_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

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)

Maryland	88-1608711
(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 class	Trading Symbol	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes þ No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
Emerging growth company	☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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 8, 2025, the Registrant had 57,232,221.572 shares of common stock, $0.001 par value, outstanding.

1

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2025 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and September 30, 2024	8
	Notes to Consolidated Financial Statements (unaudited)	38
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	70
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	95
Item 4.	Controls and Procedures	97
Part II. Other Information
Item 1.	Legal Proceedings	98
Item 1A.	Risk Factors	98
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	98
Item 3.	Defaults Upon Senior Securities	98
Item 4.	Mine Safety Disclosures	98
Item 5.	Other Information	98
Item 6.	Exhibits	99

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	March 31, 2025		September 30, 2024
	(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $1,621,842 and $1,291,512, respectively)	$	1,643,383	$	1,311,001
Cash and cash equivalents	8,271		8,175
Foreign currencies (cost of $2,466 and $873, respectively)	2,564		1,019
Restricted cash and cash equivalents	29,791		25,337
Restricted foreign currencies (cost of $1,936 and $294, respectively)	1,920		316
Interest receivable	11,507		16,566
Receivable for investments	1,045		5,085
Capital call receivable	75		—
Deferred offering costs	—		68
Other assets	90		117
Total Assets	$	1,698,646	$	1,367,684
Liabilities
Debt	$	835,504	$	691,985
Less unamortized debt issuance costs	(7,131)		(7,871)
Debt less unamortized debt issuance costs	828,373		684,114
Interest payable	11,897		12,293
Distributions payable	15,832		15,502
Management and incentive fees payable	5,609		4,521
Unrealized depreciation on forward currency contracts	159		—
Accrued trustee fees	53		47
Accounts payable and other liabilities	1,177		1,005
Total Liabilities	863,100		717,482
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2025 and September 30, 2024	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 55,703,115.572 and 43,346,830.170 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively	56		43
Paid in capital in excess of par	835,184		649,853
Distributable earnings (losses)	306		306
Total Net Assets	835,546		650,202
Total Liabilities and Total Net Assets	$	1,698,646	$	1,367,684
Number of common shares outstanding	55,703,115.572		43,346,830.170
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements

3

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Investment income
Interest income	$	38,699	$	21,622	$	74,190	$	35,981
Payment-in-kind interest income	2,265		1,276		4,571		2,383
Dividend income	114		43		275		75
Fee income	136		96		250		144
Total investment income	41,214		23,037		79,286		38,583
Expenses
Interest and other debt financing expenses	14,797		8,214		29,605		13,793
Base management fee	5,430		2,557		10,409		4,248
Incentive fee	4,786		2,678		9,213		4,461
Professional fees	367		231		756		465
Administrative service fee	527		199		963		303
General and administrative expenses	71		61		145		147
Total expenses	25,978		13,940		51,091		23,417
Base management fee waived (Note 4)	(3,455)		(1,628)		(6,623)		(2,704)
Incentive fee waived (Note 4)	(2,348)		(2,678)		(4,403)		(4,461)
Net expenses	20,175		9,634		40,065		16,252
Net investment income - before tax	21,039		13,403		39,221		22,331
Excise tax	—		10		—		25
Net investment income - after tax	21,039		13,393		39,221		22,306
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	—		—		—		(3)
Foreign currency transactions	145		30		281		29
Net realized gain (loss) on investment transactions	145		30		281		26
Net change in unrealized appreciation (depreciation) from:
Investments	935		6,202		3,691		7,263
Forward currency contracts	(256)		—		(159)		—
Translation of assets and liabilities in foreign currencies	400		(44)		(479)		(5)
Net change in unrealized appreciation (depreciation) on investment transactions	1,079		6,158		3,053		7,258
Net gain (loss) on investment transactions	1,224		6,188		3,334		7,284
Net increase (decrease) in net assets resulting from operations	$	22,263	$	19,581	$	42,555	$	29,590
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 11)	$	0.43	$	0.84	$	0.89	$	1.49
Basic and diluted weighted average common shares outstanding (Note 11)	51,286,041		23,316,356		47,659,337		19,887,305

See Notes to Consolidated Financial Statements

4

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2023	12,178,965.292	$	12	$	182,525	$	147	$	182,684
Issuance of common stock	15,087,851.157	15		226,303		—		226,318
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax	—	—		—		22,306		22,306
Net realized gain (loss) on investment transactions	—	—		—		26		26
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		7,258		7,258
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	209,685.628	—		3,145		—		3,145
Distributions from distributable earnings (losses)	—	—		—		(13,973)		(13,973)
Distributions declared and payable	—	—		—		(15,617)		(15,617)
Total increase (decrease) for the six months ended March 31, 2024	15,297,536.785	15		229,448		—		229,463
Balance at March 31, 2024	27,476,502.077	$	27	$	411,973	$	147	$	412,147
Balance at December 31, 2023	21,468,146.606	$	21	$	321,854	$	147	$	322,022
Issuance of common stock	5,904,945.198	6		88,568		—		88,574
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		13,393		13,393
Net realized gain (loss) on investment transactions	—	—		—		30		30
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		6,158		6,158
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	103,410.273	—		1,551		—		1,551
Distributions from distributable earnings (losses)	—	—		—		(3,964)		(3,964)
Distributions declared and payable	—	—		—		(15,617)		(15,617)
Total increase (decrease) for the three months ended March 31, 2024	6,008,355.471	6		90,119		—		90,125
Balance at March 31, 2024	27,476,502.077	$	27	$	411,973	$	147	$	412,147
Balance at September 30, 2024	43,346,830.170	$	43	$	649,853	$	306	$	650,202
Issuance of common stock	11,793,923.949	12		176,896		—		176,908
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		39,221		39,221
Net realized gain (loss) on investment transactions	—	—		—		281		281
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		3,053		3,053
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	562,361.453	1		8,435		—		8,436
Distributions from distributable earnings (losses)	—	—		—		(26,723)		(26,723)
Distributions declared and payable	—	—		—		(15,832)		(15,832)
Total increase (decrease) for the six months ended March 31, 2025	12,356,285.402	13		185,331		—		185,344
Balance at March 31, 2025	55,703,115.572	$	56	$	835,184	$	306	$	835,546
Balance at December 31, 2024	50,350,054.895	$	50	$	754,895	$	306	$	755,251
Issuance of common stock	5,068,192.197	5		76,017		—		76,022
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		21,039		21,039
Net realized gain (loss) on investment transactions	—	—		—		145		145
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		1,079		1,079
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	284,868.480	1		4,272		—		4,273
Distributions from distributable earnings (losses)	—	—		—		(6,431)		(6,431)
Distributions declared and payable	—	—		—		(15,832)		(15,832)
Total increase (decrease) for the three months ended March 31, 2025	5,353,060.677	6		80,289		—		80,295
Balance at March 31, 2025	55,703,115.572	$	56	$	835,184	$	306	$	835,546

See Notes to Consolidated Financial Statements

5

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Six months ended March 31,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	42,555	$	29,590
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	1,921		490
Amortization of deferred offering costs	68		66
Accretion of discounts and amortization of premiums	(2,437)		(1,027)
Net realized (gain) loss on investments	—		3
Net realized (gain) loss on foreign currency transactions	(281)		(29)
Net change in unrealized (appreciation) depreciation on investments	(3,691)		(7,263)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	479		5
Net change in unrealized (appreciation) depreciation on forward currency contracts	159		—
Proceeds from (fundings of) revolving loans, net	(3,183)		(389)
Fundings of investments	(371,639)		(494,593)
Proceeds from principal payments and sales of portfolio investments	51,512		3,684
Payment-in-kind interest capitalized	(4,561)		(2,392)
Non-cash dividends capitalized	(208)		(75)
Proceeds from non-cash dividends	170		—
Changes in operating assets and liabilities:
Interest receivable	5,059		(5,623)
Receivable for investments	4,040		—
Other assets	27		310
Interest payable	(396)		3,755
Management and incentive fees payable	1,088		607
Accrued trustee fees	6		7
Accounts payable and other liabilities	172		95
Net cash provided by (used in) operating activities	(279,140)		(472,779)
Cash flows from financing activities
Borrowings on debt	865,804		384,312
Repayments of debt	(719,777)		(170,400)
Proceeds from other short-term borrowings	—		453,364
Repayments on other short-term borrowings	—		(425,260)
Capitalized debt issuance costs	(1,181)		(2,288)
Deferred offering costs	—		(50)
Proceeds from issuance of common shares	176,834		226,302
Distributions paid	(33,791)		(14,809)
Net cash provided by (used in) financing activities	287,889		451,171
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	8,749		(21,608)
Effect of foreign currency exchange rates	(1,050)		(4)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	34,847		42,839
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	42,546	$	21,227
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	28,079	$	9,548
Distributions declared for the period	42,555		29,590
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	75	$	16
Stock issued in connection with dividend reinvestment plan	8,436		3,145
Change in distributions payable	330		11,636

See Notes to Consolidated Financial Statements

6

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited) - (continued)

(In thousands)

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

	As of
	March 31, 2025		September 30, 2024
Cash and cash equivalents	$	8,271	$	8,175
Foreign currencies (cost of $2,466 and $873, respectively)	2,564		1,019
Restricted cash and cash equivalents	29,791		25,337
Restricted foreign currencies (cost of $1,936 and $294, respectively)	1,920		316
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows (1)	$	42,546	$	34,847

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

See Notes to Consolidated Financial Statements

7

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.#	One stop	SF +	6.50%	(i)	10.81%	02/2029	$	14,651	$	14,362	1.8	%	$	14,834
PPW Aero Buyer, Inc.	One stop	P +	5.50%	(a)(i)	12.03%	02/2029	33		32		—		33
PPW Aero Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)	02/2029	—		(14)		—		—
PPW Aero Buyer, Inc.#	One stop	SF +	5.50%	(i)	9.80%	02/2029	1,401		1,392		0.2		1,401
							16,085		15,772		2.0		16,268
Air Freight & Logistics
RJW Group Holdings, Inc.#	One stop	SF +	5.25%	(i)	9.55%	11/2031	12,449		12,209		1.5		12,324
RJW Group Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)	11/2031	—		(9)		—		(9)
							12,449		12,200		1.5		12,315
Auto Components
Arnott, LLC	One stop	SF +	4.75%	(j)	8.97%	11/2030	1,266		1,254		0.2		1,254
Arnott, LLC	One stop	P +	3.75%	(a)	11.25%	11/2030	36		34		—		34
Collision SP Subco, LLC#	One stop	SF +	5.50%	(i)	9.79%	01/2030	9,610		9,454		1.1		9,514
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)(j)	9.82%	01/2030	4,345		4,300		0.5		4,289
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)	9.79%	01/2030	238		213		—		222
OEConnection, LLC	One stop	SF +	5.00%	(h)	9.32%	04/2031	2,972		2,945		0.4		2,972
OEConnection, LLC(5)	One stop	SF +	5.00%		N/A(6)	04/2031	—		(16)		—		—
OEConnection, LLC*	One stop	SF +	5.00%	(h)	9.32%	04/2031	17,033		16,885		2.0		17,033
OEConnection, LLC(5)	One stop	SF +	5.00%		N/A(6)	04/2031	—		(5)		—		—
							35,500		35,064		4.2		35,318
Automobiles
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(i)	9.56%	06/2030	351		339		—		340
CAP-KSI Holdings, LLC*#	One stop	SF +	5.25%	(i)	9.55%	06/2030	7,160		7,067		0.9		7,070
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	800		787		0.1		800
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	167		164		—		167
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	38		35		—		38
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	141		137		—		141
National Express Wash Parent Holdco, LLC*#	One stop	SF +	5.00%	(i)	9.30%	07/2029	30,472		30,253		3.6		30,319
National Express Wash Parent Holdco, LLC	One stop	SF +	5.00%	(j)	9.25%	07/2029	257		255		—		255
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.00%		N/A(6)	07/2029	—		(6)		—		(6)
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.00%		N/A(6)	07/2029	—		—		—		(2)
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	4.75%	(h)	9.07%	06/2031	26,409		26,214		3.2		26,409
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)	06/2031	—		(18)		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%	(h)	9.07%	06/2031	825		791		0.1		825
Yorkshire Parent, Inc.#	One stop	SF +	5.50%	(i)	9.80%	12/2029	20,324		20,110		2.4		20,375
Yorkshire Parent, Inc.	One stop	SF +	5.50%	(i)	9.80%	12/2029	706		660		0.1		706
Yorkshire Parent, Inc.	One stop	SF +	5.50%	(i)	9.80%	12/2029	5,631		5,573		0.7		5,645
Yorkshire Parent, Inc.	One stop	SF +	5.00%	(i)	9.29%	12/2029	1		—		—		—
Yorkshire Parent, Inc.#	One stop	SF +	5.00%	(i)	9.29%	12/2029	49		49		—		49
							93,331		92,410		11.1		93,131

See Notes to Consolidated Financial Statements

8

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Banks
Empyrean Solutions, LLC#	One stop	SF +	4.75%	(i)	9.05%		11/2031	$	1,484	$	1,477	0.2	%	$	1,484
Empyrean Solutions, LLC(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(1)		—		—
Empyrean Solutions, LLC(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—		(3)		—		—
OSP Hamilton Purchaser, LLC#	One stop	SF +	5.00%	(i)	9.29%		12/2029	3,890		3,851		0.5		3,890
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(i)	9.29%		12/2029	738		701		0.1		738
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(i)	9.29%		12/2029	261		256		—		261
								6,373		6,281		0.8		6,373
Beverages
Financial Information Technologies, LLC(23)	One stop	N/A			14.00%	PIK	06/2031	9,961		9,778		1.2		10,260
Financial Information Technologies, LLC#	One stop	SF +	5.25%	(i)	9.55%		06/2030	6,424		6,337		0.8		6,424
Financial Information Technologies, LLC#	One stop	SF +	5.25%	(i)	9.55%		06/2030	2,627		2,602		0.3		2,627
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(9)		—		—
Spindrift Beverage Co. Inc.	One stop	SF +	5.25%	(i)	9.56%		02/2032	70		58		—		57
Spindrift Beverage Co. Inc.(5)	One stop	SF +	5.25%		N/A(6)		02/2032	—		(4)		—		(7)
Spindrift Beverage Co. Inc.#	One stop	SF +	5.25%	(h)	9.56%		02/2032	5,073		5,011		0.6		5,010
								24,155		23,772		2.9		24,371
Capital Markets
BlueMatrix Holdings, LLC#	One stop	SF +	5.75%	(i)	10.05%		01/2031	14,129		14,026		1.7		14,058
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		01/2031	—		(18)		—		(13)
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		01/2031	—		(34)		—		(24)
BlueMatrix Holdings, LLC#	One stop	SF +	5.75%	(i)	10.05%		01/2031	1,729		1,721		0.2		1,720
								15,858		15,695		1.9		15,741
Chemicals
Krayden Holdings, Inc.#	Senior secured	SF +	4.75%	(h)	9.07%		03/2029	933		925		0.1		933
Krayden Holdings, Inc.	Senior secured	SF +	4.75%	(h)	9.07%		03/2029	11		8		—		11
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(4)		—		—
								944		929		0.1		944
Commercial Services & Supplies
BradyIFS Holdings, LLC	One stop	SF +	5.00%	(i)	9.29%		10/2029	142		130		—		142
BradyIFS Holdings, LLC*#	One stop	SF +	5.00%	(i)	9.29%		10/2029	22,430		22,047		2.7		22,430
CHA Vision Holdings, Inc. #	One stop	SF +	5.00%	(i)	9.29%		01/2031	18,446		18,269		2.2		18,446
CHA Vision Holdings, Inc.	One stop	SF +	5.00%	(i)	9.29%		01/2031	2,519		2,462		0.3		2,519
CHA Vision Holdings, Inc. (5)	One stop	SF +	5.00%		N/A(6)		01/2030	—		(14)		—		—
Kleinfelder Intermediate, LLC#	One stop	SF +	5.00%	(i)	9.29%		09/2030	2,027		1,976		0.2		2,027
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2028	—		(4)		—		—
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2030	—		(3)		—		—
PSC Parent, Inc.	One stop	SF +	5.25%	(h)	9.56%		04/2031	604		598		0.1		604
PSC Parent, Inc.	One stop	SF +	5.25%	(h)	9.57%		04/2031	1,082		1,078		0.1		1,082
PSC Parent, Inc.	One stop	SF +	5.25%	(a)(h)	9.67%		04/2030	915		905		0.1		915
PSC Parent, Inc.*	One stop	SF +	5.25%	(h)	9.57%		04/2031	6,493		6,437		0.8		6,493
WRE Holding Corp.(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(19)		—		—
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.22%		07/2031	14,554		14,424		1.7		14,554
WRE Holding Corp.	One stop	SF +	5.00%	(i)(j)	9.40%		07/2031	1,330		1,312		0.2		1,330
								70,542		69,598		8.4		70,542

See Notes to Consolidated Financial Statements

9

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Construction & Engineering
Consor Intermediate II, LLC(5)	One stop	SF +	4.50%		N/A(6)				05/2031	$	—	$	(32)	—	%	$	—
Consor Intermediate II, LLC(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(11)		—		—
Consor Intermediate II, LLC*	One stop	SF +	4.50%	(i)	8.80%				05/2031	11,741		11,690		1.4		11,741
Royal Holdco Corporation(5)	One stop	SF +	4.50%		N/A(6)				12/2030	—		(2)		—		(2)
Royal Holdco Corporation(5)	One stop	SF +	4.50%		N/A(6)				12/2030	—		(3)		—		(6)
Royal Holdco Corporation#	One stop	SF +	4.50%	(i)	8.79%				12/2030	1,748		1,730		0.2		1,730
										13,489		13,372		1.6		13,463
Containers & Packaging
Packaging Coordinators Midco, Inc.#	One stop	SF +	4.75%	(i)	9.04%				01/2032	1,410		1,407		0.2		1,389
Packaging Coordinators Midco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		—		—		(2)
Packaging Coordinators Midco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		—		—		(9)
Packaging Coordinators Midco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		—		—		(50)
Packaging Coordinators Midco, Inc.	One stop	SF +	4.75%		N/A(6)				01/2032	—		—		—		—
										1,410		1,407		0.2		1,328
Diversified Consumer Services
Any Hour, LLC	One stop	SF +	5.25%	(i)	9.55%				05/2030	230		215		—		135
Any Hour, LLC(23)	One stop	N/A			13.00%	PIK			05/2031	2,763		2,720		0.3		2,653
Any Hour, LLC	One stop	SF +	5.25%	(i)	9.51%				05/2030	667		651		0.1		618
Any Hour, LLC*	One stop	SF +	5.25%	(i)	9.55%				05/2030	8,124		8,019		0.9		7,799
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.31%				10/2030	32		32		—		32
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.31%				10/2030	5,688		5,562		0.7		5,688
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.31%				10/2029	1,558		1,519		0.2		1,558
Apex Service Partners, LLC	One stop	SF +	5.00%	(i)	9.31%				10/2030	23,900		23,340		2.9		23,900
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(i)	9.29%				05/2030	3,435		3,359		0.4		3,397
CHVAC Services Investment, LLC(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(13)		—		(7)
CHVAC Services Investment, LLC*#	One stop	SF +	5.00%	(i)	9.30%				05/2030	12,987		12,860		1.6		12,923
CHVAC Services Investment, LLC(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(12)		—		(13)
Entomo Brands Acquisitions, Inc.#	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	862		853		0.1		853
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	15		14		—		14
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	249		245		—		247
HS Spa Holdings, Inc.#	One stop	SF +	5.25%	(i)	9.56%				06/2029	1,145		1,131		0.1		1,145
HS Spa Holdings, Inc.	One stop	P +	4.25%	(a)(h)	10.70%				06/2028	33		32		—		33
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(i)	9.54%				06/2029	297		295		—		297
Litera Bidco, LLC(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		—
Litera Bidco, LLC	One stop	SF +	5.00%	(h)	9.32%				05/2028	3,031		3,024		0.4		3,031
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC*	One stop	SF +	5.00%	(h)	9.32%				05/2028	7,591		7,561		0.9		7,591
Mario Purchaser, LLC#	One stop	SF +	5.75%	(h)	10.17%				04/2029	657		649		0.1		637
Mario Purchaser, LLC#	One stop	SF +	5.75%	(h)	10.17%				04/2029	851		840		0.1		825
Mario Purchaser, LLC(23)	One stop	SF +	10.75%	(h)	15.17%	PIK			04/2032	451		446		0.1		451
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.18%				04/2028	26		25		—		24
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.17%				04/2029	400		367		—		279
NSG Buyer, Inc. #	One stop	SF +	5.00%	(h)	9.32%				11/2029	14,691		14,415		1.8		14,691
NSG Buyer, Inc.	One stop	SF +	5.00%	(h)	9.32%				11/2028	146		136		—		146
NSG Buyer, Inc. (5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(6)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(11)		—		—
Severin Acquisition, LLC#(23)	One stop	SF +	5.00%	(h)	7.07%	cash/	2.25%	PIK	10/2031	9,153		9,069		1.1		9,153
Severin Acquisition, LLC	One stop	SF +	4.75%	(h)(i)	9.06%				10/2031	172		161		—		172
Severin Acquisition, LLC(23)	One stop	SF +	5.00%	(h)	7.07%	cash/	2.25%	PIK	10/2031	129		120		—		129

