______________________________________________________________________________________________________

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, 2024

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 10, 2024, the Registrant had 27,476,502.077 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, 2024 (unaudited) and September 30, 2023	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and September 30, 2023	8
	Notes to Consolidated Financial Statements (unaudited)	27
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	72
Item 4.	Controls and Procedures	73
Part II. Other Information
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	73
Item 6.	Exhibits	74

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	March 31, 2024		September 30, 2023
	(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $811,635 and $316,817, respectively)	$	821,230	$	318,915
Cash and cash equivalents	18,429		42,154
Foreign currencies (cost of $1,676 and $630, respectively)	1,720		685
Restricted cash and cash equivalents	1,078		—
Interest receivable	8,725		3,102
Capital call receivable	56		40
Deferred offering costs	137		153
Other assets	636		946
Total Assets	$	852,011	$	365,995
Liabilities
Debt	$	391,075	$	176,928
Less unamortized debt issuance costs	(2,802)		(1,004)
Debt less unamortized debt issuance costs	388,273		175,924
Other short-term borrowings	28,104		—
Interest payable	6,297		2,542
Distributions payable	15,617		3,981
Management and incentive fees payable	930		323
Accrued trustee fees	32		25
Accounts payable and other liabilities	611		516
Total Liabilities	439,864		183,311
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2024 and September 30, 2023	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 27,476,502.077 and 12,178,965.292 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively	27		12
Paid in capital in excess of par	411,973		182,525
Distributable earnings (losses)	147		147
Total Net Assets	412,147		182,684
Total Liabilities and Total Net Assets	$	852,011	$	365,995
Number of common shares outstanding	27,476,502.077		12,178,965.292
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,
	2024		2023		2024		2023
Investment income
Interest income	$	21,622	$	4,779	$	35,981	$	8,430
Payment-in-kind interest income	1,276		294		2,383		430
Dividend income	43		28		75		54
Fee income	96		11		144		21
Total investment income	23,037		5,112		38,583		8,935
Expenses
Interest and other debt financing expenses	8,214		1,540		13,793		2,672
Base management fee	2,557		624		4,248		1,132
Incentive fee	2,678		606		4,461		1,056
Professional fees	231		222		465		385
Administrative service fee	199		52		303		86
General and administrative expenses	61		24		147		45
Total expenses	13,940		3,068		23,417		5,376
Base management fee waived (Note 4)	(1,628)		(397)		(2,704)		(721)
Incentive fee waived (Note 4)	(2,678)		(606)		(4,461)		(1,056)
Net expenses	9,634		2,065		16,252		3,599
Net investment income - before tax	13,403		3,047		22,331		5,336
Excise tax	10		16		25		53
Net investment income - after tax	13,393		3,031		22,306		5,283
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	—		—		(3)		—
Foreign currency transactions	30		7		29		58
Net realized gain (loss) on investment transactions	30		7		26		58
Net change in unrealized appreciation (depreciation) from:
Investments	6,202		1,170		7,263		959
Translation of assets and liabilities in foreign currencies	(44)		11		(5)		29
Net change in unrealized appreciation (depreciation) on investment transactions	6,158		1,181		7,258		988
Net gain (loss) on investment transactions	6,188		1,188		7,284		1,046
Net increase (decrease) in net assets resulting from operations	$	19,581	$	4,219	$	29,590	$	6,329
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.84	$	0.69	$	1.49	$	1.11
Basic and diluted weighted average common shares outstanding (Note 10)	23,316,356		6,135,953		19,887,305		5,678,323

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 and per share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2022	4,628,404.940	$	5	$	69,421	$	—	$	69,426
Issuance of common stock	2,009,945.654	2		30,147		—		30,149
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		5,283		5,283
Net realized gain (loss) on investment transactions	—	—		—		58		58
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		988		988
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	73,680.582	—		1,105		—		1,105
Distributions from distributable earnings (losses)	—	—		—		(3,061)		(3,061)
Distributions declared and payable	—	—		—		(3,268)		(3,268)
Total increase (decrease) for the six months ended March 31, 2023(1)	2,083,626.236	2		31,252		—		31,254
Balance at March 31, 2023	6,712,031.176	$	7	$	100,673	$	—	$	100,680
Balance at December 31, 2022	5,812,093.348	$	6	$	87,175	$	—	$	87,181
Issuance of common stock	859,744.654	1		12,895		—		12,896
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		3,031		3,031
Net realized gain (loss) on investment transactions	—	—		—		7		7
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		1,181		1,181
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	40,193.174	—		603		—		603
Distributions from distributable earnings (losses)	—	—		—		(1,715)		(1,715)
Distributions declared and payable	—	—		—		(2,504)		(2,504)
Total increase (decrease) for the three months ended March 31, 2023	899,937.828	1		13,498		—		13,499
Balance at March 31, 2023	6,712,031.176	$	7	$	100,673	$	—	$	100,680
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 taxes	—	—		—		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

See Notes to Consolidated Financial Statements

5

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statement of Cash Flows (unaudited)

(In thousands)

	Six months ended March 31,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	29,590	$	6,329
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	490		134
Accretion of discounts and amortization of premiums	(1,027)		(267)
Net realized (gain) loss on investments	3		—
Net realized (gain) loss on foreign currency transactions	(29)		(58)
Net change in unrealized (appreciation) depreciation on investments	(7,263)		(959)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	5		(29)
Proceeds from (fundings of) revolving loans, net	(389)		(31)
Fundings of investments	(494,593)		(87,477)
Proceeds from principal payments and sales of portfolio investments	3,684		3,579
Payment-in-kind interest capitalized	(2,392)		(412)
Non-cash dividends capitalized	(75)		(54)
Changes in operating assets and liabilities:
Interest receivable	(5,623)		(1,342)
Other assets	310		(294)
Interest payable	3,755		997
Management and incentive fees payable	607		120
Accrued trustee fees	7		—
Accounts payable and other liabilities	95		(29)
Net cash provided by (used in) operating activities	(472,845)		(79,793)
Cash flows from financing activities
Borrowings on debt	384,312		64,700
Repayments of debt	(170,400)		(22,200)
Proceeds from other short-term borrowings	453,364		—
Repayments on other short-term borrowings	(425,260)		—
Capitalized debt issuance costs	(2,288)		(191)
Deferred offering costs	16		19
Proceeds from issuance of common shares	226,302		30,161
Distributions paid	(14,809)		(2,084)
Net cash provided by (used in) financing activities	451,237		70,405
Net change in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents	(21,608)		(9,388)
Effect of foreign currency exchange rates	(4)		59
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period	42,839		21,746
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period	$	21,227	$	12,417
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	9,548	$	1,541
Distributions declared for the period	29,590		6,329
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	16	$	(12)
Stock issued in connection with dividend reinvestment plan	3,145		1,105
Change in distributions payable	11,636		3,140

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 and restricted cash and cash equivalents 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, 2024		September 30, 2023
Cash and cash equivalents	$	18,429	$	42,154
Foreign currencies (cost of $1,676 and $630, respectively)	1,720		685
Restricted cash and cash equivalents	$	1,078	$	—
Total cash and cash equivalents foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	21,227	$	42,839

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

See Notes to Consolidated Financial Statements

7

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.*#	One stop	SF +	7.00%	(h)(i)	12.32%		02/2029	$	14,800	$	14,439	3.6	%	$	14,800
PPW Aero Buyer, Inc.	One stop	P +	6.00%	(a)(h)	13.59%		02/2029	24		23		—		24
								14,824		14,462		3.6		14,824
Auto Components
Collision SP Subco, LLC*	One stop	SF +	5.50%	(i)	10.82%		01/2030	9,683		9,494		2.3		9,489
Collision SP Subco, LLC	One stop	SF +	5.50%	(j)	10.74%		01/2030	265		210		—		153
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)	10.82%		01/2030	238		207		—		206
								10,186		9,911		2.3		9,848
Automobiles
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(i)	10.55%		12/2029	808		792		0.2		808
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(i)	10.55%		12/2029	168		165		0.1		168
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(i)	10.55%		12/2029	29		24		—		29
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)		12/2029	—		(3)		—		—
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(h)(j)	10.84%		07/2029	6,710		6,659		1.6		6,509
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(j)	10.73%		07/2029	105		103		—		99
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)		07/2029	—		(217)		(0.1)		(233)
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.97%		07/2028	1,949		1,916		0.5		1,949
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.96%		07/2028	212		210		0.1		212
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.96%		07/2028	157		156		—		157
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)		07/2028	—		—		—		—
Yorkshire Parent, Inc.	One stop	SF +	6.00%	(i)	11.30%		12/2029	17,842		17,672		4.3		17,842
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(42)		—		—
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(84)		—		—
								27,980		27,351		6.7		27,540
Banks
OSP Hamilton Purchaser, LLC	One stop	SF +	5.50%	(h)	10.92%		12/2029	3,929		3,892		1.0		3,929
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(35)		—		—
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(6)		—		—
								3,929		3,851		1.0		3,929
Beverages
Financial Information Technologies, LLC(19)	One stop	N/A			14.00%	PIK	06/2031	8,658		8,446		2.1		8,658
Financial Information Technologies, LLC*#	One stop	SF +	6.50%	(i)	11.80%		06/2030	6,489		6,401		1.6		6,619
Financial Information Technologies, LLC#	One stop	SF +	5.50%	(i)	10.80%		06/2030	1,302		1,293		0.3		1,302
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)		06/2030	—		(20)		—		—
								16,449		16,119		4.0		16,579
Capital Markets
BlueMatrix Holdings, LLC*	One stop	SF +	5.25%	(i)	10.55%		01/2031	14,236		14,115		3.4		14,111
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(21)		—		(22)
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(40)		—		(42)
								14,236		14,054		3.4		14,047

