false2023Q20001901612September 30132,300266,873975,5162,273,613293,577430,154296,831411,964——3,682,3636,860,33628,11553,644——16,21153,21169,325134,04120,27740,482623,5801,132,022396,824720,378606,1081,056,271606,1081,056,2711,222,5821,273,61692,068,46882,853,7286.86.500019016122022-10-012023-03-3100019016122023-05-12xbrli:shares00019016122023-03-31iso4217:USD00019016122022-09-3000019016122021-10-012022-09-30iso4217:USDxbrli:shares00019016122023-01-012023-03-310001901612us-gaap:CommonStockMember2022-09-300001901612us-gaap:AdditionalPaidInCapitalMember2022-09-300001901612us-gaap:RetainedEarningsMember2022-09-300001901612us-gaap:CommonStockMember2022-10-012023-03-310001901612us-gaap:AdditionalPaidInCapitalMember2022-10-012023-03-310001901612us-gaap:RetainedEarningsMember2022-10-012023-03-310001901612us-gaap:CommonStockMember2023-03-310001901612us-gaap:AdditionalPaidInCapitalMember2023-03-310001901612us-gaap:RetainedEarningsMember2023-03-310001901612us-gaap:CommonStockMember2022-12-310001901612us-gaap:AdditionalPaidInCapitalMember2022-12-310001901612us-gaap:RetainedEarningsMember2022-12-3100019016122022-12-310001901612us-gaap:CommonStockMember2023-01-012023-03-310001901612us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001901612us-gaap:RetainedEarningsMember2023-01-012023-03-310001901612PPW Aero Buyer, Inc., One stop 12023-03-31xbrli:pure0001901612PPW Aero Buyer, Inc., One stop 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2023-03-310001901612National Express Wash Parent Holdco, LLC, One stop 12023-03-310001901612National Express Wash Parent Holdco, LLC, One stop 22023-03-310001901612National Express Wash Parent Holdco, LLC, One stop 32023-03-310001901612Spotless Brands, LLC, One stop 12023-03-310001901612Spotless Brands, LLC, One stop 22023-03-310001901612Spotless Brands, LLC, One stop 32023-03-310001901612Spotless Brands, LLC, One stop 42023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2023-03-310001901612DP Flores Holdings, LLC, One stop 12023-03-310001901612DP Flores Holdings, LLC, One stop 22023-03-310001901612DP Flores Holdings, LLC, One stop 32023-03-310001901612HS Spa Holdings, Inc., One stop 12023-03-310001901612HS Spa Holdings, Inc., One stop 22023-03-310001901612Mario Purchaser, LLC, One stop 12023-03-310001901612Mario Purchaser, LLC, One stop 22023-03-310001901612Mario Purchaser, LLC, One stop 32023-03-310001901612Mario Purchaser, LLC, One stop 42023-03-310001901612NSG Buyer, Inc., One stop 12023-03-310001901612NSG Buyer, Inc., One stop 22023-03-310001901612NSG Buyer, Inc., One stop 32023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2023-03-310001901612Avalara, Inc., One stop 12023-03-310001901612Avalara, Inc., One stop 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2023-03-310001901612CST Holding Company, One stop 12023-03-310001901612CST Holding Company, One stop 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2023-03-310001901612Coding Solutions Acquisition, Inc., One stop 12023-03-310001901612Coding Solutions Acquisition, Inc., One stop 22023-03-310001901612Coding Solutions Acquisition, Inc., One stop 32023-03-310001901612Color Intermediate, LLC, One stop2023-03-310001901612Crow River Buyer, Inc., One stop 12023-03-310001901612Crow River Buyer, Inc., One stop 22023-03-310001901612Plasma Buyer LLC, One stop 12023-03-310001901612Plasma Buyer LLC, One stop 22023-03-310001901612Plasma Buyer LLC, One stop 32023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:HealthCareTechnologySectorMember2023-03-310001901612Belmont Instrument, LLC, One stop 12023-03-310001901612Belmont Instrument, LLC, One stop 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2023-03-310001901612Community Care Partners, LLC, One stop 12023-03-310001901612Community Care Partners, LLC, One stop 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2023-03-310001901612Groundworks LLC, One stop 12023-03-310001901612Groundworks LLC, One stop 22023-03-310001901612Groundworks LLC, One stop 32023-03-310001901612gbdc4:HouseholdDurablesSectorMemberus-gaap:DebtSecuritiesMember2023-03-310001901612Barteca Restaurants, LLC, One stop 12023-03-310001901612Barteca Restaurants, LLC, One stop 22023-03-310001901612Barteca Restaurants, LLC, One stop 32023-03-310001901612ESN Venture Holdings, LLC, One stop 12023-03-310001901612ESN Venture Holdings, LLC, One stop 22023-03-310001901612ESN Venture Holdings, LLC, One stop 32023-03-310001901612Health Buyer, LLC, Senior secured 12023-03-310001901612Health Buyer, LLC, Senior secured 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2023-03-310001901612Dwyer Instruments, Inc., One stop 12023-03-310001901612Dwyer Instruments, Inc., One stop 22023-03-310001901612Dwyer Instruments, Inc., One stop 32023-03-310001901612Excelitas Technologies Corp., One stop 12023-03-310001901612Excelitas Technologies Corp., One stop 22023-03-310001901612Excelitas Technologies Corp., One stop 32023-03-310001901612Excelitas Technologies Corp., One stop 42023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2023-03-310001901612Captive Resources Midco, LLC, One stop 12023-03-310001901612Captive Resources Midco, LLC, One stop 22023-03-310001901612Disco Parent, Inc., One stop 12023-03-310001901612Disco Parent, Inc., One stop 22023-03-310001901612Paisley Bidco Limited, One stop 12023-03-310001901612Paisley Bidco Limited, One stop 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:InsuranceSectorsMember2023-03-310001901612Critical Start, Inc., One stop 12023-03-310001901612Critical Start, Inc., One stop 22023-03-310001901612Critical Start, Inc., One stop 32023-03-310001901612Goldcup 31018 AB, One stop 12023-03-310001901612Goldcup 31018 AB, One stop 22023-03-310001901612Goldcup 31018 AB, One stop 32023-03-310001901612Netwrix Corporation, One stop 12023-03-310001901612Netwrix Corporation, One stop 22023-03-310001901612Netwrix Corporation, One stop 32023-03-310001901612ReliaQuest Holdings, LLC, One stop 12023-03-310001901612ReliaQuest Holdings, LLC, One stop 22023-03-310001901612ReliaQuest Holdings, LLC, One stop 32023-03-310001901612Zarya Holdco, Inc., Senior secured 12023-03-310001901612Zarya Holdco, Inc., Senior secured 22023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2023-03-310001901612Celerion Buyer, Inc., One stop 12023-03-310001901612Celerion Buyer, Inc., One stop 22023-03-310001901612Celerion Buyer, Inc., One stop 32023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2023-03-310001901612Caerus Midco 3 S.A.R.L., One stop 12023-03-310001901612Caerus Midco 3 S.A.R.L., One stop 22023-03-310001901612Caerus Midco 3 S.A.R.L., One stop 32023-03-310001901612Caerus Midco 3 S.A.R.L., One stop 42023-03-310001901612Caerus Midco 3 S.A.R.L., One stop 52023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2023-03-310001901612bswift, LLC, One stop2023-03-310001901612Citrin Cooperman Advisors LLC, One stop 12023-03-310001901612Citrin Cooperman Advisors LLC, One stop 22023-03-310001901612Citrin Cooperman Advisors LLC, One stop 32023-03-310001901612DISA Holdings Corp., Senior secured 12023-03-310001901612DISA Holdings Corp., Subordinated debt2023-03-310001901612DISA Holdings Corp., Senior secured 22023-03-310001901612DISA Holdings Corp., One stop2023-03-310001901612DISA Holdings Corp., Senior secured 32023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2023-03-310001901612Anaplan, Inc., One stop 12023-03-310001901612Anaplan, Inc., One stop 22023-03-310001901612Armstrong Bidco Limited, One stop 12023-03-310001901612Armstrong Bidco Limited, One stop 22023-03-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12023-03-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22023-03-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32023-03-310001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42023-03-310001901612Coupa Holdings, LLC, One stop 12023-03-310001901612Coupa Holdings, LLC, One stop 22023-03-310001901612Coupa Holdings, LLC, One stop 32023-03-310001901612GTY Technology Holdings, Inc., One stop 12023-03-310001901612GTY Technology Holdings, Inc., One stop 22023-03-310001901612GTY Technology Holdings, Inc., One stop 32023-03-310001901612GTY Technology Holdings, Inc., One stop 42023-03-310001901612ICIMS, Inc., One stop 12023-03-310001901612ICIMS, Inc., One stop 22023-03-310001901612ICIMS, Inc., One stop 32023-03-310001901612IQN Holding Corp., One stop 12023-03-310001901612IQN Holding Corp., One stop 22023-03-310001901612IQN Holding Corp., One stop 32023-03-310001901612Island Bidco AB, One stop 12023-03-310001901612Island Bidco AB, One stop 22023-03-310001901612Island Bidco AB, One stop 32023-03-310001901612Island Bidco AB, One stop 42023-03-310001901612Kaseya Inc., One stop 12023-03-310001901612Kaseya Inc., One stop 22023-03-310001901612Kaseya Inc., One stop 32023-03-310001901612PING Identity Holding Corp., One stop 12023-03-310001901612PING Identity Holding Corp., One stop 22023-03-310001901612Quant Buyer, Inc., One stop 12023-03-310001901612Quant Buyer, Inc., One stop 22023-03-310001901612Quant Buyer, Inc., One stop 32023-03-310001901612Quant Buyer, Inc., One stop 42023-03-310001901612Rainforest Bidco Limited, One stop 12023-03-310001901612Rainforest Bidco Limited, One stop 22023-03-310001901612Rainforest Bidco Limited, One stop 32023-03-310001901612SailPoint Technologies Holdings, Inc., One stop 12023-03-310001901612SailPoint Technologies Holdings, Inc., One stop 22023-03-310001901612Templafy APS and Templafy, LLC, One stop 12023-03-310001901612Templafy APS and Templafy, LLC, One stop 22023-03-310001901612Templafy APS and Templafy, LLC, One stop 32023-03-310001901612Zendesk, Inc., One stop 12023-03-310001901612Zendesk, Inc., One stop 22023-03-310001901612Zendesk, Inc., One stop 32023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2023-03-310001901612PPV Intermediate Holdings, LLC, One stop 12023-03-310001901612PPV Intermediate Holdings, LLC, One stop 22023-03-310001901612PPV Intermediate Holdings, LLC, One stop 32023-03-310001901612PPV Intermediate Holdings, LLC, One stop 42023-03-310001901612PPV Intermediate Holdings, LLC, One stop 52023-03-310001901612PPV Intermediate Holdings, LLC, One stop 62023-03-310001901612PPV Intermediate Holdings, LLC, One stop 72023-03-310001901612Salon Lofts Group, LLC, One stop 12023-03-310001901612Salon Lofts Group, LLC, One stop 22023-03-310001901612Salon Lofts Group, LLC, One stop 32023-03-310001901612Salon Lofts Group, LLC, One stop 42023-03-310001901612Salon Lofts Group, LLC, One stop 52023-03-310001901612SureWerx Purchaser III, Inc., One stop 12023-03-310001901612SureWerx Purchaser III, Inc., One stop 22023-03-310001901612SureWerx Purchaser III, Inc., One stop 32023-03-310001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2023-03-310001901612us-gaap:DebtSecuritiesMember2023-03-310001901612PPW Aero Buyer, Inc., LP units2023-03-310001901612National Express Wash Parent Holdco, LLC, LP units2023-03-310001901612DP Flores Holdings, LLC, LLC units2023-03-310001901612HS Spa Holdings, Inc., Common Stock2023-03-310001901612NSG Buyer, Inc., LP units2023-03-310001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2023-03-310001901612Critical Start, Inc., Common Stock2023-03-310001901612Netwrix Corporation, LLC units2023-03-310001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2023-03-310001901612Celerion Buyer, Inc., LP units 12023-03-310001901612Celerion Buyer, Inc., LP units 22023-03-310001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2023-03-310001901612Anaplan, Inc., LP Interest2023-03-310001901612Cynet Security Ltd., Preferred Stock2023-03-310001901612GTY Technology Holdings, Inc., LP units2023-03-310001901612Kaseya Inc., Preferred Stock2023-03-310001901612Kaseya Inc., LP Interest2023-03-310001901612Onit, Inc., Preferred Stock2023-03-310001901612Onit, Inc., Warrant2023-03-310001901612Templafy APS and Templafy, LLC, Warrant2023-03-310001901612Zendesk, Inc., LP units2023-03-310001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2023-03-310001901612Salon Lofts Group, LLC, LP units2023-03-310001901612us-gaap:EquitySecuritiesMembergbdc4:SpecialtyRetailSectorMember2023-03-310001901612us-gaap:EquitySecuritiesMember2023-03-310001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)2023-03-310001901612gbdc4:A90DayLondonInterbankOfferedRateLIBORMember2023-03-310001901612us-gaap:PrimeRateMember2023-03-310001901612gbdc4:A90DayEURIBORMember2023-03-310001901612gbdc4:A180DayEURIBORMember2023-03-310001901612gbdc4:SONIAMember2023-03-310001901612gbdc4:A30DaySOFRMember2023-03-310001901612gbdc4:A90DaySOFRMember2023-03-310001901612gbdc4:A180DaySOFRMember2023-03-310001901612gbdc4:NonQualifyingAssetMembergbdc4:InvestmentsAtFairValueMembergbdc4:AssetConcentrationRiskMember2022-10-012023-03-310001901612National Express Wash Parent Holdco, LLC, One stop 12022-09-300001901612National Express Wash Parent Holdco, LLC, One stop 22022-09-300001901612National Express Wash Parent Holdco, LLC, One stop 32022-09-300001901612Spotless Brands, LLC, One stop 12022-09-300001901612Spotless Brands, LLC, One stop 22022-09-300001901612Spotless Brands, LLC, One stop 32022-09-300001901612Spotless Brands, LLC, One stop 42022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2022-09-300001901612DP Flores Holdings, LLC, One stop 12022-09-300001901612DP Flores Holdings, LLC, One stop 22022-09-300001901612DP Flores Holdings, LLC, One stop 32022-09-300001901612DP Flores Holdings, LLC, One stop 42022-09-300001901612DP Flores Holdings, LLC, One stop 52022-09-300001901612HS Spa Holdings, Inc., One stop 12022-09-300001901612HS Spa Holdings, Inc., One stop 22022-09-300001901612Mario Purchaser, LLC, One stop 12022-09-300001901612Mario Purchaser, LLC, One stop 22022-09-300001901612Mario Purchaser, LLC, One stop 32022-09-300001901612Mario Purchaser, LLC, One stop 42022-09-300001901612NSG Buyer, Inc., One stop 12022-09-300001901612NSG Buyer, Inc., One stop 22022-09-300001901612NSG Buyer, Inc., One stop 32022-09-300001901612NSG Buyer, Inc., One stop 42022-09-300001901612NSG Buyer, Inc., One stop 52022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2022-09-300001901612Coding Solutions Acquisition, Inc., One stop 12022-09-300001901612Coding Solutions Acquisition, Inc., One stop 22022-09-300001901612Coding Solutions Acquisition, Inc., One stop 32022-09-300001901612Plasma Buyer LLC, One stop 12022-09-300001901612Plasma Buyer LLC, One stop 22022-09-300001901612Plasma Buyer LLC, One stop 32022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthCareTechnologySectorMember2022-09-300001901612Belmont Instrument, LLC, One stop 12022-09-300001901612Belmont Instrument, LLC, One stop 22022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2022-09-300001901612Community Care Partners, LLC, One stop 12022-09-300001901612Community Care Partners, LLC, One stop 22022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2022-09-300001901612Barteca Restaurants, LLC, One stop 12022-09-300001901612Barteca Restaurants, LLC, One stop 22022-09-300001901612Barteca Restaurants, LLC, One stop 32022-09-300001901612Health Buyer, LLC, Senior secured 12022-09-300001901612Health Buyer, LLC, Senior secured 22022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2022-09-300001901612Dwyer Instruments, Inc., One stop 12022-09-300001901612Dwyer Instruments, Inc., One stop 22022-09-300001901612Dwyer Instruments, Inc., One stop 32022-09-300001901612Excelitas Technologies Corp., One stop 12022-09-300001901612Excelitas Technologies Corp., One stop 22022-09-300001901612Excelitas Technologies Corp., One stop 32022-09-300001901612Excelitas Technologies Corp., One stop 42022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2022-09-300001901612Captive Resources Midco, LLC, One stop 12022-09-300001901612Captive Resources Midco, LLC, One stop 22022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:InsuranceSectorsMember2022-09-300001901612Critical Start, Inc., One stop 12022-09-300001901612Critical Start, Inc., One stop 22022-09-300001901612Goldcup 31018 AB, One stop 12022-09-300001901612Goldcup 31018 AB, One stop 22022-09-300001901612Goldcup 31018 AB, One stop 32022-09-300001901612Netwrix Corporation, One stop 12022-09-300001901612Netwrix Corporation, One stop 22022-09-300001901612Netwrix Corporation, One stop 32022-09-300001901612ReliaQuest Holdings, LLC, One stop 12022-09-300001901612ReliaQuest Holdings, LLC, One stop 22022-09-300001901612ReliaQuest Holdings, LLC, One stop 32022-09-300001901612Zarya Holdco, Inc., Senior secured 12022-09-300001901612Zarya Holdco, Inc., Senior secured 22022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2022-09-300001901612Caerus Midco 3 S.A.R.L., One stop 12022-09-300001901612Caerus Midco 3 S.A.R.L., One stop 22022-09-300001901612Caerus Midco 3 S.A.R.L., One stop 32022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2022-09-300001901612Citrin Cooperman Advisors LLC, One stop2022-09-300001901612DISA Holdings Corp., Senior secured 12022-09-300001901612DISA Holdings Corp., Senior secured 22022-09-300001901612DISA Holdings Corp., Senior secured 32022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2022-09-300001901612Anaplan, Inc., One stop 12022-09-300001901612Anaplan, Inc., One stop 22022-09-300001901612Armstrong Bidco Limited, One stop 12022-09-300001901612Armstrong Bidco Limited, One stop 22022-09-300001901612GTY Technology Holdings, Inc., One stop 12022-09-300001901612GTY Technology Holdings, Inc., One stop 22022-09-300001901612GTY Technology Holdings, Inc., One stop 32022-09-300001901612ICIMS, Inc., One stop 12022-09-300001901612ICIMS, Inc., One stop 22022-09-300001901612ICIMS, Inc., One stop 32022-09-300001901612IQN Holding Corp., One stop 12022-09-300001901612IQN Holding Corp., One stop 22022-09-300001901612IQN Holding Corp., One stop 32022-09-300001901612Island Bidco AB, One stop 12022-09-300001901612Island Bidco AB, One stop 22022-09-300001901612Island Bidco AB, One stop 32022-09-300001901612Island Bidco AB, One stop 42022-09-300001901612Kaseya Inc., One stop 12022-09-300001901612Kaseya Inc., One stop 22022-09-300001901612Kaseya Inc., One stop 32022-09-300001901612Quant Buyer, Inc., One stop 12022-09-300001901612Quant Buyer, Inc., One stop 22022-09-300001901612Quant Buyer, Inc., One stop 32022-09-300001901612Rainforest Bidco Limited, One stop 12022-09-300001901612Rainforest Bidco Limited, One stop 22022-09-300001901612Rainforest Bidco Limited, One stop 32022-09-300001901612SailPoint Technologies Holdings, Inc., One stop 12022-09-300001901612SailPoint Technologies Holdings, Inc., One stop 22022-09-300001901612Templafy APS and Templafy, LLC, One stop 12022-09-300001901612Templafy APS and Templafy, LLC, One stop 22022-09-300001901612Templafy APS and Templafy, LLC, One stop 32022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2022-09-300001901612PPV Intermediate Holdings, LLC, One stop 12022-09-300001901612PPV Intermediate Holdings, LLC, One stop 22022-09-300001901612PPV Intermediate Holdings, LLC, One stop 32022-09-300001901612PPV Intermediate Holdings, LLC, One stop 42022-09-300001901612PPV Intermediate Holdings, LLC, One stop 52022-09-300001901612Salon Lofts Group, LLC, One stop 12022-09-300001901612Salon Lofts Group, LLC, One stop 22022-09-300001901612Salon Lofts Group, LLC, One stop 32022-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2022-09-300001901612us-gaap:DebtSecuritiesMember2022-09-300001901612National Express Wash Parent Holdco, LLC, LP units2022-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2022-09-300001901612DP Flores Holdings, LLC, LLC units2022-09-300001901612HS Spa Holdings, Inc., Common 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TABLE OF CONTENTS

