF +	6.00%	(h)	10.60%				10/2030	3,891		3,840		1.2		3,891
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(6)		—		—
Eagle Family Foods Group, LLC	One stop	SF +	5.00%	(h)	10.33%				08/2030	837		829		0.3		828
Eagle Family Foods Group, LLC	One stop	SF +	5.00%	(h)	10.33%				08/2030	13		12		—		12
										4,741		4,675		1.5		4,731
Healthcare Equipment & Supplies
Belmont Instrument, LLC	One stop	SF +	6.25%	(h)	10.85%				08/2028	1,283		1,262		0.4		1,283
Belmont Instrument, LLC	One stop	SF +	6.25%	(h)	10.85%				08/2028	20		19		—		20
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(h)	10.56%				06/2031	2,691		2,665		0.9		2,664
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(3)		—		(3)
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				06/2031	—		(6)		—		(6)
TIDI Legacy Products, Inc.	One stop	SF +	5.50%	(g)	10.35%				12/2029	401		399		0.1		401
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		—
TIDI Legacy Products, Inc.	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
YI, LLC	One stop	SF +	5.75%	(g)	10.87%				12/2029	1,563		1,536		0.5		1,563
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(5)		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(3)		—		—
										5,958		5,863		1.9		5,922
Healthcare Providers & Services
Bamboo US Bidco LLC(17)	One stop	SF +	6.75%	(h)	8.62%	cash/	3.38%	PIK	09/2030	494		481		0.2		489
Bamboo US Bidco LLC(7)(8)(17)	One stop	E +	6.75%	(c)	7.01%	cash/	3.38%	PIK	09/2030	342		317		0.1		339
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(3)		—		(1)
Bamboo US Bidco LLC(17)	One stop	SF +	6.75%	(h)	8.56%	cash/	3.38%	PIK	09/2030	37		36		—		36
Community Care Partners, LLC	One stop	SF +	6.00%	(g)	10.96%				06/2026	142		142		0.1		138
Premise Health Holding Corp.	One stop	SF +	5.50%	(i)	10.76%				03/2031	4,995		4,926		1.6		4,995
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(8)		—		—
										6,010		5,891		2.0		5,996

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Amberfield Acquisition Co.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	$	—	$	(1)	—	%	$	—
Amberfield Acquisition Co.	One stop	SF +	5.00%	(h)	9.60%				05/2030	1,384		1,371		0.4		1,384
Amberfield Acquisition Co.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(9)		—		—
Color Intermediate, LLC	Senior secured	SF +	4.75%	(h)	9.45%				10/2029	724		713		0.2		724
Crow River Buyer, Inc.	One stop	SF +	7.75%	(g)(h)	13.00%				01/2029	258		254		0.1		258
Crow River Buyer, Inc.	One stop	SF +	7.75%	(h)	12.85%				01/2029	13		12		—		13
HealthEdge Software, Inc.	One stop	SF +	4.75%	(g)	9.85%				07/2031	254		252		0.1		252
HealthEdge Software, Inc.	One stop	SF +	4.75%		N/A(6)				07/2031	—		—		—		—
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(1)		—		(1)
Kona Buyer, LLC	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC	One stop	SF +	4.50%	(h)	9.78%				07/2031	234		232		0.1		232
Kona Buyer, LLC	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Neptune Holdings, Inc.	One stop	SF +	5.75%	(h)	10.35%				09/2030	1,437		1,419		0.4		1,437
Neptune Holdings, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.(17)	One stop	SF +	5.20%	(g)	7.35%	cash/	2.70%	PIK	08/2031	2,961		2,932		1.0		2,931
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(4)		—		(4)
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(2)		—		(2)
Plasma Buyer LLC	One stop	SF +	5.75%	(h)	10.35%				05/2029	260		256		0.1		252
Plasma Buyer LLC	One stop	SF +	5.75%	(h)	10.35%				05/2028	17		16		—		16
Plasma Buyer LLC	One stop	SF +	6.25%	(h)	10.88%				05/2029	6		6		—		6
										7,548		7,445		2.4		7,498
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	11.21%				08/2028	562		559		0.2		562
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	11.40%				08/2028	28		28		—		28
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	10.85%				08/2028	13		12		—		13
Barteca Restaurants, LLC	One stop	SF +	6.00%	(h)	10.75%				08/2028	102		94		—		102
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.35%				10/2028	1,417		1,397		0.5		1,417
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.85%				10/2028	69		68		—		69
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.35%				10/2028	21		20		—		21
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.35%				10/2028	214		211		0.1		214
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.35%				10/2028	98		97		—		98
ESN Venture Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(3)		—		—
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(h)	10.93%				10/2028	242		240		0.1		242
GFP Atlantic Holdco 2, LLC	One stop	SF +	6.00%	(h)	11.13%				11/2027	665		654		0.2		665
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(12)		—		—
Health Buyer, LLC	Senior secured	SF +	5.25%	(h)	9.85%				04/2029	126		125		—		125
Health Buyer, LLC	Senior secured	SF +	5.50%	(h)	10.10%				04/2029	64		63		—		64
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%	(h)	10.10%				04/2029	26		25		—		26
Health Buyer, LLC	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		—		—		—
PB Group Holdings, LLC(17)	One stop	SF +	5.50%	(g)	7.60%	cash/	2.75%	PIK	08/2030	2,288		2,277		0.8		2,277
PB Group Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(1)		—		(1)
SDC Holdco, LLC	One stop	SF +	5.00%	(h)	9.60%				06/2031	3,446		3,429		1.1		3,446
SDC Holdco, LLC	One stop	SF +	5.00%	(h)	9.66%				06/2031	30		29		—		30
SDC Holdco, LLC(17)	Second lien	SF +	8.50%	(h)	13.10%	PIK			06/2032	725		720		0.3		725
Super REGO, LLC(17)	Subordinated debt	N/A			15.00%	PIK			03/2030	54		53		—		54
YE Brands Holding, LLC	One stop	SF +	4.75%	(h)	9.35%				10/2027	1,624		1,610		0.5		1,624
YE Brands Holding, LLC	One stop	SF +	4.75%	(h)	9.47%				10/2027	25		24		—		25
YE Brands Holding, LLC	One stop	SF +	4.75%	(h)	9.40%				10/2027	185		182		0.1		185
										12,024		11,901		3.9		12,011