See Notes to Consolidated Financial Statements

8

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services and Supplies
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(i)	11.31%				10/2029	$	21,001	$	20,610	5.1	%	$	21,001
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(i)	11.31%				10/2029	567		546		0.1		567
BradyIFS Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(36)		—		—
Encore Holdings, LLC	One stop	SF +	5.25%	(h)(i)	10.65%				11/2028	12,165		11,937		3.0		12,101
Encore Holdings, LLC*	One stop	SF +	5.25%	(i)	10.65%				11/2028	2,583		2,536		0.6		2,570
Encore Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(43)		—		(87)
FR Vision Holdings, Inc.*	One stop	SF +	5.50%	(i)	10.81%				01/2031	18,632		18,451		4.5		18,632
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(i)	10.82%				01/2031	1,569		1,510		0.4		1,569
FR Vision Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				01/2030	—		(15)		—		—
Kleinfelder Intermediate, LLC*	One stop	SF +	6.25%	(h)	11.58%				09/2030	2,047		2,009		0.5		2,047
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(5)		—		—
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2030	—		(4)		—		—
										58,564		57,496		14.2		58,400
Diversified Consumer Services
Apex Service Partners, LLC(19)	One stop	SF +	7.00%	(i)	10.32%	cash/	2.00%	PIK	10/2030	23,854		23,516		5.8		23,854
Apex Service Partners, LLC(19)	One stop	SF +	7.00%	(i)	12.33%				10/2030	3,112		3,041		0.8		3,112
Apex Service Partners, LLC	One stop	SF +	6.50%	(i)	11.82%				10/2029	699		678		0.2		699
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(i)	11.55%				09/2028	3,213		3,171		0.8		3,213
DP Flores Holdings, LLC	One stop	SF +	6.25%	(i)	11.55%				09/2028	499		493		0.1		499
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(7)		—		—
Entomo Brands Acquisitions, Inc.*	Senior secured	SF +	5.50%	(i)	10.95%				07/2029	871		859		0.2		871
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		—		—		—
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.95%				07/2029	209		204		—		209
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(i)	11.09%				06/2029	1,156		1,139		0.3		1,156
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(h)	11.08%				06/2028	16		15		—		16
HS Spa Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(3)		—		—
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	11.18%				04/2029	663		654		0.2		643
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	11.18%				04/2029	738		726		0.2		713
Mario Purchaser, LLC(19)	One stop	SF +	10.75%	(h)	16.18%	PIK			04/2032	385		378		0.1		373
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(2)
NSG Buyer, Inc.	One stop	SF +	6.50%	(h)	11.93%				11/2029	11,815		11,625		2.9		11,963
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(7)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(27)		—		(28)
NSG Buyer, Inc.	One stop	SF +	5.75%	(h)	11.08%				11/2029	569		532		0.1		563
Virginia Green Acquisition, LLC#	One stop	SF +	5.50%	(j)	10.75%				12/2030	19,998		19,806		4.8		19,998
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(31)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.50%	(j)	10.72%				12/2030	456		379		0.1		456
										68,253		67,139		16.6		68,308
Diversified Financial Services
Avalara, Inc.	One stop	SF +	7.25%	(i)	12.56%				10/2028	2,655		2,605		0.6		2,655
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Finastra USA, Inc.	One stop	SF +	7.25%	(j)	12.46%				09/2029	9,950		9,769		2.4		9,950
Finastra USA, Inc.	One stop	SF +	7.25%	(h)	12.57%				09/2029	9		8		—		9
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(10)		—		(10)
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(h)	10.93%				11/2028	7,285		7,237		1.8		7,303
										19,899		19,607		4.8		19,907
Electrical Equipment
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(i)	10.09%				12/2030	710		696		0.2		696
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(h)	10.08%				12/2030	4		1		—		1
										714		697		0.2		697

See Notes to Consolidated Financial Statements

9

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Electronic Equipment, Instruments and Components
CST Holding Company	One stop	SF +	6.75%	(h)	12.18%				11/2028	$	5,427	$	5,303	1.3	%	$	5,427
CST Holding Company	One stop	SF +	6.75%	(h)	12.18%				11/2028	5		4		—		5
										5,432		5,307		1.3		5,432
Food Products
Blast Bidco Inc.*#	One stop	SF +	6.00%	(i)	11.30%				10/2030	17,112		16,873		4.1		16,941
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(28)		—		(20)
										17,112		16,845		4.1		16,921
Healthcare Equipment and Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(i)	11.55%				08/2028	4,191		4,160		1.0		4,191
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	11.55%				08/2028	33		32		—		33
TIDI Legacy Products, Inc.	One stop	SF +	5.50%	(h)	10.83%				12/2029	2,203		2,185		0.6		2,181
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(6)		—		(7)
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		—
YI, LLC	One stop	SF +	5.75%	(h)	11.07%				12/2029	8,558		8,380		2.0		8,387
YI, LLC	One stop	SF +	5.75%	(h)	11.08%				12/2029	32		17		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(17)		—		(18)
										15,017		14,749		3.6		14,767
Healthcare Providers and Services
Bamboo US Bidco LLC*(19)	One stop	SF +	6.75%	(i)	8.69%	cash/	3.38%	PIK	09/2030	4,891		4,756		1.2		4,891
Bamboo US Bidco LLC*(7)(8)(19)	One stop	E +	6.75%	(c)	7.29%	cash/	3.38%	PIK	09/2030	3,284		3,130		0.8		3,284
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(28)		—		—
Bamboo US Bidco LLC(19)	One stop	SF +	6.75%	(i)	8.70%	cash/	3.38%	PIK	09/2030	81		70		—		81
Community Care Partners, LLC	One stop	SF +	6.00%	(h)	11.44%				06/2026	349		347		0.1		328
Premise Health Holding Corp.*	One stop	SF +	5.50%	(i)	10.84%				03/2031	19,092		18,810		4.5		18,806
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(33)		—		(33)
										27,697		27,052		6.6		27,357
Healthcare Technology
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.83%				05/2028	470		466		0.1		466
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.83%				05/2028	142		141		—		141
Coding Solutions Acquisition, Inc.*	One stop	SF +	5.75%	(h)	11.08%				05/2028	63		61		—		63
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.83%				05/2028	24		24		—		24
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(3)		—		—
Color Intermediate, LLC	One stop	SF +	5.50%	(i)	10.91%				10/2029	2,365		2,328		0.6		2,365
Crow River Buyer, Inc.	One stop	SF +	7.75%	(i)	13.06%				01/2029	999		982		0.3		999
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
Lacker Bidco Limited*(7)(8)(9)	One stop	SN +	5.25%	(f)	10.44%				02/2031	3,886		3,824		0.9		3,834
Lacker Bidco Limited(7)(8)(9)	One stop	SN +	5.25%		N/A(6)				08/2030	—		—		—		—
Lacker Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.25%		N/A(6)				02/2031	—		(63)		—		(65)
Neptune Holdings, Inc.*#	One stop	SF +	6.00%	(j)	11.29%				09/2030	6,318		6,231		1.6		6,318
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		—
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	11.06%				05/2029	483		476		0.1		469
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	11.06%				05/2028	33		32		—		31
Plasma Buyer LLC	One stop	SF +	6.25%	(i)	11.56%				05/2029	4		4		—		3
										14,787		14,501		3.6		14,648
Hotels, Restaurants and Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(i)	11.49%				08/2028	1,454		1,443		0.4		1,454
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.47%				08/2028	49		48		—		49
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.48%				08/2028	20		19		—		20
ESN Venture Holdings, LLC#	One stop	SF +	6.50%	(i)	11.80%				10/2028	4,630		4,581		1.1		4,630
ESN Venture Holdings, LLC#	One stop	SF +	6.50%	(i)	11.80%				10/2028	699		693		0.2		699
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(i)	11.81%				10/2028	150		127		0.1		150
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(i)	11.80%				10/2028	32		31		—		32

See Notes to Consolidated Financial Statements

10

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
GFP Atlantic Holdco 2, LLC	One stop	SF +	6.00%	(i)	11.31%				11/2027	$	3,649	$	3,583	0.9	%	$	3,649
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(74)		—		—
Health Buyer, LLC	Senior secured	SF +	5.25%	(i)	10.70%				04/2029	233		230		0.1		233
Health Buyer, LLC*	Senior secured	SF +	5.50%	(i)	10.80%				04/2029	119		117		—		119
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(1)		—		—
Super REGO, LLC(19)	Subordinated debt	N/A			15.00%	PIK			03/2030	50		49		—		49
YE Brands Holding, LLC	One stop	SF +	5.75%	(i)	11.16%				10/2027	159		147		—		159
YE Brands Holding, LLC*	One stop	SF +	5.75%	(i)	11.16%				10/2027	7,140		7,078		1.7		7,140
YE Brands Holding, LLC	One stop	SF +	5.50%	(h)	10.93%				10/2027	29		29		—		29
										18,413		18,100		4.5		18,412
Industrial Conglomerates
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(i)	11.15%				07/2027	583		575		0.1		583
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		—
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(i)	11.15%				07/2027	148		146		0.1		148
Dwyer Instruments, Inc.*	One stop	SF +	5.75%	(i)	11.15%				07/2027	74		73		—		74
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		—
Excelitas Technologies Corp.	One stop	SF +	5.75%	(i)	11.16%				08/2029	782		770		0.2		774
Excelitas Technologies Corp.(7)(8)	One stop	E +	5.75%	(c)	9.65%				08/2029	120		113		—		119
Excelitas Technologies Corp.	One stop	SF +	5.75%	(i)	11.16%				08/2028	49		48		—		48
Excelitas Technologies Corp.	One stop	SF +	5.75%		N/A(6)				08/2029	—		—		—		—
										1,756		1,723		0.4		1,746
Insurance
Ben Nevis Midco Limited*(7)(9)	One stop	SF +	5.00%	(i)	10.31%				03/2028	2,486		2,437		0.6		2,437
Ben Nevis Midco Limited*(7)(9)	One stop	SF +	5.00%	(i)	10.31%				03/2028	1,672		1,672		0.4		1,672
Ben Nevis Midco Limited(7)(9)	One stop	SF +	5.00%	(i)	10.31%				03/2028	222		222		0.1		220
Ben Nevis Midco Limited(5)(7)(9)	One stop	SF +	5.00%		N/A(6)				03/2028	—		(21)		—		(41)
Captive Resources Midco, LLC#(19)	One stop	SF +	5.25%	(h)	5.29%	cash/	5.79%	PIK	07/2029	7,204		7,102		1.8		7,204
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.*	One stop	SF +	7.50%	(i)	12.84%				03/2029	1,047		1,025		0.3		1,047
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC*	One stop	SF +	5.50%	(i)	10.83%				12/2030	14,298		14,161		3.4		14,155
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(29)		—		(31)
Doxa Insurance Holdings LLC	One stop	SF +	5.50%	(i)	10.82%				12/2030	5,604		5,473		1.3		5,468
Integrated Specialty Coverages, LLC*	One stop	SF +	6.00%	(h)(i)(j)	11.27%				07/2030	1,002		980		0.2		1,002
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(3)		—		—
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC	One stop	SF +	6.00%	(i)	11.34%				08/2026	444		419		0.1		444
MRH Trowe Germany GMBH(5)(7)(8)(15)	One stop	E +	6.25%		N/A(6)				02/2029	—		(61)		—		(127)
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%	(h)	11.07%				11/2029	9,244		9,158		2.2		9,244
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(14)		—		—
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(42)		—		—
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.75%	(c)	10.66%				03/2028	507		500		0.1		507
Paisley Bidco Limited(5)(7)(8)(9)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(6)		—		—
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.25%	(i)	0.1155				05/2030	4,138		4,065		1.0		4,138
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(i)	0.1155				05/2030	1,379		1,355		0.3		1,379
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—		—
										49,247		48,387		11.8		48,718