______________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
OR
o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 814-01504

Golub Capital BDC 4, Inc.
(Exact name of registrant as specified in its charter)
Maryland88-1608711
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
NoneNoneNone

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.
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
☑Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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 12, 2023, the Registrant had 6,712,031.176 shares of common stock, $0.001 par value, outstanding.
1

TABLE OF CONTENTS

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

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Statements of Financial Condition


March 31, 2023September 30, 2022
(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $197,781,285 and $113,119,453, respectively)
$198,435,129 $112,535,125 
Cash and cash equivalents11,972,196 21,237,690 
Foreign currencies (cost of $405,364 and $540,706, respectively)
444,623 508,424 
Interest receivable1,887,651 545,571 
Capital call receivable— 12,000 
Deferred offering costs164,467 183,477 
Other assets301,256 7,081 
Total Assets$213,205,322 $135,029,368 
Liabilities    
Debt$107,633,494 $64,882,849 
Less unamortized debt issuance costs(580,130)(523,253)
Debt less unamortized debt issuance costs107,053,364 64,359,596 
Interest payable1,481,202 484,671 
Distributions payable3,267,520 127,652 
Management and incentive fees payable226,756 106,257 
Accrued trustee fees40,105 40,000 
Accounts payable and accrued expenses455,907 485,118 
Total Liabilities112,524,854 65,603,294 
Commitments and Contingencies (Note 8)    
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2023 and September 30, 2022
— — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 6,712,031.176 and 4,628,404.940 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively
6,712 4,629 
Paid in capital in excess of par100,673,756 69,421,445 
Distributable earnings (losses)— — 
Total Net Assets100,680,468 69,426,074 
Total Liabilities and Total Net Assets$213,205,322 $135,029,368 
Number of common shares outstanding6,712,031.176 4,628,404.940 
Net asset value per common share$15.00 $15.00 






See Notes to Consolidated Financial Statements

3

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)


Three months ended
March 31,		Six months ended March 31,
20232023
Investment income    
Interest income$4,780,045 $8,430,497 
Payment-in-kind interest income293,577 430,154 
Dividend income28,115 53,644 
Fee income10,610 20,602 
Total investment income5,112,347 8,934,897 
Expenses
Interest expense1,539,895 2,671,489 
Base management fee623,580 1,132,022 
Incentive fee606,108 1,056,271 
Professional fees223,001 385,773 
Administrative service fee51,904 85,789 
General and administrative expenses24,039 44,733 
Total expenses3,068,527 5,376,077 
Base management fee waived (Note 4)(396,824)(720,378)
Incentive fee waived (Note 4)(606,108)(1,056,271)
Net expenses2,065,595 3,599,428 
Net investment income - before tax3,046,752 5,335,469 
Excise tax16,211 53,211 
Net investment income - after tax3,030,541 5,282,258 
Net gain (loss) on investment transactions    
Net realized gain (loss) from:    
Foreign currency transactions6,706 58,428 
Net realized gain (loss) on investment transactions6,706 58.428 
Net change in unrealized appreciation (depreciation) from:    
Investments1,169,971 959,507 
Translation of assets and liabilities in foreign currencies11,493 28,603 
Net change in unrealized appreciation (depreciation) on investment transactions1,181,464 988,110 
Net gain (loss) on investment transactions1,188,170 1,046,538 
Net increase (decrease) in net assets resulting from operations$4,218,711 $6,328,796 
Per Common Share Data    
Basic and diluted earnings per common share (Note 10)$0.69 $1.11 
Basic and diluted weighted average common shares outstanding (Note 10)6,135,953 5,678,323 



See Notes to Consolidated Financial Statements

4

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 20224,628,404.940 $4,629 $69,421,445 $— $69,426,074 
Issuance of common stock2,009,945.654 2,010 30,147,175 — 30,149,185 
Net increase (decrease) in net assets resulting from operations:
Net investment income— — — 5,282,258 5,282,258 
Net realized gain (loss) on investment transactions— — — 58,428 58,428 
Net change in unrealized appreciation (depreciation) on investment transactions— — — 988,110 988,110 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan73,680.582 73 1,105,136 — 1,105,209 
Distributions from distributable earnings (losses)— — — (3,061,276)(3,061,276)
Distributions declared and payable — — — (3,267,520)(3,267,520)
Total increase (decrease) for the six months ended March 31, 20232,083,626.236 2,083 31,252,311 — 31,254,394 
Balance at March 31, 20236,712,031.176 $6,712 $100,673,756 $— $100,680,468 
Balance at December 31, 2022
5,812,093.348 $5,812 $87,175,588 $— $87,181,400 
Issuance of common stock859,744.654 86012,895,310 — 12,896,170 
Net increase (decrease) in net assets resulting from operations:
Net investment income— —— 3,030,541 3,030,541 
Net realized gain (loss) on investment transactions— —— 6,706 6,706 
Net change in unrealized appreciation (depreciation) on investment transactions— —— 1,181,464 1,181,464 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan40,193.174 40 602,858 — 602,898 
Distributions from distributable earnings (losses)— — — (1,714,823)(1,714,823)
Distributions declared and payable — — — (2,503,888)(2,503,888)
Total increase (decrease) for the three months ended March 31, 2023
899,937.828 90013,498,168— 13,499,068 
Balance at March 31, 2023
6,712,031.176 $6,712 $100,673,756 $— $100,680,468 

See Notes to Consolidated Financial Statements

5

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (unaudited)


Six months ended March 31,
2023
Cash flows from operating activities  
Net increase (decrease) in net assets resulting from operations$6,328,796 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs134,041 
Accretion of discounts and amortization of premiums(266,873)
Net realized (gain) loss on foreign currency transactions(58,428)
Net change in unrealized (appreciation) depreciation on investments(959,507)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(28,603)
Proceeds from (fundings of) revolving loans, net(31,421)
Fundings of investments(87,477,105)
Proceeds from principal payments of portfolio investments3,579,175 
Payment-in-kind interest capitalized(411,964)
Non-cash dividends(53,644)
Changes in operating assets and liabilities:
Interest receivable(1,342,080)
Deferred offering costs19,010 
Other assets(294,175)
Interest payable996,531 
Management and incentive fees payable120,499 
Accrued trustee fees105 
Accounts payable and accrued expenses(29,211)
Net cash provided by (used in) operating activities(79,774,854)
Cash flows from financing activities  
Borrowings on debt64,700,000 
Repayments of debt(22,200,000)
Capitalized debt issuance costs(190,918)
Proceeds from issuance of common shares30,161,185 
Distributions paid(2,083,719)
Net cash provided by (used in) financing activities70,386,548 
Net change in cash and cash equivalents and foreign currencies (9,388,306)
Effect of foreign currency exchange rates59,011 
Cash and foreign currencies, beginning of period21,746,114 
Cash and cash equivalents and foreign currencies, end of period$12,416,819 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$1,540,917 
Distributions declared for the period6,328,796 
Supplemental disclosure of non-cash financing activity:
Change in capital call receivable$(12,000)
Stock issued in connection with dividend reinvestment plan1,105,209 
Change in distributions payable3,139,868 
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 Statement of Cash Flows:
As of
March 31, 2023September 30, 2022
Cash and cash equivalents$11,972,196 $21,237,690 
Foreign currencies (cost of $405,364 and $540,706, respectively)
444,623 508,424 
Total cash and cash equivalents and foreign currencies shown in the Consolidated Statement of Cash Flows$12,416,819 $21,746,114 
See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents and foreign currencies.
See Notes to Consolidated Financial Statements