See Notes to Consolidated Financial Statements

10

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Stellar Brands, LLC#	Senior secured	SF +	4.50%	(j)	8.72%				02/2031	$	2,079	$	2,063	0.2	%	$	2,063
Stellar Brands, LLC(5)	Senior secured	SF +	4.50%		N/A(6)				02/2031	—		(1)		—		(1)
Virginia Green Acquisition, LLC#	One stop	SF +	5.25%	(j)	9.47%				12/2030	19,798		19,635		2.4		19,798
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(25)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(j)	9.51%				12/2030	1,392		1,326		0.2		1,392
										122,552		120,614		14.6		121,653
Diversified Financial Services
Baker Tilly Advisory Group, LP(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(12)		—		—
Baker Tilly Advisory Group, LP*	One stop	SF +	4.75%	(h)	9.07%				06/2031	4,516		4,457		0.5		4,516
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(5)		—		—
Ceres Groupe SAS & Ceres PikCo(7)(8)(18)(23)	Subordinated debt	E +	8.00%	(c)	2.62%	cash/	8.00%	PIK	07/2032	789		781		0.1		789
Ceres Groupe SAS & Ceres PikCo*(7)(8)(18)	One stop	E +	5.25%	(d)	7.85%				07/2031	1,289		1,277		0.2		1,289
Ceres Groupe SAS & Ceres PikCo(7)(8)(18)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo(7)(8)(18)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Corsair Blade IV S.A R.L.(7)(8)(11)(23)	One stop	SN +	5.75%	(f)	9.96%	cash/	0.25%	PIK	12/2030	76		59		—		57
Corsair Blade IV S.A R.L.(7)(11)(23)	One stop	SF +	5.75%	(i)	9.80%	cash/	0.25%	PIK	12/2030	247		247		—		244
Finastra USA, Inc.(7)(9)	One stop	SF +	7.25%	(j)	11.43%				09/2029	13		12		—		12
Finastra USA, Inc.*(7)(9)	One stop	SF +	7.25%	(j)	11.43%				09/2029	9,850		9,703		1.2		9,900
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.75%	(h)	9.07%				11/2028	799		791		0.1		799
Higginbotham Insurance Agency, Inc.*	One stop	SF +	4.50%	(h)	8.83%				11/2028	3,832		3,809		0.5		3,832
Medlar Bidco Limited#(7)(8)(19)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited#(7)(8)(19)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Medlar Bidco Limited(7)(8)(19)	One stop	SN +	5.00%		N/A(6)				01/2032	—		—		—		—
Wealth Enhancement Group, LLC	One stop	SF +	5.00%		N/A(6)				10/2028	—		—		—		—
Wealth Enhancement Group, LLC	One stop	SF +	5.00%	(i)	9.29%				10/2028	739		738		0.1		739
Wealth Enhancement Group, LLC	One stop	SF +	5.00%	(i)	9.29%				10/2028	1,025		1,024		0.1		1,025
Wealth Enhancement Group, LLC(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(5)		—		—
										23,175		22,876		2.8		23,202
Electric Utilities
Smart Energy Systems, Inc.(5)	One stop	SF +	7.50%		N/A(6)				01/2030	—		(3)		—		(7)
Smart Energy Systems, Inc.#(23)	One stop	SF +	7.50%	(j)	8.01%	cash/	3.75%	PIK	01/2030	1,695		1,658		0.2		1,664
										1,695		1,655		0.2		1,657
Electrical Equipment
Power Grid Holdings, Inc.#	One stop	SF +	4.75%	(i)	9.05%				12/2030	703		691		0.1		703
Power Grid Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—		(3)		—		—
Wildcat TopCo, Inc.#	One stop	SF +	5.00%	(i)	9.30%				11/2031	6,230		6,171		0.7		6,230
Wildcat TopCo, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(11)		—		—
Wildcat TopCo, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(5)		—		—
										6,933		6,843		0.8		6,933
Electronic Equipment, Instruments & Components
CST Holding Company*	One stop	SF +	5.00%	(h)	9.42%				11/2028	5,372		5,186		0.6		5,372
CST Holding Company(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(2)		—		—
										5,372		5,184		0.6		5,372
Food Products
Blast Bidco Inc.#	One stop	SF +	6.00%	(i)	10.30%				10/2030	16,941		16,739		2.0		16,941
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(23)		—		—
Eagle Family Foods Group, LLC*	One stop	SF +	5.00%	(i)	9.29%				08/2030	3,332		3,302		0.4		3,332
Eagle Family Foods Group, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(3)		—		—
										20,273		20,015		2.4		20,273

See Notes to Consolidated Financial Statements

11

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Equipment & Supplies
Belmont Instrument, LLC*	One stop	SF +	5.25%	(i)	9.55%	08/2028	$	4,149	$	4,089	0.5	%	$	4,149
Belmont Instrument, LLC	One stop	SF +	5.25%	(i)	9.55%	08/2028	10		9		—		10
HuFriedy Group Acquisition, LLC*	One stop	SF +	5.50%	(i)	9.81%	06/2031	10,850		10,755		1.3		10,850
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)	05/2030	—		(10)		—		—
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(i)	9.80%	06/2031	1,968		1,931		0.2		1,968
TIDI Legacy Products, Inc.#	One stop	SF +	5.25%	(h)	9.57%	12/2029	2,181		2,170		0.3		2,181
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)	12/2029	—		(1)		—		—
TIDI Legacy Products, Inc.	One stop	SF +	5.50%		N/A(6)	12/2029	—		—		—		—
YI, LLC*	One stop	SF +	5.75%	(i)	10.05%	12/2029	8,494		8,348		1.0		8,494
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(13)		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(14)		—		—
							27,652		27,264		3.3		27,652
Healthcare Providers & Services
Bamboo US Bidco LLC#(7)(8)	One stop	E +	5.25%	(c)	7.86%	09/2030	3,336		3,192		0.4		3,336
Bamboo US Bidco LLC(5)	One stop	SF +	5.25%		N/A(6)	09/2030	—		(2)		—		—
Bamboo US Bidco LLC	One stop	SF +	5.25%		N/A(6)	09/2030	—		—		—		—
Bamboo US Bidco LLC	One stop	SF +	5.25%	(h)(i)	9.55%	09/2030	758		755		0.1		758
Bamboo US Bidco LLC(5)	One stop	SF +	5.25%		N/A(6)	10/2029	—		(23)		—		—
Bamboo US Bidco LLC#	One stop	SF +	5.25%	(i)	9.54%	09/2030	4,956		4,844		0.6		4,956
Benefit Plan Administrators of Eau Claire, LLC#	One stop	SF +	5.00%	(i)	9.31%	11/2030	1,332		1,324		0.2		1,324
Benefit Plan Administrators of Eau Claire, LLC(5)	One stop	SF +	5.00%		N/A(6)	11/2030	—		(1)		—		(1)
Benefit Plan Administrators of Eau Claire, LLC(5)	One stop	SF +	5.00%		N/A(6)	11/2030	—		(4)		—		(5)
Benefit Plan Administrators of Eau Claire, LLC#	One stop	SF +	5.00%	(h)	9.32%	11/2030	8,051		8,001		1.0		8,001
Community Care Partners, LLC	One stop	SF +	6.00%	(h)	10.44%	06/2026	345		344		—		345
Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(8)(9)	One stop	SN +	5.25%	(f)	9.71%	04/2031	2,972		2,840		0.4		2,972
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)	One stop	SF +	5.25%		N/A(6)	04/2031	—		(10)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(9)	One stop	SF +	5.25%	(j)	9.68%	04/2031	4,967		4,881		0.6		4,967
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)	One stop	SF +	5.25%		N/A(6)	10/2030	—		(16)		—		—
LOV Acquisition LLC#	Senior secured	SF +	4.50%	(h)	8.82%	11/2031	6,738		6,706		0.8		6,738
LOV Acquisition LLC(5)	Senior secured	SF +	4.50%		N/A(6)	11/2031	—		(3)		—		—
Premise Health Holding Corp.#	One stop	SF +	5.50%	(i)	9.80%	03/2031	18,901		18,660		2.2		18,901
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)	03/2030	—		(27)		—		—
							52,356		51,461		6.3		52,292
Healthcare Technology
Amberfield Acquisition Co.	One stop	SF +	5.50%	(i)	9.80%	05/2030	203		193		—		203
Amberfield Acquisition Co.(5)	One stop	SF +	5.50%		N/A(6)	05/2030	—		(4)		—		—
Amberfield Acquisition Co.*#	One stop	SF +	5.50%	(i)	9.80%	05/2030	8,226		8,156		1.0		8,227
Color Intermediate, LLC#	Senior secured	SF +	4.75%	(i)	9.15%	10/2029	2,341		2,311		0.3		2,341
Crow River Buyer, Inc.#	One stop	SF +	6.00%	(i)	10.29%	01/2029	999		985		0.1		999
Crow River Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)	01/2029	—		(1)		—		—
Crow River Buyer, Inc.#	One stop	SF +	6.00%	(h)	10.32%	01/2029	2,334		2,312		0.3		2,334
GHX Ultimate Parent Corporation#	One stop	SF +	4.75%	(i)	9.05%	12/2031	28,921		28,643		3.4		28,921
GHX Ultimate Parent Corporation(5)	One stop	SF +	4.75%		N/A(6)	12/2031	—		(26)		—		—
HealthEdge Software, Inc.*	One stop	SF +	4.75%	(i)	9.07%	07/2031	1,391		1,379		0.2		1,391
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)	07/2031	—		(2)		—		—
HealthEdge Software, Inc.	One stop	SF +	4.75%	(i)	9.07%	07/2031	614		608		0.1		614
Kona Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)	07/2031	—		(1)		—		—
Kona Buyer, LLC*	One stop	SF +	4.50%	(i)	8.79%	07/2031	1,286		1,275		0.1		1,286
Kona Buyer, LLC	One stop	SF +	4.50%	(i)	8.79%	07/2031	75		74		—		75

See Notes to Consolidated Financial Statements

12

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kona Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)				07/2031	$	—	$	(2)	—	%	$	—
Lacker Bidco Limited#(7)(8)(9)	One stop	SN +	5.75%	(f)	10.21%				02/2031	3,974		3,832		0.5		3,934
Lacker Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(12)		—		(9)
Lacker Bidco Limited(7)(8)(9)	One stop	SN +	5.50%	(f)	9.96%				02/2031	1,833		1,768		0.2		1,780
Neptune Holdings, Inc.*#	One stop	SF +	4.50%	(i)	8.80%				09/2030	6,254		6,152		0.7		6,255
Neptune Holdings, Inc.(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.*(23)	One stop	SF +	4.95%	(h)	6.82%	cash/	2.45%	PIK	08/2031	18,247		18,083		2.2		18,247
Netsmart Technologies, Inc.(5)	One stop	SF +	4.50%		N/A(6)				08/2031	—		(22)		—		—
Netsmart Technologies, Inc.(5)	One stop	SF +	6.95%		N/A(6)				08/2031	—		(11)		—		—
Plasma Buyer LLC#	One stop	SF +	5.75%	(i)	10.05%				05/2029	479		472		0.1		474
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	10.05%				05/2028	45		45		—		45
Plasma Buyer LLC	One stop	SF +	6.25%	(i)	10.55%				05/2029	18		18		—		18
										77,240		76,224		9.2		77,135
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*	One stop	SF +	6.00%	(i)	10.46%				08/2028	1,440		1,431		0.2		1,440
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(i)	10.44%				08/2028	73		72		—		73
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.45%				08/2028	85		85		—		85
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.45%				08/2028	412		382		0.1		412
ESN Venture Holdings, LLC#	One stop	SF +	5.75%	(i)	10.05%				10/2028	318		314		—		318
ESN Venture Holdings, LLC*	One stop	SF +	5.75%	(i)	10.05%				10/2028	4,583		4,526		0.6		4,583
ESN Venture Holdings, LLC*	One stop	SF +	5.75%	(i)	10.05%				10/2028	692		684		0.1		692
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.05%				10/2028	155		154		—		155
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.05%				10/2028	58		55		—		58
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.04%				10/2028	81		71		—		81
ESN Venture Holdings, LLC#	One stop	SF +	5.75%	(i)	10.05%				10/2028	783		777		0.1		783
ESN Venture Holdings, LLC#	One stop	SF +	5.75%	(i)	10.05%				10/2028	374		372		—		374
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.06%				10/2028	334		332		—		334
GFP Atlantic Holdco 2, LLC*	One stop	SF +	6.00%	(i)	10.33%				11/2029	3,613		3,565		0.4		3,613
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(53)		—		—
Health Buyer, LLC#	Senior secured	SF +	5.25%	(i)	9.55%				04/2029	232		230		—		232
Health Buyer, LLC#	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	119		117		—		119
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	60		59		—		60
Health Buyer, LLC	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	117		116		—		117
PB Group Holdings, LLC#(23)	One stop	SF +	5.50%	(h)	7.07%	cash/	2.75%	PIK	08/2030	9,585		9,543		1.2		9,585
PB Group Holdings, LLC	One stop	SF +	5.00%	(h)	9.32%				08/2030	132		127		—		132
Rooster BidCo Limited(5)(7)(8)(9)	One stop	SN +	5.00%		N/A(6)				03/2032	—		—		—		(2)
Rooster BidCo Limited(5)(7)(8)(9)	One stop	SN +	5.00%		N/A(6)				03/2032	—		(7)		—		(7)
Rooster BidCo Limited#(7)(8)(9)	One stop	SN +	5.00%	(f)	9.46%				03/2032	1,392		1,382		0.2		1,382
SDC Holdco, LLC*	One stop	SF +	4.75%	(i)	9.05%				06/2031	19,252		19,167		2.3		19,252
SDC Holdco, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(8)		—		—
SDC Holdco, LLC(23)	Second lien	SF +	8.50%	(i)	12.80%	PIK			06/2032	3,156		3,137		0.4		3,156
Super REGO, LLC(23)	Subordinated debt	N/A			15.00%	PIK			03/2030	34		34		—		34
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.05%				10/2027	819		809		0.1		819
YE Brands Holding, LLC*	One stop	SF +	4.75%	(i)	9.05%				10/2027	7,068		7,017		0.9		7,068
YE Brands Holding, LLC	One stop	SF +	4.75%		N/A(6)				10/2027	—		—		—		—
										54,967		54,490		6.6		54,948
Industrial Conglomerates
Dwyer Instruments, Inc.#	One stop	SF +	4.75%	(i)	9.05%				07/2029	577		570		0.1		577
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(i)	9.05%				07/2029	60		51		—		60
Dwyer Instruments, Inc.#	One stop	SF +	4.75%	(i)	9.05%				07/2029	146		144		—		146
Dwyer Instruments, Inc.#	One stop	SF +	4.75%	(i)	9.05%				07/2029	74		72		—		74
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(i)	9.05%				07/2029	86		85		—		86
Dwyer Instruments, Inc.(5)(7)(8)	One stop	E +	5.00%		N/A(6)				07/2029	—		(15)		—		—

See Notes to Consolidated Financial Statements

13

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Dwyer Instruments, Inc.#(7)(8)	One stop	E +	5.00%	(c)	7.33%				07/2029	$	16,745	$	16,167	2.0	%	$	16,745
Dwyer Instruments, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—		(10)		—		—
Dwyer Instruments, Inc.#	One stop	SF +	4.75%	(i)	9.05%				07/2029	509		504		0.1		509
Essential Services Holdings Corporation*	One stop	SF +	5.00%	(i)	9.30%				06/2031	10,198		10,107		1.2		10,096
Essential Services Holdings Corporation	One stop	SF +	5.00%	(i)	9.30%				06/2030	200		189		—		191
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(9)		—		(20)
Excelitas Technologies Corp.(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(110)		—		—
Excelitas Technologies Corp.#	One stop	SF +	5.25%	(h)	9.57%				08/2029	643		635		0.1		643
Excelitas Technologies Corp.#(7)(8)	One stop	E +	5.25%	(b)	7.61%				08/2029	119		113		—		119
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2028	—		—		—		—
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
										29,357		28,493		3.5		29,226
Insurance
Ben Nevis Midco Limited#(7)(9)	One stop	SF +	5.25%	(i)	9.54%				03/2028	2,486		2,449		0.3		2,486
Ben Nevis Midco Limited#(7)(9)	One stop	SF +	5.25%	(i)	9.56%				03/2028	1,672		1,672		0.2		1,672
Ben Nevis Midco Limited(7)(9)	One stop	SF +	5.25%	(i)	9.54%				03/2028	263		263		—		263
Ben Nevis Midco Limited(7)(9)	One stop	SF +	5.25%	(i)	9.54%				03/2028	408		390		0.1		408
Captive Resources Midco, LLC*#	One stop	SF +	4.75%	(h)	9.07%				07/2029	9,237		9,155		1.1		9,237
Captive Resources Midco, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(i)	11.81%				03/2029	1,819		1,787		0.2		1,819
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC#	One stop	SF +	5.25%	(i)	9.55%				12/2030	14,155		14,038		1.7		14,190
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(i)	9.55%				12/2029	368		344		—		368
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(i)	9.55%				12/2030	13,003		12,893		1.6		13,037
Doxa Insurance Holdings LLC	One stop	SF +	5.00%		N/A(6)				12/2030	—		—		—		—
Gimlet Bidco GMBH#(7)(8)(17)	One stop	E +	5.75%	(c)	8.36%				04/2031	7,057		6,826		0.8		7,057
Gimlet Bidco GMBH(7)(8)(17)	One stop	E +	5.75%	(c)	8.36%				04/2031	1,303		1,244		0.2		1,303
Integrated Specialty Coverages, LLC#	One stop	SF +	4.75%	(i)	9.05%				07/2030	2,321		2,289		0.3		2,321
Integrated Specialty Coverages, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2030	—		(1)		—		—
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%	(i)	9.31%				08/2028	9,200		9,111		1.1		9,200
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(1)		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(3)		—		—
MRH Trowe Germany GMBH(7)(8)(17)	One stop	E +	6.25%	(b)(c)	8.78%				02/2029	3,192		3,140		0.4		3,294
Oakbridge Insurance Agency LLC#	One stop	SF +	5.75%	(h)	10.06%				11/2029	9,151		9,081		1.1		9,151
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(h)	10.07%				11/2029	436		424		0.1		436
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(h)	10.06%				11/2029	1,893		1,858		0.2		1,893
Pareto Health Intermediate Holdings, Inc.*#	One stop	SF +	5.00%	(j)	9.28%				05/2030	19,503		19,279		2.3		19,503
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(17)		—		—
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		—
World Insurance Associates, LLC(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—		(6)		—		(12)
World Insurance Associates, LLC(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—		(1)		—		(1)
										97,467		96,209		11.7		97,625
IT Services
Critical Start, Inc.#(23)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	05/2028	533		531		0.1		528
Critical Start, Inc.#(23)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	05/2028	270		267		—		268
Critical Start, Inc.(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		(1)
Goldcup 31018 AB#(7)(8)(13)(23)	One stop	E +	6.50%	(c)(d)	9.15%	PIK			07/2029	824		769		0.1		816
Goldcup 31018 AB(7)(8)(13)(23)	One stop	E +	6.50%	(d)	9.15%	PIK			07/2029	78		76		—		77
Goldcup 31018 AB(7)(8)(13)	One stop	E +	6.25%	(d)	9.02%				01/2029	108		104		—		107
Netwrix Corporation*	One stop	SF +	4.75%	(i)	9.06%				06/2029	11,806		11,754		1.4		11,806
Netwrix Corporation(5)	One stop	SF +	4.75%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	4.75%	(i)	9.06%				06/2029	337		260		0.1		337

See Notes to Consolidated Financial Statements

14

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Netwrix Corporation#	One stop	SF +	4.75%	(i)	9.06%				06/2029	$	1,433	$	1,423	0.2	%	$	1,433
PDQ Intermediate, Inc.(23)	Subordinated debt	N/A			13.75%	PIK			10/2031	61		60		—		61
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(9)		—		—
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(4)		—		—
ReliaQuest Holdings, LLC*(23)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	04/2031	24,125		24,023		2.9		24,125
WPEngine, Inc.#	One stop	SF +	6.50%	(i)	10.82%				08/2029	1,069		1,053		0.1		1,069
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		—
Zarya Holdco, Inc.*	One stop	SF +	6.50%	(i)	10.81%				07/2027	366		362		—		366
Zarya Holdco, Inc.*	One stop	SF +	6.50%	(i)	10.81%				07/2027	966		966		0.1		966
Zarya Holdco, Inc.	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		—
										41,976		41,633		5.0		41,958
Leisure Products
Crunch Holdings, LLC(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—		(10)		—		—
Crunch Holdings, LLC#	One stop	SF +	4.50%	(h)	8.82%				09/2031	14,843		14,774		1.8		14,843
Movement Holdings, LLC#(7)(9)	One stop	SF +	5.25%	(i)	9.55%				03/2030	7,032		6,974		0.8		7,032
Movement Holdings, LLC(5)(7)(9)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(10)		—		—
Movement Holdings, LLC(5)(7)(9)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(39)		—		—
										21,875		21,689		2.6		21,875
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	5.00%	(i)	9.30%				11/2029	10,506		10,295		1.3		10,506
Celerion Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—		(33)		—		—
Celerion Buyer, Inc.#	One stop	SF +	5.00%	(i)	9.30%				11/2029	5,904		5,849		0.7		5,904
Graphpad Software, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(3)		—		—
Graphpad Software, LLC*	One stop	SF +	4.75%	(i)	9.05%				06/2031	7,816		7,781		0.9		7,816
Graphpad Software, LLC	One stop	SF +	4.75%	(i)	9.05%				06/2031	195		187		—		195
										24,421		24,075		2.9		24,421
Machinery
AI Titan Parent, Inc.*	One stop	SF +	4.75%	(h)	9.07%				08/2031	2,705		2,680		0.3		2,705
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(2)		—		—
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(3)		—		—
Blackbird Purchaser, Inc.#	One stop	SF +	5.50%	(i)	9.80%				12/2030	23,180		22,989		2.8		23,180
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	9.80%				12/2030	2,566		2,529		0.3		2,566
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)(i)	9.81%				12/2029	1,083		1,058		0.1		1,083
										29,534		29,251		3.5		29,534
Media
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(9)		—		—
Lotus Topco, Inc.*	One stop	SF +	4.75%	(i)	9.05%				06/2030	7,118		7,072		0.9		7,118
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(23)		—		—
										7,118		7,040		0.9		7,118
Oil, Gas & Consumable Fuels
Envernus, Inc.#	One stop	SF +	5.50%	(h)	9.82%				12/2029	16,415		16,223		2.0		16,415
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(15)		—		—
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		—
										16,415		16,206		2.0		16,415
Pharmaceuticals
Caerus Midco 3 S.A.R.L.#(7)	One stop	SF +	5.00%	(i)	9.30%				05/2029	776		767		0.1		776
Caerus Midco 3 S.A.R.L.#(7)	One stop	SF +	5.00%	(i)	9.30%				05/2029	139		137		—		139
Caerus Midco 3 S.A.R.L.(7)	One stop	SF +	5.00%	(i)(j)	9.30%				05/2029	119		117		—		119
Caerus Midco 3 S.A.R.L.(7)	One stop	SF +	5.00%	(h)	9.33%				05/2029	2		1		—		2
Caerus Midco 3 S.A.R.L.(7)	One stop	SF +	5.00%	(i)(j)	9.30%				05/2029	20		20		—		20
Creek Parent, Inc.#	One stop	SF +	5.25%	(h)	9.57%				12/2031	20,283		19,943		2.5		20,283
Creek Parent, Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2031	—		(48)		—		—
										21,339		20,937		2.6		21,339