See Notes to Consolidated Financial Statements

11

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services
Critical Start, Inc.(19)	One stop	SF +	6.75%	(i)	8.45%	cash/	3.63%	PIK	05/2028	$	514	$	510	0.1	%	$	509
Critical Start, Inc.*(19)	One stop	SF +	6.75%	(i)	8.45%	cash/	3.63%	PIK	05/2028	261		257		0.1		258
Critical Start, Inc.(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		(1)
Goldcup 31018 AB(7)(8)(11)(19)	One stop	E +	6.50%	(d)	10.15%	cash/	0.25%	PIK	07/2029	792		738		0.2		784
Goldcup 31018 AB(7)(8)(11)(19)	One stop	E +	6.50%	(d)	10.15%	cash/	0.25%	PIK	07/2029	74		72		—		73
Goldcup 31018 AB(5)(7)(8)(11)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—		(1)
Netwrix Corporation	One stop	SF +	5.00%	(i)	10.38%				06/2029	11,926		11,860		2.8		11,747
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		(3)
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		—		—		(1)
Netwrix Corporation(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(107)		—		(65)
PDQ Intermediate, Inc.(19)	Subordinated debt	N/A			13.75%	PIK			10/2031	53		52		—		53
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.06%				10/2026	336		332		0.1		336
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.06%				10/2026	106		106		—		106
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.06%				10/2026	38		37		—		38
Transform Bidco Limited(5)(7)(9)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(13)		—		—
Transform Bidco Limited*(7)(9)	One stop	SF +	7.00%	(i)	12.33%				12/2030	9,098		8,966		2.2		9,098
WPEngine, Inc.*	One stop	SF +	6.50%	(i)	11.81%				08/2029	1,069		1,050		0.3		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)	11.84%				07/2027	370		363		0.1		370
Zarya Holdco, Inc.	One stop	SF +	6.50%	(i)	11.84%				07/2027	976		976		0.2		976
Zarya Holdco, Inc.	One stop	SF +	6.50%		N/A(6)				07/2027	—		—		—		—
										25,613		25,196		6.1		25,346
Leisure Products
Movement Holdings, LLC*	One stop	SF +	5.25%	(h)	10.58%				03/2030	7,086		7,015		1.7		7,015
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(12)		—		(12)
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(47)		—		(47)
										7,086		6,956		1.7		6,956
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	6.50%	(i)	11.77%				11/2029	10,189		9,987		2.5		10,189
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(32)		—		—
										10,189		9,954		2.5		10,189
Machinery
Blackbird Purchaser, Inc.*	One stop	SF +	5.50%	(i)	10.83%				12/2030	23,415		23,190		5.7		23,415
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	10.81%				12/2030	924		880		0.2		924
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	10.83%				12/2029	371		342		0.1		371
										24,710		24,412		6.0		24,710
Oil, Gas & Consumable Fuels
Envernus, Inc.*#	One stop	SF +	5.50%	(h)	10.83%				12/2029	16,078		15,848		3.9		15,917
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(19)		—		(13)
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(6)		—		(8)
										16,078		15,823		3.9		15,896
Pharmaceuticals
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.50%	(i)	10.81%				05/2029	785		773		0.2		769
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(i)	11.06%				05/2029	140		138		—		139
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(i)	11.06%				05/2029	53		52		—		52
Caerus Midco 3 S.A.R.L.(5)(7)(10)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(2)		—		(1)
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(i)	11.06%				05/2029	9		9		—		9
										987		970		0.2		968

See Notes to Consolidated Financial Statements

12

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
ALKU Intermediate Holdings, LLC*	One stop	SF +	6.25%	(h)	11.58%				05/2029	$	1,272	$	1,256	0.3	%	$	1,278
ALKU Intermediate Holdings, LLC*	One stop	SF +	5.50%	(h)	10.83%				05/2029	141		138		—		138
bswift, LLC	One stop	SF +	6.38%	(i)	11.70%				11/2028	1,128		1,101		0.3		1,148
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)(j)	10.45%				10/2027	485		482		0.1		485
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(j)	10.57%				10/2027	210		205		0.1		210
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)(j)	10.52%				10/2027	62		62		—		62
Citrin Cooperman Advisors LLC*	One stop	SF +	5.25%	(i)	10.68%				10/2027	34		33		—		34
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(i)	10.66%				10/2027	50		48		—		51
DISA Holdings Corp.*	Senior secured	SF +	5.00%	(i)	10.34%				09/2028	1,446		1,425		0.4		1,424
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(8)		—		(8)
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	10.34%				09/2028	717		706		0.2		706
DISA Holdings Corp.(19)	Subordinated debt	SF +	8.50%	(i)	11.83%	cash/	2.00%	PIK	03/2029	51		50		—		51
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	10.34%				09/2028	82		81		—		81
DISA Holdings Corp.	One stop	SF +	5.00%	(i)	10.34%				09/2028	97		96		—		95
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(6)		—		(6)
										5,775		5,669		1.4		5,749
Software
Anaplan, Inc.	One stop	SF +	6.50%	(i)	11.81%				06/2029	22,836		22,666		5.5		22,836
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(2)		—		—
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	10.44%				06/2029	646		612		0.2		633
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(f)	10.44%				06/2029	337		310		0.1		330
Arrow Buyer, Inc.*#	One stop	SF +	6.50%	(i)	11.80%				07/2030	4,705		4,600		1.1		4,705
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				07/2030	—		(14)		—		—
Arrow Buyer, Inc.	One stop	SF +	6.50%	(j)	11.70%				07/2030	308		307		0.1		308
Avetta, LLC	One stop	SF +	5.75%	(h)	11.08%				10/2030	17,085		16,725		4.1		17,085
Avetta, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2029	—		(34)		—		—
Azurite Intermediate Holdings, Inc.*	One stop	SF +	6.50%	(h)	11.83%				03/2031	2,452		2,415		0.6		2,415
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(42)		—		(42)
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(14)		—		(13)
Bloomerang, LLC*#	One stop	SF +	6.00%	(i)	11.30%				12/2029	13,536		13,405		3.3		13,400
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(29)		—		(30)
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(39)		—		(41)
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(14)	One stop	SF +	7.25%	(i)	12.57%				01/2029	956		932		0.2		956
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(14)	One stop	SF +	7.25%	(i)	12.57%				01/2029	365		356		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 +	6.25%	(f)	11.44%				08/2030	647		639		0.2		646
Camelia Bidco Limited*(7)(8)(9)	One stop	A +	6.25%	(e)	10.60%				08/2030	41		40		—		41
Camelia Bidco Limited*(5)(7)(8)(9)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(4)		—		—
Coupa Holdings, LLC*	One stop	SF +	7.50%	(i)	12.81%				02/2030	8,392		8,215		2.0		8,392
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(8)		—		—
Crewline Buyer, Inc.	One stop	SF +	6.75%	(i)	12.06%				11/2030	28,172		27,774		6.8		27,891
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(42)		—		(30)
Denali Bidco Limited*(7)(8)(9)	One stop	SN +	6.00%	(f)	11.19%				08/2030	2,459		2,405		0.6		2,470
Denali Bidco Limited*(7)(8)(9)	One stop	E +	6.00%	(b)	9.83%				08/2030	609		600		0.1		612
Denali Bidco Limited*(7)(8)(9)	One stop	E +	5.50%		N/A(6)				08/2030	—		—		—		—
Denali Bidco Limited(5)(7)(8)(9)	One stop	E +	6.00%		N/A(6)				08/2030	—		(10)		—		4
Denali Bidco Limited(7)(8)(9)	One stop	SN +	5.50%		N/A(6)				08/2030	—		—		—		—
Evergreen IX Borrower 2023, LLC*	One stop	SF +	6.00%	(i)	11.31%				09/2030	13,273		12,965		3.2		13,273
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(34)		—		—