6

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
March 31, 2023



Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.*One stopSF +7.00%(g)11.90%02/2029$14,950,000 $14,510,707 14.6 %$14,651,000 
PPW Aero Buyer, Inc.(5)One stopSF +7.00%N/A(6)02/2029— (1,469)— (1,000)
14,950,000 14,509,238 14.6 14,650,000 
Automobiles
National Express Wash Parent Holdco, LLCOne stopSF +5.50%(g)10.29%07/20295,839,612 5,787,151 5.6 5,606,027 
National Express Wash Parent Holdco, LLC(5)One stopSF +5.50%N/A(6)07/2029— (8,449)— — 
National Express Wash Parent Holdco, LLC(5)One stopSF +5.50%N/A(6)07/2029— (1,887)— (8,400)
Spotless Brands, LLCOne stopSF +6.50%(g)11.31%07/20281,963,972 1,929,172 1.9 1,885,648 
Spotless Brands, LLCOne stopSF +6.50%(g)11.35%07/2028213,218 211,329 0.2 204,715 
Spotless Brands, LLCOne stopSF +6.50%(g)11.34%07/2028158,412 157,009 0.1 152,095 
Spotless Brands, LLCOne stopSF +6.50%(f)11.39%07/20285,637 5,137 — 4,513 
8,180,851 8,079,462 7.8 7,844,598 
Diversified Consumer Services
DP Flores Holdings, LLCOne stopSF +6.25%(h)10.98%09/20283,245,267 3,193,399 3.2 3,245,267 
DP Flores Holdings, LLC(5)One stopSF +6.25%N/A(6)09/2028— (1,598)— — 
DP Flores Holdings, LLC(5)One stopSF +6.25%N/A(6)09/2028— (17,141)— — 
HS Spa Holdings, Inc.One stopSF +5.75%(h)10.45%06/20291,168,172 1,147,579 1.1 1,144,809 
HS Spa Holdings, Inc.(5)One stopSF +5.75%N/A(6)06/2028— (1,777)— (1,586)
Mario Purchaser, LLCOne stopSF +5.75%(f)10.66%04/2029670,059 658,440 0.7 656,658 
Mario Purchaser, LLC(19)One stopSF +10.75%(f)15.66%PIK04/2032327,332 319,847 0.3 327,332 
Mario Purchaser, LLCOne stopSF +5.75%(f)10.66%04/2029252,697 242,883 0.2 235,406 
Mario Purchaser, LLC(5)One stopSF +5.75%N/A(6)04/2028— (1,202)— (1,423)
NSG Buyer, Inc. One stopSF +6.50%(f)11.41%11/20299,627,793 9,424,287 9.5 9,531,515 
NSG Buyer, Inc. One stopSF +6.50%(f)11.41%11/2029311,757 290,141 0.3 288,784 
NSG Buyer, Inc. (5)One stopSF +6.50%N/A(6)11/2028— (466)— (500)
15,603,077 15,254,392 15.3 15,426,262 
Diversified Financial Services
Avalara, Inc.One stopSF +7.25%(g)12.15%10/20282,655,000 2,593,591 2.6 2,601,900 
Avalara, Inc.(5)One stopSF +6.25%N/A(6)10/2028— (2,891)— (2,500)
2,655,000 2,590,700 2.6 2,599,400 
Electronic Equipment, Instruments and Components
CST Holding CompanyOne stopSF +6.75%(f)11.66%11/20285,482,198 5,329,062 5.3 5,372,554 
CST Holding CompanyOne stopSF +6.75%(f)11.66%11/20285,000 3,603 — 4,000 
5,487,198 5,332,665 5.3 5,376,554 
Health Care Technology
Coding Solutions Acquisition, Inc.One stopSF +5.50%(f)10.31%05/2028474,317 470,256 0.5 474,317 
Coding Solutions Acquisition, Inc.One stopSF +5.50%(f)10.29%05/202820,610 20,294 — 20,610 
Coding Solutions Acquisition, Inc.(5)One stopSF +5.50%N/A(6)05/2028— (877)— — 
Color Intermediate, LLCOne stopSF +5.50%(g)10.50%10/20292,388,996 2,344,578 2.3 2,293,436 
Crow River Buyer, Inc.One stopSF +7.75%(g)12.43%01/20291,174,900 1,152,043 1.1 1,157,277 
Crow River Buyer, Inc.(5)One stopSF +7.75%N/A(6)01/2029— (973)— (750)
Plasma Buyer LLCOne stopSF +5.75%(g)10.65%05/2029488,317 479,787 0.5 473,668 
Plasma Buyer LLC(5)One stopSF +5.75%N/A(6)05/2028— (929)— (1,314)
Plasma Buyer LLC(5)One stopSF +5.75%N/A(6)05/2029— (1,111)— (3,817)
4,547,140 4,463,068 4.4 4,413,427 
See Notes to Consolidated Financial Statements.
7
TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2023


Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment and Supplies
Belmont Instrument, LLCOne stopSF +6.25%(g)10.98%08/2028$4,233,625 $4,195,631 4.2 %$4,233,626 
Belmont Instrument, LLCOne stopP + 5.25%(b)13.25%08/202832,500 31,603 — 32,500 
4,266,125 4,227,234 4.2 4,266,126 
Healthcare Providers and Services
Community Care Partners, LLCOne stopSF +6.00%(f)10.92%06/2026352,588 350,097 0.3 342,010 
Community Care Partners, LLC(5)One stopSF +6.00%N/A(6)06/2026— (370)— — 
352,588 349,727 0.3 342,010 
Household Durables
Groundworks LLC*One stopSF +6.50%(f)11.36%03/20301,687,113 1,636,857 1.6 1,636,500 
Groundworks LLC(5)One stopSF +6.50%N/A(6)03/2030— (4,586)— (4,618)
Groundworks LLC(5)One stopSF +6.50%N/A(6)03/2029— (1,310)— (1,319)
1,687,113 1,630,961 1.6 1,630,563 
Hotels, Restaurants and Leisure
Barteca Restaurants, LLCOne stopSF +5.50%(g)10.33%08/20281,215,293 1,204,487 1.2 1,215,293 
Barteca Restaurants, LLC(5)One stopSF +5.50%N/A(6)08/2028— (889)— — 
Barteca Restaurants, LLCOne stopSF +5.50%(g)10.46%08/202848,855 45,959 0.1 48,855 
ESN Venture Holdings, LLCOne stopSF +6.50%(h)11.36%10/20284,677,125 4,616,887 4.7 4,677,125 
ESN Venture Holdings, LLCOne stopSF +6.50%(h)11.28%10/202828,000 26,345 — 28,000 
ESN Venture Holdings, LLC(5)One stopSF +6.50%N/A(6)10/2028— (36,686)— — 
Health Buyer, LLCSenior securedSF +5.25%(h)10.29%04/2029235,317 232,229 0.2 225,905 
Health Buyer, LLCSenior securedSF +5.25%(f)10.07%04/202819,875 19,441 — 18,765 
6,224,465 6,107,773 6.2 6,213,943 
Industrial Conglomerates
Dwyer Instruments, Inc.One stopL + 6.00%(a)11.16%07/2027588,738 578,711 0.6 588,738 
Dwyer Instruments, Inc.One stopL + 6.00%(a)(b)11.70%07/202710,105 9,330 — 10,105 
Dwyer Instruments, Inc.(5)One stopL + 6.00%N/A(6)07/2027— (1,265)— — 
Excelitas Technologies Corp.One stopSF +5.75%(g)10.61%08/2029727,347 713,946 0.7 720,073 
Excelitas Technologies Corp.(7)(8)One stopE + 5.75%(c)8.36%08/2029122,091 114,134 0.1 120,870 
Excelitas Technologies Corp.One stopSF +5.75%(g)10.61%08/202825,851 25,264 0.1 25,194 
Excelitas Technologies Corp.(5)One stopSF +5.75%N/A(6)08/2029— (1,228)— (854)
1,474,132 1,438,892 1.5 1,464,126 
Insurance
Captive Resources Midco, LLC(19)One stopSF +5.75%(f)5.03% cash/5.53%PIK07/20296,870,082 6,748,726 6.7 6,732,681 
Captive Resources Midco, LLC(5)One stopSF +5.25%N/A(6)07/2028— (3,278)— (3,746)
Disco Parent, Inc.*One stopSF +7.50%(g)12.39%03/20291,046,710 1,020,567 1.0 1,020,542 
Disco Parent, Inc.(5)One stopSF +7.50%N/A(6)03/2029— (1,249)— (1,250)
Paisley Bidco Limited(7)(8)(9)One stopE + 6.50%(c)9.11%03/2028261,687 252,826 0.3 257,762 
Paisley Bidco Limited(5)(7)(8)(9)One stopSN +7.00%N/A(6)03/2028— (10,599)— (11,184)
8,178,479 8,006,993 8.0 7,994,805 
See Notes to Consolidated Financial Statements

8

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2023


Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Critical Start, Inc.(19)One stopSF +6.75%(g)7.77% cash/3.63%PIK05/2028$495,779 $491,598 0.5 %$488,342 
Critical Start, Inc.(5)One stopSF +6.75%N/A(6)05/2028— (570)— (1,000)
Critical Start, Inc.*(19)One stopSF +6.75%(f)7.89% cash/3.63%PIK05/2028252,859 247,826 0.2 249,066 
Goldcup 31018 AB(7)(8)(12)(19)One stopE + 9.57%(d)6.07% cash/6.32%PIK07/2029758,194 693,648 0.8 750,612 
Goldcup 31018 AB(5)(7)(8)(12)One stopE + 6.50%N/A(6)01/2029— (1,675)— (1,355)
Goldcup 31018 AB(5)(7)(8)(12)One stopE + 6.50%N/A(6)07/2029— (1,305)— (1,258)
Netwrix CorporationOne stopSF +5.00%(g)(h)10.12%06/20299,305,396 9,235,920 9.2 9,212,342 
Netwrix Corporation(5)One stopSF +5.00%N/A(6)06/2029— (16,044)— (27,996)
Netwrix CorporationOne stopSF +5.00%(g)9.90%06/202943,825 42,275 — 42,072 
ReliaQuest Holdings, LLCOne stopSF +10.75%(h)15.57%10/2026335,548 329,998 0.3 335,548 
ReliaQuest Holdings, LLCOne stopSF +10.75%(g)(h)15.70%10/202639,232 39,232 — 39,232 
ReliaQuest Holdings, LLC(5)One stopSF +10.75%N/A(6)10/2026— (415)— — 
Zarya Holdco, Inc.Senior securedSF +6.50%(f)11.31%07/2027975,776 975,776 1.0 975,776 
Zarya Holdco, Inc.Senior securedSF +6.50%N/A(6)07/2027— — — — 
12,206,609 12,036,264 12.0 12,061,381 
Life Sciences Tools & Services
Celerion Buyer, Inc.One stopSF +6.50%(g)11.18%11/202910,291,693 10,050,144 10.2 10,291,693 
Celerion Buyer, Inc.(5)One stopSF +6.50%N/A(6)11/2028— (1,165)— — 
Celerion Buyer, Inc.(5)One stopSF +6.50%N/A(6)11/2029— (38,277)— — 
10,291,693 10,010,702 10.2 10,291,693 
Pharmaceuticals
Caerus Midco 3 S.A.R.L.(7)(11)One stopSF +5.50%(g)10.40%05/2029792,425 778,505 0.8 767,511 
Caerus Midco 3 S.A.R.L.(7)(11)One stopSF +5.75%(f)10.56%05/2029141,426 138,780 0.1 138,597 
Caerus Midco 3 S.A.R.L.(7)(11)One stopSF +5.75%(f)10.48%05/202930,833 29,083 — 28,860 
Caerus Midco 3 S.A.R.L.(5)(7)(11)One stopSF +5.75%N/A(6)05/2029— (1,052)— (3,765)
Caerus Midco 3 S.A.R.L.(5)(7)(11)One stopSF +5.75%N/A(6)05/2029— (191)— (409)
964,684 945,125 0.9 930,794 
Professional Services
bswift, LLCOne stopSF +6.63%(f)11.34%11/20281,139,644 1,106,331 1.1 1,105,454 
Citrin Cooperman Advisors LLCOne stopSF +5.75%(g)(h)9.87%10/2027311,425 307,151 0.3 288,094 
Citrin Cooperman Advisors LLC(5)One stopSF +6.25%N/A(6)10/2027— (913)— (939)
Citrin Cooperman Advisors LLCOne stopSF +6.25%(g)11.08%10/2027212,556 206,361 0.2 206,179 
DISA Holdings Corp.Senior securedSF +5.50%(f)10.16%09/2028723,728 710,469 0.7 723,729 
DISA Holdings Corp.Subordinated debtSF +10.00%(f)14.73%03/202950,000 48,594 0.1 50,000 
DISA Holdings Corp.Senior securedSF +5.50%(f)10.16%09/202842,633 41,509 — 42,633 
DISA Holdings Corp.One stopSF +5.50%(f)10.16%09/202828,264 26,905 — 28,264 
DISA Holdings Corp.(5)Senior securedSF +5.50%N/A(6)09/2028— (801)— — 
2,508,250 2,445,606 2.4 2,443,414 
See Notes to Consolidated Financial Statements