See Notes to Consolidated Financial Statements

15

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(j)	10.47%				05/2029	$	1,259	$	1,246	0.2	%	$	1,269
ALKU Intermediate Holdings, LLC#	One stop	SF +	5.50%	(j)	9.72%				05/2029	139		137		—		139
bswift, LLC	One stop	SF +	4.75%	(i)	9.04%				11/2028	1,117		1,096		0.1		1,117
bswift, LLC#	One stop	SF +	4.75%	(i)	9.07%				11/2028	8,028		7,987		1.0		8,028
Citrin Cooperman Advisors LLC#	One stop	SF +	5.00%	(j)	9.25%				10/2027	480		477		0.1		480
Citrin Cooperman Advisors LLC#	One stop	SF +	5.00%	(j)	9.28%				10/2027	208		205		—		208
Citrin Cooperman Advisors LLC#	One stop	SF +	5.00%	(j)	9.28%				10/2027	62		61		—		62
Citrin Cooperman Advisors LLC#	One stop	SF +	5.25%	(j)	9.63%				10/2027	33		33		—		33
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(i)(j)	9.73%				10/2027	231		231		—		231
DISA Holdings Corp.*	Senior secured	SF +	5.00%	(i)	9.32%				09/2028	1,435		1,419		0.2		1,435
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	9.31%				09/2028	1,053		1,041		0.1		1,053
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	9.32%				09/2028	709		701		0.1		709
DISA Holdings Corp.(23)	Subordinated debt	SF +	8.50%	(i)	10.82%	cash/	2.00%	PIK	03/2029	52		51		—		52
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	9.32%				09/2028	81		81		—		81
DISA Holdings Corp.#	One stop	SF +	5.00%	(i)	9.32%				09/2028	96		95		—		96
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	9.31%				09/2028	86		81		—		86
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(16)		—		—
Eclipse Buyer, Inc.*	One stop	SF +	4.75%	(h)	9.06%				09/2031	3,676		3,642		0.5		3,676
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(3)		—		—
Varicent Intermediate Holdings Corporation*(7)(10)(23)	One stop	SF +	6.00%	(i)	7.05%	cash/	3.25%	PIK	08/2031	15,262		15,062		1.8		15,262
Varicent Intermediate Holdings Corporation(5)(7)(10)	One stop	SF +	5.50%		N/A(6)				08/2031	—		(26)		—		—
Varicent Intermediate Holdings Corporation(5)(7)(10)	One stop	SF +	6.00%		N/A(6)				08/2031	—		(22)		—		—
										34,007		33,579		4.1		34,017
Software
Anaplan, Inc.*#	One stop	SF +	5.00%	(i)	9.30%				06/2029	22,779		22,641		2.7		22,779
Anaplan, Inc.(5)	One stop	SF +	5.00%		N/A(6)				06/2028	—		(2)		—		—
Anaplan, Inc.#	One stop	SF +	5.00%	(i)	9.30%				06/2029	3,257		3,230		0.4		3,257
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	9.71%				06/2029	661		614		0.1		661
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	9.71%				06/2029	345		312		—		345
Arrow Buyer, Inc.*#	One stop	SF +	5.75%	(i)	10.05%				07/2030	4,658		4,569		0.6		4,658
Arrow Buyer, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(12)		—		—
Arrow Buyer, Inc.*	One stop	SF +	5.75%	(i)	10.05%				07/2030	305		304		—		305
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(1)		—		—
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		—
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		—
Artifact Bidco, Inc.#	One stop	SF +	4.50%	(i)	8.80%				05/2031	1,341		1,329		0.2		1,341
Azurite Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(h)	10.82%				03/2031	2,452		2,421		0.3		2,452
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(h)	10.82%				03/2031	5,573		5,500		0.7		5,573
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(11)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(4)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(5)		—		—
Baxter Planning Systems, LLC*(23)	One stop	SF +	6.25%	(j)	7.30%	cash/	3.38%	PIK	05/2031	3,719		3,695		0.4		3,719
BestPass, Inc.*	One stop	SF +	5.25%	(h)	9.57%				08/2031	18,128		18,046		2.2		18,128
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(8)		—		—
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(11)		—		—
Bloomerang, LLC*#	One stop	SF +	6.00%	(i)	10.30%				12/2029	13,536		13,429		1.6		13,536
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(24)		—		—
Bloomerang, LLC	One stop	SF +	6.00%	(i)	10.31%				12/2029	1,354		1,321		0.2		1,354
Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(16)	One stop	SF +	6.00%	(i)	10.30%				01/2029	956		937		0.1		956
Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(16)	One stop	SF +	6.00%	(i)	10.30%				01/2029	365		358		—		365

See Notes to Consolidated Financial Statements

16

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(16)	One stop	SF +	6.00%		N/A(6)				01/2029	$	—	$	—	—	%	$	—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(16)	One stop	SF +	6.00%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited#(7)(8)(9)	One stop	SN +	5.50%	(f)	9.96%				08/2030	662		641		0.1		662
Camelia Bidco Limited#(7)(8)(9)	One stop	A +	5.50%	(e)	9.62%				08/2030	40		40		—		40
Camelia Bidco Limited(7)(8)(9)	One stop	SN +	5.50%	(f)	9.96%				08/2030	94		88		—		94
Camelia Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(25)		—		—
CB Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—		(16)		—		—
CB Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.30%				07/2031	16,740		16,594		2.0		16,740
CB Buyer, Inc.(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—		(20)		—		—
Coupa Holdings, LLC#	One stop	SF +	5.25%	(i)	9.54%				02/2030	8,329		8,164		1.0		8,329
Coupa Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				02/2030	—		(8)		—		—
Crewline Buyer, Inc.#	One stop	SF +	6.75%	(h)	11.07%				11/2030	28,293		27,954		3.4		28,293
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(36)		—		—
Denali Bidco Limited#(7)(8)(9)	One stop	SN +	5.00%	(f)	9.46%				08/2030	2,515		2,414		0.3		2,515
Denali Bidco Limited#(7)(8)(9)	One stop	E +	5.00%	(c)	7.36%				08/2030	610		602		0.1		610
Denali Bidco Limited#(7)(8)(9)	One stop	E +	5.00%	(c)	7.36%				08/2030	4,228		4,091		0.5		4,228
Denali Bidco Limited#(7)(8)(9)	One stop	E +	5.00%	(c)	7.36%				08/2030	855		824		0.1		855
Denali Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.00%		N/A(6)				08/2030	—		(38)		—		—
Einstein Parent, Inc.#	One stop	SF +	6.50%	(i)	10.79%				01/2031	12,284		12,046		1.4		12,039
Einstein Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2031	—		(25)		—		(25)
Espresso Bidco, Inc.(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—		(11)		—		(22)
Espresso Bidco, Inc.(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—		(10)		—		(10)
Espresso Bidco, Inc.#	One stop	SF +	5.25%	(i)	9.55%				03/2032	5,192		5,114		0.6		5,114
Evergreen IX Borrower 2023, LLC#	One stop	SF +	4.75%	(i)	9.05%				09/2030	13,140		12,821		1.6		13,140
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—		(34)		—		—
Evergreen IX Borrower 2023, LLC*	One stop	SF +	4.75%	(i)	9.05%				09/2030	1,148		1,138		0.1		1,148
GTY Technology Holdings, Inc.*(23)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	4,336		4,289		0.5		4,271
GTY Technology Holdings, Inc.*(23)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	2,835		2,799		0.3		2,792
GTY Technology Holdings, Inc.*(23)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	519		516		0.1		511
GTY Technology Holdings, Inc.	One stop	P +	5.00%	(a)(i)	11.95%				07/2029	189		172		—		171
GTY Technology Holdings, Inc.(23)	One stop	SF +	6.63%	(i)	6.81%	cash/	4.13%	PIK	07/2029	1,596		1,563		0.2		1,572
GTY Technology Holdings, Inc.*(23)	One stop	SF +	6.63%	(i)	6.80%	cash/	4.13%	PIK	07/2029	682		677		0.1		672
GTY Technology Holdings, Inc.#(23)	One stop	SF +	6.63%	(i)	6.81%	cash/	4.13%	PIK	07/2029	8,447		8,322		1.0		8,320
Gurobi Optimization, LLC(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—		(10)		—		—
Gurobi Optimization, LLC#	One stop	SF +	4.50%	(i)	8.80%				09/2031	13,297		13,175		1.6		13,297
Hornet Security Holding GMBH#(7)(8)(9)	One stop	E +	4.75%	(d)	7.21%				02/2031	4,877		4,810		0.6		4,877
Hornet Security Holding GMBH#(7)(8)(9)	One stop	E +	4.75%	(d)	7.21%				02/2031	3,251		3,206		0.4		3,251
Hornet Security Holding GMBH(7)(8)(9)	One stop	E +	4.75%	(b)	7.14%				08/2030	198		183		—		198
Hornet Security Holding GMBH(5)(7)(8)(9)	One stop	E +	6.50%		N/A(6)				02/2031	—		(20)		—		—
Hyland Software, Inc.*	One stop	SF +	5.00%	(h)	9.32%				09/2030	24,589		24,300		2.9		24,589
Hyland Software, Inc.(5)	One stop	SF +	5.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.#	One stop	SF +	6.50%	(i)	10.79%				01/2030	22,609		22,246		2.7		22,609
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(34)		—		—
ICIMS, Inc.#(23)	One stop	SF +	5.75%	(i)	10.04%				08/2028	5,814		5,762		0.7		5,697
ICIMS, Inc.	One stop	SF +	5.75%	(i)	10.04%				08/2028	18		17		—		14
IQN Holding Corp. *	One stop	SF +	5.25%	(i)	9.56%				05/2029	1,470		1,462		0.2		1,470
IQN Holding Corp.	One stop	SF +	5.25%	(i)	9.56%				05/2028	63		62		—		63
Island Bidco AB#(7)(8)(13)(23)	One stop	E +	7.25%	(d)	2.58%	cash/	7.25%	PIK	07/2028	708		682		0.1		708
Island Bidco AB#(7)(13)(23)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	318		317		—		318
Island Bidco AB(7)(13)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(7)(8)(13)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB*(7)(13)(23)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	3,186		3,173		0.4		3,186

See Notes to Consolidated Financial Statements

17

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
LeadsOnline, LLC#	One stop	SF +	4.75%	(i)	9.06%				02/2028	$	4,931	$	4,842	0.6	%	$	4,931
LeadsOnline, LLC#	One stop	SF +	4.75%	(i)	9.06%				02/2028	870		855		0.1		870
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
LeadsOnline, LLC*	One stop	SF +	4.75%	(i)	9.05%				02/2028	598		596		0.1		598
Lighthouse Bidco GMBH(7)(8)(17)	One stop	E +	5.00%		N/A(6)				06/2031	—		—		—		—
Lighthouse Bidco GMBH#(7)(8)(17)	One stop	E +	5.00%	(c)	7.36%				12/2031	1,308		1,254		0.2		1,308
Lighthouse Bidco GMBH(5)(7)(8)(17)	One stop	E +	5.00%		N/A(6)				12/2031	—		(7)		—		—
LogicMonitor, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2031	—		(11)		—		—
LogicMonitor, Inc.#	One stop	SF +	5.50%	(i)	9.79%				11/2031	14,298		14,213		1.7		14,298
Metatiedot Bidco Oy & Metatiedot US, LLC(5)(7)(8)(12)	One stop	E +	5.50%		N/A(6)				11/2030	—		(12)		—		—
Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(8)(12)	One stop	E +	5.50%	(c)	8.00%				11/2031	4,234		4,076		0.5		4,234
Metatiedot Bidco Oy & Metatiedot US, LLC(7)(8)(12)	One stop	E +	5.50%	(c)	8.00%				11/2031	34		24		—		34
Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(12)	One stop	SF +	5.50%	(i)	9.81%				11/2031	2,931		2,889		0.3		2,931
Navex TopCo, Inc.#	One stop	SF +	5.50%	(h)	9.82%				11/2030	28,391		27,933		3.4		28,391
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(36)		—		—
Onit, Inc.#	One stop	SF +	4.75%	(i)	9.05%				01/2032	1,448		1,434		0.2		1,434
Onit, Inc.(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		(2)		—		(2)
Onit, Inc.(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—		(3)		—		(6)
Orsay Bidco 1 B.V. and Sky Group Holding B.V.(5)(7)(8)(16)	One stop	E +	5.25%		N/A(6)				11/2029	—		(16)		—		(17)
Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(16)	One stop	E +	6.00%	(c)	8.36%				11/2029	2,876		2,800		0.3		2,890
Panzura, LLC(23)	One stop	N/A			4.00%	cash/	11.00%	PIK	08/2027	63		59		—		56
Pineapple German Bidco GMBH(7)(8)(17)(23)	One stop	E +	6.50%	(c)	8.86%				01/2031	6,710		6,628		0.8		6,744
Pineapple German Bidco GMBH(7)(8)(17)(23)	One stop	E +	6.50%	(c)	8.86%				01/2031	461		451		0.1		463
Pineapple German Bidco GMBH(7)(8)(17)(23)	One stop	E +	6.50%	(c)	8.86%				01/2031	2,078		2,029		0.2		2,088
Pineapple German Bidco GMBH(7)(8)(17)(23)	One stop	E +	6.25%	(c)	8.61%				01/2031	346		321		—		346
Pineapple German Bidco GMBH(7)(17)(23)	One stop	SF +	6.25%	(i)	10.55%				01/2031	1,065		1,055		0.1		1,065
Pineapple German Bidco GMBH(7)(17)(23)	One stop	SF +	6.25%	(i)	10.55%				01/2031	491		481		0.1		494
PING Identity Holding Corp.#	One stop	SF +	4.75%	(i)	9.05%				10/2029	2,202		2,175		0.3		2,202
PING Identity Holding Corp.(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
Quant Buyer, Inc.#	One stop	SF +	5.25%	(i)	9.56%				06/2029	6,428		6,390		0.8		6,428
Quant Buyer, Inc.#	One stop	SF +	5.25%	(i)	9.56%				06/2029	8,967		8,898		1.1		8,967
Quant Buyer, Inc.	One stop	SF +	5.25%	(i)	9.57%				06/2029	50		49		—		50
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(52)		—		—
Quant Buyer, Inc.	One stop	SF +	5.25%	(i)	9.56%				06/2029	1,386		1,372		0.2		1,386
Rainforest Bidco Limited#(7)(8)(9)(23)	One stop	SN +	6.05%	(f)	7.96%	cash/	2.55%	PIK	07/2029	756		686		0.1		742
Rainforest Bidco Limited#(7)(9)(23)	One stop	SF +	6.05%	(g)	7.81%	cash/	2.55%	PIK	07/2029	138		137		—		136
Rainforest Bidco Limited#(7)(8)(9)(23)	One stop	SN +	6.05%	(f)	7.96%	cash/	2.55%	PIK	07/2029	56		51		—		55
Rainforest Bidco Limited(7)(8)(9)(23)	One stop	SN +	6.80%	(f)	8.46%	cash/	2.80%	PIK	07/2029	3,853		3,557		0.5		3,853
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		(1)		—		—
Templafy APS and Templafy, LLC*(7)(15)	One stop	SF +	6.00%	(h)	10.42%				07/2028	543		535		0.1		543
Templafy APS and Templafy, LLC(7)(15)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Togetherwork Holdings, LLC	One stop	SF +	5.00%	(h)	9.32%				05/2031	638		606		0.1		638
Togetherwork Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				05/2031	—		(21)		—		—
Togetherwork Holdings, LLC#	One stop	SF +	5.00%	(h)	9.32%				05/2031	25,460		25,266		3.0		25,460
Transform Bidco Limited(5)(7)(9)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(14)		—		(18)
Transform Bidco Limited#(7)(9)	One stop	SF +	7.00%	(i)	11.29%				01/2031	9,098		8,962		1.1		8,893
Transform Bidco Limited(5)(7)(9)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(15)		—		(30)

See Notes to Consolidated Financial Statements

18

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Transform Bidco Limited(7)(8)(9)	One stop	A +	7.00%	(e)	11.12%				01/2031	$	720	$	744	0.1	%	$	703
Transform Bidco Limited(7)(8)(9)	One stop	SN +	7.00%	(f)	11.46%				01/2031	116		114		—		114
Transform Bidco Limited#(7)(9)	One stop	SF +	7.00%	(h)	11.31%				01/2031	1,252		1,228		0.1		1,224
Transform Bidco Limited(5)(7)(9)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(11)		—		(28)
Tricentis Operations Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—		(10)		—		(10)
Tricentis Operations Holdings, Inc.#(23)	One stop	SF +	6.25%	(i)	5.67%	cash/	4.88%	PIK	02/2032	16,301		16,221		1.9		16,220
Tricentis Operations Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—		(16)		—		(16)
Vantage Bidco GMBH*(7)(8)(17)(23)	One stop	E +	6.25%	(c)	5.48%	cash/	3.13%	PIK	04/2031	7,498		7,301		0.9		7,498
Vantage Bidco GMBH(5)(7)(8)(17)	One stop	E +	6.25%		N/A(6)				10/2030	—		(16)		—		—
Varinem German Midco GMBH*(7)(8)(17)	One stop	E +	5.25%	(d)	7.84%				07/2031	6,344		6,339		0.8		6,376
Varinem German Midco GMBH(5)(7)(8)(17)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		(16)
Viper Bidco, Inc.#(7)(8)	One stop	SN +	5.00%	(f)	9.46%				11/2031	9,616		9,327		1.1		9,616
Viper Bidco, Inc.#	One stop	SF +	5.00%	(i)	9.30%				11/2031	20,329		20,233		2.4		20,329
Viper Bidco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(10)		—		—
Viper Bidco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—		(12)		—		—
Zendesk, Inc.	One stop	SF +	5.00%		N/A(6)				11/2028	—		—		—		—
Zendesk, Inc.	One stop	SF +	5.00%		N/A(6)				11/2028	—		—		—		—
Zendesk, Inc.*	One stop	SF +	5.00%	(i)	9.30%				11/2028	9,761		9,645		1.2		9,761
										477,206		470,109		57.0		475,990
Specialty Retail
Biscuit Parent, LLC#	One stop	SF +	4.75%	(i)	9.05%				02/2031	17,587		17,475		2.1		17,587
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(34)		—		—
Biscuit Parent, LLC	One stop	SF +	4.75%		N/A(6)				02/2031	—		—		—		—
Cavender Stores L.P.#	Senior secured	SF +	5.00%	(i)	9.30%				10/2029	24,688		24,501		3.0		24,688
CVP Holdco, Inc.(5)	One stop	SF +	7.25%		N/A(6)				06/2030	—		(11)		—		—
CVP Holdco, Inc.*	One stop	SF +	4.75%	(h)	9.07%				06/2031	11,983		11,876		1.4		11,983
CVP Holdco, Inc.	One stop	SF +	4.75%	(h)	9.07%				06/2031	82		67		—		82
Metal Supermarkets US Buyer, LLC#(7)(10)	One stop	SF +	4.75%	(j)	8.97%				12/2030	3,126		3,111		0.4		3,126
Metal Supermarkets US Buyer, LLC(7)(10)	One stop	SF +	4.75%	(j)	8.97%				12/2030	37		36		—		37
PetVet Care Centers LLC	One stop	SF +	6.00%	(h)	10.32%				11/2030	12,869		12,662		1.5		12,225
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(30)		—		(83)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(14)		—		—
PPV Intermediate Holdings, LLC(23)	One stop	N/A			14.75%	PIK			08/2030	8,666		8,508		1.1		8,839
PPV Intermediate Holdings, LLC*	One stop	SF +	5.75%	(i)	10.06%				08/2029	6,563		6,490		0.8		6,563
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	899		888		0.1		899
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	208		206		—		208
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	38		38		—		38
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	38		35		—		38
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(5)		—		—
PPV Intermediate Holdings, LLC	One stop	SF +	5.25%	(i)	9.56%				08/2029	867		854		0.1		867
Radiance Borrower, LLC	One stop	SF +	5.25%	(h)	9.57%				06/2031	182		168		—		182
Radiance Borrower, LLC*(23)	One stop	SF +	5.75%	(h)	7.32%	cash/	2.75%	PIK	06/2031	19,266		19,140		2.3		19,266
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	4,390		4,357		0.5		4,412
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	640		634		0.1		646
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	293		291		—		294
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	287		285		—		288
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	166		160		—		168
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	227		225		—		228
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	95		94		—		95
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	98		95		—		98
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	72		71		—		72
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	66		66		—		67

See Notes to Consolidated Financial Statements

19

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.05%		08/2028	$	419	$	414	0.1	%	$	421
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)		08/2028	—		(5)		—		3
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(i)	13.30%	PIK	09/2029	339		336		—		343
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%		08/2028	130		129		—		130
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%		08/2028	88		87		—		88
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(i)	13.30%	PIK	09/2029	31		31		—		32
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%		08/2028	451		448		0.1		453
Salon Lofts Group, LLC(5)(23)	Second lien	SF +	9.00%		N/A(6)		09/2029	—		(20)		—		37
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(i)	13.30%	PIK	09/2029	124		122		—		125
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.05%		08/2028	142		141		—		143
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.25%		N/A(6)		08/2028	—		(10)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.05%		08/2028	205		204		—		206
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(i)	13.30%	PIK	09/2029	1,300		1,290		0.2		1,320
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.#(7)(10)	One stop	SF +	5.25%	(i)	9.55%		12/2029	1,643		1,622		0.2		1,643
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)(10)	One stop	SF +	5.25%	(a)(i)	9.76%		12/2028	760		754		0.1		760
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)(10)	One stop	SF +	5.25%	(i)	9.55%		12/2029	92		89		—		92
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*(7)(8)(10)	One stop	CA +	5.25%	(k)	7.91%		12/2029	6,813		7,088		0.8		6,813
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)(8)(10)	One stop	CA +	5.25%	(k)	7.91%		12/2028	14		14		—		14
								125,984		124,973		14.9		125,536
Transportation Infrastructure
LDS Intermediate Holdings, LLC	One stop	SF +	5.00%	(h)	9.32%		02/2032	263		251		—		251
LDS Intermediate Holdings, LLC#	One stop	SF +	5.00%	(h)	9.32%		02/2032	13,286		13,205		1.6		13,203
LDS Intermediate Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)		02/2032	—		(16)		—		(16)
								13,549		13,440		1.6		13,438
Water Utilities
Vessco Midco Holdings, LLC*	One stop	SF +	4.75%	(h)(j)	9.05%		07/2031	1,523		1,509		0.2		1,523
Vessco Midco Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)		07/2031	—		(2)		—		—
Vessco Midco Holdings, LLC	One stop	SF +	4.75%	(h)(j)	9.06%		07/2031	134		131		—		134
								1,657		1,638		0.2		1,657
Total debt investments								1,624,256		1,602,398		194.0		1,621,060

See Notes to Consolidated Financial Statements

20

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

Investment Type

Spread Above Index(1)

Interest Rate(2)

Acquisition Date

Maturity Date

Principal ($) / Shares(3)

Amortized Cost

Percentage of Net Assets

Fair Value (4)

Equity investments(20)(21)

Aerospace & Defense

PPW Aero Buyer, Inc.