See Notes to Consolidated Financial Statements

13

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
GTY Technology Holdings, Inc.#(19)	One stop	SF +	6.88%	(i)	7.88%	cash/	4.30%	PIK	07/2029	$	4,152	$	4,094	1.0	%	$	4,110
GTY Technology Holdings, Inc.#(19)	One stop	SF +	6.88%	(i)	7.90%	cash/	4.30%	PIK	07/2029	2,711		2,667		0.6		2,684
GTY Technology Holdings, Inc.(19)	One stop	SF +	6.88%	(i)	7.88%	cash/	4.30%	PIK	07/2029	497		493		0.1		492
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	—		(21)		—		—
GTY Technology Holdings, Inc.(19)	One stop	SF +	7.13%	(i)	7.95%	cash/	4.45%	PIK	07/2029	652		646		0.2		652
Hornet Security Holding GMBH*(7)(8)(15)	One stop	E +	6.50%	(d)	10.43%				02/2031	4,757		4,699		1.1		4,697
Hornet Security Holding GMBH*(7)(8)(15)	One stop	E +	6.50%	(d)	10.43%				02/2031	3,171		3,133		0.8		3,131
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	—		(20)		—		(20)
Hyland Software, Inc.	One stop	SF +	6.00%	(h)	11.33%				09/2030	24,838		24,494		6.0		24,589
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.*	One stop	SF +	6.50%	(i)	11.80%				01/2030	22,609		22,171		5.4		22,157
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(42)		—		(43)
ICIMS, Inc.(19)	One stop	SF +	7.25%	(i)	8.71%	cash/	3.88%	PIK	08/2028	5,678		5,610		1.4		5,621
ICIMS, Inc.	One stop	SF +	6.75%	(i)	12.05%				08/2028	11		10		—		9
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(11)
IQN Holding Corp. #	One stop	SF +	5.25%	(i)	10.59%				05/2029	1,485		1,475		0.4		1,470
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(1)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(4)		—		(3)
Island Bidco AB(7)(8)(11)(19)	One stop	E +	7.25%	(d)	3.89%	cash/	7.25%	PIK	07/2028	657		632		0.2		657
Island Bidco AB(7)(11)(19)	One stop	SF +	7.00%	(j)	8.68%	cash/	3.50%	PIK	07/2028	307		305		0.1		307
Island Bidco AB(7)(11)	One stop	SF +	6.50%	(j)	11.83%				07/2028	30		30		—		30
Island Bidco AB(7)(8)(11)	One stop	E +	6.50%	(d)	10.38%				07/2028	30		30		—		30
Kaseya Inc.#(19)	One stop	SF +	6.00%	(i)	8.81%	cash/	2.50%	PIK	06/2029	4,529		4,478		1.1		4,529
Kaseya Inc.(19)	One stop	SF +	5.50%	(h)	10.83%				06/2029	68		66		—		68
Kaseya Inc.(5)(19)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(2)		—		—
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.81%				06/2029	17		15		—		17
LeadsOnline, LLC*	One stop	SF +	6.00%	(i)	11.43%				02/2028	4,981		4,873		1.2		5,056
LeadsOnline, LLC*	One stop	SF +	6.00%	(i)	11.43%				02/2028	879		860		0.2		892
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
Navex TopCo, Inc.(20)	One stop	SF +	5.75%	(h)	11.07%				11/2030	28,678		28,136		6.8		28,104
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(46)		—		(50)
Panzura, LLC(19)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	54		49		—		48
Pineapple German Bidco GMBH*(7)(8)(15)(19)	One stop	E +	7.00%	(b)	10.83%	PIK			01/2031	6,228		6,152		1.5		6,150
Pineapple German Bidco GMBH(5)(7)(8)(15)	One stop	E +	7.00%		N/A(6)				01/2031	—		(5)		—		(5)
Pineapple German Bidco GMBH(5)(7)(8)(15)	One stop	E +	7.00%		N/A(6)				01/2031	—		(31)		—		(31)
PING Identity Holding Corp.	One stop	SF +	7.00%	(h)	12.33%				10/2029	2,213		2,186		0.5		2,213
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Quant Buyer, Inc.#	One stop	SF +	6.00%	(j)	11.39%				06/2029	6,494		6,446		1.5		6,364
Quant Buyer, Inc.	One stop	SF +	6.00%	(j)	11.39%				06/2029	5,471		5,430		1.3		5,362
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(3)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(100)		—		—
Rainforest Bidco Limited(7)(8)(9)(19)	One stop	SN +	6.05%	(f)	8.69%	cash/	2.55%	PIK	07/2029	720		665		0.2		696
Rainforest Bidco Limited(7)(9)(19)	One stop	SF +	6.05%	(g)	8.81%	cash/	2.55%	PIK	07/2029	135		133		—		130
Rainforest Bidco Limited(7)(8)(9)(19)	One stop	SN +	6.05%	(f)	8.69%	cash/	2.55%	PIK	07/2029	53		49		—		51
Rainforest Bidco Limited(7)(8)(9)	One stop	SN +	4.00%	(f)	9.19%				07/2029	1,468		1,340		0.4		1,467
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.00%	(i)	11.31%				08/2029	6,827		6,721		1.6		6,759
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		(1)
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%	(i)	11.57%				07/2028	543		532		0.1		543
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—

See Notes to Consolidated Financial Statements

14

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Templafy APS and Templafy, LLC(5)(7)(13)	One stop	SF +	6.00%		N/A(6)		07/2028	$	—	$	(2)	—	%	$	—
Zendesk, Inc.(19)	One stop	SF +	6.25%	(i)	11.57%		11/2028	9,809		9,661		2.4		9,809
Zendesk, Inc.(5)	One stop	SF +	6.25%		N/A(6)		11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.25%		N/A(6)		11/2028	—		(18)		—		—
								267,571		262,673		64.3		264,930
Specialty Retail
Biscuit Parent, LLC*	One stop	SF +	4.75%	(i)	10.05%		02/2031	17,670		17,539		4.3		17,537
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)		02/2031	—		(40)		—		(41)
Cavender Stores L.P.*#	Senior secured	SF +	5.00%	(i)	10.30%		10/2029	24,938		24,709		6.1		24,938
PetVet Care Centers LLC	One stop	SF +	6.00%	(h)	11.33%		11/2030	12,999		12,753		3.1		12,869
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)		11/2029	—		(36)		—		(19)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)		11/2030	—		(16)		—		(17)
PPV Intermediate Holdings, LLC(19)	One stop	N/A			14.75%	PIK	08/2030	7,483		7,295		1.8		7,483
PPV Intermediate Holdings, LLC	One stop	SF +	5.75%	(i)	11.09%		08/2029	6,612		6,522		1.6		6,546
PPV Intermediate Holdings, LLC(19)	One stop	N/A			13.75%	PIK	08/2030	784		771		0.2		752
PPV Intermediate Holdings, LLC(19)	One stop	N/A			13.75%	PIK	08/2030	181		180		—		174
PPV Intermediate Holdings, LLC(19)	One stop	N/A			13.75%	PIK	08/2030	33		33		—		32
PPV Intermediate Holdings, LLC(19)	One stop	N/A			13.75%	PIK	08/2030	33		30		—		31
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2029	—		(6)		—		(4)
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	4,435		4,403		1.1		4,435
Salon Lofts Group, LLC(19)	Second lien	SF +	9.00%	(j)	14.25%		09/2029	552		545		0.1		552
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	293		291		0.1		293
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	290		288		0.1		290
Salon Lofts Group, LLC(5)	Second lien	SF +	9.00%		N/A(6)		09/2029	—		(8)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	229		228		0.1		229
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	96		95		—		96
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	75		74		—		75
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	72		72		—		72
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	67		67		—		67
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(7)		—		—
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(6)		—		—
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(j)	14.12%		09/2029	287		283		0.1		287
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.37%		08/2028	131		130		—		131
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	89		88		—		89
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(i)	14.31%		09/2029	27		27		—		27
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(i)	12.05%		12/2029	780		764		0.2		780
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(h)	12.08%		12/2028	21		20		—		21
SureWerx Purchaser III, Inc.(5)(7)	One stop	SF +	6.75%		N/A(6)		12/2029	—		(2)		—		—
								78,177		77,086		18.9		77,725
Total debt investments								820,681		806,090		197.7		814,549

See Notes to Consolidated Financial Statements

15

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(16)(17)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A			N/A		N/A	40	$	399	0.1	%	$	385
Automobiles
National Express Wash Parent Holdco, LLC	LP units	N/A			N/A		N/A	1	77		—		103
Yorkshire Parent, Inc.	LP units	N/A			N/A		N/A	—	131		0.1		135
									208		0.1		238
Commercial Services and Supplies
FR Vision Holdings, Inc.	LP units	N/A			N/A		N/A	—	110		—		123
Diversified Consumer Services
DP Flores Holdings, LLC	LLC units	N/A			N/A		N/A	88	88		—		114
HS Spa Holdings, Inc.	Common stock	N/A			N/A		N/A	78	78		—		80
NSG Buyer, Inc. (7)	LP units	N/A			N/A		N/A	1	953		0.3		1,089
Virginia Green Acquisition, LLC	LP units	N/A			N/A		N/A	96	96		—		102
									1,215		0.3		1,385
Insurance
Oakbridge Insurance Agency LLC	LP units	N/A			N/A		N/A	5	98		—		101
IT Services
Critical Start, Inc.	Common stock	N/A			N/A		N/A	38	38		—		51
Netwrix Corporation	LLC units	N/A			N/A		N/A	11	21		—		39
									59		—		90
Leisure Products
Movement Holdings, LLC	LLC units	N/A			N/A		N/A	—	421		0.1		421
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	446	446		0.1		446
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	446	—		0.1		265
									446		0.2		711
Software
Anaplan, Inc.	LP Interest	N/A			N/A		N/A	890	890		0.3		1,305
Cynet Security Ltd.(7)(12)	Preferred stock	N/A			N/A		N/A	23	81		—		104
Denali Bidco Limited(7)(9)	LP Interest	N/A			N/A		N/A	78	102		0.1		124
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	60	60		—		98
Kaseya Inc.(18)	Preferred stock	SF +	10.75%	(i)	16.05%	Non-Cash	N/A	1	1,010		0.3		1,055
Kaseya Inc.	LP Interest	N/A			N/A		N/A	50	50		—		55
Onit, Inc.(18)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	51		—		57
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		8
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		2
Templafy APS and Templafy, LLC(7)(13)	Warrant	N/A			N/A		N/A	—	8		—		11
Zendesk, Inc.	LP units	N/A			N/A		N/A	22	218		0.1		303
									2,480		0.8		3,122

See Notes to Consolidated Financial Statements

16

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)			Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Salon Lofts Group, LLC	LP units	N/A	N/A			N/A	—	$	109	—	%	$	105
Total equity investments								5,545		1.6		6,681
Total investments								811,635		199.3		821,230
Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)			5.2	%	(21)			$	2,654	0.6	%	$	2,654
Total money market funds								2,654		0.6		2,654
Total investments and money market funds								$	814,289	199.9	%	$	823,884

See Notes to Consolidated Financial Statements

17

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

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

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF”), Prime (“P”), Australian Interbank Rate (”AUD” or ”A”), 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, 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 March 31, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2024, as the loan may have priced or repriced based on an index rate prior to March 31, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of March 31, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.86% as of March 31, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.89% as of March 31, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.85% as of March 31, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.34% as of March 31, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of March 31, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.33% as of March 31, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.33% as of March 31, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.30% as of March 31, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.22% as of March 31, 2024.