9

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2023


Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.One stopSF +6.50%(f)11.31%06/2029$22,835,977 $22,632,981 22.5 $22,607,617 
Anaplan, Inc.(5)One stopSF +6.50%N/A(6)06/2028— (2,604)— (1,998)
Armstrong Bidco Limited(7)(8)(9)One stopSN +5.50%(e)9.68%06/2029630,700 609,578 0.6 595,286 
Armstrong Bidco Limited(7)(8)(9)One stopSN +5.50%(e)9.68%06/2029255,403 235,300 0.2 236,924 
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(15)One stopSF +7.25%(h)12.05%01/2029955,900 927,993 0.9 941,563 
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(15)One stopSF +7.25%(h)12.05%01/2029364,800 354,150 0.4 359,328 
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(15)One stopSF +7.25%N/A(6)01/2029— (350)— (180)
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(15)One stopSF +7.25%N/A(6)01/2029— (1,288)— (662)
Coupa Holdings, LLC*One stopSF +7.50%(f)12.29%02/20308,391,732 8,184,646 8.1 8,181,938 
Coupa Holdings, LLC(5)One stopSF +7.50%N/A(6)02/2029— (1,231)— (1,250)
Coupa Holdings, LLC(5)One stopSF +7.50%N/A(6)02/2030— (9,245)— (9,366)
GTY Technology Holdings, Inc.(19)One stopSF +6.88%(g)7.48% cash/4.30%PIK07/20293,976,375 3,907,401 3.9 3,936,611 
GTY Technology Holdings, Inc.(19)One stopSF +6.88%(g)7.31% cash/4.30%PIK07/20292,596,141 2,544,200 2.6 2,570,180 
GTY Technology Holdings, Inc.(19)One stopSF +6.88%(g)7.48% cash/4.30%PIK07/2029475,969 471,789 0.5 471,210 
GTY Technology Holdings, Inc.(5)One stopSF +6.25%N/A(6)07/2029— (2,014)— (1,125)
ICIMS, Inc.(19)One stopSF +7.25%(g)8.18% cash/3.88%PIK08/20285,459,864 5,374,209 5.3 5,350,667 
ICIMS, Inc.(5)One stopSF +6.75%N/A(6)08/2028— (1,255)— (3,198)
ICIMS, Inc.(5)One stopSF +7.25%N/A(6)08/2028— — — (27,605)
IQN Holding Corp. One stopSF +5.25%(h)10.38%05/20291,374,125 1,362,383 1.3 1,346,642 
IQN Holding Corp. (5)One stopSF +5.25%N/A(6)05/2029— (6,464)— (11,584)
IQN Holding Corp. (5)One stopSF +5.25%N/A(6)05/2028— (935)— (1,686)
Island Bidco AB(7)(8)(12)(19)One stopE + 7.25%(d)2.75% cash/7.25%PIK07/2028614,826 586,382 0.6 614,826 
Island Bidco AB(7)(12)(19)One stopSF +7.00%(h)8.29% cash/3.50%PIK07/2028296,942 294,418 0.3 296,942 
Island Bidco AB(5)(7)(12)One stopSF +6.50%N/A(6)07/2028— (382)— — 
Island Bidco AB(5)(7)(8)(12)One stopE + 6.50%N/A(6)07/2028— (742)— — 
Kaseya Inc.One stopSF +5.75%(g)10.65%06/20294,462,000 4,401,208 4.3 4,372,760 
Kaseya Inc.(5)One stopSF +5.75%N/A(6)06/2029— (2,394)— (5,380)
Kaseya Inc.(5)One stopSF +5.75%N/A(6)06/2029— (2,394)— (5,380)
PING Identity Holding Corp.One stopSF +7.00%(f)11.76%10/20292,212,936 2,181,658 2.2 2,190,807 
PING Identity Holding Corp.(5)One stopSF +7.00%N/A(6)10/2028— (1,182)— (1,023)
Quant Buyer, Inc.One stopSF +6.00%(g)10.40%06/20296,559,944 6,502,090 6.3 6,313,225 
Quant Buyer, Inc.One stopSF +6.00%(g)10.40%06/20295,526,529 5,477,788 5.3 5,318,676 
Quant Buyer, Inc.(5)One stopSF +6.00%N/A(6)06/2029— (1,323)— (5,642)
Quant Buyer, Inc.(5)One stopSF +6.50%N/A(6)06/2029— (118,945)(0.1)(118,997)
Rainforest Bidco Limited(7)(8)(9)(19)One stopSN +6.13%(e)7.68% cash/2.63%PIK07/2029686,819 646,911 0.7 679,951 
Rainforest Bidco Limited(7)(9)(19)One stopSF +6.13%(g)8.18% cash/2.63%PIK07/2029131,557 129,945 0.1 130,241 
Rainforest Bidco Limited(7)(8)(9)(19)One stopSN +8.38%(e)9.93% cash/2.63%PIK07/202950,373 47,442 — 49,869 
SailPoint Technologies Holdings, Inc.One stopSF +6.25%(f)10.99%08/20296,827,328 6,701,384 6.6 6,690,781 
SailPoint Technologies Holdings, Inc.(5)One stopSF +6.25%N/A(6)08/2028— (1,547)— (3,453)
Templafy APS and Templafy, LLC(7)(14)One stopSF +6.50%(h)11.57%07/2028542,900 529,495 0.5 542,900 
Templafy APS and Templafy, LLC(5)(7)(14)One stopSF +6.50%N/A(6)07/2028— (332)— — 
Templafy APS and Templafy, LLC(5)(7)(14)One stopSF +6.50%N/A(6)07/2028— (2,706)— — 
Zendesk, Inc.(19)One stopSF +7.00%(g)8.38% cash/3.50%PIK11/20289,559,999 9,380,138 9.5 9,559,999 
Zendesk, Inc.(5)One stopSF +6.50%N/A(6)11/2028— (941)— — 
Zendesk, Inc.(5)One stopSF +6.50%N/A(6)11/2028— (22,483)— — 
84,789,139 83,302,732 82.6 83,160,414 
See Notes to Consolidated Financial Statements

10

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2023


Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
PPV Intermediate Holdings, LLCOne stopSF +5.75%(f)(g)(h)10.93%08/2029$6,338,087 $6,234,218 6.2 %$6,211,325 
PPV Intermediate Holdings, LLC(19)One stopN/A13.00%08/2030685,513 670,779 0.6 644,382 
PPV Intermediate Holdings, LLC(5)One stopSF +5.75%N/A(6)08/2029— (7,107)— (7,753)
PPV Intermediate Holdings, LLC(5)(19)One stopN/A13.00%08/2030934 (1,642)— (856)
PPV Intermediate Holdings, LLC(5)One stopSF +5.75%N/A(6)08/2029— (15,321)— (5,485)
PPV Intermediate Holdings, LLC(19)One stopN/A13.00%08/2030158,394 156,614 0.1 148,890 
PPV Intermediate Holdings, LLC(19)One stopN/A13.00%08/203029,073 28,739 — 27,328 
Salon Lofts Group, LLCOne stopSF +5.75%(g)10.42%08/2028292,803 290,159 0.3 292,803 
Salon Lofts Group, LLCOne stopSF +5.75%(g)10.65%08/20284,480,485 4,440,034 4.5 4,480,485 
Salon Lofts Group, LLCOne stopSF +5.75%(h)10.88%08/202873,201 72,540 0.1 73,201 
Salon Lofts Group, LLCOne stopSF +5.75%(f)10.54%08/202825,000 23,194 — 25,000 
Salon Lofts Group, LLC(5)One stopSF +5.75%N/A(6)08/2028— (17,434)— — 
SureWerx Purchaser III, Inc.(7)(10)One stopSF +6.75%(g)11.65%12/2029788,068 769,091 0.8 780,187 
SureWerx Purchaser III, Inc.(5)(7)(10)One stopSF +6.75%N/A(6)12/2028— (1,199)— (357)
SureWerx Purchaser III, Inc.(5)(7)(10)One stopSF +6.75%N/A(6)12/2029— (2,340)— (1,619)
12,871,558 12,640,325 12.6 12,667,531 
Total debt investments$197,238,101 $193,371,859 192.5 %$193,777,041 

See Notes to Consolidated Financial Statements

11

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2023


Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(16)(17)
Aerospace and Defense
PPW Aero Buyer, Inc.LP unitsN/AN/AN/A39,862 $398,622 0.4 %$398,622 
Automobiles
National Express Wash Parent Holdco, LLCLP unitsN/AN/AN/A767 76,700 0.1 87,754 
Diversified Consumer Services
DP Flores Holdings, LLCLLC unitsN/AN/AN/A87,800 87,800 0.1 84,360 
HS Spa Holdings, Inc.Common StockN/AN/AN/A77,582 77,582 0.1 77,630 
NSG Buyer, Inc. LP unitsN/AN/AN/A893 892,857 0.8 890,973 
1,058,239 1.0 1,052,963 
IT Services
Critical Start, Inc.Common StockN/AN/AN/A37,900 37,900 — 41,312 
Netwrix CorporationLLC unitsN/AN/AN/A19,851 40,269 0.1 46,227 
78,169 0.1 87,539 
Life Sciences Tools & Services
Celerion Buyer, Inc.LP unitsN/AN/AN/A446,429 446,429 0.4 446,429 
Celerion Buyer, Inc.LP unitsN/AN/AN/A446,429 — 0.1 72,949 
446,429 0.5 519,378 
Software
Anaplan, Inc.LP InterestN/AN/AN/A890,007 890,513 1.0 1,053,031 
Cynet Security Ltd.(7)(13)Preferred StockN/AN/AN/A22,716 80,874 0.1 84,186 
GTY Technology Holdings, Inc.LP unitsN/AN/AN/A60,344 60,344 0.1 66,515 
Kaseya Inc.(18)Preferred StockN/A11.75%Non-CashN/A850 882,137 0.9 881,720 
Kaseya Inc.LP InterestN/AN/AN/A50,010 50,036 0.1 47,090 
Onit, Inc.(18)Preferred StockN/A15.00%Non-CashN/A50 42,453 — 42,001 
Onit, Inc.WarrantN/AN/AN/A33 6,499 — 6,487 
Templafy APS and Templafy, LLC(7)(14)WarrantN/AN/AN/A29 11,056 — 7,720 
Zendesk, Inc.LP unitsN/AN/AN/A21,801 218,012 0.2 225,046 
2,241,924 2.4 2,413,796 
Specialty Retail
Salon Lofts Group, LLCLP unitsN/AN/AN/A109 109,343 0.1 98,036 
109,343 0.1 98,036 
Total equity investments$4,409,426 4.6 %$4,658,088 
Total investments$197,781,285 197.1%$198,435,129 
Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)4.6%(20)$2,048,047 2.0%$2,048,047 
Total money market funds$2,048,047 2.0%$2,048,047 
Total Investments and Money Market Funds$199,829,332 199.1%$200,483,176 



See Notes to Consolidated Financial Statements

12

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2023


*Denotes that all or a portion of the investment collateralizes the PNC Facility (as defined in Note 7).
(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF”), Prime (‘‘P’’), Euro Interbank Offered Rate (“EURIBOR” or “E”), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) or the London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars 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, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of March 31, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2023, as the loan may have priced or repriced based on an index rate prior to March 31, 2023.
(a) Denotes that all or a portion of the contract was indexed to the 90-day LIBOR, which was 5.19% as of March 31, 2023.
(b) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of March 31, 2023.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.04% as of March 31, 2023.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.34% as of March 31, 2023.
(e) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.18% as of March 31, 2023.
(f) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.80% as of March 31, 2023.
(g) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.91% as of March 31, 2023.
(h) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.90% as of March 31, 2023.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2023.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of March 31, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2023, total non-qualifying assets at fair value represented 4.5% of the Company’s total assets calculated in accordance with the 1940 Act.
(8)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation.
(9)The headquarters of this portfolio company is located in the United Kingdom.
(10)The headquarters of this portfolio company is located in Canada.
(11)The headquarters of this portfolio company is located in Luxembourg.
(12)The headquarters of this portfolio company is located in Sweden.
(13)The headquarters of this portfolio company is located in Israel.
(14)The headquarters of this portfolio company is located in Denmark.
(15)The headquarters of this portfolio company is located in Netherlands.
(16)Equity investments are non-income producing securities, unless otherwise noted.
(17)Ownership of certain equity investments occurs through a holding company or partnership.
(18)The Company holds an equity investment that is income producing.
(19)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, 2023.
(20)The rate shown is the annualized seven-day yield as of March 31, 2023.



See Notes to Consolidated Financial Statements

13

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2022

Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Automobiles
National Express Wash Parent Holdco, LLCOne stopSF +5.50%(i)8.27%07/2029$3,968,600 $3,930,124 5.7 %$3,928,914 
National Express Wash Parent Holdco, LLCOne stopSF +5.50%(i)8.39%07/202970,000 67,964 0.1 67,900 
National Express Wash Parent Holdco, LLC(5)One stopSF +5.50%N/A(6)07/2029— (27,354)— (28,214)
Spotless Brands, LLCOne stopSF +6.50%(h)9.19%07/20281,973,866 1,935,613 2.8 1,934,388 
Spotless Brands, LLCOne stopSF +6.50%(g)9.44%07/2028100,831 98,755 0.1 98,689 
Spotless Brands, LLCOne stopSF +6.50%(c)(g)9.92%07/202820,405 19,859 — 19,841 
Spotless Brands, LLC(5)One stopSF +6.50%N/A(6)07/2028— (1,539)— (1,588)
6,133,702 6,023,422 8.7 6,019,930 
Diversified Consumer Services
DP Flores Holdings, LLCOne stopSF +6.50%(h)10.00%09/20283,253,400 3,196,673 4.6 3,196,466 
DP Flores Holdings, LLC(5)One stopSF +6.50%N/A(6)09/2028— (1,744)— (1,750)
DP Flores Holdings, LLC(5)One stopSF +6.50%N/A(6)09/2028— (18,700)— (18,769)
DP Flores Holdings, LLCOne stopSF +6.50%N/A(6)09/2028— — — — 
DP Flores Holdings, LLCOne stopSF +6.50%N/A(6)09/2028— — — — 
HS Spa Holdings, Inc.One stopSF +5.75%(i)7.51%06/20291,174,058 1,151,688 1.7 1,150,576 
HS Spa Holdings, Inc.(5)One stopSF +5.75%N/A(6)06/2028— (1,948)— (2,062)
Mario Purchaser, LLCOne stopSF +5.75%(g)8.88%04/2029673,425 660,789 0.9 646,489 
Mario Purchaser, LLCOne stopSF +10.75%(g)13.88%PIK04/2032303,718 295,619 0.4 297,644 
Mario Purchaser, LLCOne stopSF +5.75%(g)8.88%04/2029253,966 243,335 0.3 219,335 
Mario Purchaser, LLC(5)One stopP +4.75%N/A(6)04/2028— (1,320)— (2,469)
NSG Buyer, Inc.One stopSF +6.00%(g)9.13%06/20292,855,257 2,827,743 4.1 2,855,257 
NSG Buyer, Inc.One stopSF +6.00%(g)9.13%06/202987,625 86,781 0.1 87,625 
NSG Buyer, Inc.One stopSF +6.00%(g)9.13%06/202951,115 50,622 0.1 51,115 
NSG Buyer, Inc.One stopSF +6.00%(g)9.13%06/202948,194 42,494 0.1 48,194 
NSG Buyer, Inc.One stopSF +6.00%(g)9.13%06/202812,337 11,451 — 12,337 
8,713,095 8,543,483 12.3 8,539,988 
Health Care Technology
Coding Solutions Acquisition, Inc.One stopSF +5.75%(g)8.78%05/2028476,699 472,244 0.7 467,166 
Coding Solutions Acquisition, Inc.One stopSF +5.75%(g)8.78%05/202810,305 9,959 — 8,931 
Coding Solutions Acquisition, Inc.(5)One stopSF +5.75%N/A(6)05/2028— (963)— (2,854)
Plasma Buyer LLCOne stopSF +5.75%(h)9.30%05/2029490,771 481,500 0.7 480,956 
Plasma Buyer LLC(5)One stopSF +5.75%N/A(6)05/2028— (1,020)— (1,091)
Plasma Buyer LLC(5)One stopSF +5.75%N/A(6)05/2029— (1,202)— (2,545)
977,775 960,518 1.4 950,563 
Healthcare Equipment and Supplies
Belmont Instrument, LLCOne stopSF +6.25%(h)9.69%08/20284,254,900 4,213,185 6.1 4,212,351 
Belmont Instrument, LLC(5)One stopSF +6.25%N/A(6)08/2028— (980)— (1,000)
4,254,900 4,212,205 6.1 4,211,351 
Healthcare Providers and Services
Community Care Partners, LLCOne stopSF +5.75%(g)8.89%06/2026354,365 351,471 0.5 350,821 
Community Care Partners, LLC(5)One stopSF +5.75%N/A(6)06/2026— (427)— (523)
354,365 351,044 0.5 350,298 
Hotels, Restaurants and Leisure
Barteca Restaurants, LLCOne stopSF +6.00%(i)9.19%08/20281,221,400 1,209,526 1.8 1,209,186 
Barteca Restaurants, LLC(5)One stopSF +6.00%N/A(6)08/2028— (972)— (1,000)
Barteca Restaurants, LLC(5)One stopSF +6.00%N/A(6)08/2028— (3,166)— (3,257)
Health Buyer, LLCSenior securedSF +5.25%(i)7.98%04/2029236,500 233,143 0.3 222,310 
Health Buyer, LLCSenior securedSF +5.25%(g)8.03%04/20282,366 1,890 — 507 
1,460,266 1,440,421 2.1 1,427,746 
See Notes to Consolidated Financial Statements