LP units

N/A

N/A

02/2023

N/A

40

$

399

0.1

%

$

304

Air Freight & Logistics

RJW Group Holdings, Inc.

LP units

N/A

N/A

11/2024

N/A

1,172

1,172

0.2

1,172

Auto Components

Arnott, LLC

LP units

N/A

N/A

12/2024

N/A

—

94

—

94

Automobiles

CAP-KSI Holdings, LLC

LP units

N/A

N/A

06/2024

N/A

571

—

—

78

CAP-KSI Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

571

571

0.1

609

National Express Wash Parent Holdco, LLC

LP units

N/A

N/A

07/2022

N/A

1

77

—

129

Quick Quack Car Wash Holdings, LLC

LP units

N/A

N/A

06/2024

N/A

3,673

3,673

0.5

4,372

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

N/A

06/2024

N/A

727

727

0.1

835

Yorkshire Parent, Inc.

LP units

N/A

N/A

12/2023

N/A

—

131

—

153

5,179

0.7

6,176

Beverages

Spindrift Beverage Co. Inc.

LP units

N/A

N/A

02/2025

N/A

2

2,164

0.3

2,164

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP units

N/A

N/A

01/2024

N/A

—

110

—

133

Diversified Consumer Services

CHVAC Services Investment, LLC

Common stock

N/A

N/A

05/2024

N/A

95

240

—

378

DP Flores Holdings, LLC

LLC units

N/A

N/A

09/2022

N/A

88

70

—

129

HS Spa Holdings, Inc.

Common stock

N/A

N/A

05/2022

N/A

78

78

—

78

NSG Buyer, Inc. (7)

LP units

N/A

N/A

11/2022

N/A

1

953

0.2

1,254

Virginia Green Acquisition, LLC

LP units

N/A

N/A

12/2023

N/A

96

96

—

114

1,437

0.2

1,953

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

N/A

01/2025

N/A

5

26

—

26

Electrical Equipment

Wildcat TopCo, Inc.

LP units

N/A

N/A

12/2024

N/A

135

135

—

135

Healthcare Technology

Amberfield Acquisition Co.

LLC units

N/A

N/A

05/2024

N/A

404

404

0.1

404

Hotels, Restaurants & Leisure

PB Group Holdings, LLC

LP units

N/A

N/A

08/2024

N/A

99

228

—

288

Rooster BidCo Limited(7)(9)

Preferred stock

N/A

N/A

03/2025

N/A

364

376

0.1

376

604

0.1

664

Insurance

Oakbridge Insurance Agency LLC

LP units

N/A

N/A

11/2023

N/A

5

98

—

120

See Notes to Consolidated Financial Statements

21

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)			Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services
Critical Start, Inc.	Common stock	N/A			N/A			05/2022	N/A	38	$	38	—	%	$	22
Netwrix Corporation	LLC units	N/A			N/A			06/2022	N/A	11	21		—		28
											59		—		50
Leisure Products
Movement Holdings, LLC(7)(9)	LLC units	N/A			N/A			03/2024	N/A	—	421		—		310
Life Sciences Tools & Services
Celerion Buyer, Inc.(22)	LP units	N/A			N/A			11/2022	N/A	446	373		—		305
Celerion Buyer, Inc.	LP units	N/A			N/A			11/2022	N/A	446	—		0.1		672
											373		0.1		977
Pharmaceuticals
Creek Parent, Inc.	LP interest	N/A			N/A			12/2024	N/A	905	905		0.1		958
Professional Services
Eclipse Buyer, Inc.(22)	Preferred stock	N/A			12.50%		Non-Cash	09/2024	N/A	—	1,545		0.2		1,573
Software
Anaplan, Inc.	LP interest	N/A			N/A			06/2022	N/A	890	891		0.2		1,451
CB Buyer, Inc.	LP units	N/A			N/A			07/2024	N/A	228	228		—		161
Cynet Security Ltd.(7)(14)	Preferred stock	N/A			N/A			08/2022	N/A	23	81		—		109
Denali Bidco Limited(7)(9)	LP interest	N/A			N/A			08/2023	N/A	85	110		—		177
Energy Worldnet, LLC	LLC units	N/A			N/A			02/2025	N/A	50	52		—		52
GTY Technology Holdings, Inc.	LP units	N/A			N/A			07/2022	N/A	60	60		—		139
Gurobi Optimization, LLC	Common stock	N/A			N/A			09/2024	N/A	—	183		—		215
Kaseya Inc.(22)	Preferred stock	SF +	10.75%	(i)	15.03%		Non-Cash	06/2022	N/A	1	748		0.1		781
Kaseya Inc.	LP interest	N/A			N/A			06/2022	N/A	50	50		—		57
LogicMonitor, Inc.	LP interest	N/A			N/A			12/2024	N/A	250	250		0.1		257
Onit, Inc.	Warrant	N/A			N/A			02/2023	N/A	—	6		—		8
Panzura, LLC	LLC units	N/A			N/A			03/2025	N/A	1	4		—		—
Templafy APS and Templafy, LLC(7)(15)	Warrant	N/A			N/A			07/2022	N/A	—	8		—		9
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A			07/2024	N/A	272	1,188		0.2		1,277
Tricentis Operations Holdings, Inc.	LP interest	N/A			N/A			02/2025	N/A	40	40		—		40
Zendesk, Inc.	LP units	N/A			N/A			11/2022	N/A	22	218		—		214
											4,117		0.6		4,947
Specialty Retail
Metal Supermarkets US Buyer, LLC(7)(10)	LLC units	N/A			N/A			12/2024	N/A	—	—		—		—
Metal Supermarkets US Buyer, LLC(7)(10)	Preferred stock	N/A			N/A			12/2024	N/A	1	93		—		86
Salon Lofts Group, LLC	LP units	N/A			N/A			08/2022	N/A	—	109		—		77
											202		—		163
Total equity investments											19,444		2.7		22,323
Total investments											1,621,842		196.7		1,643,383
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					4.2	%	(24)				$	23,686	2.8	%	$	23,686
Total money market funds											23,686		2.8		23,686
Total investments and money market funds											$	1,645,528	199.5	%	$	1,667,069

See Notes to Consolidated Financial Statements

22

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

*	Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 8).
#	Denotes that all or a portion of the investment collateralizes the BNP Credit Facility (as defined in Note 8).

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

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

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

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

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

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.13% as of March 31, 2025.

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

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

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

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

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

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.66% as of March 31, 2025.

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

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

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

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, total non-qualifying assets at fair value represented 11.2% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

23

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.#~	One stop	SF +	6.50%	(h)(i)	11.24%		02/2029	$	14,726	$	14,401	2.3	%	$	14,947
PPW Aero Buyer, Inc.	One stop	SF +	6.50%	(a)(h)(i)	12.20%		02/2029	26		25		—		26
PPW Aero Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)		02/2029	—		(15)		—		—
PPW Aero Buyer, Inc.~	One stop	SF +	5.50%	(i)	10.10%		02/2029	765		761		0.1		765
								15,517		15,172		2.4		15,738
Auto Components
Collision SP Subco, LLC~	One stop	SF +	5.50%	(i)	10.75%		01/2030	9,658		9,486		1.5		9,658
Collision SP Subco, LLC	One stop	SF +	5.50%	(h)(j)	10.36%		01/2030	1,764		1,714		0.3		1,764
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)	10.75%		01/2030	238		210		—		238
OEConnection, LLC(5)	One stop	SF +	5.25%		N/A(6)		04/2031	—		(14)		—		—
OEConnection, LLC(5)	One stop	SF +	5.25%		N/A(6)		04/2031	—		(17)		—		—
OEConnection, LLC#	One stop	SF +	5.25%	(h)	10.10%		04/2031	17,119		16,958		2.6		17,119
								28,779		28,337		4.4		28,779
Automobiles
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(h)	10.10%		06/2030	161		148		—		161
CAP-KSI Holdings, LLC#	One stop	SF +	5.25%	(i)	9.85%		06/2030	5,832		5,748		0.9		5,832
High Bar Brands Operating, LLC~	Senior secured	SF +	5.00%	(i)	9.60%		12/2029	803		789		0.1		803
High Bar Brands Operating, LLC~	Senior secured	SF +	5.00%	(i)	9.60%		12/2029	167		165		—		167
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)		12/2029	—		(4)		—		—
High Bar Brands Operating, LLC	Senior secured	SF +	5.00%	(i)	9.60%		12/2029	142		137		—		142
National Express Wash Parent Holdco, LLC#	One stop	SF +	5.50%	(i)	10.74%		07/2029	17,836		17,697		2.8		17,479
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(j)	9.75%		07/2029	70		69		—		66
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)		07/2029	—		(102)		—		—
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	4.75%	(h)	9.60%		06/2031	21,259		21,085		3.3		21,259
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)		06/2031	—		(20)		—		—
Quick Quack Car Wash Holdings, LLC	One stop	SF +	4.75%	(h)	9.60%		06/2031	823		754		0.1		823
Yorkshire Parent, Inc.#	One stop	SF +	6.00%	(i)	10.60%		12/2029	20,857		20,676		3.2		20,857
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(39)		—		—
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(50)		—		—
								67,950		67,053		10.4		67,589
Banks
OSP Hamilton Purchaser, LLC~	One stop	SF +	5.00%	(i)	10.25%		12/2029	3,909		3,867		0.6		3,909
OSP Hamilton Purchaser, LLC	One stop	SF +	5.00%	(i)	10.26%		12/2029	741		701		0.1		741
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.00%		N/A(6)		12/2029	—		(6)		—		—
								4,650		4,562		0.7		4,650
Beverages
Financial Information Technologies, LLC(20)	One stop	N/A			14.00%	PIK	06/2031	9,292		9,095		1.4		9,292
Financial Information Technologies, LLC#~	One stop	SF +	5.25%	(i)	9.85%		06/2030	6,456		6,362		1.0		6,456
Financial Information Technologies, LLC#~	One stop	SF +	5.25%	(i)	9.85%		06/2030	2,640		2,613		0.4		2,640
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—		(10)		—		—
								18,388		18,059		2.8		18,388

See Notes to Consolidated Financial Statements

24

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Capital Markets
BlueMatrix Holdings, LLC~	One stop	SF +	5.25%	(i)	9.85%		01/2031	$	14,200	$	14,089	2.2	%	$	14,200
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(20)		—		—
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(37)		—		—
								14,200		14,032		2.2		14,200
Chemicals
Krayden Holdings, Inc.~	Senior secured	SF +	4.75%	(h)	9.60%		03/2029	938		929		0.1		929
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(3)		—		(3)
Krayden Holdings, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)		03/2029	—		(5)		—		(5)
								938		921		0.1		921
Commercial Services & Supplies
BradyIFS Holdings, LLC#~	One stop	SF +	6.00%	(i)	11.25%		10/2029	20,896		20,541		3.2		20,896
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(h)(i)	11.18%		10/2029	1,648		1,628		0.3		1,648
Encore Holdings, LLC#	One stop	SF +	5.50%	(i)	10.25%		11/2028	12,922		12,718		2.0		12,955
Encore Holdings, LLC~	One stop	SF +	5.50%	(i)	10.20%		11/2028	2,570		2,528		0.4		2,576
Encore Holdings, LLC	One stop	SF +	5.25%	(i)	10.11%		11/2028	3,874		3,813		0.6		3,874
FR Vision Holdings, Inc.*~	One stop	SF +	5.50%	(i)	10.78%		01/2031	18,539		18,372		2.9		18,539
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(i)	10.78%		01/2031	1,561		1,507		0.2		1,561
FR Vision Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)		01/2030	—		(13)		—		—
Kleinfelder Intermediate, LLC~	One stop	SF +	6.25%	(i)	11.31%		09/2030	2,037		1,982		0.3		2,037
Kleinfelder Intermediate, LLC	One stop	P +	4.00%	(a)	12.00%		09/2028	64		59		—		64
Kleinfelder Intermediate, LLC(5)	One stop	SF +	5.00%		N/A(6)		09/2030	—		(4)		—		—
PSC Parent, Inc.(5)	One stop	SF +	5.25%		N/A(6)		04/2031	—		(7)		—		—
PSC Parent, Inc.	One stop	SF +	5.25%	(h)	10.10%		04/2031	1,088		1,083		0.2		1,088
PSC Parent, Inc.	One stop	SF +	5.25%	(a)(h)	10.36%		04/2030	694		683		0.1		694
PSC Parent, Inc.#	One stop	SF +	5.25%	(h)	10.42%		04/2031	6,526		6,465		1.0		6,526
WRE Holding Corp.(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—		(20)		—		—
WRE Holding Corp.#	One stop	SF +	5.00%	(j)	9.25%		07/2031	14,627		14,486		2.2		14,627
WRE Holding Corp.	One stop	SF +	5.00%	(j)	9.81%		07/2031	213		194		—		213
								87,259		86,015		13.4		87,298
Construction & Engineering
Consor Intermediate II, LLC(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(43)		—		—
Consor Intermediate II, LLC(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—		(12)		—		—
Consor Intermediate II, LLC#	One stop	SF +	4.75%	(i)	9.35%		05/2031	10,008		9,961		1.5		10,008
								10,008		9,906		1.5		10,008
Diversified Consumer Services
Any Hour, LLC	One stop	SF +	5.00%	(i)	10.28%		05/2030	231		214		—		207
Any Hour, LLC(20)	One stop	N/A			13.00%	PIK	05/2031	2,590		2,543		0.4		2,564
Any Hour, LLC	One stop	SF +	5.00%	(i)	9.90%		05/2030	395		378		0.1		383
Any Hour, LLC#	One stop	SF +	5.00%	(i)	9.60%		05/2030	8,165		8,049		1.2		8,083
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2030	5		5		—		5
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2030	5,717		5,579		0.9		5,660
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2029	883		820		0.1		869
Apex Service Partners, LLC	One stop	SF +	5.00%	(h)	9.86%		10/2030	24,020		23,409		3.7		23,779
CHVAC Services Investment, LLC	One stop	SF +	5.00%	(i)	9.60%		05/2030	3,537		3,429		0.5		3,537
CHVAC Services Investment, LLC(5)	One stop	SF +	5.00%		N/A(6)		05/2030	—		(11)		—		—
CHVAC Services Investment, LLC#	One stop	SF +	5.00%	(i)	9.60%		05/2030	7,598		7,535		1.2		7,598
Entomo Brands Acquisitions, Inc.*	Senior secured	SF +	5.50%	(i)	10.25%		07/2029	866		856		0.1		866
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.25%		07/2029	15		14		—		15
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.25%		07/2029	249		244		—		249
HS Spa Holdings, Inc.~	One stop	SF +	5.25%	(i)	10.31%		06/2029	1,151		1,135		0.2		1,151
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(a)(h)	11.15%		06/2028	32		30		—		32
HS Spa Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)		06/2029	—		(3)		—		—
Litera Bidco, LLC(5)	One stop	SF +	5.00%		N/A(6)		05/2028	—		(2)		—		—

See Notes to Consolidated Financial Statements

25

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Litera Bidco, LLC	One stop	SF +	5.00%	(h)	9.85%				05/2028	$	1,555	$	1,548	0.2	%	$	1,555
Litera Bidco, LLC	One stop	SF +	5.00%		N/A(6)				05/2028	—		—		—		—
Litera Bidco, LLC#	One stop	SF +	5.00%	(h)	9.85%				05/2028	7,629		7,594		1.2		7,629
Mario Purchaser, LLC~	One stop	SF +	5.75%	(h)	10.70%				04/2029	660		651		0.1		653
Mario Purchaser, LLC~	One stop	SF +	5.75%	(h)	10.70%				04/2029	855		843		0.1		847
Mario Purchaser, LLC(20)	One stop	SF +	10.75%	(h)	15.70%	PIK			04/2032	418		412		0.1		414
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.70%				04/2028	7		6		—		7
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	10.70%				04/2029	402		365		0.1		362
NSG Buyer, Inc. #	One stop	SF +	6.25%	(h)	11.20%				11/2029	11,755		11,582		1.8		11,844
NSG Buyer, Inc. (5)	One stop	SF +	6.25%		N/A(6)				11/2028	—		(7)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(13)		—		—
NSG Buyer, Inc. #~	One stop	SF +	5.50%	(h)	10.35%				11/2029	1,868		1,823		0.3		1,868
Virginia Green Acquisition, LLC#	One stop	SF +	5.25%	(j)	9.50%				12/2030	19,898		19,721		3.1		19,898
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.25%		N/A(6)				12/2029	—		(28)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.25%	(j)	9.50%				12/2030	821		750		0.1		821
										101,322		99,471		15.5		100,896
Diversified Financial Services
Avalara, Inc.#	One stop	SF +	6.25%	(i)	10.85%				10/2028	2,655		2,610		0.4		2,655
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(13)		—		—
Baker Tilly Advisory Group, LP#	One stop	SF +	5.00%	(h)	9.85%				06/2031	4,538		4,475		0.7		4,538
Baker Tilly Advisory Group, LP(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(5)		—		—
Ceres Groupe SAS & Ceres PikCo(7)(8)(16)(20)	Subordinated debt	E +	8.00%	(d)	3.59%	cash/	8.00%	PIK	07/2032	766		737		0.1		758
Ceres Groupe SAS & Ceres PikCo#(7)(8)(16)	One stop	E +	5.25%	(d)	8.84%				07/2031	1,326		1,276		0.2		1,314
Ceres Groupe SAS & Ceres PikCo(7)(8)(16)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		—		—
Ceres Groupe SAS & Ceres PikCo(7)(8)(16)	One stop	E +	5.25%		N/A(6)				07/2031	—		—		0.1		—
Finastra USA, Inc.	One stop	SF +	7.25%	(i)	12.18%				09/2029	23		22		—		23
Finastra USA, Inc.#	One stop	SF +	7.25%	(i)	12.18%				09/2029	9,900		9,737		1.5		9,937
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.75%	(h)	9.60%				11/2028	335		327		0.1		335
Higginbotham Insurance Agency, Inc.#	One stop	SF +	4.50%	(h)	9.35%				11/2028	3,852		3,825		0.6		3,852
										23,395		22,989		3.7		23,412
Electrical Equipment
Power Grid Holdings, Inc.~	One stop	SF +	4.75%	(i)	10.00%				12/2030	706		694		0.1		706
Power Grid Holdings, Inc.(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—		(3)		—		—
										706		691		0.1		706
Electronic Equipment, Instruments & Components
CST Holding Company#	One stop	SF +	5.00%	(h)	9.95%				11/2028	5,400		5,188		0.8		5,400
CST Holding Company(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(2)		—		—
										5,400		5,186		0.8		5,400
Food Products
Blast Bidco Inc.#~	One stop	SF +	6.00%	(i)	10.60%				10/2030	17,027		16,807		2.6		17,027
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(25)		—		—
Eagle Family Foods Group, LLC#	One stop	SF +	5.00%	(i)	10.33%				08/2030	3,457		3,423		0.5		3,423
Eagle Family Foods Group, LLC	One stop	SF +	5.00%	(i)	10.33%				08/2030	52		48		—		48
										20,536		20,253		3.1		20,498

See Notes to Consolidated Financial Statements

26

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Equipment & Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(i)	10.85%				08/2028	$	4,170	$	4,102	0.6	%	$	4,170
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	10.85%				08/2028	32		31		—		32
HuFriedy Group Acquisition, LLC#	One stop	SF +	5.50%	(i)	10.56%				06/2031	10,905		10,801		1.7		10,796
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—		(11)		—		(12)
HuFriedy Group Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				06/2031	—		(23)		—		(24)
TIDI Legacy Products, Inc.~	One stop	SF +	5.50%	(h)	10.35%				12/2029	2,192		2,180		0.3		2,192
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(3)		—		—
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		—
YI, LLC#	One stop	SF +	5.75%	(h)	10.87%				12/2029	8,537		8,374		1.3		8,537
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(14)		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(15)		—		—
										25,836		25,421		3.9		25,691
Healthcare Providers & Services
Bamboo US Bidco LLC*(20)	One stop	SF +	6.75%	(i)	8.62%	cash/	3.38%	PIK	09/2030	4,938		4,815		0.9		4,889
Bamboo US Bidco LLC*(7)(8)(20)	One stop	E +	6.75%	(c)	7.01%	cash/	3.38%	PIK	09/2030	3,421		3,169		0.5		3,387
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(25)		—		(8)
Bamboo US Bidco LLC(20)	One stop	SF +	6.75%	(i)	8.56%	cash/	3.38%	PIK	09/2030	366		356		0.2		358
Community Care Partners, LLC	One stop	SF +	6.00%	(h)	10.96%				06/2026	347		346		0.1		337
Datix Bidco Limited and RL Datix Holdings, Inc.*(7)(8)(9)	One stop	SN +	5.50%	(f)	10.45%				04/2031	3,077		2,836		0.5		3,046
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)	One stop	SF +	5.50%		N/A(6)				04/2031	—		(11)		—		(11)
Datix Bidco Limited and RL Datix Holdings, Inc.*(7)(9)	One stop	SF +	5.50%	(j)	10.81%				04/2031	4,967		4,874		0.8		4,918
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)	One stop	SF +	5.50%		N/A(6)				10/2030	—		(18)		—		(10)
Premise Health Holding Corp.*~	One stop	SF +	5.50%	(j)	10.76%				03/2031	18,997		18,736		2.9		18,997
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(30)		—		—
										36,113		35,048		5.9		35,903
Healthcare Technology
Amberfield Acquisition Co.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(35)		—		—
Amberfield Acquisition Co.(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(5)		—		—
Amberfield Acquisition Co.#	One stop	SF +	5.00%	(i)	9.60%				05/2030	5,609		5,557		0.9		5,609
Color Intermediate, LLC~	Senior secured	SF +	4.75%	(i)	9.45%				10/2029	2,353		2,319		0.3		2,353
Crow River Buyer, Inc.~	One stop	SF +	7.75%	(h)(i)	13.00%				01/2029	999		984		0.2		999
Crow River Buyer, Inc.	One stop	SF +	7.75%	(i)	12.85%				01/2029	13		12		—		13
HealthEdge Software, Inc.#	One stop	SF +	4.75%	(h)	9.85%				07/2031	1,398		1,385		0.1		1,384
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(2)		—		(2)
HealthEdge Software, Inc.(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(3)		—		(3)
Kona Buyer, LLC(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(1)		—		(2)
Kona Buyer, LLC#	One stop	SF +	4.50%	(i)	9.78%				07/2031	1,290		1,277		0.2		1,277
Kona Buyer, LLC	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(2)		—		(2)
Lacker Bidco Limited*(7)(8)(9)	One stop	SN +	5.25%	(f)	10.20%				02/2031	4,114		3,828		0.6		4,114
Lacker Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(13)		—		—
Lacker Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	10.20%				02/2031	926		821		0.1		926
Neptune Holdings, Inc.#~	One stop	SF +	5.75%	(i)	10.35%				09/2030	6,287		6,207		1.0		6,287
Neptune Holdings, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.#(20)	One stop	SF +	5.20%	(h)	7.35%	cash/	2.70%	PIK	08/2031	18,004		17,827		2.6		17,824
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(24)		—		(24)
Netsmart Technologies, Inc.(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(12)		—		(12)
Plasma Buyer LLC~	One stop	SF +	5.75%	(i)	10.35%				05/2029	481		474		0.1		467
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	10.35%				05/2028	31		30		—		29
Plasma Buyer LLC	One stop	SF +	6.25%	(i)	10.88%				05/2029	11		11		—		10
										41,516		40,634		6.1		41,247