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

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

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

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, total non-qualifying assets at fair value represented 5.8% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

(20)The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing (‘‘ASC Topic 860’’), and therefore, the asset remains in the Consolidated Schedule of Investments. See Note 7. Borrowings.

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

See Notes to Consolidated Financial Statements

18

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.*	One stop	SF +	7.00%	(h)(j)	12.33%		02/2029	$	14,875	$	14,475	8.1	%	$	14,875
PPW Aero Buyer, Inc.(5)	One stop	SF +	7.00%		N/A(6)		02/2029	—		(1)		—		—
								14,875		14,474		8.1		14,875
Automobiles
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(i)(j)	10.89%		07/2029	6,274		6,222		3.3		6,023
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.50%		N/A(6)		07/2029	—		(4)		—		(19)
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(j)	10.96%		07/2029	105		103		—		97
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	12.00%		07/2028	1,959		1,928		1.1		1,939
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	12.02%		07/2028	213		211		0.1		211
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.99%		07/2028	158		157		0.1		156
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)		07/2028	—		—		—		—
								8,709		8,617		4.6		8,407
Beverages
Financial Information Technologies, LLC(18)	One stop	N/A			14.00%	PIK	06/2031	8,076		7,849		4.3		7,834
Financial Information Technologies, LLC*	One stop	SF +	6.50%	(i)	11.89%		06/2030	6,522		6,428		3.5		6,457
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		(1)		—		(1)
								14,598		14,276		7.8		14,290
Commercial Services and Supplies
Kleinfelder Intermediate, LLC*	One stop	SF +	6.25%	(i)	11.66%		09/2030	2,057		2,016		1.1		2,016
Kleinfelder Intermediate, LLC	One stop	SF +	6.25%	(i)	11.66%		09/2028	35		29		—		29
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2030	—		(4)		—		(4)
								2,092		2,041		1.1		2,041
Diversified Consumer Services
COP Exterminators Acquisitions, Inc.*	Senior secured	SF +	5.50%	(i)	11.02%		07/2029	875		862		0.5		864
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)		07/2029	—		(1)		—		(1)
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)		07/2029	—		(6)		—		(6)
DP Flores Holdings, LLC	One stop	SF +	6.25%	(j)	11.59%		09/2028	3,229		3,182		1.8		3,229
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2028	—		(16)		—		—
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(j)	11.07%		06/2029	1,162		1,143		0.6		1,151
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(h)(i)	11.07%		06/2028	13		11		—		12
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	11.17%		04/2029	667		656		0.3		640
Mario Purchaser, LLC(18)	One stop	SF +	10.75%	(h)	16.17%	PIK	04/2032	355		348		0.2		348
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	11.17%		04/2029	395		385		0.2		361
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)		04/2028	—		(1)		—		(2)
NSG Buyer, Inc.	One stop	SF +	6.50%	(h)	11.92%		11/2029	9,972		9,781		5.5		9,972
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)		11/2029	—		(17)		—		—
NSG Buyer, Inc.	One stop	SF +	6.50%		N/A(6)		11/2028	—		—		—		—
								16,668		16,326		9.1		16,568

See Notes to Consolidated Financial Statements.

19

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Financial Services
Avalara, Inc.	One stop	SF +	7.25%	(i)	12.64%	10/2028	$	2,655	$	2,599	1.5	%	$	2,655
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)	10/2028	—		(3)		—		—
Finastra USA, Inc.*(7)	One stop	SF +	7.25%	(j)	12.71%	09/2029	9,950		9,753		5.3		9,751
Finastra USA, Inc.(7)	One stop	SF +	7.25%	(h)	12.58%	09/2029	11		10		—		10
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.50%		N/A(6)	11/2028	—		(36)		—		(37)
							12,616		12,323		6.8		12,379
Electronic Equipment, Instruments and Components
CST Holding Company	One stop	SF +	6.50%	(h)	11.92%	11/2028	5,455		5,316		3.0		5,455
CST Holding Company(5)	One stop	SF +	6.50%		N/A(6)	11/2028	—		(1)		—		—
							5,455		5,315		3.0		5,455
Healthcare Technology
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.82%	05/2028	472		468		0.3		455
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.82%	05/2028	14		13		—		11
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	11.57%	05/2028	143		141		0.1		138
Coding Solutions Acquisition, Inc.*	One stop	SF +	6.00%	(i)	11.32%	05/2028	63		62		—		62
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	6.00%		N/A(6)	05/2028	—		(3)		—		(3)
Color Intermediate, LLC	One stop	SF +	5.50%	(i)	10.99%	10/2029	2,377		2,336		1.3		2,306
Crow River Buyer, Inc.	One stop	SF +	7.75%	(i)	13.12%	01/2029	1,175		1,154		0.6		1,175
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)	01/2029	—		(1)		—		—
Neptune Holdings, Inc.*	One stop	SF +	6.00%	(j)	11.50%	09/2030	6,334		6,240		3.4		6,255
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)	08/2029	—		(1)		—		(1)
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	11.14%	05/2029	486		478		0.2		447
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	11.14%	05/2028	11		10		—		7
Plasma Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)	05/2029	—		(1)		—		—
							11,075		10,896		5.9		10,852
Healthcare Equipment and Supplies
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	11.64%	08/2028	4,212		4,178		2.3		4,212
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	11.64%	08/2028	33		32		—		33
							4,245		4,210		2.3		4,245
Healthcare Providers and Services
Bamboo US Bidco LLC*	One stop	SF +	6.00%	(h)	11.32%	09/2030	4,849		4,704		2.5		4,703
Bamboo US Bidco LLC(7)(8)	One stop	E +	6.00%	(b)	9.86%	09/2030	3,190		3,095		1.7		3,095
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)	09/2029	—		(30)		—		(30)
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)	09/2030	—		(11)		—		(11)
Community Care Partners, LLC	One stop	SF +	6.00%	(h)	11.43%	06/2026	351		349		0.2		330
Community Care Partners, LLC	One stop	SF +	6.00%		N/A(6)	06/2026	—		—		—		—
							8,390		8,107		4.4		8,087
Hotels, Restaurants and Leisure
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.57%	08/2028	1,209		1,199		0.7		1,209
Barteca Restaurants, LLC(5)	One stop	SF +	6.00%		N/A(6)	08/2028	—		(1)		—		—
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.57%	08/2028	81		78		—		81
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(i)	11.39%	10/2028	4,654		4,599		2.6		4,654
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(i)	11.39%	10/2028	16		14		—		16
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(i)(j)	11.27%	10/2028	216		182		0.1		216
Health Buyer, LLC	Senior secured	SF +	5.25%	(a)(i)	10.80%	04/2029	234		231		0.1		226
Health Buyer, LLC(5)	Senior secured	SF +	5.25%		N/A(6)	04/2028	—		—		—		(1)
Health Buyer, LLC*	Senior secured	SF +	5.50%	(i)	10.89%	04/2029	120		117		0.1		117
Health Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)	04/2029	—		(1)		—		(1)
YE Brands Holding, LLC*	One stop	SF +	5.75%	(h)	11.18%	10/2027	7,175		7,105		3.9		7,104
YE Brands Holding, LLC(5)	One stop	SF +	5.50%		N/A(6)	10/2027	—		—		—		(1)
							13,705		13,523		7.5		13,620