14

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2022
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Industrial Conglomerates
Dwyer Instruments, Inc.One stopL +6.00%(a)9.67%07/2027$591,707 $580,463 0.8 %$579,873 
Dwyer Instruments, Inc.One stopL +5.50%(b)8.38%07/20277,117 6,251 — 6,206 
Dwyer Instruments, Inc.(5)One stopL +6.00%N/A(6)07/2027— (1,411)— (1,485)
Excelitas Technologies Corp.One stopSF +5.75%(h)8.59%08/2029681,340 667,340 1.0 674,526 
Excelitas Technologies Corp.(7)(8)One stopE +5.75%(d)6.08%08/2029110,374 113,968 0.2 109,270 
Excelitas Technologies Corp.One stopSF +5.75%(h)8.59%08/202827,166 26,524 — 26,509 
Excelitas Technologies Corp.(5)One stopSF +5.75%N/A(6)08/2029— (1,288)— (1,314)
1,417,704 1,391,847 2.0 1,393,585 
Insurance
Captive Resources Midco, LLCOne stopSF +5.50%(g)8.53%07/20296,812,700 6,681,346 9.6 6,676,446 
Captive Resources Midco, LLC(5)One stopSF +5.50%N/A(6)07/2028— (3,589)— (3,746)
6,812,700 6,677,757 9.6 6,672,700 
IT Services
Critical Start, Inc.One stopSF +5.75%(g)5.65%cash/3.13%PIK05/2028490,521 485,933 0.7 485,616 
Critical Start, Inc.(5)One stopSF +5.75%N/A(6)05/2028— (625)— (666)
Goldcup 31018 AB(7)(8)(11)One stopE +7.07%(e)3.57%cash/3.82%PIK07/2029672,295 678,372 1.0 663,891 
Goldcup 31018 AB(5)(7)(8)(11)One stopE +6.50%N/A(6)01/2029— (1,818)— (1,532)
Goldcup 31018 AB(5)(7)(8)(11)One stopE +6.50%N/A(6)07/2029— (1,409)— (1,421)
Netwrix CorporationOne stopSF +5.00%(h)7.90%06/20297,898,604 7,829,329 11.2 7,819,618 
Netwrix CorporationOne stopSF +5.00%(h)8.44%06/2029287,891 270,260 0.3 245,630 
Netwrix Corporation(5)One stopSF +5.00%N/A(6)06/2029— (1,675)— (1,753)
ReliaQuest Holdings, LLCOne stopSF +10.75%(h)14.30%10/2026335,548 329,213 0.5 335,548 
ReliaQuest Holdings, LLCOne stopSF +10.75%(h)14.30%10/202615,245 15,245 — 15,245 
ReliaQuest Holdings, LLC(5)One stopSF +10.75%N/A(6)10/2026— (474)— — 
Zarya Holdco, Inc.Senior securedSF +6.50%(g)9.63%07/2027975,776 975,776 1.4 975,776 
Zarya Holdco, Inc.Senior securedSF +6.50%N/A(6)07/2027— — — — 
10,675,880 10,578,127 15.1 10,535,952 
Pharmaceuticals
Caerus Midco 3 S.A.R.L.(7)(10)One stopSF +5.50%(i)9.48%05/2029796,407 781,283 1.1 780,479 
Caerus Midco 3 S.A.R.L.(5)(7)(10)One stopSF +5.50%N/A(6)05/2029— (1,592)— (1,677)
Caerus Midco 3 S.A.R.L.(5)(7)(10)One stopSF +5.50%N/A(6)05/2029— (1,137)— (2,395)
796,407 778,554 1.1 776,407 
Professional Services
Citrin Cooperman Advisors LLCOne stopSF +5.00%(g)(h)7.80%10/2027272,119 267,483 0.4 272,119 
DISA Holdings Corp.Senior securedSF +5.50%(g)8.18%09/2028463,124 453,954 0.6 453,861 
DISA Holdings Corp.Senior securedSF +5.50%(g)8.18%09/20282,432 1,790 — 1,784 
DISA Holdings Corp.(5)Senior securedSF +5.50%N/A(6)09/2028— (1,228)— (1,241)
737,675 721,999 1.0 726,523 
Software
Anaplan, Inc.One stopSF +6.50%(g)9.53%06/202922,835,977 22,616,727 32.2 22,379,257 
Anaplan, Inc.(5)One stopSF +6.50%N/A(6)06/2028— (2,852)— (5,983)
Armstrong Bidco Limited(7)(8)(9)One stopSN +5.75%(f)7.94%06/2029571,182 608,466 0.8 554,046 
Armstrong Bidco Limited(7)(8)(9)One stopSN +5.75%(f)7.94%06/202998,201 96,325 0.1 89,260 
GTY Technology Holdings, Inc.One stopSF +6.88%(h)9.81%cash/0.63%PIK07/20293,891,383 3,816,927 5.5 3,852,469 
GTY Technology Holdings, Inc.(5)One stopSF +6.88%N/A(6)07/2029— (2,174)— (1,125)
GTY Technology Holdings, Inc.(5)One stopSF +6.88%N/A(6)07/2029— (29,332)— (30,352)
ICIMS, Inc.One stopSF +6.75%(h)9.49%08/20285,404,600 5,310,547 7.7 5,357,310 
ICIMS, Inc.(5)One stopSF +6.75%N/A(6)08/2028— (1,371)— (1,399)
ICIMS, Inc.One stopSF +6.75%N/A(6)08/2028— — — — 
IQN Holding Corp.One stopSF +5.50%(h)8.41%05/20291,333,669 1,321,125 1.9 1,320,333 
IQN Holding Corp. (5)One stopSF +5.50%N/A(6)05/2028— (1,027)— (1,103)
IQN Holding Corp. (5)One stopSF +5.50%N/A(6)05/2029— (7,279)— (6,264)
Island Bidco AB(7)(8)(11)One stopE +7.25%(e)0.23%cash/7.25%PIK07/2028526,349 554,550 0.7 521,085 
See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2022
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Island Bidco AB(7)(11)One stopSF +7.00%(i)6.09%cash/3.50%PIK07/2028$289,200 $286,429 0.4 %$286,308 
Island Bidco AB(5)(7)(11)One stopSF +6.50%N/A(6)07/2028— (419)— (437)
Island Bidco AB(5)(7)(8)(11)One stopE +6.50%N/A(6)07/2028— (812)— (797)
Kaseya Inc.One stopSF +5.75%(i)8.29%06/20294,462,000 4,396,349 6.3 4,372,760 
Kaseya Inc.(5)One stopSF +5.75%N/A(6)06/2029— (2,585)— (5,380)
Kaseya Inc.(5)One stopSF +5.75%N/A(6)06/2029— (2,585)— (5,380)
Quant Buyer, Inc.One stopSF +5.50%(h)8.47%06/20296,592,923 6,530,086 9.2 6,364,280 
Quant Buyer, Inc.One stopSF +5.50%(h)8.47%06/20295,554,300 5,501,363 7.7 5,361,677 
Quant Buyer, Inc.(5)One stopSF +5.50%N/A(6)06/2029— (1,430)— (5,202)
Rainforest Bidco Limited(7)(8)(9)One stopSN +5.75%(f)7.94%07/2029613,023 636,381 0.9 604,594 
Rainforest Bidco Limited(7)(8)(9)One stopSN +5.75%N/A(6)01/2029— — — — 
Rainforest Bidco Limited(5)(7)(8)(9)One stopSN +5.75%N/A(6)07/2029— (2,472)— (2,408)
SailPoint Technologies Holdings, Inc.One stopSF +6.25%(g)9.10%08/20296,827,328 6,691,542 9.7 6,759,055 
SailPoint Technologies Holdings, Inc.(5)One stopSF +6.25%N/A(6)08/2028— (1,690)— (1,727)
Templafy APS and Templafy, LLC(7)(13)One stopSF +6.50%(i)9.64%07/2028542,900 528,231 0.8 527,617 
Templafy APS and Templafy, LLC(5)(7)(13)One stopSF +6.50%N/A(6)07/2028— (364)— (375)
Templafy APS and Templafy, LLC(5)(7)(13)One stopSF +6.50%N/A(6)07/2028— (2,961)— (3,053)
59,543,035 58,835,695 83.9 58,279,066 
Specialty Retail
PPV Intermediate Holdings, LLCOne stopSF +5.75%(h)(i)9.29%08/20295,323,125 5,221,217 7.5 5,216,662 
PPV Intermediate Holdings, LLCOne stopN/A13.00%08/2030642,587 626,863 0.9 626,522 
PPV Intermediate Holdings, LLC(5)One stopN/A13.00%08/2030174 (2,446)— (2,477)
PPV Intermediate Holdings, LLC(5)One stopSF +5.75%N/A(6)08/2029— (7,659)— (7,753)
PPV Intermediate Holdings, LLC(5)One stopSF +5.75%N/A(6)08/2029— (16,012)— (12,892)
Salon Lofts Group, LLCOne stopSF +5.75%(h)9.30%08/20284,503,000 4,458,607 6.4 4,457,970 
Salon Lofts Group, LLC(5)One stopSF +5.75%N/A(6)08/2028— (1,972)— (2,000)
Salon Lofts Group, LLC(5)One stopSF +5.75%N/A(6)08/2028— (22,645)— (22,970)
10,468,886 10,255,953 14.8 10,253,062 
Total debt investments$112,346,390 $110,771,025 158.6 %$110,137,171 





See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2022
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(14)(15)
Automobiles
National Express Wash Parent Holdco, LLCLP unitsN/AN/AN/A767 $76,700 0.1 %$76,700 
76,700 0.1 76,700 
Diversified Consumer Services
DP Flores Holdings, LLCLLC unitsN/AN/AN/A87,800 87,800 0.1 87,800 
HS Spa Holdings, Inc.Common StockN/AN/AN/A77,582 77,582 0.1 74,416 
165,382 0.2 162,216 
IT Services
Critical Start, Inc.Common StockN/AN/AN/A37,900 37,900 — 37,900 
Netwrix CorporationLLC unitsN/AN/AN/A19,851 40,269 0.1 44,463 
78,169 0.1 82,363 
Software
Anaplan, Inc.LP interestN/AN/AN/A890,007 890,513 1.3 890,007 
Cynet Security Ltd.(7)(12)Preferred stockN/AN/AN/A22,716 80,874 0.1 80,876 
GTY Technology Holdings, Inc.LP unitsN/AN/AN/A57,436 57,436 0.1 57,436 
Kaseya Inc.Preferred stockN/AN/AN/A850 828,945 1.3 877,950 
Kaseya Inc.LP interestN/AN/AN/A50,010 50,010 0.1 50,010 
Templafy APS and Templafy, LLC(7)(13)WarrantN/AN/AN/A29 11,056 — 11,056 
1,918,834 2.9 1,967,335 
Specialty Retail
Salon Lofts Group, LLCLP unitsN/AN/AN/A109 109,343 0.2 109,340 
109,343 0.2 109,340 
Total equity investments$2,348,428 3.5 %$2,397,954 
Total investments$113,119,453 162.1%$112,535,125 



See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2022

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to SOFR, Prime (‘‘P’’), EURIBOR, SONIA or LIBOR denominated in U.S. dollars 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, 2022. 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, 2022, which was the last business day of the period on which the applicable index was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2022, as the loan may have priced or repriced based on an index rate prior to September 30, 2022.
(a) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 3.75% as of September 30, 2022.
(b) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 4.23% as of September 30, 2022.
(c) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 6.25% as of September 30, 2022.
(d) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was 1.17% as of September 30, 2022.
(e) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was 1.81% as of September 30, 2022.
(f) Denotes that all or a portion of the loan was indexed to SONIA, which was 2.19% as of September 30, 2022.
(g) Denotes that all or a portion of the loan was indexed to the 30-day Term SOFR which was 3.04% as of September 30, 2022.
(h) Denotes that all or a portion of the loan was indexed to the 90-day Term SOFR which was 3.59% as of September 30, 2022.
(i) Denotes that all or a portion of the loan was indexed to the 180-day Term SOFR which was 3.99% as of September 30, 2022.
(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, 2022.
(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 value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2022. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)The investment is treated as a non-qualifying asset under 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, 2022, total non-qualifying assets at fair value represented 3.2% 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. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation.
(9)The headquarters of this portfolio company is located in the United Kingdom.
(10)The headquarters of this portfolio company is located in 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.
(15)Ownership of certain equity investments occurs through a holding company or partnership.



See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Note 1. Organization

Golub Capital BDC 4, Inc. (“GBDC 4” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that elected to be treated 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 commencement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GBDC 4's common stock in private placements. In addition, for U.S. federal income tax purposes, GBDC 4 intends to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with the fiscal year ended September 30, 2022.

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 the 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 period ended September 30, 2022, 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. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.


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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
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 Company 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 Company’s board of directors (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 Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

Use of estimates: The preparation of the unaudited 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 ASC Topic 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital 4 Holdings LLC, Golub Capital BDC 4 Funding LLC (“GBDC 4 Funding”) and Golub Capital 4 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 year 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 with 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.

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and six months ended March 31, 2023, interest income included $132,300 and $266,873, respectively, of accretion of discounts and amortization of premiums. For the three and six months ended March 31, 2023, the Company received loan origination fees of $975,516 and $2,273,613, respectively.