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(h)	10.45%				07/2027	$	238	$	235	0.1	%	$	238
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(h)	10.45%				07/2027	60		59		—		60
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(h)	10.45%				07/2027	31		31		—		31
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Essential Services Holdings Corporation	One stop	SF +	5.00%	(h)	10.29%				06/2031	2,500		2,476		0.8		2,475
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(3)		—		(3)
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(2)		—		(5)
Excelitas Technologies Corp.	One stop	SF +	5.25%	(h)	9.85%				08/2029	643		634		0.2		637
Excelitas Technologies Corp.(7)(8)	One stop	E +	5.25%	(c)	8.60%				08/2029	123		113		—		122
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2028	—		—		—		—
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
Excelitas Technologies Corp.(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(30)		—		(44)
										3,595		3,513		1.1		3,511
Insurance
Captive Resources Midco, LLC(17)	One stop	SF +	5.25%	(g)	10.10%				07/2029	4,102		4,050		1.3		4,102
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.	One stop	SF +	7.50%	(h)	12.56%				03/2029	270		265		0.1		270
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(h)	10.06%				12/2030	2,587		2,564		0.9		2,594
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(5)		—		—
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(h)	10.22%				12/2030	2,138		2,116		0.7		2,144
Doxa Insurance Holdings LLC	One stop	SF +	5.00%		N/A(6)				12/2030	—		—		—		—
Integrated Specialty Coverages, LLC	One stop	SF +	6.00%	(g)(h)(i)	10.98%				07/2030	228		223		0.1		228
Integrated Specialty Coverages, LLC	One stop	SF +	6.00%		N/A(6)				07/2029	—		—		—		—
Integrated Specialty Coverages, LLC	One stop	SF +	6.00%	(g)(h)(i)	10.88%				07/2030	45		44		—		45
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%	(h)	10.07%				08/2028	2,110		2,087		0.7		2,089
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%		N/A(6)				08/2028	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(1)		—		(6)
Oakbridge Insurance Agency LLC	One stop	SF +	5.50%	(g)	10.66%				11/2029	1,684		1,670		0.6		1,684
Oakbridge Insurance Agency LLC	One stop	P +	4.50%	(a)(g)	12.07%				11/2029	84		82		—		84
Oakbridge Insurance Agency LLC	One stop	SF +	5.50%	(g)	10.66%				11/2029	67		60		—		67
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(h)	10.85%				05/2030	954		939		0.3		954
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(h)	10.85%				05/2030	318		313		0.1		318
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—		—
										14,587		14,403		4.8		14,573
IT Services
Critical Start, Inc.(17)	One stop	SF +	6.75%	(h)	8.40%	cash/	3.63%	PIK	05/2028	215		213		0.1		212
Critical Start, Inc.(17)	One stop	SF +	6.75%	(h)	8.40%	cash/	3.63%	PIK	05/2028	117		115		—		116
Critical Start, Inc.	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		—
Goldcup 31018 AB(7)(8)(11)(17)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	882		799		0.3		882
Goldcup 31018 AB(7)(8)(11)(17)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	82		78		—		82
Goldcup 31018 AB(5)(7)(8)(11)	One stop	E +	6.50%		N/A(6)				01/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	5.50%	(h)	10.56%				06/2029	4,877		4,852		1.6		4,877
Netwrix Corporation(5)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	5.50%	(h)	10.56%				06/2029	37		35		—		41
PDQ Intermediate, Inc.(17)	Subordinated debt	N/A			13.75%	PIK			10/2031	57		56		—		57
ReliaQuest Holdings, LLC(17)	One stop	SF +	6.75%	(h)	8.37%	cash/	3.63%	PIK	04/2031	5,741		5,715		1.9		5,741
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(1)		—		—
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(2)		—		—
WPEngine, Inc.	One stop	SF +	6.50%	(h)	11.62%				08/2029	244		240		0.1		244
WPEngine, Inc.	One stop	SF +	6.50%		N/A(6)				08/2029	—		—		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Zarya Holdco, Inc.	One stop	SF +	6.50%	(h)	11.56%				07/2027	$	299	$	299	0.1	%	$	293
Zarya Holdco, Inc.(5)	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		(1)
Zarya Holdco, Inc.	One stop	SF +	6.50%	(h)	11.56%				07/2027	119		117		—		116
										12,670		12,514		4.1		12,660
Leisure Products
Crunch Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(2)		—		(2)
Crunch Holdings, LLC	One stop	SF +	4.75%	(g)	9.61%				09/2031	3,295		3,279		1.1		3,279
Movement Holdings, LLC	One stop	SF +	5.25%	(g)	10.10%				03/2030	1,803		1,786		0.6		1,803
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(3)		—		—
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(11)		—		—
										5,098		5,049		1.7		5,080
Life Sciences Tools & Services
Celerion Buyer, Inc.	One stop	SF +	5.50%	(h)	10.73%				11/2029	4,199		4,114		1.4		4,199
Celerion Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(14)		—		—
Graphpad Software, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(1)		—		—
Graphpad Software, LLC	One stop	SF +	4.75%	(h)	9.35%				06/2031	1,926		1,917		0.6		1,926
Graphpad Software, LLC	One stop	SF +	4.75%	(h)	9.35%				06/2031	48		46		—		48
										6,173		6,061		2.0		6,173
Machinery
AI Titan Parent, Inc.	One stop	SF +	4.75%	(h)	9.81%				08/2031	655		648		0.2		648
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		(1)
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(1)		—		(1)
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	10.10%				12/2030	4,374		4,335		1.5		4,374
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	10.10%				12/2030	259		252		0.1		259
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	10.10%				12/2029	87		82		—		87
										5,375		5,315		1.8		5,366
Media
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(3)		—		—
Lotus Topco, Inc.	One stop	SF +	4.75%	(i)	9.00%				06/2030	1,765		1,753		0.6		1,765
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(6)		—		—
										1,765		1,744		0.6		1,765
Oil, Gas & Consumable Fuels
Envernus, Inc.	One stop	SF +	5.50%	(g)	10.35%				12/2029	2,928		2,890		1.0		2,928
Envernus, Inc.	One stop	SF +	5.50%	(g)	10.35%				12/2029	15		12		—		15
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		—
										2,943		2,901		1.0		2,943
Pharmaceuticals
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.00%	(h)	9.60%				05/2029	781		770		0.3		773
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.00%	(h)	9.60%				05/2029	53		52		—		52
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.00%	(g)	9.87%				05/2029	39		38		—		38
										873		860		0.3		863
Professional Services
ALKU Intermediate Holdings, LLC	One stop	SF +	6.25%	(i)	10.50%				05/2029	293		290		0.1		297
ALKU Intermediate Holdings, LLC	One stop	SF +	5.50%	(i)	9.75%				05/2029	32		32		—		32
bswift, LLC	One stop	SF +	6.38%	(h)	11.68%				11/2028	326		319		0.1		331
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(h)	10.32%				10/2027	260		259		0.1		260
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(h)	10.32%				10/2027	113		111		0.1		113
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(h)	10.42%				10/2027	34		33		—		34
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(h)	10.67%				10/2027	18		18		—		18
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(h)	10.67%				10/2027	47		46		—		47
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	10.02%				09/2028	224		221		0.1		224
DISA Holdings Corp.(17)	Subordinated debt	SF +	8.50%	(g)	11.51%	cash/	2.00%	PIK	03/2029	52		51		—		52
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	10.02%				09/2028	25		25		—		25

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
DISA Holdings Corp.	One stop	SF +	5.00%	(h)	10.02%				09/2028	$	31	$	31	—	%	$	31
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(2)		—		—
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	10.02%				09/2028	368		363		0.1		368
DISA Holdings Corp.	Senior secured	SF +	5.00%	(h)	10.11%				09/2028	32		30		—		32
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(4)		—		(1)
Eclipse Buyer, Inc.	One stop	SF +	4.75%	(h)	9.74%				09/2031	890		881		0.3		881
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(1)		—		(1)
Varicent Intermediate Holdings Corporation(17)	One stop	SF +	6.00%	(h)	7.35%	cash/	3.25%	PIK	08/2031	2,710		2,670		0.9		2,669
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	6.00%		N/A(6)				08/2031	—		(5)		—		(5)
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	6.00%		N/A(6)				08/2031	—		(5)		—		(5)
										5,455		5,363		1.8		5,402
Software
Anaplan, Inc.	One stop	SF +	5.25%	(h)	9.85%				06/2029	9,257		9,195		3.0		9,257
Anaplan, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2028	—		(1)		—		—
Anaplan, Inc.	One stop	SF +	5.25%	(h)	9.85%				06/2029	50		50		—		50
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(e)	10.20%				06/2029	684		613		0.2		684
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(e)	10.20%				06/2029	357		311		0.1		357
Arrow Buyer, Inc.	One stop	SF +	5.75%	(h)	10.35%				07/2030	1,084		1,060		0.4		1,084
Arrow Buyer, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(2)		—		—
Arrow Buyer, Inc.	One stop	SF +	5.75%	(h)	10.35%				07/2030	71		71		—		71
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.	One stop	SF +	4.50%	(h)	9.10%				05/2031	331		328		0.1		328
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2031	—		—		—		—
Artifact Bidco, Inc.	One stop	SF +	4.50%		N/A(6)				05/2030	—		—		—		—
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(g)	11.35%				03/2031	625		617		0.2		625
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(g)	11.35%				03/2031	910		893		0.3		910
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(3)		—		—
Baxter Planning Systems, LLC(17)	One stop	SF +	6.25%	(h)	8.12%	cash/	3.38%	PIK	05/2031	902		896		0.3		902
Baxter Planning Systems, LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(1)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(1)		—		—
BestPass, Inc.	One stop	SF +	5.25%	(g)	10.10%				08/2031	3,050		3,035		1.0		3,035
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(1)		—		(2)
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(2)		—		(2)
Bloomerang, LLC	One stop	SF +	6.00%	(g)	10.85%				12/2029	2,477		2,455		0.8		2,477
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(5)		—		—
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(7)		—		—
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(3)		—		—
CB Buyer, Inc.	One stop	SF +	5.25%	(h)	9.85%				07/2031	2,689		2,663		0.9		2,689
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(4)		—		—
Coupa Holdings, LLC	One stop	SF +	5.50%	(h)	10.75%				02/2030	2,162		2,114		0.7		2,162
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2030	—		(2)		—		—
Crewline Buyer, Inc.	One stop	SF +	6.75%	(h)	11.35%				11/2030	6,163		6,083		2.0		6,163
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(8)		—		—
Evergreen IX Borrower 2023, LLC	One stop	SF +	4.75%	(h)	9.35%				09/2030	3,018		2,939		1.0		2,988
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—		(9)		—		(3)
Evergreen IX Borrower 2023, LLC	One stop	SF +	4.75%	(h)	9.35%				09/2030	279		277		0.1		277
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.88%	(h)	7.18%	cash/	4.30%	PIK	07/2029	1,988		1,963		0.6		1,968
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.88%	(g)	7.54%	cash/	4.30%	PIK	07/2029	1,298		1,279		0.4		1,285
GTY Technology Holdings, Inc.(17)	One stop	SF +	6.88%	(h)	7.18%	cash/	4.30%	PIK	07/2029	238		236		0.1		236
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(1)		—		(1)
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(7)		—		—
GTY Technology Holdings, Inc.(17)	One stop	SF +	7.13%	(h)	7.92%	cash/	4.45%	PIK	07/2029	253		250		0.1		253
Gurobi Optimization, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(3)		—		(3)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Gurobi Optimization, LLC	One stop	SF +	4.75%	(g)(h)	9.47%				09/2031	$	3,287	$	3,254	1.1	%	$	3,254
Hyland Software, Inc.	One stop	SF +	6.00%	(g)	10.85%				09/2030	7,229		7,137		2.4		7,229
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.	One stop	SF +	6.50%	(g)	11.35%				01/2030	3,968		3,898		1.3		3,968
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(7)		—		—
ICIMS, Inc.(17)	One stop	SF +	5.75%	(g)(h)	10.67%				08/2028	3,314		3,280		1.0		3,148
ICIMS, Inc.	One stop	SF +	5.75%	(g)	10.62%				08/2028	30		29		—		25
ICIMS, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		—		—		(27)
IQN Holding Corp.	One stop	SF +	5.25%	(h)	10.31%				05/2029	798		793		0.3		798
IQN Holding Corp.	One stop	SF +	5.25%	(h)	10.31%				05/2028	14		13		—		14
Island Bidco AB(7)(11)(17)	One stop	SF +	7.00%	(h)(i)	8.76%	cash/	3.50%	PIK	07/2028	768		764		0.3		768
Island Bidco AB(7)(8)(11)(17)	One stop	E +	7.25%	(b)(d)	3.65%	cash/	7.25%	PIK	07/2028	439		411		0.1		439
Island Bidco AB(7)(11)(17)	One stop	SF +	7.00%	(i)	8.76%	cash/	3.50%	PIK	07/2028	195		194		0.1		195
Island Bidco AB(7)(11)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(7)(8)(11)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Kaseya Inc.(17)	One stop	SF +	5.50%	(h)	10.75%				06/2029	1,818		1,800		0.6		1,818
Kaseya Inc.(17)	One stop	SF +	5.50%	(h)	10.10%				06/2029	27		26		—		27
Kaseya Inc.	One stop	SF +	5.50%	(h)	10.78%				06/2029	21		20		—		21
Kaseya Inc.	One stop	SF +	5.50%	(h)	10.75%				06/2029	7		6		—		7
Navex TopCo, Inc.	One stop	SF +	5.50%	(g)	10.60%				11/2030	5,849		5,746		1.9		5,849
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(9)		—		—
Panzura, LLC(17)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	59		54		—		49
PING Identity Holding Corp.	One stop	SF +	4.75%	(h)	9.35%				10/2029	642		633		0.2		642
PING Identity Holding Corp.(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
Quant Buyer, Inc.	One stop	SF +	5.25%	(h)	10.31%				06/2029	2,659		2,641		0.9		2,659
Quant Buyer, Inc.	One stop	SF +	5.25%	(h)	10.39%				06/2029	2,293		2,277		0.8		2,293
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Rainforest Bidco Limited(7)(8)(9)(17)	One stop	SN +	6.05%	(e)	8.45%	cash/	2.55%	PIK	07/2029	772		675		0.2		743
Rainforest Bidco Limited(7)(9)(17)	One stop	SF +	6.05%	(f)	8.34%	cash/	2.55%	PIK	07/2029	136		135		—		131
Rainforest Bidco Limited(7)(8)(9)(17)	One stop	SN +	6.05%	(e)	8.45%	cash/	2.55%	PIK	07/2029	57		50		—		55
SailPoint Technologies Holdings, Inc.	One stop	SF +	6.00%	(h)	11.10%				08/2029	3,894		3,839		1.3		3,894
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%	(h)	11.40%				07/2028	552		543		0.2		552
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Togetherwork Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(5)		—		—
Togetherwork Holdings, LLC	One stop	SF +	5.25%	(g)	10.10%				05/2031	5,897		5,848		1.9		5,897
Togetherwork Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(7)		—		—
Zendesk, Inc.	One stop	SF +	5.00%	(h)	9.69%				11/2028	4,063		4,009		1.3		4,063
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(7)		—		—
										86,674		85,301		28.2		86,300
Specialty Retail
Biscuit Parent, LLC	One stop	SF +	4.75%	(h)	9.35%				02/2031	3,111		3,090		1.0		3,111
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(7)		—		—
Cavender Stores L.P.	Senior secured	SF +	5.00%	(h)	9.60%				10/2029	6,141		6,089		2.0		6,141
CVP Holdco, Inc.(5)	One stop	SF +	7.50%		N/A(6)				06/2030	—		(3)		—		—
CVP Holdco, Inc.	One stop	SF +	5.00%	(g)	9.85%				06/2031	2,734		2,708		0.9		2,734
CVP Holdco, Inc.(5)	One stop	SF +	7.50%		N/A(6)				06/2031	—		(3)		—		—
PetVet Care Centers LLC	One stop	SF +	6.00%	(g)	10.85%				11/2030	2,368		2,327		0.7		2,250
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(6)		—		(16)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(3)		—		—
PPV Intermediate Holdings, LLC	One stop	SF +	5.75%	(h)	10.81%				08/2029	3,753		3,706		1.2		3,753
PPV Intermediate Holdings, LLC(17)	One stop	N/A			14.75%	PIK			08/2030	1,608		1,574		0.6		1,640