See Notes to Consolidated Financial Statements

20

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Durables
Groundworks LLC*	One stop	SF +	6.50%	(i)	11.81%				03/2030	$	1,773	$	1,725	1.0	%	$	1,773
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(4)		—		—
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—
										1,773		1,720		1.0		1,773
Industrial Conglomerates
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(a)(i)	11.25%				07/2027	586		577		0.3		586
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(h)(i)	11.23%				07/2027	12		11		—		12
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(1)		—		—
Excelitas Technologies Corp.	One stop	SF +	5.75%	(i)	11.21%				08/2029	722		710		0.4		715
Excelitas Technologies Corp.(7)(8)	One stop	E +	5.75%	(c)	9.54%				08/2029	118		113		0.1		117
Excelitas Technologies Corp.	One stop	SF +	5.75%	(i)	11.27%				08/2028	39		38		—		39
Excelitas Technologies Corp.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(1)		—		(1)
										1,477		1,447		0.8		1,468
Insurance
Captive Resources Midco, LLC(18)	One stop	SF +	5.25%	(h)	5.29%	cash/	5.78%	PIK	07/2029	7,033		6,921		3.9		7,033
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.*	One stop	SF +	7.50%	(i)	12.92%				03/2029	1,047		1,023		0.6		1,021
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC*	One stop	SF +	6.00%	(h)(i)(j)	11.38%				07/2030	1,005		980		0.5		980
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(3)		—		(3)
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2026	—		(31)		—		(64)
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.50%	(c)	10.21%				03/2028	255		253		0.1		255
Paisley Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(10)		—		—
Paisley Bidco Limited(7)(8)(9)	One stop	E +	0.065		N/A(6)				03/2028	—		—		—		—
Pareto Health Intermediate Holdings, Inc.*	One stop	SF +	0.065	(j)	0.1197				05/2030	4,159		4,080		2.3		4,159
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	0.065	(j)	0.1197				05/2030	1,386		1,360		0.8		1,386
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	0.065		N/A(6)				06/2029	—		(1)		—		—
										14,885		14,567		8.2		14,765
IT Services
Critical Start, Inc.(18)	One stop	SF +	6.75%	(i)	8.46%	cash/	3.63%	PIK	05/2028	504		501		0.3		499
Critical Start, Inc.(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—		(1)		—		(1)
Critical Start, Inc.*(18)	One stop	SF +	6.75%	(i)	8.46%	cash/	3.63%	PIK	05/2028	256		251		0.1		253
Goldcup 31018 AB(7)(8)(11)(18)	One stop	E +	6.50%	(d)	10.43%	PIK			07/2029	756		713		0.4		748
Goldcup 31018 AB(5)(7)(8)(11)	One stop	E +	6.25%		N/A(6)				01/2029	—		(2)		—		(1)
Goldcup 31018 AB(7)(8)(11)(18)	One stop	E +	6.50%	(d)	10.43%	PIK			07/2029	70		69		—		69
Netwrix Corporation	One stop	SF +	5.00%	(i)(j)	10.37%				06/2029	9,379		9,315		5.0		9,191
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(14)		—		(54)
Netwrix Corporation	One stop	SF +	5.00%	(j)	10.47%				06/2029	44		42		—		40
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.12%				10/2026	336		331		0.2		336
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.12%				10/2026	81		81		0.1		81
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.12%				10/2026	25		25		—		25
WPEngine, Inc.*	One stop	SF +	6.50%	(j)	11.92%				08/2029	1,069		1,048		0.6		1,053
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		(1)
Zarya Holdco, Inc.	One stop	SF +	6.50%	(i)	11.92%				07/2027	973		973		0.5		973
Zarya Holdco, Inc.	One stop	SF +	6.50%	(i)	11.91%				07/2027	20		20		—		20
										13,513		13,351		7.2		13,231
Life Sciences Tools & Services
Celerion Buyer, Inc.	One stop	SF +	6.50%	(j)	11.93%				11/2029	10,240		10,019		5.6		10,240
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(35)		—		—
										10,240		9,983		5.6		10,240

See Notes to Consolidated Financial Statements

21

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pharmaceuticals
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.50%	(i)	10.89%				05/2029	$	788	$	776	0.4	%	$	765
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(i)	11.14%				05/2029	141		138		0.1		138
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(h)	11.07%				05/2029	26		24		—		24
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(j)	11.21%				05/2029	53		52		—		51
Caerus Midco 3 S.A.R.L.(7)(10)	One stop	SF +	5.75%	(j)	11.21%				05/2029	9		9		—		9
										1,017		999		0.5		987
Professional Services
ALKU Intermediate Holdings, LLC*	One stop	SF +	6.25%	(h)	11.57%				05/2029	1,278		1,260		0.7		1,262
bswift, LLC	One stop	SF +	6.63%	(i)	11.91%				11/2028	1,134		1,104		0.6		1,134
Citrin Cooperman Advisors LLC	One stop	SF +	5.75%	(i)	11.14%				10/2027	382		378		0.2		382
Citrin Cooperman Advisors LLC(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(1)		—		—
Citrin Cooperman Advisors LLC	One stop	SF +	6.25%	(j)	11.70%				10/2027	211		206		0.1		212
DISA Holdings Corp.	Senior secured	SF +	5.50%	(h)	10.83%				09/2028	720		708		0.4		720
DISA Holdings Corp.(18)	Subordinated debt	SF +	10.00%	(h)	13.33%	cash/	2.00%	PIK	03/2029	51		49		0.1		51
DISA Holdings Corp.	Senior secured	SF +	5.50%	(h)	10.83%				09/2028	45		44		—		45
DISA Holdings Corp.	One stop	SF +	5.50%	(h)	10.83%				09/2028	32		31		—		32
DISA Holdings Corp.	Senior secured	SF +	5.50%	(h)	10.83%				09/2028	7		6		—		7
										3,860		3,785		2.1		3,845
Software
Anaplan, Inc.	One stop	SF +	6.50%	(h)	11.82%				06/2029	22,836		22,649		12.5		22,836
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(2)		—		—
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.00%	(f)	10.19%				06/2029	624		611		0.3		593
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.00%	(f)	10.19%				06/2029	326		310		0.2		309
Arrow Buyer, Inc.*	One stop	SF +	6.50%	(i)	11.89%				06/2030	4,716		4,603		2.6		4,657
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(13)		—		(14)
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(14)	One stop	SF +	7.25%	(i)	12.60%				01/2029	956		930		0.5		956
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(14)	One stop	SF +	7.25%	(i)	12.60%				01/2029	365		355		0.2		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 +	6.25%	(f)	11.44%				08/2030	625		639		0.3		615
Camelia Bidco Limited(7)(8)(9)	One stop	A +	6.25%	(e)	10.39%				08/2030	41		40		—		40
Camelia Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(4)		—		(4)
Coupa Holdings, LLC*	One stop	SF +	7.50%	(h)	12.82%				02/2030	8,392		8,200		4.5		8,182
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(9)		—		(19)
Denali Bidco Limited(7)(8)(9)	One stop	SN +	6.00%	(f)	11.19%				08/2030	2,376		2,401		1.3		2,316
Denali Bidco Limited(7)(8)(9)	One stop	E +	6.00%	(b)	9.86%				08/2030	596		599		0.3		581
Denali Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(11)		—		(10)
Evergreen IX Borrower 2023, LLC*	One stop	SF +	6.00%	(i)	11.39%				09/2030	13,306		12,974		7.1		12,973
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(37)		—		(37)
GTY Technology Holdings, Inc.(18)	One stop	SF +	6.87%	(i)	7.97%	cash/	4.30%	PIK	07/2029	4,063		4,000		2.2		4,023
GTY Technology Holdings, Inc.(18)	One stop	SF +	6.88%	(i)	7.97%	cash/	4.30%	PIK	07/2029	2,653		2,606		1.4		2,627
GTY Technology Holdings, Inc.(18)	One stop	SF +	6.88%	(i)	7.97%	cash/	4.30%	PIK	07/2029	486		483		0.3		482
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
Hyland Software, Inc.*	One stop	SF +	6.00%	(h)	11.32%				09/2030	24,900		24,528		13.4		24,527
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(2)
ICIMS, Inc.(18)	One stop	SF +	7.25%	(i)	8.76%	cash/	3.88%	PIK	08/2028	5,567		5,490		3.0		5,456
ICIMS, Inc.	One stop	SF +	6.75%	(i)	12.14%				08/2028	27		26		—		24
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(25)
IQN Holding Corp.	One stop	SF +	5.25%	(i)	10.67%				05/2029	1,492		1,481		0.8		1,462
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(5)		—		(7)

See Notes to Consolidated Financial Statements

22

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	$	—	$	(1)	—	%	$	(2)
Island Bidco AB(7)(8)(11)(18)	One stop	E +	7.25%	(d)	3.93%	cash/	7.25%	PIK	07/2028	621		609		0.3		621
Island Bidco AB(7)(11)(18)	One stop	SF +	7.00%	(j)	8.84%	cash/	3.50%	PIK	07/2028	302		300		0.2		302
Island Bidco AB(7)(11)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(5)(7)(8)(11)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Kaseya Inc.(18)	One stop	SF +	6.25%	(i)	9.12%	cash/	2.50%	PIK	06/2029	4,472		4,416		2.4		4,427
Kaseya Inc.(18)	One stop	SF +	6.25%	(h)	9.07%	cash/	2.50%	PIK	06/2029	68		65		—		65
Kaseya Inc.(18)	One stop	SF +	6.25%	(i)	9.12%	cash/	2.50%	PIK	06/2029	16		14		—		14
LeadsOnline, LLC*	One stop	SF +	6.25%	(h)	11.58%				02/2028	5,007		4,884		2.7		4,881
LeadsOnline, LLC*	One stop	SF +	6.25%	(h)	11.58%				02/2028	884		862		0.5		862
LeadsOnline, LLC(5)	One stop	SF +	6.25%		N/A(6)				02/2028	—		(1)		—		(1)
Panzura, LLC(18)	One stop	N/A			2.00%	cash/	13.00%	PIK	08/2027	50		44		—		44
PING Identity Holding Corp.	One stop	SF +	7.00%	(h)	12.32%				10/2029	2,213		2,184		1.2		2,213
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Quant Buyer, Inc.	One stop	SF +	6.00%	(j)	11.30%				06/2029	6,527		6,474		3.5		6,380
Quant Buyer, Inc.	One stop	SF +	6.00%	(j)	11.30%				06/2029	5,499		5,454		2.9		5,375
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(3)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(109)		—		—
Rainforest Bidco Limited(7)(8)(9)(18)	One stop	SN +	5.50%	(f)	8.69%	cash/	2.00%	PIK	07/2029	688		657		0.4		657
Rainforest Bidco Limited(7)(9)(18)	One stop	SF +	5.50%	(g)	8.80%	cash/	2.00%	PIK	07/2029	133		132		0.1		127
Rainforest Bidco Limited(7)(8)(9)(18)	One stop	SN +	5.50%	(f)	8.69%	cash/	2.00%	PIK	07/2029	50		48		—		48
Rainforest Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(128)		(0.1)		(128)
SailPoint Technologies Holdings, Inc.	One stop	SF +	6.25%	(h)	11.58%				08/2029	6,827		6,711		3.7		6,759
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(1)		—		(2)
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%	(j)	11.68%				07/2028	543		531		0.3		543
Templafy APS and Templafy, LLC(7)(13)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(7)(13)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(2)		—		—
Zendesk, Inc.(18)	One stop	SF +	6.75%	(i)	8.90%	cash/	3.25%	PIK	11/2028	9,728		9,564		5.3		9,728
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(20)		—		—
										137,975		135,522		74.3		135,814