20

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
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, 2023, interest income included $293,577 and $430,154, respectively, of PIK interest and the Company capitalized PIK interest of $296,831 and $411,964, 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 as fee income when earned. All other income is recorded into income when earned. For the three and six months ended March 31, 2023, fee income included no prepayment premiums.

For the three and six months ended March 31, 2023, the Company received interest and fee income in cash which excluded capitalized loan origination fees, in the amounts of $3,682,363 and $6,860,336, respectively.

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, 2023, the Company recognized PIK and non-cash dividend income of $28,115 and $53,644, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2023, the Company received no cash payments of accrued and capitalized preferred dividends in cash.

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 amortized cost basis of the investment. For the three and six months ended March 31, 2023, the Company received no dividend income in cash, and did not receive any return of capital cash distributions.

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 during the period 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 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 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, 2023 and September 30, 2022, the Company had no portfolio company investments on non-accrual status.

Income taxes: The Company intends to elect 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.
21

TABLE OF CONTENTS
Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may 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, 2023, $16,211 and $53,211, respectively, was incurred for U.S. federal excise tax.

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 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, 2023.

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

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

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2023 and September 30, 2022, the Company had deferred debt issuance costs of $580,130 and $523,253, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2023 was $69,325 and $134,041, respectively.

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, 2023, the Company amortized $20,277 and $40,482, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.



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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Note 3. Stockholders' Equity

GBDC 4 is authorized to issue 1,000,000 shares of preferred stock at a par value of $0.001 per share and 200,000,000 shares of common stock at a par value of $0.001 per share. Since the commencement of operations on April 1, 2022, GBDC 4 has entered into Subscription Agreements with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GBDC 4’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GBDC 4’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by GBDC 4 with a minimum of 10 calendar days prior notice.

As of March 31, 2023 and September 30, 2022, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:
As of March 31, 2023
As of September 30, 2022
SubscriptionsContributionsSubscriptionsContributions
GBDC 4 Stockholders$644,808,500 $99,382,970 $527,300,500 $69,233,785 

As of March 31, 2023 and September 30, 2022, the ratio of total contributed capital to total capital subscriptions was 15.4% and 13.1%, respectively, and the Company had uncalled capital commitments of $545,425,530 and $458,066,715, respectively. Effective December 31, 2022, the Company entered into an agreement to cancel subscriptions totaling $50,000.

The following table summarizes the shares of GBDC 4 common stock issued for the six months ended March 31, 2023:
DateShares IssuedNAV ($) per shareProceeds
Shares issued for the six months ended March 31, 2023
Issuance of shares11/14/221,150,201.000$15.00 $17,253,015 
Issuance of shares02/27/23859,744.65415.00 12,896,170 
Shares issued for capital drawdowns2,009,945.65430,149,185 
Issuance of shares11/23/222,657.82815.00 39,867 
Issuance of shares 12/29/2230,829.58015.00 462,444 
Issuance of shares (1)
03/01/2317,801.19615.00 267,018 
Issuance of shares (1)
03/22/2322,391.97815.00 335,880 
Shares issued through DRIP73,680.582$1,105,209 


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 2023. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee for such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of GBDC 4, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

For periods ending on or prior to the earlier of (1) the date of pricing of an initial public offering or listing on a national securities exchange of the shares of common stock of GBDC 4 or (2) a sale of all or substantially all of the Company’s assets to, or other liquidity event with, an entity for consideration of publicly listed securities of the acquirer (each, a “Liquidity Event”), the Investment Adviser has irrevocably agreed to waive any base management fee in excess of 0.50% of the fair value of the Company’s average adjusted gross assets, as calculated in accordance with the Investment Advisory Agreement as described above.

For the three and six months ended March 31, 2023, the base management fees incurred by the Company were $623,580 and $1,132,022, respectively, and the base management fees irrevocably waived by the Investment Adviser were $396,824 and $720,378, 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.



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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed ‘‘hurdle rate’’ of 1.75% quarterly. If market interest rates rise, it is possible that
the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. 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 20.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply. This portion of Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the ‘‘catch-up’’ provision; and
•20.0% of the amount of 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 periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably waive that portion of the Income Incentive Fee calculated under the Investment Advisory Agreement in amounts in excess of the following amounts (computed on a quarterly basis, in arrears):

•zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
•100% of 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; 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.

For the three and six months ended March 31, 2023, the Income Incentive Fee incurred was $606,108 and $1,056,271, respectively.

The Investment Adviser has agreed to irrevocably waive all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for periods ending prior to April 1, 2024 (the “Waiver Period”).

For the three and six months ended March 31, 2023, the Income Incentive Fee irrevocably waived by the Investment Adviser was $606,108 and $1,056,271, respectively.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year following the Waiver Period (or, upon termination of the Investment Advisory Agreement, as of the termination
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
date), less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s ‘‘Capital Gain Incentive Fee Base’’ equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis, less (2) unamortized deferred debt issuance costs as of the date of calculation, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis from April 1, 2022, the date the Company elected to be a BDC. For periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably waive that portion of the Capital Gain Incentive Fee, calculated as described above, in excess of 10.0% of the Capital Gain Incentive Fee Base, provided that any amounts so waived shall be deemed paid to the Investment Adviser for purposes of determining the Capital Gain Incentive Fee payable after the closing of a public offering or listing. In addition, the Investment Adviser has agreed during the Waiver Period to defer payment of any Capital Gain Incentive Fee until after the Waiver Period, if and to the extent a Capital Gain Incentive Fee becomes payable as of any date after the Waiver Period.

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital appreciation is calculated as the sum of the differences, if positive, between (a) the valuation of each investment in our portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

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

For the three and six months ended March 31, 2023, the Company did not accrue a Capital Gain Incentive Fee. As of March 31, 2023 and September 30, 2022, there was no Capital Gain Incentive Fee as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

In accordance with GAAP, the Company 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. 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 20.0% of such amount (10.0% prior to the closing of a Liquidity Event), less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. For the three and six months ended March 31, 2023 the Company did not accrue a capital gain incentive fee under GAAP. As of March 31, 2023 and September 30, 2022, there was no accrual 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
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
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% of Cumulative Pre-Incentive Fee Net Income (20% for periods beginning after the date of the closing of a Liquidity Event) and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since April 1, 2022.

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

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

As of March 31, 2023 and September 30, 2022, included in accounts payable and accrued expenses is $51,904 and $3,844, respectively, for 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 $165,992 of organization costs and professional fees on behalf of the Company since the Company’s formation in September 2021.

The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700,000. Any costs in excess of $700,000 will be borne by the Investment Adviser. As of March 31, 2023, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $223,416.

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, 2023 were $225,976 and $545,475, respectively. As of March 31, 2023 and
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
September 30, 2022, accounts payable and accrued expenses included $298,032 and $319,499, respectively, 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 $10,500. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a Subscription Agreement for $100,000,000. As of March 31, 2023, GGP Class B-P, LLC has an aggregate commitment of $100,010,500. As of March 31, 2023, the Company had issued 1,567,531.199 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $23,512,968 and has also issued 66,573.171 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, 2023, permits the Company to borrow a maximum of $100,000,000 and expires on April 12, 2025. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.


Note 5. Investments

Investments as of March 31, 2023 and September 30, 2022 consisted of the following:
As of March 31, 2023As of September 30, 2022
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$1,997,329 $1,978,623 $1,986,808 $1,680,198 $1,665,325 $1,652,997 
One stop195,190,772 191,344,642 191,740,233 110,666,192 109,105,700 108,484,174 
Subordinated debt50,000 48,594 50,000 — — — 
EquityN/A4,409,426 4,658,088 N/A2,348,428 2,397,954 
Total$197,238,101 $197,781,285 $198,435,129 $112,346,390 $113,119,453 $112,535,125 


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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
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 may not be indicative of the primary source of the portfolio company’s business.
As of March 31, 2023As of September 30, 2022
Amortized Cost:    
United States  
Mid-Atlantic$29,288,222 14.8 %$16,521,323 14.6 %
Midwest20,991,703 10.6 13,859,081 12.2 
Northeast46,914,138 23.7 26,713,588 23.6 
Southeast28,223,132 14.3 11,880,254 10.5 
Southwest9,579,665 4.8 7,902,609 7.0 
West55,693,109 28.2 31,993,615 28.3 
United Kingdom1,911,403 1.0 1,338,700 1.2 
Luxembourg945,125 0.5 778,554 0.7 
Sweden1,570,344 0.8 1,514,893 1.3 
Israel80,874 0.0 *80,874 0.1 
Denmark537,513 0.3 535,962 0.5 
Canada765,552 0.4 — — 
Netherlands1,280,505 0.6 — — 
Total$197,781,285 100.0 %$113,119,453 100.0 %
Fair Value:      
United States  
Mid-Atlantic$29,389,332 14.8 %$16,582,536 14.7 %
Midwest21,026,282 10.6 13,850,964 12.3 
Northeast46,767,807 23.6 26,439,587 23.5 
Southeast28,411,768 14.3 11,877,985 10.5 
Southwest9,578,608 4.8 7,957,399 7.1 
West56,018,856 28.2 31,721,537 28.2 
United Kingdom1,938,849 1.0 1,245,492 1.1 
Luxembourg930,794 0.5 776,407 0.7 
Sweden1,659,767 0.8 1,467,097 1.3 
Israel84,186 0.0 *80,876 0.1 
Denmark550,620 0.3 535,245 0.5 
Canada778,211 0.4 — — 
Netherlands1,300,049 0.7 — — 
Total$198,435,129 100.0 %$112,535,125 100.0 %

* Represents an amount less than 0.1%

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
The industry compositions of the portfolio at amortized cost and fair value as of March 31, 2023 and September 30, 2022 were as follows:
As of March 31, 2023As of September 30, 2022
Amortized Cost:  
Aerospace and Defense$14,907,860 7.5 %$— $— 
Automobiles8,156,162 4.1 6,100,122 5.4 
Diversified Consumer Services16,312,631 8.3 8,708,865 7.7 
Diversified Financial Services2,590,700 1.3 — — 
Electronic Equipment, Instruments and Components5,332,665 2.7 — — 
Health Care Technology4,463,068 2.3 960,518 0.8 
Healthcare Equipment and Supplies4,227,234 2.1 4,212,205 3.7 
Healthcare Providers and Services349,727 0.2 351,044 0.3 
Hotels, Restaurants and Leisure6,107,773 3.1 1,440,421 1.3 
Household Durables1,630,961 0.8 — — 
Industrial Conglomerates1,438,892 0.7 1,391,847 1.3 
Insurance8,006,993 4.1 6,677,757 5.9 
IT Services12,114,433 6.1 10,656,296 9.4 
Life Sciences Tools & Services10,457,131 5.3 — — 
Pharmaceuticals945,125 0.5 778,554 0.7 
Professional Services2,445,606 1.2 721,999 0.6 
Software85,544,656 43.3 60,754,529 53.7 
Specialty Retail12,749,668 6.4 10,365,296 9.2 
Total$197,781,285 100.0 %$113,119,453 100.0 %

As of March 31, 2023As of September 30, 2022
Fair Value:    
Aerospace and Defense$15,048,622 7.6 %$— — %
Automobiles7,932,352 4.0 6,096,630 5.4 
Diversified Consumer Services16,479,225 8.3 8,702,204 7.7 
Diversified Financial Services2,599,400 1.3 — — 
Electronic Equipment, Instruments and Components5,376,554 2.7 — — 
Health Care Technology4,413,427 2.2 950,563 0.8 
Healthcare Equipment and Supplies4,266,126 2.2 4,211,351 3.8 
Healthcare Providers and Services342,010 0.2 350,298 0.3 
Hotels, Restaurants and Leisure6,213,943 3.1 1,427,746 1.3 
Household Durables1,630,563 0.8 — — 
Industrial Conglomerates1,464,126 0.8 1,393,585 1.2 
Insurance7,994,805 4.0 6,672,700 5.9 
IT Services12,148,920 6.1 10,618,315 9.5 
Life Sciences Tools & Services10,811,071 5.5 — — 
Pharmaceuticals930,794 0.5 776,407 0.7 
Professional Services2,443,414 1.2 726,523 0.6 
Software85,574,210 43.1 60,246,401 53.6 
Specialty Retail12,765,567 6.4 10,362,402 9.2 
Total$198,435,129 100.0 %$112,535,125 100.0 %

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Note 6. 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 management 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. The Company’s fair value analysis 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 Company’s 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. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2023. The following section describes the valuation techniques used by the Company 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 Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm and each portfolio company subject to review at least once during a trailing twelve-month period. Investments originated during the period from April 1, 2022 (commencement of operations) to June 30, 2022 were not subject to review by an independent valuation firm. All investments as of both March 31, 2023 and September 30, 2022 were valued using Level 3 inputs of the fair value hierarchy, with the exception of money market funds included in cash and cash equivalents (Level 1 investments).
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
When determining fair value of Level 3 debt and equity investments, the Company 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 Company 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 Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company 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 may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company 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 may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded.

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2023 and September 30, 2022:

As of March 31, 2023Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:  
Debt investments(1)
$— $— $193,777,041 $193,777,041 
Equity investments(1)
— — 4,658,088 4,658,088 
Money market funds(1)(2)
2,048,047 — — 2,048,047 
Total assets, at fair value:$2,048,047 $— $198,435,129 $200,483,176 
As of September 30, 2022Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$— $— $110,137,171 $110,137,171 
Equity investments(1)
— — 2,397,954 2,397,954 
Total assets, at fair value:$— $— $112,535,125 $112,535,125 

(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.
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2023 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, 2023 was $1,222,582 and $1,273,616, respectively.

The following table presents the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2023:
Six months ended
March 31, 2023
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$110,137,171 $2,397,954 $112,535,125 
Net change in unrealized appreciation (depreciation) on investments 760,371 199,136 959,507 
Net translation of investments in foreign currencies278,665 — 278,665 
Fundings of (proceeds from) revolving loans, net31,421 — 31,421 
Fundings of investments85,419,741 2,057,364 87,477,105 
PIK interest and non-cash dividends411,964 53,644 465,608 
Proceeds from principal payments and sales of portfolio investments(3,529,165)(50,010)(3,579,175)
Accretion of discounts and amortization of premiums266,873 — 266,873 
Fair value, end of period$193,777,041 $4,658,088 $198,435,129 

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2023 and September 30, 2022:

Quantitative information about Level 3 Fair Value Measurements
Fair Value as of March 31, 2023
Valuation TechniquesUnobservable InputRange (Weighted Average)(1)
Assets, at fair value:      
Senior secured loans$1,986,808 Market rate approachMarket interest rate
9.0% - 10.0% (9.6%)
Market comparable companiesEBITDA multiples
9.0x - 26.0x (17.5x)
One stop loans(2)
$191,740,233 Market rate approachMarket interest rate
7.0% - 14.5% (10.3%)
Market comparable companiesEBITDA multiples
7.0x - 33.0x (17.1x)
Market comparable companiesRevenue multiples
6.0x - 17.0x (11.9x)
Subordinated debt and second lien loans$50,000 Market rate approachMarket interest rate
13.5%
Market comparable companiesEBITDA multiples
9.5x
Equity(3)
$4,658,088 Market comparable companiesEBITDA multiples
12.0x - 24.0x (19.2x)
Revenue multiples
6.0x - 17.0x (14.3x)

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

(2)The Company valued $121,859,610 and $69,880,623 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 $3,131,790 and $1,526,298 of equity investments using EBITDA and revenue multiples, respectively.