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	$	480	$	473	0.2	%	$	480
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	111		110		0.1		111
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	20		20		—		20
PPV Intermediate Holdings, LLC(17)	One stop	N/A			13.75%	PIK			08/2030	20		19		—		20
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(3)		—		—
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(2)		—		(2)
Radiance Borrower, LLC	One stop	SF +	5.25%	(g)	10.10%				06/2031	65		62		—		65
Radiance Borrower, LLC(17)	One stop	SF +	5.75%	(g)	7.85%	cash/	2.75%	PIK	06/2031	3,396		3,372		1.1		3,396
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	2,516		2,494		0.8		2,516
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	167		166		0.1		167
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	164		163		0.1		164
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	130		129		0.1		130
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)(i)	14.11%	PIK			09/2029	35		34		—		35
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	54		54		—		54
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(1)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	41		41		—		41
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	38		38		—		38
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(3)		—		—
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.60%	PIK			09/2029	137		135		0.1		137
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(4)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	74		74		—		74
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.60%	PIK			09/2029	73		72		—		73
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	50		50		—		50
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.60%	PIK			09/2029	7		7		—		7
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)	13.60%	PIK			09/2029	68		59		—		68
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				09/2029	259		257		0.1		259
Salon Lofts Group, LLC(17)	Second lien	SF +	9.00%	(h)(i)	14.30%	PIK			09/2029	26		26		—		26
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(h)	10.35%				08/2028	81		81		—		81
										27,727		27,395		9.1		27,623
Water Utilities
Vessco Midco Holdings, LLC	One stop	SF +	5.25%	(g)(i)	10.22%				07/2031	277		274		0.1		274
Vessco Midco Holdings, LLC	One stop	SF +	5.25%		N/A(6)				07/2031	—		—		—		—
Vessco Midco Holdings, LLC	One stop	SF +	5.25%	(i)	9.54%				07/2031	14		13		—		13
										291		287		0.1		287

Total debt investments										292,249		287,920		95.2		291,377

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(14)(15)
Aerospace & Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		02/2023	N/A	15	$	145	—	%	$	121

Automobiles
CAP-KSI Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	140	—		—		—
CAP-KSI Holdings, LLC	Preferred stock	N/A	N/A		06/2024	N/A	140	140		—		140
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		07/2022	N/A	—	44		—		63
Quick Quack Car Wash Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	751	751		0.3		791
Quick Quack Car Wash Holdings, LLC	LLC units	N/A	N/A		06/2024	N/A	149	149		0.1		157
Yorkshire Parent, Inc.	LP units	N/A	N/A		12/2023	N/A	—	24		—		26
								1,108		0.4		1,177
Commercial Services & Supplies
FR Vision Holdings, Inc.	LP units	N/A	N/A		01/2024	N/A	—	20		—		21

Diversified Consumer Services
CHVAC Services Investment, LLC	Common stock	N/A	N/A		05/2024	N/A	23	59		—		67
DP Flores Holdings, LLC	LLC units	N/A	N/A		09/2022	N/A	50	50		—		64
HS Spa Holdings, Inc.	Common stock	N/A	N/A		05/2022	N/A	33	33		—		33
NSG Buyer, Inc. (7)	LP units	N/A	N/A		11/2022	N/A	—	397		0.2		517
Virginia Green Acquisition, LLC	LP units	N/A	N/A		12/2023	N/A	18	18		—		20
								557		0.2		701
Healthcare Technology
Amberfield Acquisition Co.	LLC units	N/A	N/A		05/2024	N/A	100	100		—		100

Hotels, Restaurants & Leisure
PB Group Holdings, LLC	LP units	N/A	N/A		08/2024	N/A	24	55		—		55

Insurance
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		11/2023	N/A	1	18		—		19

IT Services
Critical Start, Inc.	Common stock	N/A	N/A		05/2022	N/A	17	17		—		9
Netwrix Corporation	LLC units	N/A	N/A		06/2022	N/A	4	9		—		11
								26		—		20
Leisure Products
Movement Holdings, LLC	LLC units	N/A	N/A		03/2024	N/A	—	107		—		97

Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	186	186		0.1		186
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	186	—		0.1		140
								186		0.2		326
Professional Services
Eclipse Buyer, Inc.(16)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	50		—		49

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.	LP interest	N/A			N/A		06/2022	N/A	364	$	364	0.2	%	$	564
CB Buyer, Inc.	LP units	N/A			N/A		07/2024	N/A	56	56		—		56
Cynet Security Ltd.(7)(12)	Preferred stock	N/A			N/A		08/2022	N/A	9	31		—		41
GTY Technology Holdings, Inc.	LP units	N/A			N/A		07/2022	N/A	28	28		—		55
Gurobi Optimization, LLC	Common stock	N/A			N/A		09/2024	N/A	—	44		—		44
Kaseya Inc.(16)	Preferred stock	SF +	10.75%	(h)	15.35%	Non-Cash	06/2022	N/A	—	439		0.2		463
Kaseya Inc.	LP interest	N/A			N/A		06/2022	N/A	20	20		—		21
Onit, Inc.(16)	Preferred stock	N/A			15.00%	Non-Cash	02/2023	N/A	—	55		—		64
Onit, Inc.	Warrant	N/A			N/A		02/2023	N/A	—	7		—		10
Panzura, LLC	LLC units	N/A			N/A		09/2023	N/A	1	4		—		—
Templafy APS and Templafy, LLC(7)(13)	Warrant	N/A			N/A		07/2022	N/A	—	8		—		11
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A		07/2024	N/A	67	291		0.1		294
Zendesk, Inc.	LP units	N/A			N/A		11/2022	N/A	9	91		0.1		86
										1,438		0.6		1,709
Specialty Retail
Salon Lofts Group, LLC	LP units	N/A			N/A		08/2022	N/A	—	63		—		53

Total equity investments										3,873		1.4		4,448

Total investments										291,793		96.6		295,825

Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					4.8%	(18)				$	10,214	3.3	%	$	10,214
Total money market funds										10,214		3.3		10,214
Total investments and money market funds										$	302,007	99.9	%	$	306,039

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, total non-qualifying assets at fair value represented 2.2% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 1. Organization

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

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

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

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

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

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

readily available, the Investment Adviser’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

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

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

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital Direct Lending Unlevered Corporation Holdings LLC and Golub Capital Direct Lending Unlevered Corporation Holdings Coinvest, Inc., in its consolidated financial statements.