See Notes to Consolidated Financial Statements

27

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(i)	11.21%				08/2028	$	1,447	$	1,437	0.2	%	$	1,447
Barteca Restaurants, LLC~	One stop	SF +	6.00%	(i)	11.40%				08/2028	73		73		—		73
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.85%				08/2028	20		19		—		20
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	10.75%				08/2028	414		380		0.1		414
ESN Venture Holdings, LLC~	One stop	SF +	5.75%	(i)	10.35%				10/2028	320		315		—		320
ESN Venture Holdings, LLC#	One stop	SF +	5.75%	(i)	10.35%				10/2028	4,607		4,541		0.7		4,607
ESN Venture Holdings, LLC#	One stop	SF +	5.75%	(i)	10.35%				10/2028	696		687		0.1		696
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.85%				10/2028	226		221		—		226
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.35%				10/2028	58		55		—		58
ESN Venture Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(14)		—		—
ESN Venture Holdings, LLC	One stop	SF +	5.75%	(i)	10.93%				10/2028	787		780		0.1		787
GFP Atlantic Holdco 2, LLC#	One stop	SF +	6.00%	(i)	11.13%				11/2027	3,631		3,574		0.6		3,631
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(64)		—		—
Health Buyer, LLC~	Senior secured	SF +	5.25%	(i)	9.85%				04/2029	233		231		—		231
Health Buyer, LLC*	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	119		117		—		119
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	48		47		—		48
Health Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(1)		—		—
PB Group Holdings, LLC~(20)	One stop	SF +	5.50%	(h)	7.60%	cash/	2.75%	PIK	08/2030	9,453		9,406		1.4		9,406
PB Group Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—		(6)		—		(6)
SDC Holdco, LLC#	One stop	SF +	5.00%	(i)	9.60%				06/2031	19,252		19,160		3.0		19,252
SDC Holdco, LLC	One stop	SF +	5.00%	(i)	9.66%				06/2031	170		162		0.1		170
SDC Holdco, LLC(20)	Second lien	SF +	8.50%	(i)	13.10%	PIK			06/2032	2,959		2,938		0.5		2,959
Super REGO, LLC(20)	Subordinated debt	N/A			15.00%	PIK			03/2030	54		53		—		54
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.40%				10/2027	791		779		0.1		791
YE Brands Holding, LLC#	One stop	SF +	4.75%	(i)	9.35%				10/2027	7,104		7,043		1.1		7,104
YE Brands Holding, LLC	One stop	SF +	4.75%	(i)	9.47%				10/2027	27		27		—		27
										52,489		51,960		8.0		52,434
Industrial Conglomerates
Dwyer Instruments, Inc.~	One stop	SF +	5.75%	(i)	10.45%				07/2027	580		573		0.1		580
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		—
Dwyer Instruments, Inc.~	One stop	SF +	5.75%	(i)	10.45%				07/2027	147		145		—		147
Dwyer Instruments, Inc.*	One stop	SF +	5.75%	(i)	10.45%				07/2027	74		73		—		74
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		—
Essential Services Holdings Corporation#	One stop	SF +	5.00%	(i)	10.29%				06/2031	10,198		10,100		1.7		10,096
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—		(12)		—		(12)
Essential Services Holdings Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—		(10)		—		(20)
Excelitas Technologies Corp.(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(122)		—		(177)
Excelitas Technologies Corp.#	One stop	SF +	5.25%	(i)	9.85%				08/2029	643		634		0.1		637
Excelitas Technologies Corp.~(7)(8)	One stop	E +	5.25%	(c)	8.60%				08/2029	123		113		—		122
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2028	—		—		—		—
Excelitas Technologies Corp.	One stop	SF +	5.25%		N/A(6)				08/2029	—		—		—		—
										11,765		11,492		1.9		11,447
Insurance
Ben Nevis Midco Limited*(7)(9)	One stop	SF +	5.50%	(h)	10.35%				03/2028	2,486		2,443		0.4		2,486
Ben Nevis Midco Limited*(7)(9)	One stop	SF +	5.50%	(i)	10.56%				03/2028	1,672		1,672		0.3		1,672
Ben Nevis Midco Limited(7)(9)	One stop	SF +	5.50%	(h)	10.34%				03/2028	263		264		—		263
Ben Nevis Midco Limited(7)(9)	One stop	SF +	5.50%	(h)	10.36%				03/2028	408		391		0.1		408
Captive Resources Midco, LLC#(20)	One stop	SF +	5.25%	(h)	10.10%				07/2029	7,206		7,114		1.1		7,206
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.~	One stop	SF +	7.50%	(i)	12.56%				03/2029	1,047		1,027		0.2		1,047
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC*~	One stop	SF +	5.25%	(i)	10.06%				12/2030	14,227		14,099		2.2		14,262

See Notes to Consolidated Financial Statements

28

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	$	—	$	(27)	—	%	$	—
Doxa Insurance Holdings LLC	One stop	SF +	5.25%	(i)	10.22%				12/2030	11,757		11,637		1.8		11,791
Doxa Insurance Holdings LLC	One stop	SF +	5.00%		N/A(6)				12/2030	—		—		—		—
Gimlet Bidco GMBH~(7)(8)(15)	One stop	E +	5.75%	(c)	9.39%				04/2031	7,263		6,814		1.1		7,190
Gimlet Bidco GMBH(7)(8)(15)	One stop	E +	5.75%	(c)	9.39%				04/2031	538		484		0.1		508
Integrated Specialty Coverages, LLC*	One stop	SF +	6.00%	(h)(i)(j)	10.98%				07/2030	997		977		0.2		997
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC	One stop	SF +	6.00%	(h)(i)(j)	10.88%				07/2030	199		194		—		199
Integrity Marketing Acquisition, LLC	One stop	SF +	5.00%	(i)	10.07%				08/2028	8,842		8,744		1.3		8,754
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—		(4)		—		(24)
MRH Trowe Germany GMBH(7)(8)(15)	One stop	E +	6.00%	(c)	9.49%				02/2029	2,255		2,147		0.3		2,255
Oakbridge Insurance Agency LLC~	One stop	SF +	5.50%	(h)	10.66%				11/2029	9,198		9,120		1.4		9,198
Oakbridge Insurance Agency LLC	One stop	P +	4.50%	(a)(h)	12.07%				11/2029	460		448		0.1		460
Oakbridge Insurance Agency LLC	One stop	SF +	5.50%	(h)	10.66%				11/2029	368		330		0.1		368
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.25%	(i)	10.85%				05/2030	4,118		4,050		0.6		4,118
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(i)	10.85%				05/2030	1,373		1,350		0.2		1,373
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—		—
										74,677		73,268		11.5		74,530
IT Services
Critical Start, Inc.(20)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	523		520		0.1		518
Critical Start, Inc.~(20)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	266		262		—		263
Critical Start, Inc.(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		(1)
Goldcup 31018 AB(7)(8)(11)(20)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	839		760		0.1		839
Goldcup 31018 AB(7)(8)(11)(20)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	78		74		—		78
Goldcup 31018 AB(5)(7)(8)(11)	One stop	E +	6.50%		N/A(6)				01/2029	—		(1)		—		—
Netwrix Corporation#	One stop	SF +	5.50%	(i)	10.56%				06/2029	11,866		11,807		1.8		11,866
Netwrix Corporation(5)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(1)		—		—
Netwrix Corporation	One stop	SF +	5.50%	(i)	10.56%				06/2029	1,440		1,343		0.2		1,570
PDQ Intermediate, Inc.(20)	Subordinated debt	N/A			13.75%	PIK			10/2031	57		56		—		57
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—		(10)		—		—
ReliaQuest Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—		(4)		—		—
ReliaQuest Holdings, LLC#(20)	One stop	SF +	6.75%	(i)	8.37%	cash/	3.63%	PIK	04/2031	23,684		23,574		3.6		23,684
WPEngine, Inc.~	One stop	SF +	6.50%	(i)	11.62%				08/2029	1,069		1,051		0.2		1,069
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		—
Zarya Holdco, Inc.*	One stop	SF +	6.50%	(i)	11.56%				07/2027	368		362		0.1		361
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(i)	11.56%				07/2027	971		971		0.1		951
Zarya Holdco, Inc.(5)	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		(1)
										41,161		40,763		6.2		41,254
Leisure Products
Crunch Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(10)		—		(10)
Crunch Holdings, LLC~	One stop	SF +	4.75%	(h)	9.61%				09/2031	14,880		14,806		2.3		14,806
Movement Holdings, LLC~	One stop	SF +	5.25%	(h)	10.10%				03/2030	7,068		7,003		1.1		7,068
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(11)		—		—
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(43)		—		—
										21,948		21,745		3.4		21,864

See Notes to Consolidated Financial Statements

29

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	5.50%	(i)	10.73%				11/2029	$	10,137	$	9,930	1.6	%	$	10,137
Celerion Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—		(33)		—		—
Graphpad Software, LLC(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—		(4)		—		—
Graphpad Software, LLC#	One stop	SF +	4.75%	(i)	9.35%				06/2031	7,856		7,818		1.2		7,856
Graphpad Software, LLC	One stop	SF +	4.75%	(i)	9.35%				06/2031	196		187		—		196
										18,189		17,897		2.8		18,189
Machinery
AI Titan Parent, Inc.#	One stop	SF +	4.75%	(i)	9.81%				08/2031	2,705		2,678		0.4		2,678
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(3)		—		(3)
AI Titan Parent, Inc.(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—		(3)		0.1		(3)
Blackbird Purchaser, Inc.*~	One stop	SF +	5.50%	(i)	10.10%				12/2030	23,297		23,090		3.6		23,297
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	10.10%				12/2030	1,382		1,341		0.2		1,382
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	10.10%				12/2029	464		437		0.1		464
										27,848		27,540		4.4		27,815
Media
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(10)		—		—
Lotus Topco, Inc.#	One stop	SF +	4.75%	(j)	9.00%				06/2030	7,154		7,103		1.1		7,154
Lotus Topco, Inc.(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—		(25)		—		—
										7,154		7,068		1.1		7,154
Oil, Gas & Consumable Fuels
Envernus, Inc.#~	One stop	SF +	5.50%	(h)	10.35%				12/2029	15,998		15,788		2.5		15,998
Envernus, Inc.	One stop	SF +	5.50%	(h)	10.35%				12/2029	83		66		—		83
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(5)		—		—
										16,081		15,849		2.5		16,081
Pharmaceuticals
Caerus Midco 3 S.A.R.L.~(7)(10)	One stop	SF +	5.00%	(i)	9.60%				05/2029	780		770		0.1		773
Caerus Midco 3 S.A.R.L.~(7)(10)	One stop	SF +	5.00%	(i)	9.60%				05/2029	139		137		—		138
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.00%	(i)	9.60%				05/2029	53		52		—		51
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.00%	(h)	9.87%				05/2029	46		45		—		45
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.00%	(i)	9.60%				05/2029	9		9		—		9
										1,027		1,013		0.1		1,016
Professional Services
ALKU Intermediate Holdings, LLC~	One stop	SF +	6.25%	(j)	10.50%				05/2029	1,266		1,251		0.2		1,281
ALKU Intermediate Holdings, LLC*	One stop	SF +	5.50%	(j)	9.75%				05/2029	140		137		—		140
bswift, LLC	One stop	SF +	6.38%	(i)	11.68%				11/2028	1,123		1,098		0.2		1,142
Citrin Cooperman Advisors LLC~	One stop	SF +	5.00%	(i)	10.32%				10/2027	482		479		0.1		482
Citrin Cooperman Advisors LLC~	One stop	SF +	5.00%	(i)	10.32%				10/2027	209		205		—		209
Citrin Cooperman Advisors LLC~	One stop	SF +	5.00%	(i)	10.42%				10/2027	62		61		—		62
Citrin Cooperman Advisors LLC*	One stop	SF +	5.25%	(i)	10.67%				10/2027	34		33		—		34
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(i)	10.67%				10/2027	88		86		—		88
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	10.02%				09/2028	1,443		1,424		0.2		1,443
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	10.11%				09/2028	124		117		—		124
DISA Holdings Corp.~	Senior secured	SF +	5.00%	(i)	10.02%				09/2028	713		703		0.1		713
DISA Holdings Corp.(20)	Subordinated debt	SF +	8.50%	(h)	11.51%	cash/	2.00%	PIK	03/2029	52		51		—		52
DISA Holdings Corp.~	Senior secured	SF +	5.00%	(i)	10.02%				09/2028	82		81		—		82
DISA Holdings Corp.~	One stop	SF +	5.00%	(i)	10.02%				09/2028	97		95		—		97
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(6)		—		—
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(18)		—		(5)
Eclipse Buyer, Inc.#	One stop	SF +	4.75%	(i)	9.74%				09/2031	3,676		3,640		0.6		3,639
Eclipse Buyer, Inc.(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(3)		—		(3)

See Notes to Consolidated Financial Statements

30

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Varicent Intermediate Holdings Corporation#(20)	One stop	SF +	6.00%	(i)	7.35%	cash/	3.25%	PIK	08/2031	$	14,480	$	14,268	2.3	%	$	14,263
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	6.00%		N/A(6)				08/2031	—		(28)		—		(29)
Varicent Intermediate Holdings Corporation(5)	One stop	SF +	6.00%		N/A(6)				08/2031	—		(27)		—		(28)
										24,071		23,647		3.7		23,786
Software
Anaplan, Inc.#~	One stop	SF +	5.25%	(i)	9.85%				06/2029	22,836		22,682		3.5		22,836
Anaplan, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2028	—		(2)		—		—
Anaplan, Inc.~	One stop	SF +	5.25%	(i)	9.85%				06/2029	3,265		3,235		0.5		3,265
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	10.20%				06/2029	684		613		0.1		684
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	10.20%				06/2029	357		311		0.1		357
Arrow Buyer, Inc.#~	One stop	SF +	5.75%	(i)	10.35%				07/2030	4,681		4,585		0.8		4,681
Arrow Buyer, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—		(13)		—		—
Arrow Buyer, Inc.#	One stop	SF +	5.75%	(i)	10.35%				07/2030	307		305		—		307
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—		(2)		—		(2)
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(1)		—		(1)
Artifact Bidco, Inc.(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—		(2)		—		(2)
Artifact Bidco, Inc.~	One stop	SF +	4.50%	(i)	9.10%				05/2031	1,341		1,328		0.2		1,328
Azurite Intermediate Holdings, Inc.~	One stop	SF +	6.50%	(h)	11.35%				03/2031	2,452		2,418		0.4		2,452
Azurite Intermediate Holdings, Inc.	One stop	SF +	6.50%	(h)	11.35%				03/2031	3,566		3,503		0.5		3,567
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—		(12)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—		(5)		—		—
Baxter Planning Systems, LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—		(5)		—		—
Baxter Planning Systems, LLC#(20)	One stop	SF +	6.25%	(i)	8.12%	cash/	3.38%	PIK	05/2031	3,656		3,630		0.6		3,656
BestPass, Inc.#	One stop	SF +	5.25%	(h)	10.10%				08/2031	18,219		18,130		2.8		18,128
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(9)		—		(9)
BestPass, Inc.(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—		(12)		—		(12)
Bloomerang, LLC#~	One stop	SF +	6.00%	(h)	10.85%				12/2029	13,536		13,417		2.1		13,536
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(26)		—		—
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(35)		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(14)	One stop	SF +	7.25%	(i)	12.53%				01/2029	956		935		0.1		956
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(14)	One stop	SF +	7.25%	(i)	12.53%				01/2029	365		357		0.1		365
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited*(7)(8)(9)	One stop	SN +	5.50%	(f)	10.45%				08/2030	685		641		0.1		685
Camelia Bidco Limited*(7)(8)(9)	One stop	A +	5.50%	(e)	9.93%				08/2030	44		40		—		44
Camelia Bidco Limited*(7)(8)(9)	One stop	SN +	5.50%	(f)	10.45%				08/2030	97		87		0.1		97
Camelia Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(27)		—		—
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(17)		—		—
CB Buyer, Inc.#	One stop	SF +	5.25%	(i)	9.85%				07/2031	15,848		15,695		2.4		15,848
CB Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—		(22)		—		—
Coupa Holdings, LLC~	One stop	SF +	5.50%	(i)	10.75%				02/2030	8,371		8,190		1.4		8,371
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2030	—		(9)		—		—
Crewline Buyer, Inc.~	One stop	SF +	6.75%	(i)	11.35%				11/2030	28,243		27,874		4.3		28,243
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(39)		—		—
Denali Bidco Limited*(7)(8)(9)	One stop	SN +	6.00%	(f)	10.95%				08/2030	2,604		2,410		0.4		2,617
Denali Bidco Limited*(7)(8)(9)	One stop	E +	6.00%	(c)	9.35%				08/2030	628		601		0.1		631
Denali Bidco Limited*(7)(8)(9)	One stop	E +	5.50%	(c)	8.85%				08/2030	4,351		4,087		0.7		4,351
Denali Bidco Limited(7)(8)(9)	One stop	E +	6.00%	(c)	9.35%				08/2030	880		822		0.1		884
Denali Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.50%		N/A(6)				08/2030	—		(41)		—		—
Evergreen IX Borrower 2023, LLC*~	One stop	SF +	4.75%	(i)	9.35%				09/2030	13,206		12,858		2.0		13,074

See Notes to Consolidated Financial Statements

31

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	4.75%		N/A(6)				10/2029	$	—	$	(38)	—	%	$	(11)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	4.75%	(i)	9.35%				09/2030	1,154		1,143		0.2		1,142
GTY Technology Holdings, Inc.#(20)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	4,244		4,192		0.6		4,202
GTY Technology Holdings, Inc.#(20)	One stop	SF +	6.88%	(h)	7.54%	cash/	4.30%	PIK	07/2029	2,771		2,732		0.5		2,744
GTY Technology Holdings, Inc.#(20)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	508		505		0.1		503
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(19)		—		—
GTY Technology Holdings, Inc.#(20)	One stop	SF +	7.13%	(i)	7.92%	cash/	4.45%	PIK	07/2029	667		661		0.1		667
Gurobi Optimization, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—		(11)		—		(11)
Gurobi Optimization, LLC~	One stop	SF +	4.75%	(h)(i)	9.47%				09/2031	13,580		13,445		2.1		13,444
Hornet Security Holding GMBH*(7)(8)(15)(20)	One stop	E +	7.00%	(d)	5.91%	cash/	4.50%	PIK	02/2031	5,019		4,816		0.8		5,019
Hornet Security Holding GMBH*(7)(8)(15)(20)	One stop	E +	7.00%	(c)(d)	5.91%	cash/	4.50%	PIK	02/2031	3,346		3,210		0.5		3,346
Hornet Security Holding GMBH(7)(8)(15)	One stop	E +	6.50%		N/A(6)				08/2030	—		—		—		—
Hornet Security Holding GMBH(5)(7)(8)(15)	One stop	E +	6.50%		N/A(6)				02/2031	—		(18)		—		—
Hyland Software, Inc.#	One stop	SF +	6.00%	(h)	10.85%				09/2030	24,713		24,397		3.8		24,713
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.~	One stop	SF +	6.50%	(h)	11.35%				01/2030	22,609		22,208		3.5		22,609
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(38)		—		—
ICIMS, Inc.~(20)	One stop	SF +	5.75%	(h)(i)	10.67%				08/2028	5,810		5,750		0.8		5,519
ICIMS, Inc.	One stop	SF +	5.75%	(h)	10.62%				08/2028	48		47		—		40
ICIMS, Inc.(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—		—		—		(48)
IQN Holding Corp. #	One stop	SF +	5.25%	(i)	10.31%				05/2029	1,477		1,468		0.2		1,477
IQN Holding Corp.	One stop	SF +	5.25%	(i)	10.31%				05/2028	26		25		—		26
Island Bidco AB~(7)(8)(11)(20)	One stop	E +	7.25%	(b)(d)	3.65%	cash/	7.25%	PIK	07/2028	703		658		0.1		703
Island Bidco AB~(7)(11)(20)	One stop	SF +	7.00%	(j)	8.76%	cash/	3.50%	PIK	07/2028	313		311		—		313
Island Bidco AB(7)(11)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(7)(8)(11)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB#(7)(11)(20)	One stop	SF +	7.00%	(i)(j)	8.76%	cash/	3.50%	PIK	07/2028	3,131		3,117		0.5		3,131
Kaseya Inc.#(20)	One stop	SF +	5.50%	(i)	10.75%				06/2029	4,546		4,500		0.7		4,546
Kaseya Inc.(20)	One stop	SF +	5.50%	(i)	10.10%				06/2029	68		66		—		68
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.78%				06/2029	52		50		—		52
Kaseya Inc.~	One stop	SF +	5.50%	(i)	10.75%				06/2029	17		15		—		17
LeadsOnline, LLC~	One stop	SF +	4.75%	(i)	10.17%				02/2028	4,956		4,851		0.8		4,956
LeadsOnline, LLC*	One stop	SF +	4.75%	(i)	10.17%				02/2028	875		856		0.1		875
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
LeadsOnline, LLC#	One stop	SF +	4.75%	(i)	9.45%				02/2028	601		599		0.1		601
Navex TopCo, Inc.~	One stop	SF +	5.50%	(h)	10.60%				11/2030	28,534		28,035		4.4		28,534
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(41)		—		—
Orsay Bidco 1 B.V. and Sky Group Holding B.V.(5)(7)(8)(14)	One stop	E +	5.75%		N/A(6)				11/2029	—		(35)		—		—
Panzura, LLC(20)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	59		54		—		49
Pineapple German Bidco GMBH*(7)(8)(15)(20)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	6,728		6,452		1.0		6,660
Pineapple German Bidco GMBH(7)(8)(15)(20)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	462		438		0.1		457
Pineapple German Bidco GMBH(7)(8)(15)(20)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	1,600		1,519		0.2		1,574
PING Identity Holding Corp.~	One stop	SF +	4.75%	(i)	9.35%				10/2029	2,213		2,183		0.3		2,213
PING Identity Holding Corp.(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—		(1)		—		—
Quant Buyer, Inc.#	One stop	SF +	5.25%	(i)	10.31%				06/2029	6,461		6,419		1.0		6,461
Quant Buyer, Inc.#~	One stop	SF +	5.25%	(i)	10.39%				06/2029	9,012		8,936		1.4		9,012
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Quant Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(67)		—		—
Rainforest Bidco Limited(7)(8)(9)(20)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	772		675		0.1		743
Rainforest Bidco Limited(7)(9)(20)	One stop	SF +	6.05%	(g)	8.34%	cash/	2.55%	PIK	07/2029	136		135		—		131