See Notes to Consolidated Financial Statements

23

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
PPV Intermediate Holdings, LLC	One stop	SF +	5.75%	(i)	11.17%		08/2029	$	6,612	$	6,514	3.6	%	$	6,513
PPV Intermediate Holdings, LLC(18)	One stop	N/A			13.50%	PIK	08/2030	732		718		0.4		688
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2029	—		(7)		—		(6)
PPV Intermediate Holdings, LLC(18)	One stop	N/A			13.50%	PIK	08/2030	31		28		—		29
PPV Intermediate Holdings, LLC(18)	One stop	N/A			13.50%	PIK	08/2030	169		167		0.1		159
PPV Intermediate Holdings, LLC(18)	One stop	N/A			13.50%	PIK	08/2030	31		31		—		29
PPV Intermediate Holdings, LLC(18)	One stop	N/A			14.25%	PIK	08/2030	6,957		6,755		3.7		6,749
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.59%		08/2028	291		289		0.2		288
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.59%		08/2028	4,458		4,421		2.4		4,413
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.64%		08/2028	73		72		—		72
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%		08/2028	75		73		—		73
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(10)		—		(12)
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.64%		08/2028	231		229		0.1		228
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.64%		08/2028	96		95		0.1		95
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.68%		08/2028	301		298		0.2		298
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(j)	14.45%		09/2029	274		252		0.1		257
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.63%		08/2028	67		67		—		67
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(7)		—		(7)
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(i)	12.14%		12/2029	784		767		0.5		784
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(h)(i)	12.07%		12/2028	29		28		—		29
SureWerx Purchaser III, Inc.(5)(7)	One stop	SF +	6.75%		N/A(6)		12/2029	—		(2)		—		—
								21,211		20,778		11.4		20,746
Total debt investments								318,379		312,260		171.7		313,688

See Notes to Consolidated Financial Statements

24

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)			Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(15)(16)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A			N/A	40	$	399	0.2	%	$	417
Automobiles
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A			N/A	1	77		0.1		87
Diversified Consumer Services
DP Flores Holdings, LLC	LLC units	N/A	N/A			N/A	88	88		0.1		99
HS Spa Holdings, Inc.	Common stock	N/A	N/A			N/A	78	78		—		80
NSG Buyer, Inc. (7)	LP units	N/A	N/A			N/A	1	893		0.5		870
								1,059		0.6		1,049
IT Services
Critical Start, Inc.	Common stock	N/A	N/A			N/A	38	38		—		45
Netwrix Corporation(17)	LLC units	N/A	N/A			N/A	11	21		—		35
								59		—		80
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A			N/A	446	446		0.2		446
Celerion Buyer, Inc.	LP units	N/A	N/A			N/A	446	—		0.1		138
								446		0.3		584
Software
Anaplan, Inc.	LP Interest	N/A	N/A			N/A	890	891		0.7		1,265
Cynet Security Ltd.(7)(12)	Preferred stock	N/A	N/A			N/A	23	81		0.1		97
Denali Bidco Limited(7)(9)	LP Interest	N/A	N/A			N/A	78	102		0.1		102
GTY Technology Holdings, Inc.	LP units	N/A	N/A			N/A	60	60		—		77
Kaseya Inc.(17)	Preferred stock	N/A	11.75%		Non-Cash	N/A	1	939		0.5		956
Kaseya Inc.	LP Interest	N/A	N/A			N/A	50	50		—		55
Onit, Inc.(17)	Preferred stock	N/A	15.00%		Non-Cash	N/A	—	46		—		50
Onit, Inc.	Warrant	N/A	N/A			N/A	—	6		—		7
Panzura, LLC	LLC units	N/A	N/A			N/A	1	4		—		4
Templafy APS and Templafy, LLC(7)(13)	Warrant	N/A	N/A			N/A	—	11		—		8
Zendesk, Inc.	LP units	N/A	N/A			N/A	22	218		0.2		302
								2,408		1.6		2,923
Specialty Retail
Salon Lofts Group, LLC	LP units	N/A	N/A			N/A	—	109		0.1		87
								109		0.1		87
Total equity investments								4,557		2.9		5,227
Total investments								316,817		174.6		318,915
Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)			5.2	%	(19)			$	34,535	18.9	%	$	34,535
Total money market funds								34,535		18.9		34,535
Total investments and money market funds								$	351,352	193.5	%	$	353,450

See Notes to Consolidated Financial Statements

25

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

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

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF”), Australian Interbank Rate (”AUD” or ”A”), 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, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

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

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

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

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

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

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

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

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

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

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

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2023.

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

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

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

(6)The entire commitment was unfunded as of September 30, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 16.4% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

(18)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, 2023.

(19)The rate shown is the annualized seven-day yield as of September 30, 2023.

See Notes to Consolidated Financial Statements

26

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, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

27

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 Company in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in “Note 6. Fair Value Measurements”.

Use of estimates: The preparation of the unaudited 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”) 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: Restricted cash and cash equivalents 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 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 with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

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

Revenue recognition:

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

28

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and six months ended March 31, 2024, interest income included $622 and $1,027, respectively, of accretion of discounts. For the three and six months ended March 31, 2023, interest income included $132 and $267, respectively, of accretion of discounts. For the three and six months ended March 31, 2024, the Company received loan origination fees of $2,830 and $9,248, respectively. For the three and six months ended March 31, 2023, the Company received loan origination fees of $976 and $2,274, respectively.

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, 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. For the three and six months ended March 31, 2023, investment income included $294 and $430, respectively, of PIK interest and the Company capitalized PIK interest of $297 and $412, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. For the three and six months ended March 31, 2024 and 2023, fee income included no prepayment premiums. All other income is recorded into income when earned.

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. For the three and six months ended March 31, 2023, the Company received interest and fee income in cash which excludes capitalized loan origination fees, in the amounts of $3,682 and $6,860, 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, 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 the three and six months ended March 31, 2023, the Company recognized PIK and non-cash dividend income of $28 and $54, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024 and 2023, 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 amortized cost basis of the investment. For the three and six months ended March 31, 2024 and 2023, the Company did not recognize 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

29

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of March 31, 2024 and September 30, 2023, 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.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2024, $10 and $25, respectively, was recorded for U.S. federal excise tax. For the three and six months ended March 31, 2023, $16 and $53, respectively, was recorded for U.S. federal excise tax.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in 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, 2024. The Company’s tax returns for the 2022 tax year 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.

30

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2024 and September 30, 2023, the Company had deferred debt issuance costs of $2,802 and $1,004, 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, 2024, was $283 and $490, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2023, was $69 and $134, 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, 2024, the Company amortized $35 and $66, 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, 2023, the Company amortized $20 and $40, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

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, 2024 and September 30, 2023, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

	As of March 31, 2024				As of September 30, 2023
	Subscriptions		Contributions		Subscriptions		Contributions
GBDC 4 Stockholders	$	984,175	$	405,563	$	760,589	$	179,245

Effective January 1, 2024, the Company entered into an agreement to cancel subscriptions totaling $83. As of March 31, 2024 and September 30, 2023, the ratio of total contributed capital to total capital subscriptions was 41.2% and 23.6%, respectively, and the Company had uncalled capital commitments of $578,612 and $581,344, respectively.

31

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, 2024 and 2023:

	Date	Shares Issued	NAV per share		Proceeds
Shares issued for the six months ended March 31, 2023
Issuance of shares	11/14/22	1,150,201.000	$	15.00	$	17,253
Issuance of shares	02/27/23	859,744.654	15.00		12,896
Shares issued for capital drawdowns		2,009,945.654			$	30,149
Issuance of shares	11/23/22	2,657.828	$	15.00	40
Issuance of shares	12/29/22	30,829.580	15.00		462
Issuance of shares	03/01/23	17,801.196	15.00		267
Issuance of shares	03/22/23	22,391.978	15.00		336
Shares issued through DRIP		73,680.582			$	1,105
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

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, GBDC 4. The Board most recently reapproved the Investment Advisory Agreement in May 2024. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds 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

32

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

The base management fee incurred for the three and six months ended March 31, 2024, 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 base management fee incurred for the three and six months ended March 31, 2023, was $624 and $1,132, respectively, and the base management fee irrevocably waived by the Investment Adviser was $397 and $721, respectively.

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

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

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed ‘‘hurdle rate’’ of 1.75% 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

33

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2024, the Income Incentive Fee incurred was $2,678 and $4,461, respectively. For the three and six months ended March 31, 2023, the Income Incentive Fee incurred was $606 and $1,056, 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.

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, 2024, the Income Incentive Fee irrevocably waived by the Investment Adviser was $2,678 and $4,461, respectively. For the three and six months ended March 31, 2023, the Income Incentive Fee irrevocably waived by the Investment Adviser was $606 and $1,056, 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, calculated as described above, in excess of 10.0%

34

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2024 and 2023, the Company did not accrue a Capital Gain Incentive Fee. As of both March 31, 2024 and September 30, 2023, 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.

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.

For the three and six months ended March 31, 2024 and 2023, the Company did not accrue a capital gain incentive fee under GAAP. As of March 31, 2024 and September 30, 2023, there was no 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.