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

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

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

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

Derivative instruments:

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

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

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

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

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and six months ended March 31, 2025, the Company received Loan Origination Fees that were capitalized of $325 and $686, respectively. For the three and six months ended March 31, 2024, the Company received Loan Origination Fees that were capitalized of $442 and $1,630, respectively. For the three and six months ended March 31, 2025, interest income included $360 and $568, respectively, of Discount Amortization. For the three and six months ended March 31, 2024, interest income included $157 and $266, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2025, investment income included $484 and $945, respectively, of PIK interest and the Company capitalized PIK interest of $473 and $934, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2024, investment income included $351 and $728, respectively, of PIK interest and the Company capitalized PIK interest of $443 and $773, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For both the three and six months ended March 31, 2025, fee income included $8 of non-recurring prepayment premiums. For the three and six months ended March 31, 2024, fee income included no non-recurring prepayment premiums. All other income is recorded into income when earned.

For the three and six months ended March 31, 2025, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $6,945 and $15,343, respectively. For the three and six months ended March 31, 2024, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $6,231 and $9,058, respectively.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

For the three and six months ended March 31, 2025, the Company recognized PIK and non-cash dividend income of $35 and $57, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024, the Company recognized PIK and non-cash dividend income of $19 and $33, respectively, which were capitalized into the cost basis of certain preferred equity investments. For both the three and six months ended March 31, 2025, the Company received $84 of cash payments of accrued and capitalized preferred dividends. For the three and six months ended March 31, 2024, the Company received no cash payments of accrued and capitalized preferred dividends.

Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three months ended March 31, 2025, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash. For the six months ended March 31, 2025, the Company recorded dividend income received in cash of $28 and return of capital distributions received in cash of $41. For the three and six months ended March 31, 2024, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash.

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

Non-accrual loans: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of March 31, 2025 and September 30, 2024, the Company had no portfolio company investments on non-accrual status.

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

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2025, the Company did not record any U.S. federal excise tax expense. For the three and six months ended March 31, 2024, $8 and $28, respectively, was recorded for U.S. federal excise tax expense.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2025. The Company’s tax returns for the 2022 through 2023 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are amortized on a straight-line basis over three years. For the three and six months ended March 31, 2025, the Company amortized $28 and $58, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations. For the three and six months ended March 31, 2024, the Company amortized $29 and $59, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

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

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

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

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

Note 3. Stockholders’ Equity

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

As of March 31, 2025 and September 30, 2024, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:


	As of March 31, 2025				As of September 30, 2024
	Subscriptions		Contributions		Subscriptions		Contributions
GDLCU Stockholders	$	388,341	$	361,157	$	378,341	$	305,798

As of March 31, 2025 and September 30, 2024, the ratio of total contributed capital to total capital subscriptions was 93.0% and 80.8%, respectively, and the Company had uncalled capital commitments of $27,184 and $72,543, respectively.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The following table summarizes the shares of GDLCU common stock issued for the six months ended March 31, 2025 and 2024:


	Date	Shares Issued	NAV ($) per share		Proceeds

Shares issued for the six months ended March 31, 2024
Issuance of shares	10/27/23	1,124,891.000	$	15.00	$	16,873
Issuance of shares	11/10/23	1,124,891.000	15.00		16,873
Issuance of shares	12/15/23	1,999,805.999	15.00		29,997
Issuance of shares	03/18/24	1,124,891.000	15.00		16,874





Shares issued for capital drawdowns		5,374,478.999			$	80,617









Shares issued for the six months ended March 31, 2025
Issuance of shares	11/05/24	1,135,022.533	$	15.00	$	17,026
Issuance of shares	12/17/24	1,135,022.533	15.00		17,025
Issuance of shares	02/14/25	1,420,519.666	15.00		21,308









Shares issued for capital drawdowns		3,690,564.732			$	55,359

Note 4. Related Party Transactions

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

The base management fee is calculated at an annual rate equal to 1.00% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of GDLCU, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company. The Investment Adviser has agreed to certain waivers with respect to the base management fee for the periods following April 1, 2022, the initial closing date for the private placement of shares of the Company's common stock (the “Initial Closing”), and will irrevocably waive 100% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2022 to March 31, 2023; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2023 to March 31, 2024; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2024 to March 31, 2025.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025, the base management fee incurred by the Company was $845 and $1,630, respectively, and the base management fee irrevocably waived by the Investment Adviser was $282 and $543, respectively.

For the three and six months ended March 31, 2024, the base management fee incurred by the Company was $482 and $849, respectively, and the base management fee irrevocably waived by the Investment Adviser was $321 and $566, respectively.

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

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

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.0% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

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

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

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

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the “catch-up” provision; and

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

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

For the three and six months ended March 31, 2025, the Income Incentive Fee incurred was $801 and $1,566, respectively. For the three and six months ended March 31, 2024, the Income Incentive Fee incurred was $556 and $981, respectively.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 10.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or, upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ended December 31, 2022, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis, less (2) unamortized deferred debt issuance costs as of the date of calculation, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis from April 1, 2022, the date the Company elected to be a BDC.

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

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

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

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

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

As of both March 31, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to March 31, 2025.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 10.0% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. For the three months ended March 31, 2025, the Company did not accrue a capital gain incentive fee under GAAP. For the six months ended March 31, 2025, the Company accrued a capital gain incentive fee under GAAP of $66.

For the three and six months ended March 31, 2024, the Company accrued a capital gain incentive fee under GAAP of $137 and $159, respectively.

As of March 31, 2025 and September 30, 2024, there was $430 and $364, respectively, accrued for capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

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

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that the Income Incentive Fee and the Capital Gain Incentive Fee will not be paid at any time if, after such payment, the cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to date would exceed an incentive fee cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is equal to the difference between (a) 10.0% of Cumulative Pre-Incentive Fee Net Income and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since April 1, 2022.

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

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

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities is $116 and $85, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through April 1, 2022 and has incurred $56 of organization costs and professional fees on behalf of the Company since the Company’s formation in September 2021.

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700. Any costs in excess of $700 will be borne by the Investment Adviser. As of both March 31, 2025 and September 30, 2024, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $301.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2025 were $276 and $439, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2024 were $164 and $340, respectively. As of March 31, 2025 and September 30, 2024, there was $137 and $164, respectively, included in accounts payable and other liabilities for reimbursable expenses that were paid by the Administrator on behalf of the Company.

On April 1, 2022, GGP Holdings LP, an affiliate of the Investment Adviser, acquired 700.000 shares of common stock of the Company as part of the Company's conversion to a Maryland corporation, in respect of GGP Holdings LP's capital contribution to the Company prior to such date of $11. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a Subscription Agreement for $25,000. On May 21, 2024, GGP Class B-P, LLC entered into agreements with existing stockholders to assume $15,000 of subscription commitments and purchase the 550,000 shares of common stock held by such stockholders. As of March 31, 2025, GGP Class B-P, LLC has an aggregate commitment of $40,011. As of March 31, 2025, the Company has issued 2,480,650.997 shares of its common stock, including 550,000 shares of its common stock purchased from other stockholders, to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $37,210 and has also issued 26,412.009 shares to GGP Class B-P, LLC through the DRIP.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (the “Adviser Revolver”) which, as of March 31, 2025, permits the Company to borrow a maximum of $75,000 and expires on March 26, 2028. Refer to Note 8 for discussion of the Adviser Revolver.

Note 5. Investments

Investments as of March 31, 2025 and September 30, 2024 consisted of the following:


	As of March 31, 2025						As of September 30, 2024
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	14,413	$	14,289	$	14,428	$	11,739	$	11,618	$	11,734
One stop	320,228		316,114		319,596		279,276		275,089		278,409
Second lien	1,392		1,376		1,409		1,071		1,053		1,071
Subordinated debt	147		145		147		163		160		163
Equity	N/A		5,011		5,947		N/A		3,873		4,448
Total	$	336,180	$	336,935	$	341,527	$	292,249	$	291,793	$	295,825

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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


	As of March 31, 2025				As of September 30, 2024
Amortized Cost:
United States
Mid-Atlantic	$	48,799	14.5	%	$	49,875	17.1	%
Midwest	75,725		22.5		59,597		20.4
Northeast	32,523		9.6		34,144		11.7
Southeast	61,559		18.3		46,070		15.8
Southwest	42,756		12.7		35,628		12.2
West	66,137		19.6		61,008		20.9
United Kingdom	3,671		1.1		1,784		0.6
Canada	2,810		0.8		—		—
Luxembourg	—		—		860		0.3
Sweden	2,372		0.7		2,245		0.8
Israel	31		0.0	*	31		0.0	*
Denmark	552		0.2		551		0.2
Total	$	336,935	100.0	%	$	291,793	100.0	%

Fair Value:
United States
Mid-Atlantic	$	49,528	14.5	%	$	50,343	17.0	%
Midwest	76,865		22.5		60,559		20.5
Northeast	32,880		9.6		34,625		11.7
Southeast	62,568		18.3		46,557		15.7
Southwest	43,083		12.6		36,005		12.2
West	66,887		19.6		61,933		20.9
United Kingdom	3,812		1.1		1,970		0.7
Canada	2,856		0.9		—		—
Luxembourg	—		—		863		0.3
Sweden	2,445		0.7		2,366		0.8
Israel	42		0.0	*	41		0.0	*
Denmark	561		0.2		563		0.2
Total	$	341,527	100.0	%	$	295,825	100.0	%


*			Represents an amount less than 0.1%

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of March 31, 2025 and September 30, 2024 were as follows:


	As of March 31, 2025				As of September 30, 2024
Amortized Cost:
Aerospace & Defense	$	5,563	1.6	%	$	5,488	1.9	%
Air Freight & Logistics	3,137		0.9		—		—
Auto Components	7,924		2.4		6,400		2.2
Automobiles	19,489		5.8		15,914		5.5
Banks	1,137		0.3		835		0.3
Beverages	5,950		1.8		4,189		1.4