See Notes to Consolidated Financial Statements

32

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Rainforest Bidco Limited(7)(8)(9)(20)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	$	57	$	50	—	%	$	54
Rainforest Bidco Limited(7)(8)(9)(20)	One stop	SN +	6.55%	(f)	8.95%	cash/	2.55%	PIK	07/2029	3,926		3,569		0.6		3,926
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.00%	(i)	11.10%				08/2029	6,827		6,731		1.0		6,827
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Templafy APS and Templafy, LLC#(7)(13)	One stop	SF +	6.00%	(i)	11.40%				07/2028	543		533		0.1		543
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Togetherwork Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(34)		—		—
Togetherwork Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—		(22)		—		—
Togetherwork Holdings, LLC#	One stop	SF +	5.25%	(h)	10.10%				05/2031	25,588		25,379		3.9		25,588
Transform Bidco Limited(5)(7)(9)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(12)		—		(11)
Transform Bidco Limited*(7)(9)	One stop	SF +	7.00%	(i)	12.31%				01/2031	9,098		8,975		1.4		8,984
Transform Bidco Limited(5)(7)(9)	One stop	SF +	7.00%		N/A(6)				01/2031	—		(27)		—		(28)
Vantage Bidco GMBH#(7)(8)(15)(20)	One stop	E +	6.25%	(c)	6.47%	cash/	3.13%	PIK	04/2031	7,707		7,285		1.2		7,630
Vantage Bidco GMBH(5)(7)(8)(15)	One stop	E +	6.25%		N/A(6)				10/2030	—		(18)		—		(13)
Varinem German Midco GMBH#(7)(8)(15)	One stop	E +	6.00%	(d)	9.67%				07/2031	6,530		6,334		1.0		6,465
Varinem German Midco GMBH(7)(8)(15)	One stop	E +	6.00%		N/A(6)				07/2031	—		—		—		—
Zendesk, Inc.#	One stop	SF +	5.00%	(i)	9.69%				11/2028	9,809		9,677		1.5		9,809
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(16)		—		—
										378,474		371,070		58.1		377,186
Specialty Retail
Biscuit Parent, LLC~	One stop	SF +	4.75%	(i)	9.35%				02/2031	17,626		17,504		2.7		17,626
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—		(37)		—		—
Cavender Stores L.P.#~	Senior secured	SF +	5.00%	(i)	9.60%				10/2029	24,812		24,605		3.8		24,812
CVP Holdco, Inc.(5)	One stop	SF +	7.50%		N/A(6)				06/2030	—		(12)		—		—
CVP Holdco, Inc.#	One stop	SF +	5.00%	(h)	9.85%				06/2031	11,983		11,868		1.8		11,983
CVP Holdco, Inc.(5)	One stop	SF +	7.50%		N/A(6)				06/2031	—		(15)		—		—
PetVet Care Centers LLC	One stop	SF +	6.00%	(h)	10.85%				11/2030	12,934		12,708		1.9		12,287
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(33)		—		(87)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(15)		—		—
PPV Intermediate Holdings, LLC(20)	One stop	N/A			14.75%	PIK			08/2030	8,054		7,881		1.3		8,215
PPV Intermediate Holdings, LLC#	One stop	SF +	5.75%	(i)	10.81%				08/2029	6,596		6,514		1.0		6,596
PPV Intermediate Holdings, LLC(20)	One stop	N/A			13.75%	PIK			08/2030	839		828		0.1		839
PPV Intermediate Holdings, LLC(20)	One stop	N/A			13.75%	PIK			08/2030	194		193		—		194
PPV Intermediate Holdings, LLC(20)	One stop	N/A			13.75%	PIK			08/2030	36		35		—		36
PPV Intermediate Holdings, LLC(20)	One stop	N/A			13.75%	PIK			08/2030	35		33		—		35
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(5)		—		—
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—		(11)		—		(11)
Radiance Borrower, LLC	One stop	SF +	5.25%	(h)	10.10%				06/2031	363		348		0.1		363
Radiance Borrower, LLC#(20)	One stop	SF +	5.75%	(h)	7.85%	cash/	2.75%	PIK	06/2031	19,094		18,957		2.9		19,094
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	4,413		4,374		0.7		4,413
Salon Lofts Group, LLC(20)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	598		592		0.1		598
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	293		290		—		293
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	288		286		—		288
Salon Lofts Group, LLC(20)	Second lien	SF +	9.00%	(i)(j)	14.11%	PIK			09/2029	155		148		—		155
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	228		226		—		228
Salon Lofts Group, LLC~	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	95		94		—		95
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(2)		—		—
Salon Lofts Group, LLC~	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	72		71		—		72
Salon Lofts Group, LLC~	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	67		66		—		67
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(5)		—		—
Salon Lofts Group, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—		(7)		—		—

See Notes to Consolidated Financial Statements

33

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC(20)	Second lien	SF +	9.00%	(i)	13.60%	PIK	09/2029	$	317	$	314	—	%	$	317
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(i)	10.35%		08/2028	130		129		—		130
Salon Lofts Group, LLC~	Senior secured	SF +	5.75%	(i)	10.35%		08/2028	88		87		—		88
Salon Lofts Group, LLC(20)	Second lien	SF +	9.00%	(i)	13.60%	PIK	09/2029	29		29		—		29
Salon Lofts Group, LLC~	Senior secured	SF +	5.75%	(i)	10.35%		09/2029	453		450		0.1		453
Salon Lofts Group, LLC(20)	Second lien	SF +	9.00%	(i)	13.60%	PIK	09/2029	274		240		—		274
Salon Lofts Group, LLC(20)	Second lien	SF +	9.00%	(i)(j)	14.30%	PIK	09/2029	114		112		—		114
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(i)	10.35%		08/2028	143		142		—		143
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.#~(7)	One stop	SF +	5.25%	(i)	9.85%		12/2029	1,651		1,635		0.4		1,651
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)	One stop	SF +	5.25%	(i)	9.85%		12/2028	604		596		0.1		604
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)(7)	One stop	SF +	5.25%		N/A(6)		12/2029	—		(2)		—		—
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.#(7)(8)	One stop	CA +	5.25%	(k)	9.18%		12/2029	7,282		7,120		1.1		7,282
								119,860		118,331		18.1		119,276
Water Utilities
Vessco Midco Holdings, LLC#	One stop	SF +	5.25%	(h)(j)	10.22%		07/2031	1,523		1,508		0.2		1,508
Vessco Midco Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		07/2031	—		(2)		—		(2)
Vessco Midco Holdings, LLC	One stop	SF +	5.25%	(j)	9.54%		07/2031	74		72		—		69
								1,597		1,578		0.2		1,575
Total debt investments								1,298,854		1,276,971		199.0		1,294,931

See Notes to Consolidated Financial Statements

34

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(17)(18)
Aerospace & Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		02/2023	N/A	40	$	399	0.1	%	$	331
Automobiles
CAP-KSI Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	571	—		—		—
CAP-KSI Holdings, LLC	Preferred stock	N/A	N/A		06/2024	N/A	571	571		0.1		571
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		07/2022	N/A	1	77		—		110
Quick Quack Car Wash Holdings, LLC	LP units	N/A	N/A		06/2024	N/A	3,673	3,673		0.6		3,867
Quick Quack Car Wash Holdings, LLC	LLC units	N/A	N/A		06/2024	N/A	727	727		0.1		766
Yorkshire Parent, Inc.	LP units	N/A	N/A		12/2023	N/A	—	131		—		141
								5,179		0.8		5,455
Commercial Services & Supplies
FR Vision Holdings, Inc.	LP units	N/A	N/A		01/2024	N/A	—	111		—		118
Diversified Consumer Services
CHVAC Services Investment, LLC	Common stock	N/A	N/A		05/2024	N/A	95	240		0.1		273
DP Flores Holdings, LLC	LLC units	N/A	N/A		09/2022	N/A	88	88		—		113
HS Spa Holdings, Inc.	Common stock	N/A	N/A		05/2022	N/A	78	78		—		78
NSG Buyer, Inc. (7)	LP units	N/A	N/A		11/2022	N/A	1	953		0.2		1,240
Virginia Green Acquisition, LLC	LP units	N/A	N/A		12/2023	N/A	96	96		—		110
								1,455		0.3		1,814
Healthcare Technology
Amberfield Acquisition Co.	LLC units	N/A	N/A		05/2024	N/A	404	404		0.1		406
Hotels, Restaurants & Leisure
PB Group Holdings, LLC	LP units	N/A	N/A		08/2024	N/A	99	228		—		228
Insurance
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		11/2023	N/A	5	98		—		101
IT Services
Critical Start, Inc.	Common stock	N/A	N/A		05/2022	N/A	38	38		—		19
Netwrix Corporation	LLC units	N/A	N/A		06/2022	N/A	11	21		0.1		27
								59		0.1		46
Leisure Products
Movement Holdings, LLC	LLC units	N/A	N/A		03/2024	N/A	—	421		0.1		382
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	446	446		0.1		446
Celerion Buyer, Inc.	LP units	N/A	N/A		11/2022	N/A	446	—		0.1		337
								446		0.2		783
Professional Services
Eclipse Buyer, Inc.(19)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	1,452		0.2		1,439

See Notes to Consolidated Financial Statements

35

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)			Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.	LP interest	N/A			N/A			06/2022	N/A	890	$	891	0.3	%	$	1,380
CB Buyer, Inc.	LP units	N/A			N/A			07/2024	N/A	228	228		—		228
Cynet Security Ltd.(7)(12)	Preferred stock	N/A			N/A			08/2022	N/A	23	81		—		106
Denali Bidco Limited(7)(9)	LP interest	N/A			N/A			08/2023	N/A	85	110		—		162
GTY Technology Holdings, Inc.	LP units	N/A			N/A			07/2022	N/A	60	60		—		115
Gurobi Optimization, LLC	Common stock	N/A			N/A			09/2024	N/A	—	183		—		183
Kaseya Inc.(19)	Preferred stock	SF +	10.75%	(i)	15.35%		Non-Cash	06/2022	N/A	1	1,098		0.2		1,157
Kaseya Inc.	LP interest	N/A			N/A			06/2022	N/A	50	50		—		53
Onit, Inc.(19)	Preferred stock	N/A			15.00%		Non-Cash	02/2023	N/A	—	55		—		64
Onit, Inc.	Warrant	N/A			N/A			02/2023	N/A	—	6		—		10
Panzura, LLC	LLC units	N/A			N/A			09/2023	N/A	1	4		—		—
Templafy APS and Templafy, LLC(7)(13)	Warrant	N/A			N/A			07/2022	N/A	—	8		—		11
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A			07/2024	N/A	272	1,188		0.2		1,200
Zendesk, Inc.	LP units	N/A			N/A			11/2022	N/A	22	218		—		206
											4,180		0.7		4,875
Specialty Retail
Salon Lofts Group, LLC	LP units	N/A			N/A			08/2022	N/A	—	109		—		92
Total equity investments											14,541		2.6		16,070
Total investments											1,291,512		201.6		1,311,001
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					4.8	%	(21)				$	20,893	3.2	%	$	20,893
Total money market funds											20,893		3.2		20,893
Total investments and money market funds											$	1,312,405	204.8	%	$	1,331,894

See Notes to Consolidated Financial Statements

36

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

*	Denotes that all or a portion of the investment collateralizes the PNC Facility (as defined in Note 8).
#	Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 8).
~	Denotes that all or a portion of the investment collateralizes the BNP Credit Facility (as defined in Note 8).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, total non-qualifying assets at fair value represented 8.0% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

37

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on April 1, 2022. On April 1, 2022, the date of the commencement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GBDC 4’s common stock in private placements. In addition, for U.S. federal income tax purposes, GBDC 4 has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

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

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

38

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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

Restricted cash and cash equivalents and restricted foreign currencies: Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

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

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

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

39

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Derivative instruments:

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

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

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

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

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and six months ended March 31, 2025, the Company received Loan Origination Fees that were capitalized of $1,890 and $4,379, respectively. For the three and six months ended March 31, 2024, the Company received Loan Origination Fees that were capitalized of $2,830 and $9,248, respectively. For the three and six months ended March 31, 2025, interest income included $1,484 and $2,437, respectively, of Discount Amortization. For the three and six months ended March 31, 2024, interest income included $622 and $1,027, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2025, investment income included $2,265 and $4,571, respectively, of PIK interest and the Company capitalized PIK interest of $2,263 and $4,561, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2024, investment income included $1,276 and $2,383, respectively, of PIK interest and the Company capitalized PIK interest of $1,413 and $2,392, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For both the three and six months ended March 31, 2025 and 2024, fee income included $24 of non-recurring prepayment premiums. For the three and six months ended March 31, 2024, fee income included no non-recurring prepayment premiums. All other income is recorded into income when earned.

40

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $40,148 and $77,062, respectively. For the three and six months ended March 31, 2024, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $19,271 and $29,475, 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, 2025, the Company recognized PIK and non-cash dividend income of $114 and $208, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024, the Company recognized PIK and non-cash dividend income of $43 and $75, respectively, which were capitalized into the cost basis of certain preferred equity investments. For both the three and six months ended March 31, 2025, the Company received $170 of cash payments of accrued and capitalized preferred dividends. For the three and six months ended March 31, 2024, the Company received no cash payments of accrued and capitalized preferred dividends.

Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three months ended March 31, 2025, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash. For the six months ended March 31, 2025, the Company recorded dividend income received in cash of $67 and return of capital distributions received in cash of $91. For the three and six months ended March 31, 2024, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash.

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

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

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

41

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2025, the Company did not record any U.S. federal excise tax expense. For the three and six months ended March 31, 2024, $10 and $25, respectively, was recorded for U.S. federal excise tax expense.

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

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

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

Deferred 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, 2025 and September 30, 2024, the Company had deferred debt issuance costs of $7,131 and $7,871, 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, 2025, was $970 and $1,921, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2024, was $283 and $490, 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, 2025, the Company amortized $33 and $68, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations. For the three and six months ended March 31, 2024, the Company amortized $35 and $66, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

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

42

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

Note 3. Stockholders’ Equity

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

	As of March 31, 2025				As of September 30, 2024
	Subscriptions		Contributions		Subscriptions		Contributions
GBDC 4 Stockholders	$	1,141,365	$	812,875	$	1,032,820	$	635,966

As of March 31, 2025 and September 30, 2024, the ratio of total contributed capital to total capital subscriptions was 71.2% and 61.6%, respectively, and the Company had uncalled capital commitments of $328,490 and $396,854, respectively.

43

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table summarizes the shares of GBDC 4 common stock issued for the six months ended March 31, 2025 and 2024:

	Date	Shares Issued	NAV per share		Proceeds
Shares issued for the six months ended March 31, 2024
Issuance of shares	10/27/23	4,433,368.360	$	15.00	$	66,501
Issuance of shares	11/28/23	2,849,722.599	15.00		42,746
Issuance of shares	12/29/23	1,899,815.000	15.00		28,497
Issuance of shares	02/12/24	2,952,472.599	15.00		44,287
Issuance of shares	03/25/24	2,952,472.599	15.00		44,287
Shares issued for capital drawdowns		15,087,851.157			$	226,318
Issuance of shares	11/21/23	38,883.631	$	15.00	$	583
Issuance of shares	12/27/23	67,391.724	15.00		1,011
Issuance of shares	02/20/24	53,724.497	15.00		806
Issuance of shares	03/19/24	49,685.776	15.00		745
Shares issued through DRIP		209,685.628			$	3,145
Shares issued for the six months ended March 31, 2025
Issuance of shares	12/23/24	6,725,731.752	$	15.00	$	100,886
Issuance of shares	01/13/25	502,802.331	15.00		7,542
Issuance of shares	03/25/25	4,565,389.866	15.00		68,480
Shares issued for capital drawdowns		11,793,923.949			$	176,908
Issuance of shares	11/19/24	204,508.932	$	15.00	$	3,068
Issuance of shares	12/18/24	72,984.041	15.00		1,095
Issuance of shares	01/08/25	85,661.548	15.00		1,285
Issuance of shares	02/18/25	112,987.679	15.00		1,695
Issuance of shares	03/18/25	86,219.253	15.00		1,293
Shares issued through DRIP		562,361.453			$	8,436

Note 4. Related Party Transactions

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

44

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of 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, 2025, the base management fee incurred by the Company was $5,430 and $10,409, respectively, and the base management fee irrevocably waived by the Investment Adviser was $3,455 and $6,623, respectively. For the three and six months ended March 31, 2024, the base management fee incurred by the Company was $2,557 and $4,248, respectively, and the base management fee irrevocably waived by the Investment Adviser was $1,628 and $2,704, 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.

45

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% 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. The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

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

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

•100% of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 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 the three and six months ended March 31, 2025, the Income Incentive Fee incurred was $4,696 and $8,807, respectively. For the three and six months ended March 31, 2024, the Income Incentive Fee incurred was $2,678 and $4,461, respectively.

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 the Company’s 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 the amount 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.

46

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2025, the Income Incentive Fee irrevocably waived by the Investment Adviser was $2,348 and $4,403, respectively. For the three and six months ended March 31, 2024, the Income Incentive Fee irrevocably waived by the Investment Adviser was $2,678 and $4,461, 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 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 payable under the Investment Advisory Agreement, 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, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of both March 31, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to March 31, 2025.

47

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 10.0% prior to a Liquidity Event (20% following a Liquidity Event) of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting 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. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and six months ended March 31, 2025, the Company accrued a capital gain incentive fee under GAAP of $90 and $406, respectively. For the three and six months ended March 31, 2024, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of March 31, 2025, there was $1,286 of cumulative accrual for capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2024, there was $880 of cumulative 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 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.

48

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities is $527 and $355, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through April 1, 2022 and has incurred $166 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. Any costs in excess of $700 will be borne by the Investment Adviser. As of both March 31, 2025 and September 30, 2024, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $304.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2025 were $534 and $842, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2024 were $295 and $631, respectively. As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $403 and $308, 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 $11. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a Subscription Agreement for $100,000. As of March 31, 2025, GGP Class B-P, LLC has an aggregate commitment of $100,011. As of March 31, 2025, the Company had issued 6,368,035.464 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $95,521 and has also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2025, permits the Company to borrow a maximum of $100,000 and expires on March 26, 2028. Refer to Note 8 for discussion of the Adviser Revolver.

49

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Investments

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

	As of March 31, 2025						As of September 30, 2024
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	49,917	$	49,478	$	49,923	$	39,377	$	38,960	$	39,358
One stop	1,567,647		1,546,304		1,564,374		1,254,102		1,232,741		1,250,206
Second lien	5,756		5,690		5,827		4,446		4,373		4,446
Subordinated debt	936		926		936		929		897		921
Equity	N/A		19,444		22,323		N/A		14,541		16,070
Total	$	1,624,256	$	1,621,842	$	1,643,383	$	1,298,854	$	1,291,512	$	1,311,001

50

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

	As of March 31, 2025				As of September 30, 2024
Amortized Cost:
United States
Mid-Atlantic	$	209,963	13.0	%	$	199,479	15.4	%
Midwest	340,543		21.0		260,483		20.2
Northeast	132,295		8.2		130,402		10.1
Southeast	262,520		16.2		205,574		15.9
Southwest	218,806		13.5		149,845		11.6
West	303,523		18.7		256,337		19.8
United Kingdom	70,160		4.3		40,106		3.1
Finland	6,977		0.4		—		—
Canada	27,822		1.7		—		—
Luxembourg	306		0.0	*	1,013		0.1
Sweden	5,121		0.3		4,919		0.4
Israel	81		0.0	*	81		0.0	*
Denmark	543		0.0	*	541		0.0	*
Germany	37,046		2.3		39,463		3.1
Netherlands	4,078		0.3		1,256		0.1
France	2,058		0.1		2,013		0.2
Total	$	1,621,842	100.0	%	$	1,291,512	100.0	%
Fair Value:
United States
Mid-Atlantic	$	212,863	13.0	%	$	201,474	15.4	%
Midwest	345,389		21.0		264,441		20.2
Northeast	133,661		8.1		132,136		10.1
Southeast	266,373		16.2		207,853		15.8
Southwest	220,803		13.5		151,420		11.5
West	307,163		18.7		260,330		19.9
United Kingdom	71,633		4.4		42,123		3.2
Finland	7,199		0.4		—		—
Canada	27,833		1.7		—		—
Luxembourg	301		0.0	*	1,016		0.1
Sweden	5,212		0.3		5,064		0.4
Israel	109		0.0	*	106		0.0	*
Denmark	552		0.0	*	554		0.0	*
Germany	38,020		2.3		41,091		3.1
Netherlands	4,194		0.3		1,321		0.1
France	2,078		0.1		2,072		0.2
Total	$	1,643,383	100.0	%	$	1,311,001	100.0	%

* Represents an amount less than 0.1%

51

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

	As of March 31, 2025				As of September 30, 2024
Amortized Cost:
Aerospace & Defense	$	16,171	1.0	%	$	15,571	1.2	%
Air Freight & Logistics	13,372		0.8		—		—
Auto Components	35,158		2.2		28,337		2.2
Automobiles	97,589		6.0		72,232		5.6
Banks	6,281		0.4		4,562		0.3
Beverages	25,936		1.6		18,059		1.4
Capital Markets	15,695		1.0		14,032		1.1
Chemicals	929		0.1		921		0.1
Commercial Services & Supplies	69,708		4.3		86,126		6.7
Construction & Engineering	13,372		0.8		9,906		0.8
Containers & Packaging	1,407		0.1		—		—
Diversified Consumer Services	122,051		7.5		100,926		7.8
Diversified Financial Services	22,876		1.4		22,989		1.8
Electric Utilities	1,681		0.1		—		—
Electrical Equipment	6,978		0.4		691		0.0	*
Electronic Equipment, Instruments & Components	5,184		0.3		5,186		0.4
Food Products	20,015		1.2		20,253		1.6
Healthcare Equipment & Supplies	27,264		1.7		25,421		2.0
Healthcare Providers & Services	51,461		3.2		35,048		2.7
Healthcare Technology	76,628		4.7		41,038		3.2
Hotels, Restaurants & Leisure	55,094		3.4		52,188		4.0
Industrial Conglomerates	28,493		1.8		11,492		0.9
Insurance	96,307		6.0		73,366		5.7
IT Services	41,692		2.6		40,822		3.2
Leisure Products	22,110		1.4		22,166		1.7
Life Sciences Tools & Services	24,448		1.5		18,343		1.4
Machinery	29,251		1.8		27,540		2.1
Media	7,040		0.4		7,068		0.5
Oil, Gas & Consumable Fuels	16,206		1.0		15,849		1.2
Pharmaceuticals	21,842		1.3		1,013		0.1
Professional Services	35,124		2.2		25,099		1.9
Software	474,226		29.2		375,250		29.1
Specialty Retail	125,175		7.7		118,440		9.2
Transportation Infrastructure	13,440		0.8		—		—
Water Utilities	1,638		0.1		1,578		0.1
Total	$	1,621,842	100.0	%	$	1,291,512	100.0	%

* Represents an amount less than 0.1%

52

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	As of March 31, 2025				As of September 30, 2024
Fair Value:
Aerospace & Defense	$	16,572	1.0	%	$	16,069	1.2	%
Air Freight & Logistics	13,487		0.8		—		—
Auto Components	35,412		2.2		28,779		2.2
Automobiles	99,307		6.0		73,044		5.6
Banks	6,373		0.4		4,650		0.3
Beverages	26,535		1.6		18,388		1.4
Capital Markets	15,741		1.0		14,200		1.1
Chemicals	944		0.1		921		0.1
Commercial Services & Supplies	70,675		4.3		87,416		6.7
Construction & Engineering	13,463		0.8		10,008		0.8
Containers & Packaging	1,328		0.1		—		—
Diversified Consumer Services	123,606		7.5		102,710		7.8
Diversified Financial Services	23,202		1.4		23,412		1.8
Electric Utilities	1,683		0.1		—		—
Electrical Equipment	7,068		0.4		706		0.1
Electronic Equipment, Instruments & Components	5,372		0.3		5,400		0.4
Food Products	20,273		1.2		20,498		1.6
Healthcare Equipment & Supplies	27,652		1.7		25,691		2.0
Healthcare Providers & Services	52,292		3.2		35,903		2.7
Healthcare Technology	77,539		4.7		41,653		3.2
Hotels, Restaurants & Leisure	55,612		3.4		52,662		4.0
Industrial Conglomerates	29,226		1.8		11,447		0.9
Insurance	97,745		6.0		74,631		5.7
IT Services	42,008		2.6		41,300		3.2
Leisure Products	22,185		1.3		22,246		1.7
Life Sciences Tools & Services	25,398		1.5		18,972		1.4
Machinery	29,534		1.8		27,815		2.1
Media	7,118		0.4		7,154		0.5
Oil, Gas & Consumable Fuels	16,415		1.0		16,081		1.2
Pharmaceuticals	22,297		1.4		1,016		0.1
Professional Services	35,590		2.2		25,225		1.9
Software	480,937		29.3		382,061		29.1
Specialty Retail	125,699		7.6		119,368		9.1
Transportation Infrastructure	13,438		0.8		—		—
Water Utilities	1,657		0.1		1,575		0.1
Total	$	1,643,383	100.0	%	$	1,311,001	100.0	%

53

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 6. Derivatives

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

Forward Currency Contracts

The outstanding forward currency contracts as of March 31, 2025 were as follows:

As of March 31, 2025
Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
SMBC Capital Markets, Inc.	€	9,000	EUR	$	9,922	USD	5/28/2027	$	—	$	(159)
								$	—	$	(159)

There were no outstanding forward currency contracts as of September 30, 2024.