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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Quantitative information about Level 3 Fair Value Measurements
Fair Value as of September 30, 2022
Valuation TechniquesUnobservable InputRange (Weighted Average)(1)
Assets, at fair value:
Senior secured loans$1,652,997 Market rate approachMarket interest rate
8.8% - 9.5% (9.4%)
Market comparable companiesEBITDA multiples
10.3x - 26.2x (19.7x)
One stop loans(2)
$108,484,174 Market rate approachMarket interest rate
8.0% - 14.5% (9.4%)
Market comparable companiesEBITDA multiples
7.0x - 32.9x (17.9x)
Market comparable companiesRevenue multiples
7.8x - 16.7x (14.4x)
Equity(3)
$2,397,954 Market comparable companiesEBITDA multiples
12.6x - 25.9x (23.4x)
Revenue multiples
7.8x - 16.7x (16.0x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)The Company valued $67,349,640 and $41,134,534 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 $1,320,679 and $1,077,275 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 Company.
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 Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its 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 Company 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 may have been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. Fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using applicable implied market rates.

The following are the carrying values and fair values of the Company’s debt as of March 31, 2023 and September 30, 2022:
As of March 31, 2023As of September 30, 2022
  Carrying ValueFair ValueCarrying ValueFair Value
Debt$107,633,494 $107,633,494 $64,882,849 $64,882,849 

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On April 1, 2022, the Company’s sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of March 31, 2023, the Company’s asset coverage for borrowed amounts was 192.3%.

PNC Facility: On July 8, 2022, the Company entered into a Revolving Credit and Security Agreement (the “PNC Facility”) with PNC Bank, National Association, as administrative agent, collateral agent, and a lender, and PNC Capital Markets LLC, as structuring agent. As of March 31, 2023, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $110,000,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025. The PNC Facility bears interest, at the Company’s election and depending on the currency of the borrowing, of either Term SOFR, Daily Simple SOFR, the Eurocurrency Rate, SONIA, or the Euro Short-Term Rate (“€STR”) plus a margin ranging from 1.80% to 2.30%, depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus the assets of GBDC 4 Funding securing the facility. As of March 31, 2023 and September 30, 2022, the Company had outstanding debt of $105,000,000 and $62,500,000, respectively, under the PNC Facility.

For the three and six months ended March 31, 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rate and average outstanding balance for the PNC Facility were as follows:
Three months ended
March 31, 2023		Six months ended
March 31, 2023
Stated interest expense$1,431,235 $2,464,571 
Facility fees10,121 20,417 
Amortization of debt issuance costs69,325 134,041 
Total interest expense$1,510,681 $2,619,029 
Cash paid for interest expense$1,047,986 $1,472,210 
Annualized average stated interest rate6.5 %6.1 %
Average outstanding balance$89,476,666 $80,470,879 

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2023 and September 30, 2022, the Company was permitted to borrow up to $100,000,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of April 12, 2025. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). As of March 31, 2023, the short-term AFR in effect on the Advisor Revolver based on the last interest rate reset was 4.4%. As of March 31, 2023 and September 30, 2022, the Company had outstanding debt of $2,633,494 and $2,382,849, respectively, under the Adviser Revolver.

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
For the three and six months ended March 31, 2023, the stated interest expense, cash paid for interest expense, annualized average stated interest rate and average outstanding balance for the Adviser Revolver were as follows:
Three months ended
March 31, 2023		Six months ended
March 31, 2023
Stated interest expense$29,214 $52,460 
Cash paid for interest expense— 68,707 
Annualized average stated interest rate(1)
4.6 %4.4 %
Average outstanding balance$2,591,802 $2,382,849 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

For the three and six months ended March 31, 2023, the average total debt outstanding was $92,068,468 and $82,853,728, respectively.

For the three and six months ended March 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 6.8% and 6.5%, respectively.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2023 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
Adviser Revolver$2,633,494 $— $2,633,494 $— $— 
PNC Facility105,000,000 $— 105,000,000 $— $— 
Total borrowings$107,633,494 $— $107,633,494 $— $— 

Note 8. Commitments and Contingencies

Commitments: As of March 31, 2023, the Company had outstanding commitments to fund investments totaling $34,603,545, including $4,414,462 of commitments on undrawn revolvers. As of September 30, 2022, the Company had outstanding commitments to fund investments totaling $27,206,075, including $3,764,271 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 may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of March 31, 2023 and September 30, 2022 , there were no commitments outstanding for derivative contracts. 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 may 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 in the future may engage in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk.

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

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

Note 9. Financial Highlights

The financial highlights for the Company are as follows:
Per share data:(1)
Six months ended
March 31, 2023
Net asset value at beginning of period$15.00 
Distributions declared:(2)
From net investment income(1.08)
Net investment income0.93 
Net realized gain (loss) on investment transactions0.01 
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.14 
Net asset value at end of period$15.00 
Total return based on net asset value per share(4)
7.27 %
Number of common shares outstanding6,712,031.176 

Listed below are supplemental data and ratios to the financial highlights:Six months ended
March 31, 2023
Ratio of net investment income to average net assets*
12.49 %
Ratio of total expenses to average net assets*(5)
11.53 %
Ratio of management fee waiver to average net assets*
(1.70)%
Ratio of incentive fee waiver to average net assets(1.25)%
Ratio of incentive fees to average net assets(5)
1.25 %
Ratio of excise tax to average net assets(5)
0.06 %
Ratio of net expenses to average net assets*(5)
8.52 %
Ratio of total expenses (without incentive fees) to average net assets*(5)
8.58 %
Total return based on average net asset value(6)
7.46 %
Total return based on average net asset value - annualized(6)
14.97 %
Net assets at end of period$100,680,468 
Average debt outstanding$82,853,728 
Average debt outstanding per share$12.34 
Portfolio Turnover*
4.46 %
Asset coverage ratio(7)
192.27 %
Asset coverage ratio per unit(8)
$1,923 
Average market value per unit (9):
Adviser RevolverN/A
PNC FacilityN/A
*    Annualized for a period less than one year.
(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.
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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(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 taxes are not annualized in the calculation.
(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(9)Not applicable as the Adviser Revolver and PNC Facility are not registered for public trading.

Note 10. 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, 2023:
Three months ended
March 31, 2023		Six months ended
March 31, 2023
Earnings available to stockholders$4,218,711 $6,328,796 
Basic and diluted weighted average shares outstanding6,135,953 5,678,323 
Basic and diluted earnings per share$0.69 $1.11 

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Note 11. 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, 2023:

Date DeclaredRecord DatePayment DateShares OutstandingAmount Per ShareTotal Dividends Declared
For the six months ended March 31, 2023
08/05/202210/18/202212/29/20224,628,404.940$0.1396 $646,322 
11/18/202211/21/202212/29/20225,778,605.9400.1212 700,131 
11/18/202212/15/202203/01/20235,781,263.7680.1321 763,632 
11/18/202201/17/202303/22/20235,812,093.3480.1637 951,191 
02/07/202302/24/202305/24/20235,812,093.3480.2509 1,458,101 
02/07/202303/17/202305/24/20236,689,639.1980.2705 1,809,419 
Total dividends declared for the six months ended March 31, 2023
$6,328,796 

The following table summarizes the Company’s distributions reinvested during the six months ended March 31, 2023:

Payment DateDRIP Shares IssuedNAV ($) Per Share
DRIP Shares Value (1)
For the six months ended March 31, 2023
November 23, 20222,657.828 $15.00 $39,867 
December 29, 202230,829.580 15.00 462,444 
March 1, 202317,801.196 15.00 267,018 
March 22, 202322,391.978 15.00 335,880 
73,680.582 $1,105,209 

(1) Reflects DRIP shares issued multiplied by the unrounded NAV per share.



Note 12. Subsequent Events

In preparing these 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, 2023, the Company entered into subscription agreements with additional stockholders totaling $74,300,000, in the aggregate.

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Golub Capital BDC 4, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
On February 7, 2023 and May 5, 2023, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record DatePayment DateAmount Per Share
April 28, 2023June 22, 2023
In an amount (if positive) such that the net asset value of the Company as of April 30, 2023 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, 2023 through April 30, 2023 and the payment of this distribution is $15.00 per share
May 26, 2023August 23, 2023
In an amount (if positive) such that the net asset value of the Company as of May 31, 2023 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, 2023 through May 31, 2023 and the payment of this distribution is $15.00 per share
June 16, 2023August 23, 2023
In an amount (if positive) such that the net asset value of the Company as of June 30, 2023 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, 2023 through June 30, 2023 and the payment of this distribution is $15.00 per share
July 28, 2023September 20, 2023
In an amount (if positive) such that the net asset value of the Company as of July 31, 2023 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, 2023 through July 31, 2023 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 interim and unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “GBDC 4” refer to Golub Capital BDC 4, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

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

•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors, including the COVID-19 pandemic;
•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;
•elevating 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, such as the COVID-19 pandemic, or other large scale events;
•turmoil in Ukraine and Russia, 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 period ended September 30, 2022.

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 intend to elect 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 after our election to be treated as a RIC, limitations imposed by the Code. We were formed in September 2021 as a Delaware limited liability company and converted to a Maryland corporation effective April 1, 2022.
Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $60.0 billion in capital under management as of January 1, 2023, (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. 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 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 may increase our risk of losing part or all of our investment.

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As of March 31, 2023 and September 30, 2022, our portfolio at fair value was comprised of the following:
As of March 31, 2023
As of September 30, 2022
Investment TypeInvestments at
 Fair Value		Percentage of
Total
Investments		Investments at
 Fair Value		Percentage of
Total
Investments
Senior secured$1,986,808 1.0 %$1,652,997 1.5 %
One stop191,740,233 96.6 108,484,174 96.4 
Subordinated debt50,000 0.1 — — 
Equity4,658,088 2.3 2,397,954 2.1 
Total$198,435,129 100.0 %$112,535,125 100.0 %

* 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, 2023 and September 30, 2022, one stop loans included $69,880,623 and $41,134,534 of recurring revenue loans at fair value, respectively.

As of March 31, 2023 and September 30, 2022, we had debt and equity investments in 54 and 37 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented 100% of our debt investments, as well as the annualized total return based on our average net asset value and the total return based on the change in the net asset value of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case, and our net investment income - return on equity for the three and six months ended March 31, 2023:
Three months endedSix months ended
March 31, 2023March 31, 2023
Weighted average income yield(1)*
11.4%10.8%
Weighted average investment income yield(2)*
11.7%11.2%
Total return based on average net asset value(3)*
18.7%15.0%
Total return based on net asset value per share(4)
4.6%7.3%
Net investment income - return on equity(5)*
13.4%12.5%
*    Annualized for periods of less than one year.
(1)Represents income from interest, fees, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees and discounts divided by the 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, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(3)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.
(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)Net investment income - return on equity is calculated as (a) net investment income after excise tax divided by (b) the daily average of total net assets.


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As of March 31, 2023, GBDC 4 has earned an inception-to-date internal rate of return, or IRR, of 12.0% for stockholders taken as a whole. An individual stockholder’s IRR may vary based on the timing of their capital transactions. For the six months ended March 31, 2023, GBDC 4 earned a fiscal year-to-date IRR of 16.1% 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 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 outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions including:
•reimbursement to GC Advisors of organizational and offering expenses up to an aggregate amount of $0.7 million;
•calculating our NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses, except reimbursement amounts waived by GC Advisors;
•expenses related to unsuccessful portfolio acquisition efforts;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
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•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.

LIBOR Transition

In July 2017, the Financial Conduct Authority, or the FCA, announced its intention to cease sustaining the London Inter-Bank Offered Rate, or LIBOR, by the end of 2021.

As of January 1, 2022, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The IBA has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023. As of January 1, 2022, all non-USD LIBOR reference rates in all settings ceased to be published.

On December 21, 2022 the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 (or “ASU 2022-06”), which deferred the sunset of Topic 848, Reference Rate Reform, until December 31, 2024. The issuance of ASU 2022-06 and the deferral of the sunset of Topic 848 eases the potential burden in accounting for the effects of reference rate reform on financial reporting.

In April 2018, the New York Federal Reserve Bank began publishing its alternative rate, the Secured Overnight Financing Rate, or SOFR. The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average, or SONIA.

Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated, and therefore it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR.

As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could also negatively impact the market value and/or transferability of our portfolio company investments. Furthermore, disruptions related to loans and/or other debt financing securitizations (CLOs) in the marketplace could have a material adverse effect on the ability of GC Advisors or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on us. We could also be materially and adversely impacted to the extent GC Advisors or its affiliates are unable to successfully implement an acceptable replacement rate in leverage utilized by us or if there is a prolonged period of mismatch on the interest rates payable on our leverage and our portfolio investments as a result of the discontinued publication of LIBOR results in a decrease in our net investment income and distributions we are able to pay to our stockholders.


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In anticipation of the discontinuation of LIBOR, we assessed our current debt facilities for our exposure to LIBOR. The PNC Facility (as defined in Note 7 of our consolidated financial statements) utilizes SOFR as a reference rate for USD borrowings and foreign alternative reference rates for foreign borrowings. The Adviser Revolver (as defined in Note 7 of our consolidated financial statements) currently utilizes a reference rate of short-term AFR. We expect any new debt facilities that we enter into subsequent to March 31, 2023 will reference a benchmark interest rate other than LIBOR, such as SOFR.

Recent Developments

On April 1, 2023, we entered into subscription agreements with additional stockholders totaling $74,300,000 in the aggregate.