Capital Markets	3,880		1.1		2,567		0.9
Chemicals	168		0.0	*	167		0.1
Commercial Services & Supplies	13,322		4.0		17,250		5.9


Construction & Engineering	3,137		0.9		2,444		0.8
Diversified Consumer Services	28,538		8.5		23,573		8.1
Diversified Financial Services	2,548		0.7		2,814		1.0
Electric Utilities	394		0.1		—		—
Electrical Equipment	1,602		0.5		126		0.0	*
Electronic Equipment, Instruments & Components	1,502		0.4		1,502		0.5

Food Products	4,618		1.4		4,675		1.6
Healthcare Equipment & Supplies	6,312		1.9		5,863		2.0
Healthcare Providers & Services	8,951		2.7		5,891		2.0
Healthcare Technology	12,020		3.6		7,545		2.6
Hotels, Restaurants & Leisure	12,236		3.6		11,956		4.1

Industrial Conglomerates	3,603		1.1		3,513		1.2
Insurance	18,841		5.6		14,421		4.9
IT Services	12,739		3.8		12,540		4.3
Leisure Products	5,143		1.5		5,156		1.8
Life Sciences Tools & Services	6,953		2.1		6,247		2.1
Machinery	5,637		1.7		5,315		1.8
Media	1,737		0.5		1,744		0.6
Oil, Gas & Consumable Fuels	2,966		0.9		2,901		1.0

Pharmaceuticals	4,312		1.3		860		0.3
Professional Services	7,132		2.1		5,413		1.9
Software	93,675		27.8		86,739		29.7
Specialty Retail	28,653		8.5		27,458		9.4
Transportation Infrastructure	2,818		0.8		—		—

Water Utilities	298		0.1		287		0.1
Total	$	336,935	100.0	%	$	291,793	100.0	%


*			Represents an amount less than 0.1%

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)


	As of March 31, 2025				As of September 30, 2024
Fair Value:
Aerospace & Defense	$	5,703	1.7	%	$	5,665	1.9	%
Air Freight & Logistics	3,164		0.9		—		—
Auto Components	7,982		2.3		6,493		2.2
Automobiles	19,848		5.8		16,065		5.4
Banks	1,153		0.3		852		0.3
Beverages	6,088		1.8		4,265		1.4

Capital Markets	3,889		1.1		2,599		0.9
Chemicals	172		0.1		167		0.1
Commercial Services & Supplies	13,503		3.9		17,507		5.9


Construction & Engineering	3,159		0.9		2,470		0.8
Diversified Consumer Services	28,969		8.5		24,058		8.1
Diversified Financial Services	2,575		0.7		2,857		1.0
Electric Utilities	394		0.1		—		—
Electrical Equipment	1,622		0.5		129		0.0	*
Electronic Equipment, Instruments & Components	1,558		0.4		1,566		0.5

Food Products	4,677		1.4		4,731		1.6
Healthcare Equipment & Supplies	6,399		1.9		5,922		2.0
Healthcare Providers & Services	9,061		2.7		5,996		2.0
Healthcare Technology	12,155		3.6		7,598		2.6
Hotels, Restaurants & Leisure	12,359		3.6		12,066		4.1

Industrial Conglomerates	3,645		1.1		3,511		1.2
Insurance	19,064		5.6		14,592		4.9
IT Services	12,844		3.8		12,680		4.3
Leisure Products	5,160		1.5		5,177		1.8
Life Sciences Tools & Services	7,321		2.1		6,499		2.2
Machinery	5,693		1.7		5,366		1.8
Media	1,756		0.5		1,765		0.6
Oil, Gas & Consumable Fuels	3,004		0.9		2,943		1.0

Pharmaceuticals	4,401		1.3		863		0.3
Professional Services	7,226		2.1		5,451		1.8
Software	94,980		27.8		88,009		29.8
Specialty Retail	28,884		8.5		27,676		9.4

Transportation Infrastructure	2,818		0.8		—		—
Water Utilities	301		0.1		287		0.1
Total	$	341,527	100.0	%	$	295,825	100.0	%


*			Represents an amount less than 0.1%

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 6. Derivatives

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

Forward Currency Contracts

The outstanding forward currency contracts as of March 31, 2025 and September 30, 2024 were as follows:


As of March 31, 2025
Counterparty	Currency to be sold			Currency to be purchased			Settlement Date	Unrealized appreciation		Unrealized depreciation
Macquarie Bank Limited	£	1,380	GBP	$	1,697	USD	10/14/2025	$	—	$	(82)
Macquarie Bank Limited	€	1,600	EUR	$	1,753	USD	10/14/2025	4		—
								$	4	$	(82)


As of September 30, 2024
Counterparty	Currency to be sold			Currency to be purchased			Settlement Date	Unrealized appreciation		Unrealized depreciation
Macquarie Bank Limited	£	1,380	GBP	$	1,697	USD	10/14/2025	$	—	$	(135)
Macquarie Bank Limited	€	1,600	EUR	$	1,753	USD	10/14/2025	—		(50)




								$	—	$	(185)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and six months ended March 31, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:


Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Foreign exchange	$	—	$	—	$	—	$	(211)

Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Foreign exchange	$	(122)	$	63	$	107	$	130

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


Average U.S. Dollar notional outstanding	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Forward currency contracts	$	3,450	$	3,450	$	3,450	$	3,432

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

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of March 31, 2025 and September 30, 2024, there was $78 and $185, respectively, of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2025 and September 30, 2024.


As of March 31, 2025
Counterparty	Consolidated Statements of Financial Condition Location of Amounts	Gross Amount of Recognized Assets		Gross Amount of Recognized (Liabilities)		Net amounts presented in the Consolidated Statements of Financial Condition		Collateral (Received) /Pledged(1)		Net Amounts(2)
Macquarie Bank Limited	Net unrealized appreciation on forward currency contracts	$	4	$	(82)	$	(78)	$	78	$	—


As of September 30, 2024
Counterparty	Consolidated Statements of Financial Condition Location of Amounts	Gross Amount of Recognized Assets		Gross Amount of Recognized (Liabilities)		Net amounts presented in the Consolidated Statements of Financial Condition		Collateral (Received) /Pledged(1)		Net Amounts(2)
Macquarie Bank Limited	Net unrealized appreciation on forward currency contracts	$	—	$	(185)	$	(185)	$	185	$	—

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

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

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 7. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2025 and September 30, 2024 were valued using Level 3 inputs. As of both March 31, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

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

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

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

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of March 31, 2025 and September 30, 2024:


As of March 31, 2025	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	335,580	$	335,580
Equity investments(1)	—		—		5,947		5,947
Money market funds(1)(2)	15,572		—		—		15,572
Forward currency contracts	—		4		—		4
Total assets, at fair value:	$	15,572	$	4	$	341,527	$	357,103
Liabilities, at fair value:
Forward currency contracts	$	—	$	(82)	$	—	$	(82)
Total liabilities, at fair value:	$	—	$	(82)	$	—	$	(82)

As of September 30, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	291,377	$	291,377
Equity investments(1)	—		—		4,448		4,448
Money market funds(1)(2)	10,214		—		—		$	10,214

Total assets, at fair value:	$	10,214	$	—	$	295,825	$	306,039
Liabilities, at fair value:
Forward currency contracts	$	—	$	(185)	$	—	$	(185)
Total liabilities, at fair value:	$	—	$	(185)	$	—	$	(185)

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

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

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2025 was $689 and $1,265, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2024 was $1,317 and $1,679, respectively.

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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


	For the six months ended March 31, 2025
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	291,377	$	4,448	$	295,825
Net change in unrealized appreciation (depreciation) on investments	300		361		661
Net translation of investments in foreign currencies	(101)		—		(101)

Realized gain (loss) on translation of investments in foreign currencies	(1)		—		(1)
Fundings of (proceeds from) revolving loans, net	654		—		654
Fundings of investments	56,385		1,330		57,715
PIK interest and non-cash dividends	934		57		991
Proceeds from non-cash dividends	—		(84)		(84)
Proceeds from principal payments and sales of portfolio investments	(14,536)		(165)		(14,701)
Accretion of discounts and amortization of premiums	568		—		568
Fair value, end of period	$	335,580	$	5,947	$	341,527


	For the six months ended March 31, 2024
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	107,731	$	2,174	$	109,905
Net change in unrealized appreciation (depreciation) on investments	1,389		192		1,581
Net translation of investments in foreign currencies	88		—		88
Realized gain (loss) on investments	—		(3)		(3)
Realized gain (loss) on translation of investments in foreign currencies	3		—		3
Fundings of (proceeds from) revolving loans, net	74		—		74
Fundings of investments	93,597		211		93,808
PIK interest and non-cash dividends	773		33		806
Proceeds from principal payments and sales of portfolio investments	(1,098)		—		(1,098)
Accretion of discounts and amortization of premiums	266		—		266
Fair value, end of period	$	202,823	$	2,607	$	205,430

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2025 and September 30, 2024:

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of

March 31, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets, at fair value:

Senior secured loans

14,428

Yield analysis

Market interest rate

8.5% - 10.0% (9.1%)

Market comparable companies

EBITDA multiples

6.5x - 20.0x (10.3x)

One stop loans(2)

312,404

Yield analysis

Market interest rate

4.0% - 20.0% (9.4%)

Market comparable companies

EBITDA multiples

5.4x - 38.0x (16.1x)

Market comparable companies

Revenue multiples

1.5x - 16.0x (10.2x)

7,192

Broker/ Dealer bids or quotes

N/A

Subordinated debt and second lien loans

1,556

Yield analysis

Market interest rate

12.5% - 15.0% (12.7%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (11.0x)

Equity(3)

5,947

Market comparable companies

EBITDA multiples

8.5x - 28.0x (16.1x)

Revenue multiples

1.5x - 16.0x (12.7x)

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

(2)The Company valued $261,386 and $51,018 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $4,873 and $1,074 of equity investments using EBITDA and revenue multiples, respectively.