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

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Foreign exchange	$	—	$	—	$	—	$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Foreign exchange	$	(256)	$	—	$	(159)	$	—

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

Average U.S. Dollar notional outstanding	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Forward currency contracts	$	9,922	$	—	$	9,922	$	—

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from SMBC, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of March 31, 2025, there was no collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. As of September 30, 2024, there was no collateral pledged for derivatives. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

54

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

As of March 31, 2025
Counterparty	Consolidated Statement of Financial Condition Location of Amounts	Gross Amount of Recognized Assets		Gross Amount of Recognized (Liabilities)		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) /Pledged (1)		Net Amounts(2)
SMBC Capital Markets Inc.	Unrealized depreciation on forward currency contracts	$	—	$	(159)	$	(159)	$	—	$	(159)
		$	—	$	(159)	$	(159)	$	—	$	(159)

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

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

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

Note 7. Fair Value Measurements

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

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

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

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

55

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Investments

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

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

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

56

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

As of March 31, 2025	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	1,621,060	$	1,621,060
Equity investments(1)	—		—		22,323		22,323
Money market funds(1)(2)	23,686		—		—		23,686
Total assets, at fair value:	$	23,686	$	—	$	1,643,383	$	1,667,069
Liabilities, at fair value:
Forward currency contracts	$	—	$	(159)	$	—	$	(159)
Total liabilities, at fair value:	$	—	$	(159)	$	—	$	(159)
As of September 30, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	1,294,931	$	1,294,931
Equity investments(1)	—		—		16,070		16,070
Money market funds(1)(2)	20,893		—		—		20,893
Total assets, at fair value:	$	20,893	$	—	$	1,311,001	$	1,331,894

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

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

57

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2025 was $6,136 and $7,682, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2024 was $6,441 and $8,085, respectively.

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

	For the six months ended March 31, 2025
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	1,294,931	$	16,070	$	1,311,001
Net change in unrealized appreciation (depreciation) on investments	2,342		1,349		3,691
Net translation of investments in foreign currencies	(1,639)		—		(1,639)
Realized gain (loss) on translation of investments in foreign currencies	(16)		—		(16)
Fundings of (proceeds from) revolving loans, net	3,183		—		3,183
Fundings of investments	366,424		5,215		371,639
PIK interest and non-cash dividends	4,561		208		4,769
Proceeds from non-cash dividends	—		(170)		(170)
Proceeds from principal payments and sales of portfolio investments	(51,163)		(349)		(51,512)
Accretion of discounts and amortization of premiums	2,437		—		2,437
Fair value, end of period	$	1,621,060	$	22,323	$	1,643,383

	For the six months ended March 31, 2024
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	313,688	$	5,227	$	318,915
Net change in unrealized appreciation (depreciation) on investments	6,798		465		7,263
Net translation of investments in foreign currencies	234		—		234
Realized gain (loss) on investments	—		(3)		(3)
Realized gain (loss) on translation of investments in foreign currencies	29		—		29
Fundings of (proceeds from) revolving loans, net	389		—		389
Fundings of investments	493,676		917		494,593
PIK interest and non-cash dividends	2,392		75		2,467
Proceeds from principal payments and sales of portfolio investments	(3,684)		—		(3,684)
Accretion of discounts and amortization of premiums	1,027		—		1,027
Fair value, end of period	$	814,549	$	6,681	$	821,230

58

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Quantitative Information about Level 3 Fair Value Measurements
	Fair value as of March 31, 2025		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans	$	49,923	Yield analysis	Market interest rate	8.5% - 10.0% (9.0%)
			Market comparable companies	EBITDA multiples	6.5x - 20.0x (10.2x)
One stop loans(2)	$	1,529,874	Yield analysis	Market interest rate	4.0% - 20.0% (9.3%)
			Market comparable companies	EBITDA multiples	5.4x - 38.0x (16.3x)
			Market comparable companies	Revenue multiples	1.5x - 16.0x (9.4x)
	34,500		Broker/dealer bids or quotes	Broker/dealer bids or quotes	N/A
Subordinated debt and second lien loans	$	6,763	Yield analysis	Market interest rate	10.5% - 15.0% (12.3%)
			Market comparable companies	EBITDA multiples	9.5x - 24.0x (11.8x)
Equity(3)	$	22,323	Market comparable companies	EBITDA multiples	8.5x - 28.0x (15.9x)
				Revenue multiples	1.5x - 16.0x (13.8x)

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

(2)The Company valued $1,271,037 and $258,837 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 $20,218 and $2,105 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements
	Fair value as of September 30, 2024		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans	$	39,358	Yield analysis	Market interest rate	8.5% - 9.5% (8.9%)
			Market comparable companies	EBITDA multiples	6.5x - 16.0x (8.6x)
One stop loans(2)	$	1,215,534	Yield analysis	Market interest rate	6.3% - 21.0% (9.3%)
			Market comparable companies	EBITDA multiples	8.0x - 38.0x (16.4x)
			Market comparable companies	Revenue multiples	2.8x - 16.5x (9.4x)
	$	34,672	Broker/dealer bids or quotes	Broker/dealer bids or quotes	N/A
Subordinated debt and second lien loans	$	5,367	Yield analysis	Market interest rate	10.8% - 15.0% (12.2%)
			Market comparable companies	EBITDA multiples	9.5x - 24.0x (12.3x)
Equity(3)	$	16,070	Market comparable companies	EBITDA multiples	9.0x - 23.0x (16.6x)
				Revenue multiples	2.8x - 16.5x (15.3x)

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

(2)The Company valued $1,027,881 and $187,653 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 $14,365 and $1,705 of equity investments using EBITDA and revenue multiples, respectively.

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

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

59

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2025 and September 30, 2024:

	As of March 31, 2025				As of September 30, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	835,504	$	835,504	$	691,985	$	691,985

Note 8. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. 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, 2025, the Company’s asset coverage for borrowed amounts was 198.6%.

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, 2025, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $250,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025.

As of March 31, 2025, the PNC Facility bears interest, at the Company’s election and depending on the currency of the borrowing, of either CORRA, SONIA, €STR, Daily Simple SOFR, Term SOFR, or the Base Rate (each, as defined in the PNC Facility) plus a margin ranging from 2.15% to 2.45%, 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, 2025 and September 30, 2024, the Company had outstanding debt of $125,100 and $240,428, respectively, under the PNC Facility.

60

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates, and average outstanding balances for the PNC Facility were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	2,481		$	6,104		$	6,461		$	9,490
Facility fees	28			33			37			83
Amortization of debt issuance costs	348			278			669			485
Total interest expense	$	2,857		$	6,415		$	7,167		$	10,058
Cash paid for interest expense	$	4,030		$	3,443		$	10,364		$	6,026
Annualized average stated interest rate(1)	6.8		%	7.7		%	6.8		%	7.7		%
Average outstanding balance	$	148,023		$	316,790		$	189,575		$	246,665

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

DB Credit Facility: On March 28, 2024 (the “DB Credit Facility Effective Date”), the Company and GBDC 4 Funding II entered into a loan financing and servicing agreement (the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank National Trust Company, as collateral agent and as collateral custodian. The period during which GBDC 4 Funding II may request drawdowns under the DB Credit Facility (the “DB Credit Facility Revolving Period”) commenced on the DB Credit Facility Effective Date and continues through March 28, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on March 28, 2030, three years from the last day of the DB Credit Facility Revolving Period, unless terminated earlier in accordance with the DB Credit Facility. As of March 31, 2025, the DB Credit Facility allowed the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions.

As of March 31, 2025, the DB Credit Facility bears interest at the applicable base rate plus 2.35% per annum during the DB Credit Facility Revolving Period and 2.85% after the DB Credit Facility Revolving Period. The base rate under the DB Credit Facility is (i) the three-month CORRA plus an adjustment for a period of three months equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple SONIA with respect to any advances denominated U.K. pound sterling plus an adjustment for a period of three months equal to 0.1193%, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) the three-month term SOFR with respect to any other advances. Additionally, a syndication/agent fee is payable to the facility agent each quarter. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the DB Credit Facility Revolving Period, an additional fee based on unfunded commitments of the lenders could be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the DB Credit Facility Effective Date, respectively.

The DB Credit Facility is secured by all of the assets held by GBDC 4 Funding II. GBDC 4 Funding II has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

61

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 4 Funding II through a sale and contribution agreement and causes GBDC 4 Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

As of March 31, 2025 and September 30, 2024, the Company had $200,699 and $299,557, respectively, of outstanding debt under the DB Credit Facility.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025			2024		2025			2024
Stated interest expense	$	3,942		$	—	$	9,167		$	—
Facility fees	224			7		419			7
Amortization of debt issuance costs	147			5		293			5
Total interest expense	$	4,313		$	12	$	9,879		$	12
Cash paid for interest expense	$	5,387		$	—	$	10,832		$	—
Annualized average stated interest rate(1)	6.7		%	N/A		6.8		%	N/A
Average outstanding balance	$	240,217		$	—	$	269,376		$	—

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

BNP Credit Facility: On August 15, 2024 (the “BNP Credit Facility Effective Date”), the Company and GBDC 4 Funding III entered into a revolving credit and security agreement (the “BNP Credit Facility”), with the Company, as equityholder and as servicer, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral agent. Under the BNP Credit Facility, the lenders have agreed to extend credit to GBDC 4 Funding III in an aggregate principal amount of up to $750,000 as of March 31, 2025. The period during which GBDC 4 Funding III may request drawdowns under the BNP Credit Facility (the “BNP Credit Facility Revolving Period”) commenced on the BNP Credit Facility Effective Date and will continue through August 15, 2027, unless there is an earlier termination due to an event of default. The BNP Credit Facility will mature on August 15, 2030, the first business day on or after the date that is the 36-month anniversary of the last day of the BNP Credit Facility Revolving Period, unless terminated earlier in accordance with the BNP Credit Facility.

As of March 31, 2025, borrowings under the BNP Credit Facility in United States Dollars will bear interest at the applicable base rate plus 2.10% per annum during the BNP Credit Facility Revolving Period, and 2.35% per annum after the BNP Credit Facility Revolving Period (the “BNP Credit Facility Applicable Margin”), and borrowings in eligible currencies other than United States Dollars will bear interest at the applicable base rate plus (i) the BNP Credit Facility Applicable Margin and (ii) 0.15% per annum. The base rate under the BNP Credit Facility is (i) term CORRA with respect to any advances denominated in Canadian dollars, (ii) the 3-month Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the 3-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the adjusted cumulative compound Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling, (v) daily simple adjusted non-cumulative compound SARON with respect to any advances denominated in Swiss francs, (vi) 3-month Norwegian Interbank Offered Rate with respect to any advances denominated in Norwegian Krona, (vii) 3-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish Krona and (viii) the term SOFR with respect to advances denominated in United States Dollars and any other advances.

The BNP Credit Facility is secured by all of the assets held by GBDC 4 Funding III. GBDC 4 Funding III has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the BNP Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

62

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 4 Funding III through a sale and contribution agreement and causes GBDC 4 Funding III to originate or acquire loans, consistent with the Company’s investment objectives.

As of March 31, 2025 and September 30, 2024, the Company had $509,705 and $152,000, respectively, of outstanding debt under the BNP Credit Facility.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the BNP Credit Facility were as follows:

	Three months ended March 31,					Six months ended March 31,
	2025			2024		2025			2024
Stated interest expense	$	7,152		$	—	$	11,599		$	—
Amortization of debt issuance costs	475			—		960			—
Total interest expense	$	7,627		$	—	$	12,559		$	—
Cash paid for interest expense	$	6,883		$	—	$	6,883		$	—
Annualized average stated interest rate(1)	6.2		%	N/A		6.5		%	N/A
Average outstanding balance	$	470,578		$	—	$	356,959		$	—

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2025 and September 30, 2024, the Company was permitted to borrow up to $100,000 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”). On March 26, 2025, the Company amended the revolving loan agreement to extend the maturity date to March 26, 2028. The short-term AFR as of March 31, 2025 was 4.2%. As of March 31, 2025 and September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2025 and 2024, the stated interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	0	*	$	44		$	0	*	$	66
Cash paid for interest expense	—			21			—			21
Annualized average stated interest rate(1)	4.3		%	4.9		%	4.3		%	5.0		%
Average outstanding balance	$	2		$	3,619		$	1		$	2,637

* Represents an amount less than $1.

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

Other Short-Term Borrowings:  Borrowings with original maturities of less than one year are classified as short-term. The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition.

As of March 31, 2025 and September 30, 2024, the Company had no other short-term borrowings.

63

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, annualized average stated interest rates and average outstanding balances for short-term borrowings were as follows:

	Three months ended March 31,						Six months ended March 31,
	2025			2024			2025			2024
Stated interest expense	$	—		$	1,743		$	—		$	3,657
Cash paid for interest expense	—			3,500			—			3,500
Annualized average stated interest rate	—		%	8.3		%	—		%	8.3		%
Average outstanding balance	$	—		$	84,448		$	—		$	87,815

For the three and six months ended March 31, 2025, the average total debt outstanding was $858,820 and $815,911, respectively. For the three and six months ended March 31, 2024, the average total debt outstanding was $404,857 and $337,116, respectively.

For the three and six months ended March 31, 2025, 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 7.0% and 7.3%, respectively. For the three and six months ended March 31, 2024, 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 8.2%.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2025 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
PNC Facility	$	125,100	$	125,100	$	—	$	—	$	—
DB Credit Facility	200,699		—		—		200,699		—
BNP Credit Facility	509,705		—		—		—		509,705
Total borrowings	$	835,504	$	125,100	$	—	$	200,699	$	509,705

Note 9. Commitments and Contingencies

Commitments: As of March 31, 2025, the Company had outstanding commitments to fund investments totaling $400,009, including $128,098 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $380,710, including $103,946 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 for outstanding forward currency contracts as of March 31, 2025. As of September 30, 2024, 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 could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, could engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company could be exposed to risk.

The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

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

Note 10. Financial Highlights

The financial highlights for the Company are as follows:

	Six months ended March 31,
Per share data:(1)	2025			2024
Net asset value at beginning of period	$	15.00		$	15.00
Distributions declared:(2)
From net investment income - after tax	(0.90)			(1.44)
Net investment income - after tax	0.82			1.12
Net realized gain (loss) on investment transactions	0.01			(0.00) ^
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.07			0.32
Net asset value at end of period	$	15.00		$	15.00
Total return based on net asset value per share(4)	6.10		%	9.78		%
Number of common shares outstanding	55,703,115.572			27,476,502.077

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2025			2024
Ratio of net investment income - after tax to average net assets*	11.05		%	15.05		%
Ratio of total expenses to average net assets*(5)	13.09		%	14.31		%
Ratio of management fee waiver to average net assets*	(1.87)		%	(1.82)		%
Ratio of incentive fee waiver to average net assets	(0.62)		%	(1.51)		%
Ratio of incentive fees to average net assets(5)	1.29		%	1.51		%
Ratio of excise tax to average net assets(5)	—		%	0.01		%
Ratio of net expenses to average net assets*(5)	10.60		%	10.98		%
Ratio of total expenses (without incentive fees) to average net assets*(5)	11.80		%	12.80		%
Total return based on average net asset value(6)	5.98		%	9.98		%
Total return based on average net asset value - annualized*(6)	11.99		%	19.97		%
Net assets at end of period	$	835,546		$	412,147
Average debt outstanding	$	815,911		$	337,116
Average debt outstanding per share	$	14.65		$	12.27
Portfolio Turnover*	6.90		%	1.21		%
Asset coverage ratio(7)	198.60		%	196.87		%
Asset coverage ratio per unit(8)	$	1,986		$	1,969
Average market value per unit (9):
Adviser Revolver	N/A			N/A
PNC Facility	N/A			N/A
DB Credit Facility	N/A			N/A
BNP Credit Facility	N/A			N/A

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

^ Represents an amount less than $0.01.

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

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

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

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

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

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

(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, PNC Facility, DB Credit Facility and BNP Credit Facility are not registered for public trading.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 11. Earnings Per Share

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

	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Earnings available to stockholders	$	22,263	$	19,581	$	42,555	$	29,590
Basic and diluted weighted average shares outstanding	51,286,041		23,316,356		47,659,337		19,887,305
Basic and diluted earnings per share	$	0.43	$	0.84	$	0.89	$	1.49

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 12. Dividends and Distributions

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

Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
For the six months ended March 31, 2025
08/02/2024	10/15/2024	12/18/2024	43,346,830.170	$	0.1267	$	5,494
11/14/2024	11/15/2024	01/08/2025	43,346,830.170	0.1488		6,449
11/14/2024	12/13/2024	02/18/2025	43,551,339.102	0.1917		8,349
11/14/2024	01/17/2025	03/18/2025	50,938,518.774	0.1262		6,431
02/03/2025	02/26/2025	05/21/2025	51,051,506.453	0.1614		8,239
02/03/2025	03/17/2025	05/21/2025	51,051,506.453	0.1487		7,593
Total dividends declared for the six months ended March 31, 2025						$	42,555
For the six months ended March 31, 2024
08/03/2023	10/20/2023	12/27/2023	12,178,965.292	$	0.1891	$	2,302
11/17/2023	11/20/2023	12/27/2023	16,612,333.652	0.2009		3,337
11/17/2023	12/15/2023	02/20/2024	19,500,939.882	0.2240		4,370
11/17/2023	01/19/2024	03/19/2024	21,468,146.606	0.1847		3,964
02/02/2024	02/26/2024	05/21/2024	24,474,343.702	0.2376		5,816
02/02/2024	03/15/2024	05/21/2024	24,474,343.702	0.4005		9,801
Total dividends declared for the six months ended March 31, 2024						$	29,590

The following table summarizes the Company’s distributions reinvested during the six months ended March 31, 2025 and 2024:

Payment Date	DRIP Shares Issued	NAV ($) Per Share		DRIP Shares Value
For the six months ended March 31, 2025
November 19, 2024	204,508.932	$	15.00	$	3,068
December 18, 2024	72,984.041	15.00		1,095
January 8, 2025	85,661.548	15.00		1,285
February 18, 2025	112,987.679	15.00		1,695
March 18, 2025	86,219.253	15.00		1,293
	562,361.453			$	8,436
For the six months ended March 31, 2024
November 21, 2023	38,883.631	$	15.00	$	583
December 27, 2023	67,391.724	15.00		1,011
February 20, 2024	53,724.497	15.00		806
March 19, 2024	49,685.776	15.00		745
	209,685.628			$	3,145

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 13. Subsequent Events

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

On April 1, 2025, the Company entered into subscription agreements with additional stockholders totaling $382,277, in the aggregate.

On April 7, 2025, the Company issued a capital call to stockholders that was due on April 17, 2025. The estimated shares and proceeds are summarized in the table below:

	Date	Shares Issued	NAV ($) per share		Proceeds
Issuance of Shares	4/17/2025	1,529,106.000	$	15.00	$	22,937

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

Record Date	Payment Date	Amount Per Share
April 18, 2025	June 17, 2025	In an amount (if positive) such that the net asset value of the Company as of April 30, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period April 1, 2025 through April 30, 2025 and the payment of this distribution is $15.00 per share.
May 26, 2025	August 20, 2025	In an amount (if positive) such that the net asset value of the Company as of May 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period May 1, 2025 through May 31, 2025 and the payment of this distribution is $15.00 per share.
June 20, 2025	August 20, 2025	In an amount (if positive) such that the net asset value of the Company as of June 30, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period June 1, 2025 through June 30, 2025 and the payment of this distribution is $15.00 per share.
July 18, 2025	September 17, 2025	In an amount (if positive) such that the net asset value of the Company as of July 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period July 1, 2025 through July 31, 2025 and the payment of this distribution is $15.00 per share.