On February 7, 2023 and May 5, 2023, our board of directors declared distributions to holders of record as set forth in the table below:
Record DatePayment DateAmount Per Share
April 28, 2023June 22, 2023In an amount (if positive) such that our net asset value as of April 30, 2023 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, 2023 through April 30, 2023 and the payment of this distribution is $15.00 per share
May 26, 2023August 23, 2023In an amount (if positive) such that our net asset value as of May 31, 2023 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, 2023 through May 31, 2023 and the payment of this distribution is $15.00 per share
June 16, 2023August 23, 2023In an amount (if positive) such that our net asset value as of June 30, 2023 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, 2023 through June 30, 2023 and the payment of this distribution is $15.00 per share
July 28, 2023September 20, 2023In an amount (if positive) such that our net asset value as of July 31, 2023 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, 2023 through July 31, 2023 and the payment of this distribution is $15.00 per share


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Consolidated Results of Operations

Consolidated operating results for the three and six months ended March 31, 2023 are as follows:
Three months ended
Six months ended
March 31, 2023
March 31, 2023
Interest income$4,647,745 $8,163,624 
Payment-in-kind interest income293,577 430,154 
Accretion of discounts and amortization of premiums132,300 266,873 
Non-cash dividend income28,115 53,644 
Fee income10,610 20,602 
Total investment income5,112,347 8,934,897 
Net expenses2,065,595 3,599,428 
Net investment income - before tax3,046,752 5,335,469 
Excise tax16,211 53,211 
Net investment income - after tax3,030,541 5,282,258 
Net realized gain (loss) on foreign currency transactions6,706 58,428 
Net change in unrealized appreciation (depreciation) on investment transactions1,181,464 988,110 
Net increase in net assets resulting from operations$4,218,711 $6,328,796 
Average earning portfolio company investments, at fair value$176,579,054 $159,750,590 
Average earning preferred equity investments, at fair value$887,094 $883,027 

Expenses

The following table summarizes our expenses for the three and six months ended March 31, 2023:
Three months endedSix months ended
March 31, 2023March 31, 2023
Interest expense$1,470,570 $2,537,448 
Amortization of deferred debt issuance costs69,325 134,041 
Base management fee, net of waiver226,756 411,644 
Income incentive fee, net of waiver— — 
Professional fees223,001 385,773 
Administrative service fee51,904 85,789 
General and administrative expenses24,039 44,733 
Net expenses $2,065,595 $3,599,428 
Average debt outstanding$92,068,468 $82,853,728 

Net Realized and Unrealized Gains and Losses

The following table summarizes our net gain (loss) on investment transactions for the three and six months ended March 31, 2023:
Three months endedSix months ended
March 31, 2023March 31, 2023
Net realized gain (loss) on foreign currency transactions$6,706 $58,428 
Net realized gain (loss) on investment transactions$6,706 58,428 
Unrealized appreciation from investments1,496,465 1,671,763 
Unrealized (depreciation) from investments(326,494)(712,256)
Unrealized appreciation (depreciation) on foreign currency translation11,493 28,603 
Net change in unrealized appreciation (depreciation) on investment transactions$1,181,464 $988,110 

For the three months ended March 31, 2023, we had $1,496,465 in unrealized appreciation on 25 portfolio company investments, which was offset by $326,494 in unrealized depreciation on 29 portfolio company investments. Unrealized appreciation for the three months ended March 31, 2023 primarily resulted from an increase in fair value
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due to the rise in market prices of portfolio company investments. Unrealized depreciation for the three months ended March 31, 2023 primarily resulted from incremental wider credit spreads in the market and the amortization of discounts during the quarter on recently originated loans.

For the six months ended March 31, 2023, we had $1,671,763 in unrealized appreciation on 32 portfolio company investments, which was offset by $712,256 in unrealized depreciation on 22 portfolio company investments. Unrealized appreciation for the six months ended March 31, 2023 primarily resulted from 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, 2023 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to incremental wider credit spreads in the market during the first two quarters of the 2023 fiscal year and the amortization of discounts during the quarter on recently originated loans.

Liquidity and Capital Resources

For the six months ended March 31, 2023, we experienced a net decrease in cash and cash equivalents and foreign currencies of $9,388,306. During the period, we used $79,774,854 in operating activities, primarily as a result of fundings of portfolio investments of $87,477,105, partially offset by proceeds from principal payments and sales of portfolio investments of $3,579,175. During the same period, cash provided by financing activities was $70,386,548, primarily driven by borrowings on debt of $64,700,000 and proceeds from the issuance of common shares of $30,161,185, partially offset by repayments of debt of $22,200,000.

As of March 31, 2023 and September 30, 2022, we had $11,972,196 and $21,237,690, respectively, of cash and cash equivalents. In addition, as of March 31, 2023 and September 30, 2022, we had $444,623 and $508,424, 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, 2023 and September 30, 2022, we had investor capital subscriptions totaling $644,808,500 and $527,300,500, respectively, of which $99,382,970 and $69,233,785, respectively, had been called and contributed, leaving $545,425,530 and $458,066,715, respectively, of uncalled investor capital subscriptions.

Revolving Debt Facilities

PNC Facility - On July 8, 2022, we entered into the PNC Facility (as defined in Note 7 of our consolidated financial statements) with PNC Bank. As of March 31, 2023 and September 30, 2022, we were permitted to borrow up to $110,000,000 and $80,000,000, respectively, at any one time outstanding under the PNC Facility. As of March 31, 2023 and September 30, 2022, we had outstanding debt of $105,000,000 and $62,500,000, respectively, under the PNC Facility.

Adviser Revolver - On April 12, 2022, we entered into the Adviser Revolver (as defined in Note 4 of our consolidated financial statements) with GC Advisors. As of both March 31, 2023 and September 30, 2022, we were permitted to borrow up to $100,000,000 at any one time outstanding under the Adviser Revolver. As of March 31, 2023 and September 30, 2022, we had outstanding debt of $2,633,494 and $2,382,849 under the Adviser Revolver, respectively.

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On April 1, 2022, our sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined an offer by us to repurchase all our outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, our asset coverage requirement is reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. We currently intend to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2023, our asset coverage for borrowed amounts was 192.3%.

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As of March 31, 2023, we had outstanding commitments to fund investments totaling $34,603,545, including $4,414,462 of unfunded commitments on revolvers. As of September 30, 2022, we had outstanding commitments to fund investments totaling $27,206,075, including $3,764,271 of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of March 31, 2023 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2023. As of March 31, 2023, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on the cash balances that we maintain, availability under our PNC Facility and Adviser Revolver, ongoing principal repayments on debt investment assets and uncalled investor capital subscriptions.

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

Portfolio Composition, Investment Activity and Yield

As of March 31, 2023 and September 30, 2022, we had investments in 54 and 37 portfolio companies, respectively, with a total fair value of $198,435,129 and $112,535,125, respectively.

The following table shows the asset mix of our new investment commitments for the three and six months ended March 31, 2023:
Three months endedSix months ended
March 31, 2023March 31, 2023
  New CommitmentsPercentageNew CommitmentsPercentage
Senior secured$— — %$273,847 0.3 %
One stop39,101,791 98.9 97,979,327 97.7 
Subordinated debt— — 50,000 0.0 *
Equity450,030 1.1 2,007,328 2.0 
Total new investment commitments$39,551,821 100.0 %$100,310,502 100.0 %

For the six months ended March 31, 2023, we had approximately $3,579,175 in proceeds from principal payments and sales of portfolio investments.

The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:
As of March 31, 2023(1)
As of September 30, 2022(2)
PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$1,997,329 $1,978,623 $1,986,808 $1,680,198 $1,665,325 $1,652,997 
One stop195,190,772 191,344,642 191,740,233 110,666,192 109,105,700 108,484,174 
Subordinated debt50,000 48,594 50,000 — — — 
EquityN/A4,409,426 4,658,088 N/A2,348,428 2,397,954 
Total$197,238,101 $197,781,285 $198,435,129 $112,346,390 $113,119,453 $112,535,125 
(1)As of March 31, 2023, $32,738,970 and $33,028,273 of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loan to be PIK interest.
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(2)As of September 30, 2022, $6,742,247 and $6,731,058 of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loan to be PIK interest.
As of March 31, 2023 and September 30, 2022, we had no loans on non-accrual status. As of March 31, 2023 and September 30, 2022, the fair value of our debt investments as a percentage of the outstanding principal value was 98.2% and 98.0%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three and six months ended March 31, 2023:

Three months endedSix months ended
  March 31, 2023March 31, 2023
Weighted average rate of new investment fundings12.0%11.3%
Weighted average spread over the applicable base rate of new floating rate investment fundings7.2%6.8%
Weighted average fees of new investment fundings2.0%1.8%
Weighted average rate of sales and payoffs of portfolio investments10.6%9.2%

As of March 31, 2023, 98.5% of our debt portfolio at both fair value and at amortized cost had interest rate floors that limited the minimum applicable interest rates on such loans. As of September 30, 2022, 96.1% of our debt portfolio at both fair value and amortized cost had interest rate floors that limited the minimum applicable interest rates on such loans.
As of March 31, 2023 and September 30, 2022, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $78,445,000 and $68,029,000, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer
to as GC Advisors’ internal performance ratings:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

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) investments on non-accrual status.
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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, 2023 and September 30, 2022:
As of March 31, 2023As of September 30, 2022
Internal
Performance
Rating		Investments
at Fair Value		Percentage of
Total
Investments		Investments
at Fair Value		Percentage of
Total
Investments
5$— — %$3,054,528 2.7 %
4198,435,129 100.0 109,480,597 97.3 
3— — — — 
2— — — — 
1— — — — 
Total$198,435,129 100.0 %$112,535,125 100.0 %

Distributions

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

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

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

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

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

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

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, 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.
•GC Advisors and the Administrator have voluntarily agreed to irrevocably waive reimbursement from us for operating expenses during the quarter ended June 30, 2022.
•GC Advisors has agreed to irrevocably waive all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for the periods ending prior to April 1, 2024 (the “Waiver Period”). In addition, GC Advisors has agreed during the Waiver Period to defer payment of any Capital Gain Incentive Fee until after the Waiver Period, if and to the extent a Capital Gain Incentive Fee becomes payable as of any date after the Waiver Period.
•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 $100,000,000. As of March 31, 2023, we have issued 1,567,531.199 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $23,512,968 and have also issued 66,573.171 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 BDC 3, Inc., or GBDC 3, Golub Capital Direct Lending Corporation, or GDLC, and Golub Capital Direct Lending Unlevered Corporation, or GDLCU, which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GBDC, GBDC 3, GDLC and GDLCU. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GBDC 3, GDLC, GDLCU, GBDC 4 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 by our board of directors under our valuation policy and process.

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, we 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 board of directors 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 board of directors 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 credit monitoring. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The audit committee of our board of directors reviews these preliminary valuations. At least once annually, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The board of directors 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.

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.
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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 management 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 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 may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may 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. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2023. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm and each portfolio company subject to review at least once during a trailing twelve-month period. Investments originated during the period from April 1, 2022 (commencement of operations) to June 30, 2022 were not subject to review by an independent valuation firm. As of March 31, 2023 and September 30, 2022, all investments were valued using Level 3 inputs of the fair value hierarchy, with the exception of money market funds included in cash and cash equivalents (Level 1 investments).

When determining fair value of Level 3 debt and equity investments, we may 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 may affect the price at which similar investments may 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
may 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, we will use the enterprise value analysis or
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a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, we may base our 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 may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We generally use 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 may differ significantly from the values that would have been used had a market existed for such investments and may differ materially from the values that may 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 may 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.

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, the board of directors of a registered investment company or BDC is permitted to delegate to a valuation designee, which could be its investment adviser, the responsibility to determine fair value of investments in good faith subject to the oversight of the board. Our board of directors has determined to continue its determination of fair value of our investments for which market quotations are not readily available in accordance with our valuation policies and procedures and has not designated GC Advisors or any other entity as a valuation designee.

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. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. 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
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likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans and record these fees as fee income when earned. 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. 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, 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 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.

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 may be left on accrual status during the period 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 may 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 are paid and, in our management’s judgment, are likely to remain current. As of March 31, 2023 and September 30, 2022, we had no portfolio company investments on non-accrual status.

Income taxes: We intend to elect to be treated as a RIC under Subchapter M of the Code and will 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 may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may 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, 2023, $16,211 and $53,211, respectively, was recorded for U.S. federal excise tax.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may 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 may 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.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating LIBOR, 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 LIBOR, 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 March 31, 2023 and September 30, 2022, the weighted average floor on loans subject to floating interest rates was 0.85% and 0.73%, respectively. In addition, the PNC Facility has a floating interest rate provision based on Term SOFR, Daily Simple SOFR, the Eurocurrency Rate, Sterling Overnight Index Average, or the Euro Short-Term Rate plus a margin ranging from 1.80% to 2.30%. The Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of March 31, 2023 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.
Change in interest rates
Increase (decrease) in
interest income(1)
Increase (decrease) in
interest expense		Net increase
(decrease) in
 investment income
Down 200 basis points$(3,927,284)$(2,152,670)$(1,774,614)
Down 150 basis points(2,945,463)(1,614,502)(1,330,961)
Down 100 basis points(1,963,641)(1,076,335)(887,306)
Down 50 basis points(981,821)(538,167)(443,654)
Up 50 basis points981,821 538,167 443,654 
Up 100 basis points1,963,641 1,076,335 887,306 
Up 150 basis points2,945,463 1,614,502 1,330,961 
Up 200 basis points3,927,284 2,152,670 1,774,614 
(1)    Assumes applicable three-month base rate as of March 31, 2023, with the exception of SONIA and Prime that utilize the March 31, 2023 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2023, 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 PNC Facility and the Adviser Revolver or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We may 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 may insulate us against adverse changes in interest rates, they may 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, 2023 (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.

You should carefully consider the risk factors set forth below and those described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2022, together with all of the other information included in this report. The risks set out below and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us could also impair our operations and performance. If any of these events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value could decline, and you could lose all or part of your investment. The risk factors described below and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.

Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a material adverse effect on us, the Adviser and our portfolio companies.

Cash not held in custody accounts and held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts could, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limits. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the
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past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Adviser’s and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we and our Adviser assess our and our portfolio companies’ banking and financing relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize current and projected future business operations could be significantly impaired by factors that affect the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.

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.

None.
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Item 6: Exhibits.

EXHIBIT INDEX
   
Number Description
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*
_________________
* Filed herewith


SIGNATURES

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

Golub Capital BDC 4, Inc.
Date: May 12, 2023By/s/ David B. Golub
David B. Golub
President and Chief Executive Officer
(Principal Executive Officer)
Date: May 12, 2023By/s/ Christopher C. Ericson
Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)

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