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of

September 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets, at fair value:

Senior secured loans

11,734

Yield analysis

Market interest rate

8.5% - 9.5% (9.0%)

Market comparable companies

EBITDA multiples

6.5x - 16.0x (9.2x)

One stop loans(2)

271,181

Yield analysis

Market interest rate

6.3% - 21.0% (9.4%)

Market comparable companies

EBITDA multiples

8.0x - 38.0x (16.4x)

Market comparable companies

Revenue multiples

2.8x - 16.5x (10.5x)

7,228

Broker/ Dealer bids or quotes

N/A

Subordinated debt and second lien loans

1,234

Yield analysis

Market interest rate

12.3% - 15.0% (12.6%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (11.3x)

Equity(3)

4,448

Market comparable companies

EBITDA multiples

9.0x - 23.0x (16.9x)

Revenue multiples

2.8x - 16.5x (14.9x)

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

(2)The Company valued $226,350 and $44,831 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $3,694 and $754 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. All assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity.

Note 8. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The Company has not sought or obtained any approval necessary to be subject to the reduced asset coverage requirements available to BDCs pursuant to Section 61(a)(2) of the 1940 Act, which permits a BDC to have asset coverage of 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of March 31, 2025 and September 30, 2024, the Company did not have any outstanding borrowings or senior securities representing indebtedness.

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2025, the Company was permitted to borrow up to $75,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of March 26, 2028. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of March 31, 2025 was 4.2%. On March 26, 2025, the Company amended the revolving loan agreement to (i) increase the borrowing capacity under the Adviser Revolver from $40,000 to $75,000 and (ii) extend the maturity date of the Adviser Revolver from April 1, 2025 to March 26, 2028. The other material terms of the Adviser Revolver were unchanged. For the three and six months ended March 31, 2025, the Company had borrowings of $35, made repayments of $35 and incurred an amount less than $1 of interest expense on the Adviser Revolver. For the three and six months ended March 31, 2024, the Company had no borrowings and made no repayments on the Adviser Revolver. As of March 31, 2025 and September 30, 2024, the Company did not have any outstanding borrowings under the Adviser Revolver.

Note 9. Commitments and Contingencies

Commitments: As of March 31, 2025, the Company had outstanding commitments to fund investments totaling $63,557, including $25,369 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $68,856, including $22,140 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 for outstanding forward currency contracts as of March 31, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and in the future could engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company could be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

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

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 10. Financial Highlights

The financial highlights for the Company are as follows:


	Six months ended March 31,
Per share data:(1)	2025			2024

Net asset value at beginning of period	$	15.00		$	15.00
Distributions declared:(2)
From net investment income - after tax	(0.66)			(0.82)


Net investment income - after tax	0.63			0.70
Net realized gain (loss) on investment transactions	(0.00) ^			(0.02)
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.03			0.14
Net asset value at end of period	$	15.00		$	15.00
Total return based on net asset value per share(4)	4.40		%	4.74		%
Number of common shares outstanding	24,103,543.606			14,611,752.608


	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2025			2024

Ratio of net investment income - after tax to average net assets*	8.42		%	9.40		%
Ratio of total expenses to average net assets*(5)	1.85		%	2.20		%
Ratio of management fee waiver to average net assets*	(0.33)		%	(0.61)		%


Ratio of incentive fees to average net assets(5)	0.49		%	0.62		%
Ratio of excise tax to average net assets(5)	—		%	0.02		%
Ratio of net expenses to average net assets*(5)	1.52		%	1.59		%
Ratio of total expenses (without incentive fees) to average net assets*(5)	1.36		%	1.58		%
Total return based on average net asset value(6)	4.40		%	5.56		%
Total return based on average net asset value - annualized*(6)	8.82		%	11.12		%
Net assets at end of period	$	361,553		$	219,176
Average debt outstanding	$	—		$	—
Average debt outstanding per share	$	—		$	—
Portfolio Turnover*	9.12		%	1.31		%
Asset coverage ratio(7)	N/A			N/A
Asset coverage ratio per unit(8)	N/A			N/A
Average market value per unit(9):
Adviser Revolver	N/A			N/A

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

^ Represents an amount less than $0.01.

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

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

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

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

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

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

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The ratio is not applicable as there was no debt outstanding as of March 31, 2025 and March 31, 2024.

(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. The ratio is not applicable as there was no debt outstanding as of March 31, 2025 and March 31, 2024.

(9)Not applicable as the Adviser Revolver is not registered for public trading.

Note 11. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and six months ended March 31, 2025 and 2024:


	Three months ended March 31,				Six months ended March 31,

	2025		2024		2025		2024
Earnings available to stockholders	$	7,217	$	6,239	$	14,694	$	10,263
Basic and diluted weighted average shares outstanding	23,409,067		13,659,922		22,343,581		12,347,628
Basic and diluted earnings per share	$	0.31	$	0.46	$	0.66	$	0.83

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the six months ended March 31, 2025 and 2024:


Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
For the six months ended March 31, 2025
08/02/2024	10/15/2024	12/18/2024	20,412,978.874	$	0.1073	$	2,191
11/14/2024	11/15/2024	01/08/2025	21,548,001.407	0.1139		2,454
11/14/2024	12/13/2024	02/18/2025	21,548,001.407	0.1314		2,832
11/14/2024	01/17/2025	03/18/2025	22,683,023.940	0.1028		2,331
02/03/2025	02/26/2025	05/21/2025	24,103,543.606	0.1052		2,535
02/03/2025	03/17/2025	05/21/2025	24,103,543.606	0.0975		2,351




Total dividends declared for the six months ended March 31, 2025						$	14,694

For the six months ended March 31, 2024
08/03/2023	10/20/2023	12/28/2023	9,237,273.609	$	0.1143	$	1,056
11/17/2023	11/20/2023	12/28/2023	11,487,055.609	0.1247		1,432
11/17/2023	12/15/2023	02/21/2024	13,486,861.608	0.1139		1,536
11/17/2023	01/19/2024	03/20/2024	13,486,861.608	0.1206		1,625
02/02/2024	02/26/2024	05/22/2024	13,486,861.608	0.1434		1,934
02/02/2024	03/15/2024	05/22/2024	13,486,861.608	0.1987		2,680






Total dividends declared for the six months ended March 31, 2024						$	10,263

There were no distributions reinvested during the six months ended March 31, 2025 and 2024.

Note 13. Subsequent Events

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

On April 1, 2025, the Company entered into subscription agreements with additional stockholders totaling $12,850 in the aggregate.

On February 3, 2025 and May 2, 2025, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Record Date

Payment Date

Amount Per Share

April 18, 2025

June 17, 2025

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

May 26, 2025

August 20, 2025

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

June 20, 2025

August 20, 2025

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

July 18, 2025

September 17, 2025

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

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

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

Forward-Looking Statements

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

•our future operating results;

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

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

•our contractual arrangements and relationships with third parties;

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

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

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

•the adequacy of our financing sources and working capital;

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

•general economic and political trends and other external factors;

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

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

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

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

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

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this

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Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024.

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

Overview

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

The use of “unlevered” in our name is intended to mean that we will be unlevered, except for borrowings on a short term basis to fulfill working capital needs, and that we will not incur leverage to the same extent as is customary for other business development companies.

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

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

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

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $5.0 million to $30.0 million of capital, on average, in the securities of U.S. middle-market

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

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companies. We also selectively invest more than $30.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

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

As of March 31, 2025 and September 30, 2024, our portfolio at fair value was comprised of the following:


	As of March 31, 2025				As of September 30, 2024
Investment Type	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	14,428	4.2	%	$	11,734	4.0	%
One stop	319,596		93.6		278,409		94.0
Second lien	1,409		0.5		1,071		0.4
Subordinated debt	147		0.0	*	163		0.1
Equity	5,947		1.7		4,448		1.5
Total	$	341,527	100.0	%	$	295,825	100.0	%

* Represents an amount less than 0.1%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2025 and September 30, 2024, one stop loans included $51.0 million and $44.8 million, respectively, of recurring revenue loans at fair value.

As of March 31, 2025 and September 30, 2024, we had debt and equity investments in 148 and 128 portfolio companies, respectively.

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



	Three months ended		Six months ended
	March 31, 2025	December 31, 2024	March 31, 2025	March 31, 2024
Weighted average income yield(1)*	10.3%	10.8%	10.5%	12.5%
Weighted average investment income yield(2)*	10.8%	11.1%	10.9%	12.8%
Weighted average income yield of total investments(3)*	10.2%	10.6%	10.4%	12.4%
Weighted average investment income yield of total investments(4)*	10.6%	10.9%	10.8%	12.7%
Total return based on average net asset value(5)*	8.4%	9.3%	8.8%	11.1%

Net investment income - return on equity(6)*	8.3%	8.5%	8.4%	9.4%

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* Annualized for periods of less than one year.

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

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

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

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

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

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

As of March 31, 2025, GDLCU has earned an inception-to-date internal rate of return, or IRR, of 10.0% for stockholders taken as a whole. An individual stockholder’s IRR could vary based on the timing of their capital transactions. For the six months ended March 31, 2025 and 2024, GDLCU earned a fiscal year-to-date IRR of 9.1% and 14.0%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the dividend reinvestment plan, or DRIP), outflows (capital distributions), the stockholders’ net asset value, or NAV, at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

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

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

Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our short-term borrowings to the limited extent we incur such borrowings. We bear all other out-of-pocket costs and expenses of our operations and transactions including:

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

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

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

•expenses related to unsuccessful portfolio acquisition efforts;

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

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

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

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

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

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

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

•costs associated with individual or group stockholders;

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

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

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

•proxy voting expenses; and

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

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

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

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Recent Developments

On April 1, 2025, we entered into subscription agreements with additional stockholders totaling $12.9 million in the aggregate.