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

The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “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, without limitation, those caused by global health pandemics or other large scale events;

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

•our contractual arrangements and relationships with third parties;

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

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

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

•the 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;

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

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

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

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

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

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

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

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

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Overview

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

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

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2024. 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 could increase our risk of losing part or all of our investment.

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

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

	As of March 31, 2025				As of September 30, 2024
Investment Type	Investments at  Fair Value (In thousands)		Percentage of Total Investments		Investments at  Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	49,923	3.0	%	$	39,358	3.0	%
One stop	1,564,374		95.2		1,250,206		95.4
Second lien	5,827		0.3		4,446		0.3
Subordinated debt	936		0.1		921		0.1
Equity	22,323		1.4		16,070		1.2
Total	$	1,643,383	100.0	%	$	1,311,001	100.0	%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2025 and September 30, 2024, one stop loans included $258.8 million and $187.7 million, respectively, of recurring revenue loans at fair value.

As of March 31, 2025 and September 30, 2024, we had debt and equity investments in 175 and 148 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on our average net asset value, the annualized total return based on our average net asset value per share, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:

	Three months ended		Six months ended
	March 31, 2025	December 31, 2024	March 31, 2025	March 31, 2024
Weighted average income yield(1)*	10.2%	10.6%	10.4%	12.3%
Weighted average investment income yield(2)*	10.6%	10.9%	10.7%	12.6%
Weighted average income yield of total investments(3)*	10.1%	10.5%	10.3%	12.2%
Weighted average investment income yield of total investments(4)*	10.5%	10.8%	10.6%	12.5%
Total return based on average net asset value(5)*	11.8%	12.2%	12.0%	20.0%
Net investment income - return on equity(6)*	11.1%	11.0%	11.0%	15.1%

* Annualized for periods of less than one year.

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

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

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

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

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

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

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As of March 31, 2025, GBDC 4 has earned an inception-to-date internal rate of return, or IRR, of 15.4% for stockholders taken as a whole. An individual stockholder’s IRR could vary based on the timing of their capital transactions. For the six months ended March 31, 2025 and 2024, GBDC 4 earned a fiscal year-to-date IRR of 12.5% and 24.7%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the 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.

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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;

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

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

•costs associated with individual or group stockholders;

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

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

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

•proxy voting expenses; and

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

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

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

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Recent Developments

On April 1, 2025, we entered into subscription agreements with additional stockholders totaling $382.3 million, in the aggregate.

On April 7, 2025, we issued a capital call to stockholders that was due on April 17, 2025. The estimated shares and proceeds are summarized in the table below:

	Date	Shares Issued	NAV ($) per share		Proceeds
Issuance of Shares	4/17/2025	1,529,106.000	$	15.00	$	22,936,590

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

Record Date	Payment Date	Amount Per Share
April 18, 2025	June 17, 2025	In an amount (if positive) such that our net asset value as of April 30, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with generally accepted accounting principles in the United States of America, or GAAP, for the period April 1, 2025 through April 30, 2025 and the payment of this distribution is $15.00 per share.
May 26, 2025	August 20, 2025	In an amount (if positive) such that our net asset value as of May 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period May 1, 2025 through May 31, 2025 and the payment of this distribution is $15.00 per share.
June 20, 2025	August 20, 2025	In an amount (if positive) such that our net asset value as of June 30, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period June 1, 2025 through June 30, 2025 and the payment of this distribution is $15.00 per share.
July 18, 2025	September 17, 2025	In an amount (if positive) such that our net asset value as of July 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period July 1, 2025 through July 31, 2025 and the payment of this distribution is $15.00 per share.

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

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

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Consolidated Results of Operations

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

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

	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025  vs. December 31, 2024		March 31, 2025		March 31, 2024		2025 vs. 2024
	(In thousands)
Interest income	$	37,215	$	34,538	$	2,677	$	71,753	$	34,954	$	36,799
Payment-in-kind interest income	2,265		2,306		(41)		4,571		2,383		2,188
Accretion of discounts and amortization of premiums	1,484		953		531		2,437		1,027		1,410
Non-cash dividend income	114		94		20		208		—		208
Dividend income	—		67		(67)		67		75		(8)
Fee income	136		114		22		250		144		106
Total investment income	41,214		38,072		3,142		79,286		38,583		40,703
Net expenses	20,175		19,890		285		40,065		16,252		23,813
Net investment income - before tax	21,039		18,182		2,857		39,221		22,331		16,890
Excise tax	—		—		—		—		25		(25)
Net investment income - after tax	21,039		18,182		2,857		39,221		22,306		16,915
Net realized gain (loss) on investment transactions	145		136		9		281		26		255
Net change in unrealized appreciation (depreciation) on investment transactions	1,079		1,974		(895)		3,053		7,258		(4,205)
Net increase (decrease) in net assets resulting from operations	$	22,263	$	20,292	$	1,971	$	42,555	$	29,590	$	12,965
Average earning debt investments, at fair value	$	1,578,652	$	1,379,881	$	198,771	$	1,480,942	$	612,100	$	868,842
Average earning preferred equity investments, at fair value	$	2,646	$	2,719	$	(73)	$	2,668	$	1,047	$	1,621

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

Investment Income

Investment income increased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $3.1 million, primarily due to an increase in interest income due to an increase in the average earning debt investments balance of $198.8 million that was partially offset by declining interest base rates primarily due to the timing of resetting interest rate contracts.

Investment income increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $40.7 million, primarily due to an increase in interest and payment-in-kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $868.8 million.

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

	Three months ended				Six months ended
	March 31, 2025		December 31, 2024		March 31, 2025		March 31, 2024
Senior secured	9.6	%	10.0	%	9.8	%	10.9	%
One stop	10.1	%	10.6	%	10.3	%	12.1	%
Second lien	13.8	%	14.3	%	14.0	%	15.9	%
Subordinated debt	11.9	%	11.6	%	11.8	%	13.9	%

Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 96.6% of our loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.75% and 0.77%, respectively.

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

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

Expenses

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

	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025  vs. December 31, 2024		March 31, 2025		March 31, 2024		2025 vs. 2024
	(In thousands)
Interest and facility fee expenses	$	13,827	$	13,857	$	(30)	$	27,684	$	13,303	$	14,381
Amortization of debt issuance costs	970		951		19		1,921		490		1,431
Base management fee, net of waiver	1,975		1,811		164		3,786		1,544		2,242
Income incentive fee, net of waiver	2,348		2,056		292		4,404		—		4,404
Capital gain incentive fee accrued under GAAP	90		316		(226)		406		—		406
Professional fees	367		389		(22)		756		465		291
Administrative service fee	527		436		91		963		303		660
General and administrative expenses	71		74		(3)		145		147		(2)
Net expenses	$	20,175	$	19,890	$	285	$	40,065	$	16,252	$	23,813
Average debt outstanding	$	858,820	$	767,618	$	91,202	$	815,911	$	337,116	$	478,795

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased modestly from the three months ended December 31, 2024 to the three months ended March 31, 2025, primarily due to the decrease in interest base rates resulting from the interest base rate determination dates on the BNP Credit Facility and DB Credit Facility (each as defined in Note 8 of our consolidated financial statements) that was partially offset by an increase in average debt outstanding of $91.2 million. Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $15.8 million from the six months ended March 31, 2024 to the six months ended March 31, 2025, primarily due to an increase in average debt outstanding of $478.8 million. For more information about our outstanding borrowings for the six months ended March 31, 2025 and 2024, including the terms thereof, see Note 8 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

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For the three months ended March 31, 2025 and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 7.0% and 7.7%, respectively. For the six months ended March 31, 2025 and 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 7.3% and 8.2%, respectively.

The effective average interest rate decreased from both the three months ended December 31, 2024 compared to the six months ended March 31, 2025 and the six months ended March 31, 2024 compared to the six months ended March 31, 2025 primarily due to decreased interest base rates.

Management Fees

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

Incentive Fees

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

For the six months ended March 31, 2025, we were fully through the catch-up provision of the Income Incentive Fee calculation and the Income Incentive Fee, as a percentage of Pre-Incentive Fee Net Investment Income was 20.0%. GC Advisors has agreed to irrevocably waive (i) all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for the periods ending prior to April 1, 2024 (the “Waiver Period”) and (ii) the portion of the Income Incentive Fee that exceeds 10% of Pre-Incentive Fee Net Investment Income for periods ending on or prior to the date of the closing of a Liquidity Event. The Income Incentive Fee, net of waiver, increased by $0.3 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by net funds growth. The Income Incentive Fee, net of waiver, increased by $4.4 million from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to 100% of the Income Incentive Fee irrevocably waived by GC Advisors for the six months ended March 31, 2024.

As of March 31, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of March 31, 2025 and September 30, 2024, there was $1.3 million and $0.9 million, respectively, of capital gain incentive fee accrual under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. For the three months ended March 31, 2025, there was $0.1 million of accrual of capital gain incentive fee under GAAP. For the three months ended December 31, 2024, there was $0.3 million of accrual of capital gain incentive fee under GAAP. For the six months ended March 31, 2025, there was $0.4 million of accrual of capital gain incentive fee under GAAP. For the six months ended March 31, 2024, there was no accrual of capital gain incentive fee under GAAP.

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

Professional Fees, Administrative Service Fee and General and Administrative Expenses

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

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In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.9 million from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to higher administrative expenses associated with servicing a growing portfolio.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2025 and December 31, 2024 were $0.5 million and $0.3 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2025 and 2024 were $0.8 million and $0.6 million, respectively.

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $0.4 million and $0.3 million of expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

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

	Three months ended				Variances		Six months ended				Variances
	March 31, 2025		December 31, 2024		March 31, 2025  vs. December 31, 2024		March 31, 2025		March 31, 2024		2025 vs. 2024
	(In thousands)
Net realized gain (loss) from investments	$	—	$	—	$	—	$	—	$	(3)	$	3
Net realized gain (loss) from foreign currency transactions	145		136		9		281		29		252
Net realized gain (loss) on investment transactions	$	145	$	136	$	9	$	281	$	26	$	255
Unrealized appreciation from investments	4,030		4,156		(126)		6,856		7,759		(903)
Unrealized (depreciation) from investments	(3,095)		(1,400)		(1,695)		(3,165)		(496)		(2,669)
Unrealized appreciation (depreciation) from forward currency contracts	(256)		97		(353)		(159)		—		(159)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	400		(879)		1,279		(479)		(5)		(474)
Net change in unrealized appreciation (depreciation) on investment transactions	$	1,079	$	1,974	$	(895)	$	3,053	$	7,258	$	(4,205)

During the three months ended March 31, 2025, we had a net realized gain of $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, we had a net realized gain of $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars.

During the six months ended March 31, 2025, we had a net realized gain of $0.3 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars. During the six months ended March 31, 2024, we had a net realized gain of an amount less than $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars that was partially offset by a realized loss recognized on the partial redemption of an equity investment.

For the three months ended March 31, 2025, we had $4.0 million in unrealized appreciation on 51 portfolio company investments, which was offset by $3.1 million in unrealized depreciation on 127 portfolio company investments. For the three months ended December 31, 2024, we had $4.2 million in unrealized appreciation on 56 portfolio company investments, which was offset by $1.4 million in unrealized depreciation on 109 portfolio company investments.

Unrealized appreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments.

Unrealized depreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from amortization of discounts on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

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For the six months ended March 31, 2025, we had $6.9 million in unrealized appreciation on 80 portfolio company investments, which was offset by $3.2 million in unrealized depreciation on 98 portfolio company investments. For the six months ended March 31, 2024, we had $7.8 million in unrealized appreciation on 74 portfolio company investments, which was offset by $0.5 million in unrealized depreciation on 39 portfolio company investments.

Unrealized appreciation for the six months ended March 31, 2025 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized appreciation for the six months ended March 31, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments.

Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from amortization of discounts on originated loans during the year and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from amortization of discounts during the quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

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Liquidity and Capital Resources

For the six months ended March 31, 2025, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $8.7 million. During the period, we used $279.1 million in operating activities, primarily as a result of fundings of portfolio investments of $371.6 million, partially offset by proceeds from principal payments and sales of portfolio investments of $51.5 million. During the same period, cash provided by financing activities was $287.9 million, primarily driven by borrowings on debt of $865.8 million and proceeds from the issuance of common shares of $176.8 million, partially offset by repayments of debt of $719.8 million and distributions paid of $33.8 million.

For the six months ended March 31, 2024, we experienced a net decrease in cash and cash equivalents and foreign currencies and restricted cash and cash equivalents of $21.6 million. During the period, we used $472.8 million in operating activities, primarily as a result of fundings of portfolio investments of $494.6 million, partially offset by proceeds from principal payments and sales of portfolio investments of $3.7 million. During the same period, cash provided by financing activities was $451.2 million, primarily driven by borrowings on debt of $384.3 million, proceeds from other short-term borrowings of $453.4 million and proceeds from the issuance of common stock of $226.3 million, partially offset by repayments of debt of $170.4 million, repayments of other short-term borrowings of $425.3 million and distributions paid of $14.8 million.

As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $8.3 million and $8.2 million, respectively. In addition, we had foreign currencies of $2.6 million and $1.0 million as of March 31, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $29.8 million and $25.3 million and restricted foreign currencies of $1.9 million and $0.3 million as of March 31, 2025 and September 30, 2024, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our credit facilities, as applicable.

As of March 31, 2025 and September 30, 2024, we had investor capital subscriptions totaling $1,141.4 million and $1,032.8 million, respectively, of which $812.9 million and $636.0 million, respectively, had been called and contributed, leaving $328.5 million and $396.9 million of uncalled investor capital subscriptions, respectively.

Revolving Debt Facilities

PNC Facility - On July 8, 2022, we entered into the PNC Facility (as defined in Note 8 of our consolidated financial statements) with PNC Bank. As of March 31, 2025 and September 30, 2024, we were permitted to borrow up to $250.0 million, at any one time outstanding under the PNC Facility, as amended. As of March 31, 2025 and September 30, 2024, we had outstanding debt of $125.1 million and $240.4 million, respectively, under the PNC Facility. As of March 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $124.9 million of remaining commitments and $54.8 million of availability on the PNC Facility.

DB Credit Facility - On March 28, 2024, we and GBDC 4 Funding II entered into the DB Credit Facility (as defined in Note 8 of our consolidated financial statements) with Deutsche Bank. As of March 31, 2025 and September 30, 2024, the DB Credit Facility, as amended, allowed GBDC 4 Funding II to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2025 and September 30, 2024, we had $200.7 million and $299.6 million, respectively, outstanding under the DB Credit Facility. As of March 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $99.3 million of remaining commitments and $87.4 million of availability on the DB Credit Facility.

BNP Credit Facility - On August 15, 2024, we and GBDC 4 Funding III entered into the BNP Credit Facility (as defined in Note 8 of our consolidated financial statements) with BNP Paribas. As of March 31, 2025 and September 30, 2024, the BNP Credit Facility allowed GBDC 4 Funding III to borrow up to $750.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2025 and September 30, 2024, we had outstanding debt of $509.7 million and $152.0 million, respectively, under the BNP Credit Facility. As of March 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $240.3 million of remaining commitments and $70.4 million of availability on the BNP Credit Facility.

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Adviser Revolver - As of March 31, 2025 and September 30, 2024, we were permitted to borrow up to $100.0 million at any one time outstanding under the Adviser Revolver. As of March 31, 2025 and September 30, 2024, we had no outstanding debt under the Adviser Revolver.

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 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 continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2025, our asset coverage for borrowed amounts was 198.6%.

As of March 31, 2025, we had outstanding commitments to fund investments totaling $400.0 million, including $128.1 million of unfunded commitments on revolvers. As of September 30, 2024, we had outstanding commitments to fund investments totaling $380.7 million, including $103.9 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement as of March 31, 2025 and September 30, 2024, respectively. A summary of maturity requirements for our principal borrowings under the PNC Facility, DB Credit Facility, BNP Credit Facility and the Adviser Revolver as of March 31, 2025 are included in Note 8 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2025. As of March 31, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments and cash and restricted cash balances that we maintain, availability under our PNC Facility, DB Credit Facility, BNP Credit Facility and Adviser Revolver, as well as ongoing principal repayments on debt investment assets and uncalled investor capital subscriptions.

In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 of our consolidated financial statements for outstanding forward currency contracts as of March 31, 2025. As of September 30, 2024, there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We seek to minimize market risk through monitoring our investments and borrowings.

Although we expect to fund the growth of our investment portfolio through the net proceeds from capital calls on existing and future investor capital subscriptions and through our dividend reinvestment plan as well as future 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 could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital 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.

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Portfolio Composition, Investment Activity and Yield

As of March 31, 2025 and September 30, 2024, we had investments in 175 and 148 portfolio companies, respectively, with a total fair value of $1,643.4 million and $1,311.0 million, respectively.

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

	Three months ended								Six months ended
	March 31, 2025				December 31, 2024				March 31, 2025				March 31, 2024
	(In thousands)		Percentage		(In thousands)		Percentage		(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	$	4,768	3.5	%	$	7,448	2.9	%	$	12,215	3.1	%	$	29,470	4.2	%
One stop	128,876		94.4		251,340		96.1		380,215		95.5		682,007		95.7
Subordinated debt	—		—		—		—		—		—		100		0.0	*
Equity	2,976		2.1		2,648		1.0		5,625		1.4		916		0.1
Total new investment commitments	$	136,620	100.0	%	$	261,436	100.0	%	$	398,055	100.0	%	$	712,493	100.0	%

* Represents an amount less than 0.1%.

For the six months ended March 31, 2025 and 2024, we had approximately $51.5 million and $3.7 million, respectively, 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, 2025(1)						As of September 30, 2024(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured	$	49,917	$	49,478	$	49,923	$	39,377	$	38,960	$	39,358
One stop	1,567,647		1,546,304		1,564,374		1,254,102		1,232,741		1,250,206
Second lien	5,756		5,690		5,827		4,446		4,373		4,446
Subordinated debt	936		926		936		929		897		921
Equity	N/A		19,444		22,323		N/A		14,541		16,070
Total	$	1,624,256	$	1,621,842	$	1,643,383	$	1,298,854	$	1,291,512	$	1,311,001

(1)As of March 31, 2025, $198.7 million and $201.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

(2)As of September 30, 2024, $181.7 million and $184.4 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

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

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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 months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:

	Three months ended		Six months ended
	March 31, 2025	December 31, 2024	March 31, 2025	March 31, 2024
Weighted average rate of new investment fundings	9.9%	9.3%	9.5%	11.1%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.6%	5.0%	5.2%	5.8%
Weighted average fees of new investment fundings	0.9%	0.9%	0.9%	1.2%
Weighted average rate of sales and payoffs of portfolio investments	9.7%	10.4%	9.7%	11.7%

As of March 31, 2025, 96.7% and 96.6% of our debt portfolio at amortized cost and fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 96.5% and 96.4% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2025 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $90.4 million and $81.9 million, 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.

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.

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

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

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

	As of March 31, 2025					As of September 30, 2024
Internal Performance Rating	Investments at Fair Value (In thousands)			Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	62,439		3.8	%	$	1,142	0.1	%
4	1,574,429			95.8		1,303,520		99.4
3	6,515			0.4		6,339		0.5
2	0		*	0.0	†	—		—
1	—			—		—		—
Total	$	1,643,383		100.0	%	$	1,311,001	100.0	%

* Represents an amount less than $1.

† Represents an amount less than 0.1%.

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

	Average Price1
Category	As of March 31, 2025	As of September 30, 2024
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	99.8%	99.7%
Internal Performance Rating 3 (Performing Below Expectations)	98.0	94.2
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	—	—
Total	99.8%	99.7%

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

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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 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 to purchase our common stock on the same terms and conditions as other investors for a capital subscription of $100.0 million. As of March 31, 2025, we have issued 6,368,035.464 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $95.5 million and have also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Corporation, or GDLC, and Golub Capital Direct Lending Unlevered Corporation, or GDLCU, and Golub Capital Private Credit Fund, or GCRED, all of which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GBDC, GDLC, GDLCU and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC, GDLCU, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts.

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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.

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.

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Critical Accounting Policies

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

Fair Value Measurements

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

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

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

Our Valuation Designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

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

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

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

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

Level 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 could require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2025 and 2024. The following section describes the valuation techniques used 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 the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2025 and September 30, 2024 were valued using Level 3 inputs. As of both March 31, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs. As of March 31, 2025, all forward currency contracts were valued using Level 2 inputs.

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

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

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

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

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

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

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

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

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Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs or LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

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

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

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

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Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2025, we did not record any U.S. federal excise tax. For the three and six months ended March 31, 2024, we recorded $10,000 and $25,000, respectively, for U.S. federal excise tax.

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

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

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of March 31, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.75% and 0.77%, respectively. In addition, the PNC Facility has a floating interest rate provision based on Term SOFR, Daily Simple SOFR, SONIA, €STR, CORRA, or the Base Rate (each, as defined in the PNC Facility), plus a margin ranging from 2.15% to 2.45%. The DB Credit Facility has a floating interest rate provision based on the applicable base rate plus 2.35%. The BNP Credit Facility has a floating interest rate provision based on the applicable base rate plus 2.10%. 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 could have floating interest rate provisions.

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

Change in interest rates	Increase (decrease) in interest income(1)		Increase (decrease) in interest expense		Net increase (decrease) in  investment income
	(In thousands)
Down 200 basis points	$	(31,903)	$	(16,710)	$	(15,193)
Down 150 basis points	(24,010)		(12,533)		(11,477)
Down 100 basis points	(16,015)		(8,355)		(7,660)
Down 50 basis points	(8,007)		(4,178)		(3,829)
Up 50 basis points	8,007		4,178		3,829
Up 100 basis points	16,015		8,355		7,660
Up 150 basis points	24,023		12,533		11,490
Up 200 basis points	32,031		16,710		15,321

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

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Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2025, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the PNC Facility, DB Credit Facility, BNP Credit 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 have and, could in the future, hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities could insulate us against adverse changes in interest rates, they could also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

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Item 4. Controls and Procedures.

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

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

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Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

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

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

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

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Item 6: Exhibits.

EXHIBIT INDEX

Number	Description
10.1	Second Amendment to Revolving Loan Agreement, dated as of March 26, 2025, by and among Golub Capital BDC 4, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on March 28, 2025).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	*

_________________

* Filed herewith

SIGNATURES

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

	Golub Capital BDC 4, Inc.
Date: May 8, 2025	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 8, 2025	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

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