On February 3, 2025 and May 2, 2025, our board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

April 18, 2025

June 17, 2025

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

May 26, 2025

August 20, 2025

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

June 20, 2025

August 20, 2025

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

July 18, 2025

September 17, 2025

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

On May 2, 2025, Joshua M. Levinson resigned from his position as our Chief Compliance Officer and Secretary. Mr. Levinson’s resignation was not a result of any dispute or disagreement with the Company. Mr. Levinson remains with Golub Capital and was promoted to Chief Operating Officer and Chief Legal Officer of the Firm in 2024.

On May 2, 2025, our board of directors appointed Wu-Kwan Kit as Chief Compliance Officer and Secretary of the Company effective immediately. Ms. Kit has served as Senior BDC Counsel to Golub Capital since September 2024 and will continue in that role concurrent to her position as Chief Compliance Officer and Secretary. Prior to joining Golub Capital, Ms. Kit was Senior Vice President and Senior Counsel at PIMCO, where she primarily supported its registered funds. Prior to this position, she worked at Van Eck Associates as Assistant General Counsel. Prior to that, Ms. Kit worked as an Associate at Schulte Roth & Zabel’s Investment Management Group. Ms. Kit earned her BA degree cum laude from the University of Pennsylvania. She received a JD from the University of Pennsylvania Law School.

Consolidated Results of Operations

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

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Consolidated operating results for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024 are as follows:


	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025 vs. December 31, 2024		March 31, 2025		March 31, 2024		March 31, 2025 vs. March 31, 2024
	(In thousands)
Interest income	$	7,954	$	7,782	$	172	$	15,736	$	9,648	$	6,088
Payment-in-kind interest income	484		461		23		945		728		217
Accretion of discounts and amortization of premiums	360		208		152		568		266		302
Non-cash dividend income	35		22		13		57		33		24
Dividend income	—		28		(28)		28		—		28
Fee income	30		23		7		53		34		19
Total investment income	8,863		8,524		339		17,387		10,709		6,678
Net expenses	1,651		1,705		(54)		3,356		2,009		1,347
Net investment income - before tax	7,212		6,819		393		14,031		8,700		5,331
Excise tax	—		—		—		—		28		(28)
Net investment income - after tax	7,212		6,819		393		14,031		8,672		5,359
Net realized gain (loss) on investment transactions	1		(6)		7		(5)		(207)		202
Net change in unrealized appreciation (depreciation) on investment transactions	4		664		(660)		668		1,798		(1,130)
Net increase (decrease) in net assets resulting from operations	$	7,217	$	7,477	$	(260)	$	14,694	$	10,263	$	4,431
Average earning debt investments, at fair value	$	333,363	$	304,345	$	29,018	$	318,674	$	166,442	$	152,232
Average earning preferred equity investments, at fair value	$	506	$	585	$	(79)	$	538	$	450	$	88

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

Investment Income

Investment income increased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $0.3 million, primarily due to an increase in interest income due to an increase in the average earning debt investments balance of $29.0 million that was partially offset by declining interest base rates primarily due to the timing of resetting interest rate contracts.

Investment income increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $6.7 million, primarily due to an increase in interest and payment-in-kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $152.2 million.

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


	Three months ended				Six months ended
	March 31, 2025		December 31, 2024			March 31, 2025		March 31, 2024
Senior secured	9.7	%	10.1	%		9.9	%	11.2	%
One stop	10.2	%	10.5	%		10.3	%	12.0	%
Second lien	13.8	%	14.3	%		14.0	%	15.9	%
Subordinated debt	14.0	%	14.2	%		14.1	%	14.7	%

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Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 98.0% of our loan portfolio at fair value is subject to an interest rate floor. As of both March 31, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.79%.

As of March 31, 2025, we have second lien investments in two portfolio companies and subordinated debt investments in three portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

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


	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025 vs. December 31, 2024		March 31, 2025		March 31, 2024		March 31, 2025 vs. March 31, 2024
	(In thousands)


Base management fee, net of waiver	$	563	$	524	$	39	$	1,087	$	283	$	804
Income incentive fee	801		765		36		1,566		981		585
Capital gain incentive fee accrued under GAAP	—		66		(66)		66		159		(93)
Professional fees	146		228		(82)		374		405		(31)
Administrative service fee	116		100		16		216		98		118
General and administrative expenses	25		22		3		47		83		(36)

Net expenses	$	1,651	$	1,705	$	(54)	$	3,356	$	2,009	$	1,347

Management Fees

The base management fee, net of waiver, increased for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024, primarily as a result of an increase in average adjusted gross assets.

The base management fee, net of waiver, increased for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024, primarily as a result of an increase in average adjusted gross assets and certain waivers of the base management fee for certain periods following the initial closing date for the private placement of shares in our common stock where GC Advisors agreed to waive 66.7% of the base management fee for the six months ended March 31, 2024 and 33.3% of the base management fee for the six months ended March 31, 2025.

Incentive Fees

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

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The Income Incentive Fee remained relatively flat from the three months ended December 31, 2024 to the three months ended March 31, 2025. The Income Incentive Fee increased by $0.6 million from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by net funds growth. For each of the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024, we were fully through the catch up provision of the Income Incentive Fee calculation and the Income Incentive Fee was equal to 10% of Pre-Incentive Fee Net Investment Income.

As of March 31, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of both March 31, 2025 and September 30, 2024, there was $0.4 million in capital gain incentive fee accrual under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. For the six months ended March 31, 2025, we recorded an accrual for less than $0.1 million for capital gain incentive fee under GAAP. For the six months ended March 31, 2024, the accrual for a capital gain incentive fee under GAAP was $0.2 million.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of March 31, 2025 and September 30, 2024, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee and general and administrative expenses decreased by $0.1 million from the three months ended December 31, 2024 to the three months ended March 31, 2025, primarily due to a decrease in professional fees that was partially offset by higher administrative expenses associated with servicing a growing portfolio.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.1 million from the six months ended March 31, 2024 to the six months ended March 31, 2025, primarily due to higher administrative expenses associated with servicing a growing portfolio that was partially offset by a decrease in professional fees and general and administrative expenses.

In general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth and increase as a percentage of our total assets during periods of asset declines.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2025 and December 31, 2024 were $0.3 million, $0.2 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2025 and March 31, 2024 were $0.4 million and $0.3 million, respectively.

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $0.1 million and $0.2 million, respectively, of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

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


	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025 vs. December 31, 2024		March 31, 2025		March 31, 2024		March 31, 2025 vs. March 31, 2024
	(In thousands)
Net realized gain (loss) from investments	$	—	$	—	$	—	$	—	$	(3)	$	3
Net realized gain (loss) from forward currency contracts	—		—		—		—		(211)		211
Net realized gain (loss) from foreign currency transactions	1		(6)		7		(5)		7		(12)
Net realized gain (loss) from investment transactions	$	1	$	(6)	$	7	$	(5)	$	(207)	$	202
Unrealized appreciation from investments	$	891	$	945	$	(54)	$	1,520	$	1,699	$	(179)
Unrealized (depreciation) from investments	(915)		(260)		(655)		(859)		(118)		(741)
Unrealized appreciation (depreciation) from forward currency contracts	(122)		229		(351)		107		130		(23)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	150		(250)		400		(100)		87		(187)
Net change in unrealized appreciation (depreciation) on investment transactions	$	4	$	664	$	(660)	$	668	$	1,798	$	(1,130)

During the three months ended March 31, 2025, we had a net realized gain of $1,000 primarily due to realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, we had a net realized loss of approximately $6,000 primarily due to realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars.

During the six months ended March 31, 2025, we had a net realized loss of approximately $5,000, primarily due to realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the six months ended March 31, 2024, we had a net realized loss of $0.2 million primarily driven by the realized losses on the settlement of forward currency contracts.

For the three months ended March 31, 2025, we had $0.9 million in unrealized appreciation on 51 portfolio company investments, which was offset by $0.9 million in unrealized depreciation on 121 portfolio company investments. For the three months ended December 31, 2024, we had $0.9 million in unrealized appreciation on 52 portfolio company investments, which was offset by $0.3 million in unrealized depreciation on 104 portfolio company investments.

Unrealized appreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from fair valuing recent originations up to or near par. Unrealized depreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from amortization of discounts on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

For the six months ended March 31, 2025, we had $1.5 million in unrealized appreciation on 79 portfolio company investments, which was offset by $0.9 million in unrealized depreciation on 93 portfolio company investments. Unrealized appreciation for the six months ended March 31, 2025 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from amortization of discounts during the quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

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For the six months ended March 31, 2024, we had $1.7 million in unrealized appreciation on 71 portfolio company investments, which was offset by $0.1 million in unrealized depreciation on 40 portfolio company investments. Unrealized appreciation for the six months ended March 31, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from amortization of discounts during the quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

Liquidity and Capital Resources

For the six months ended March 31, 2025, we experienced a net increase in cash and cash equivalents and foreign currencies of $10.8 million. During the period, we used $29.3 million in operating activities, primarily as a result of fundings of portfolio investments of $57.7 million, partially offset by proceeds from principal payments and sales of portfolio investments of $14.7 million. During the same period, cash provided by financing activities was $40.1 million, primarily as a result of proceeds from the issuance of common stock of $55.4 million, offset by distributions paid of $15.2 million.

For the six months ended March 31, 2024, we experienced a net decrease in cash and foreign currencies of $12.9 million. During the period, we used $86.0 million in operating activities, primarily as a result of fundings of portfolio investments of $93.8 million, partially offset by proceeds from principal payments and sales of portfolio investments of $1.1 million. During the same period, cash provided by financing activities was $73.0 million, primarily as a result of proceeds from the issuance of common stock of $80.6 million, offset by distributions paid of $7.6 million.

As of March 31, 2025 and September 30, 2024, we had $23.0 million and $12.3 million, respectively, of cash and cash equivalents and $90,000 and $10,000, respectively, of foreign currencies. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions.

As of March 31, 2025 and September 30, 2024, we had investor capital subscriptions totaling $388.3 million and $378.3 million respectively, of which $361.2 million and $305.8 million, respectively, had been called and contributed, leaving $27.2 million and $72.5 million, respectively, of uncalled investor capital subscriptions.

Revolving Debt Facility

Adviser Revolver - On April 1, 2022, we entered into the Adviser Revolver (as defined in “Note 4” of our consolidated financial statements) with GC Advisors which, as of March 31, 2025, allowed us to borrow up to $75.0 million at any one time outstanding. On March 26, 2025, we amended the Adviser Revolver to (i) increase the borrowing capacity from $40.0 million to $75.0 million and (ii) extend the maturity date from April 1, 2025 to March 26, 2028. As of March 31, 2025 and September 30, 2024, we had no outstanding debt under the Adviser Revolver.

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. We have not sought or obtained approval to reduce our asset coverage ratio as permitted by and subject to the requirements of Section 61(a)(2) of the 1940 Act and, as a result, remain subject to the 200% asset coverage requirement under Section 61(a)(1) of the 1940 Act. As of March 31, 2025, we did not have any outstanding borrowings.

As of March 31, 2025, we had outstanding commitments to fund investments totaling $63.6 million, including $25.4 million of unfunded commitments on revolvers. As of September 30, 2024, we had outstanding commitments to fund investments totaling $68.9 million, including $22.1 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 2025 subject to the terms of each loan’s respective credit agreement. We did not have any other material contractual payment obligations as of March 31, 2025. As of March 31, 2025, we believe that we had sufficient

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assets and liquidity to adequately cover future obligations under our unfunded commitments based on cash balances that we maintain and uncalled investor capital subscriptions.

In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 of our consolidated financial statements for outstanding forward currency contracts as of March 31, 2025 and September 30, 2024.

Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We seek to minimize market risk through monitoring our investments and borrowings.

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

Portfolio Composition, Investment Activity and Yield

As of March 31, 2025 and September 30, 2024, we had investments in 148 and 128 portfolio companies, respectively, with a total fair value of $341.5 million and $295.8 million, respectively.

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


	Three months ended								Six months ended
	March 31, 2025				December 31, 2024					March 31, 2025			March 31, 2024
	New Commitments (In thousands)		Percentage		New Commitments (In thousands)		Percentage				New Commitments (In thousands)		Percentage		New Commitments (In thousands)		Percentage
Senior secured	$	905	4.1	%	$	1,747	5.4	%			$	2,652	4.9	%	$	6,930	5.6	%
One stop	20,282		92.9		29,651		92.1				49,933		92.4		115,571		94.1

Subordinated debt	—		—		—		—				—		—		100		0.1
Equity	659		3.0		791		2.5				1,450		2.7		212		0.2
Total new investment commitments	$	21,846	100.0	%	$	32,189	100.0	%			$	54,035	100.0	%	$	122,813	100.0	%

For the six months ended March 31, 2025, we had approximately $14.7 million in proceeds from principal payments and sales of portfolio investments.

For six months ended March 31, 2024, we had approximately $1.1 million in proceeds from principal payments and sales of portfolio investments.

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


	As of March 31, 2025(1)						As of September 30, 2024(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured	$	14,413	$	14,289	$	14,428	$	11,739	$	11,618	$	11,734


One stop	320,228		316,114		319,596		279,276		275,089		278,409


Second lien	1,392		1,376		1,409		1,071		1,053		1,071


Subordinated debt	147		145		147		163		160		163


Equity	N/A		5,011		5,947		N/A		3,873		4,448
Total	$	336,180	$	336,935	$	341,527	$	292,249	$	291,793	$	295,825

(1)As of March 31, 2025, $41.8 million and $42.2 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

(2)As of September 30, 2024, $41.2 million and $41.6 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

As of both March 31, 2025 and September 30, 2024, we had no loans on non-accrual status. As of March 31, 2025 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 99.8% and 99.7%, respectively.

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


	Three months ended		Six months ended
	March 31, 2025	December 31, 2024		March 31, 2025	March 31, 2024
Weighted average rate of new investment fundings	9.9%	9.5%		9.6%	11.1%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.6%	5.1%		5.3%	5.8%
Weighted average fees of new investment fundings	0.9%	1.0%		0.9%	1.3%
Weighted average rate of sales and payoffs of portfolio investments	9.9%	10.7%		10.0%	11.8%

As of March 31, 2025, 98.0% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 98.1% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2025 and September 30, 2024, the portfolio median(1) earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $94.4 million and $85.2 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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

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



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

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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2025 and September 30, 2024:


	As of March 31, 2025					As of September 30, 2024
Internal Performance Rating	Investments at Fair Value (In thousands)			Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	15,412		4.5	%	$	331	0.1	%
4	322,493			94.4		291,978		98.7
3	3,622			1.1		3,516		1.2
2	0		*	0.0	†	—		—
1	—			—		—		—
Total	$	341,527		100.0	%	$	295,825	100.0	%

* Represents an amount less than $1.

† Represents an amount less than 0.1%.

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The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2025 and September 30, 2024:


	Average Price1
Category	As of March 31, 2025	As of September 30, 2024
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	99.8%	99.8%
Internal Performance Rating 3 (Performing Below Expectations)	97.9	94.0
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	—	—
Total	99.8%	99.7%

(1)Includes only debt investments held as of March 31, 2025 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

Distributions

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

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

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

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

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

Related Party Transactions

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

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

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•GC Advisors has agreed to irrevocably waive 100.0% of the base management fee payable pursuant to the Investment Advisory Agreement for the period prior to April 1, 2023; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2023 to March 31, 2024; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2024 to March 31, 2025, or the Base Management Fee Waivers.

•GC Advisors and the Administrator have agreed to irrevocably waive (1) reimbursement of all expenses pursuant to the Investment Advisory Agreement or Administration Agreement, as applicable, and (2) in the case of GC Advisors, fees payable pursuant to the Investment Advisory Agreement, net of the Base Management Fee Waivers until the aggregate amount of such waived fees and expense reimbursements equals $1.0 million. From the commencement of operations through March 31, 2023, the total expenses and fees payable pursuant to the Investment Advisory Agreement and Administration Agreement waived totaled $1.0 million.

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

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

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

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

•On April 1, 2022, GGP Holdings LP, an affiliate of GC Advisors, acquired 700.000 shares of our common stock as part of our conversion to a Maryland corporation, in respect of GGP Holdings LP's capital contribution prior to such date of $10,500. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock and its capital commitments to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a subscription agreement with us for $25.0 million. On May 21, 2024, GGP Class B-P, LLC entered into agreements with existing stockholders to assume $15.0 million of subscription commitments and purchase the 550,000 shares of common stock held by such stockholders. As of March 31, 2025, we have issued 2,480,650.997 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $37.2 million and have also issued 26,412.009 shares to GGP Class B-P, LLC through the DRIP.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Corporation, or GDLC, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, most of our officers and directors serve in similar capacities for GBDC, GDLC, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC, GBDC 4, GCRED, and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

Fair Value Measurements

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

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

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

Our Valuation Designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination. With respect to investments for which market quotations are not readily available, our Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

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

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

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

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

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

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2025 and September 30, 2024 were valued using Level 3 inputs. As of both March 31, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Valuation Designee could take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that could affect the price at which similar investments could be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions.

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The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.

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

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

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

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

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

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

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance,

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administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs or LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

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

Non-accrual loans: Loans could be left on accrual status while we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. As of March 31, 2025 and September 30, 2024, we had no portfolio company investments on non-accrual status.

Income taxes:

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

Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2025, we did not record any U.S. federal excise tax. For the three and six months ended March 31, 2024, we recorded $8,000 and $28,000, respectively, for U.S. federal excise tax.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations could differ from net investment income and realized gains recognized for financial reporting purposes. Differences could be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification could result from the treatment of

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distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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

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

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of both March 31, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.79%. In addition, the Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. We expect that other short-term borrowing facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of March 31, 2025 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

We will be unlevered, except for borrowing funds on a short-term basis to fulfill working capital needs. As a result, hypothetical base rate changes on liabilities are not meaningful and have not been presented below.


Change in interest rates	Increase (decrease) in interest income(1)
	(In thousands)
Down 200 basis points	$	(6,607)
Down 150 basis points	(4,958)
Down 100 basis points	(3,306)
Down 50 basis points	(1,653)
Up 50 basis points	1,653
Up 100 basis points	3,306
Up 150 basis points	4,960
Up 200 basis points	6,613

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

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2025, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Adviser Revolver or other borrowings, that could

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affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

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Item 4. Controls and Procedures.

As of March 31, 2025 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

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

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the six months ended March 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2024.

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

Item 6: Exhibits.

EXHIBIT INDEX



Number	Description
10.1	First Amendment to Revolving Loan Agreement, dated as of March 26, 2025, by and between Golub Capital Direct Lending Unlevered Corporation, as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01505), filed on March 28, 2025).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	*

_________________

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Golub Capital Direct Lending Unlevered Corporation

Date: May 9, 2025	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: May 9, 2025	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)