35

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that the Income Incentive Fee and the Capital Gain Incentive Fee will not be paid at any time if, after such payment, the cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to date would exceed an incentive fee cap (the ‘‘Incentive Fee Cap’’). The Incentive Fee Cap in any quarter is equal to the difference between (a) 10% of Cumulative Pre-Incentive Fee Net Income (20% for periods beginning after the date of the closing of a Liquidity Event) and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since April 1, 2022.

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

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

Included in accounts payable and other liabilities is $199 and $79, as of March 31, 2024 and September 30, 2023, 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 March 31, 2024 and September 30, 2023, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $304 and $255, respectively.

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, 2024 were $295 and $631, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2023 were $226 and $545, respectively. As of March 31, 2024 and September 30, 2023, included in accounts payable and other liabilities were $278 and $336, 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

36

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2024, GGP Class B-P, LLC has an aggregate commitment of $100,011. As of March 31, 2024, the Company had issued 3,834,435.998 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $57,517 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 (the “Adviser Revolver”) which, as of March 31, 2024, permits the Company to borrow a maximum of $100,000 and expires on April 12, 2025. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

Note 5. Investments

Investments as of March 31, 2024 and September 30, 2023 consisted of the following:

	As of March 31, 2024						As of September 30, 2023
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	35,397	$	35,017	$	35,349	$	7,593	$	7,488	$	7,485
One stop	784,264		770,075		778,181		310,461		304,471		305,895
Second lien	866		847		866		274		252		257
Subordinated debt	154		151		153		51		49		51
Equity	N/A		5,545		6,681		N/A		4,557		5,227
Total	$	820,681	$	811,635	$	821,230	$	318,379	$	316,817	$	318,915

37

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, 2024				As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic	$	88,581	10.9	%	$	45,496	14.4	%
Midwest	177,140		21.8		52,016		16.4
Northeast	126,255		15.6		55,395		17.5
Southeast	99,754		12.3		50,416		15.9
Southwest	79,501		9.8		29,392		9.3
West	197,456		24.3		73,873		23.3
United Kingdom	24,399		3.0		5,638		1.8
Luxembourg	970		0.1		999		0.3
Sweden	1,806		0.2		1,688		0.5
Israel	81		0.0	*	81		0.0	*
Denmark	538		0.1		539		0.2
Germany	13,867		1.7		—		—
Netherlands	1,287		0.2		1,284		0.4
Total	$	811,635	100.0	%	$	316,817	100.0	%
Fair Value:
United States
Mid-Atlantic	$	89,968	11.0	%	$	45,818	14.4	%
Midwest	178,726		21.8		52,366		16.4
Northeast	127,464		15.5		55,807		17.5
Southeast	101,344		12.3		50,703		15.9
Southwest	80,542		9.8		29,431		9.2
West	199,698		24.3		74,591		23.4
United Kingdom	24,866		3.0		5,504		1.7
Luxembourg	968		0.1		986		0.3
Sweden	1,880		0.2		1,740		0.6
Israel	104		0.0	*	97		0.0	*
Denmark	554		0.1		551		0.2
Germany	13,795		1.7		—		—
Netherlands	1,321		0.2		1,321		0.4
Total	$	821,230	100.0	%	$	318,915	100.0	%

* Represents an amount less than 0.1%

38

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 of March 31, 2024 and September 30, 2023 were as follows:

	As of March 31, 2024				As of September 30, 2023
Amortized Cost:
Aerospace and Defense	$	14,861	1.8	%	$	14,873	4.7	%
Auto Components	9,911		1.2		—		—
Automobiles	27,559		3.4		8,694		2.8
Banks	3,851		0.5		—		—
Capital Markets	14,054		1.7		—		—
Beverages	16,119		2.0		14,276		4.5
Commercial Services and Supplies	57,606		7.1		2,041		0.6
Diversified Consumer Services	68,354		8.4		17,385		5.5
Diversified Financial Services	19,607		2.4		12,323		3.9
Electrical Equipment	697		0.1		—		—
Electronic Equipment, Instruments and Components	5,307		0.7		5,315		1.7
Food Products	16,845		2.1		—		—
Healthcare Technology	14,501		1.8		10,896		3.4
Healthcare Equipment and Supplies	14,749		1.8		4,210		1.3
Healthcare Providers and Services	27,052		3.3		8,107		2.6
Hotels, Restaurants and Leisure	18,100		2.2		13,523		4.3
Household Durables	—		—		1,720		0.5
Industrial Conglomerates	1,723		0.2		1,447		0.5
Insurance	48,485		6.0		14,567		4.6
IT Services	25,255		3.1		13,410		4.2
Leisure Products	7,377		0.9		—		—
Life Sciences Tools & Services	10,400		1.3		10,429		3.3
Machinery	24,412		3.0		—		—
Oil, Gas & Consumable Fuels	15,823		2.0		—		—
Pharmaceuticals	970		0.1		999		0.3
Professional Services	5,669		0.7		3,785		1.2
Software	265,153		32.7		137,930		43.5
Specialty Retail	77,195		9.5		20,887		6.6
Total	$	811,635	100.0	%	$	316,817	100.0	%

39

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, 2024				As of September 30, 2023
Fair Value:
Aerospace and Defense	$	15,209	1.9	%	$	15,292	4.8	%
Auto Components	9,848		1.2		—		—
Automobiles	27,778		3.4		8,494		2.7
Banks	3,929		0.5		—		—
Beverages	16,579		2.0		14,290		4.5
Capital Markets	14,047		1.7		—		—
Commercial Services and Supplies	58,523		7.1		2,041		0.6
Diversified Consumer Services	69,693		8.5		17,617		5.5
Diversified Financial Services	19,907		2.4		12,379		3.9
Electrical Equipment	697		0.1		—		—
Electronic Equipment, Instruments and Components	5,432		0.7		5,455		1.7
Food Products	16,921		2.1		—		—
Healthcare Technology	14,648		1.8		10,852		3.4
Healthcare Equipment and Supplies	14,767		1.8		4,245		1.3
Healthcare Providers and Services	27,357		3.3		8,087		2.5
Hotels, Restaurants and Leisure	18,412		2.3		13,620		4.3
Household Durables	—		—		1,773		0.6
Industrial Conglomerates	1,746		0.2		1,468		0.5
Insurance	48,819		5.9		14,765		4.6
IT Services	25,436		3.1		13,311		4.2
Leisure Products	7,377		0.9		—		—
Life Sciences Tools & Services	10,900		1.3		10,824		3.4
Machinery	24,710		3.0		—		—
Oil, Gas & Consumable Fuels	15,896		1.9		—		—
Pharmaceuticals	968		0.1		987		0.3
Professional Services	5,749		0.7		3,845		1.2
Software	268,052		32.6		138,737		43.5
Specialty Retail	77,830		9.5		20,833		6.5
Total	$	821,230	100.0	%	$	318,915	100.0	%

Note 6. Fair Value Measurements

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

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

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

40

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2024 and 2023. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2024 and September 30, 2023, were valued using Level 3 inputs. As of both March 31, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.

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

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

41

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

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2024 and September 30, 2023:

As of March 31, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	814,549	$	814,549
Equity investments(1)	—		—		6,681		6,681
Money market funds(1)(2)	2,654		—		—		2,654
Total assets, at fair value:	$	2,654	$	—	$	821,230	$	823,884
As of September 30, 2023	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	313,688	$	313,688
Equity investments(1)	—		—		5,227		5,227
Money market funds(1)(2)	34,535		—		—		34,535
Total assets, at fair value:	$	34,535	$	—	$	318,915	$	353,450

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

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

42

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, 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 net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2023 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2023 was $1,223 and $1,274, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2024 and 2023:

	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

	For the six months ended March 31, 2023
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	110,137	$	2,398	$	112,535
Net change in unrealized appreciation (depreciation) on investments	760		199		959
Net translation of investments in foreign currencies	279		—		279
Fundings of (proceeds from) revolving loans, net	31		—		31
Fundings of investments	85,420		2,057		87,477
PIK interest and non-cash dividends	412		54		466
Proceeds from principal payments and sales of portfolio investments	(3,529)		(50)		(3,579)
Accretion of discounts and amortization of premiums	267		—		267
Fair value, end of period	$	193,777	$	4,658	$	198,435

43

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, 2024 and September 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans	$	35,349	Yield analysis	Market interest rate	8.8% - 10.0% (9.0%)
			Market comparable companies	EBITDA multiples	6.5x - 16.0x (8.1x)
One stop loans(2)	$	778,181	Yield analysis	Market interest rate	6.3% - 20.0% (10.5%)
			Market comparable companies	EBITDA multiples	9.0x - 40.3x (16.9x)
			Market comparable companies	Revenue multiples	4.0x - 28.0x (10.2x)
Subordinated debt and second lien loans	$	1,019	Yield analysis	Market interest rate	12.3% - 15.8% (12.9%)
			Market comparable companies	EBITDA multiples	9.5x - 24.0x (13.0x)
Equity(3)	$	6,681	Market comparable companies	EBITDA multiples	9.3x - 24.0x (17.6x)
				Revenue multiples	4.0x - 17.5x (14.7x)

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

(2)The Company valued $616,139 and $162,042 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $4,742 and $1,939 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value as of September 30, 2023		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans	$	7,485	Yield analysis	Market interest rate	9.0% - 10.0% (9.8%)
			Market comparable companies	EBITDA multiples	8.5x - 16.1x (11.7x)
One stop loans(2)	$	305,895	Yield analysis	Market interest rate	7.5% - 19.8% (10.4%)
			Market comparable companies	EBITDA multiples	9.5x - 34.0x (18.2x)
			Market comparable companies	Revenue multiples	5.5x - 27.0x (11.8x)
Subordinated debt and second lien loans	$	308	Yield analysis	Market interest rate	13.0% - 13.5% (13.1%)
			Market comparable companies	EBITDA multiples	9.5x - 11.5x (11.2x)
Equity(3)	$	5,227	Market comparable companies	EBITDA multiples	11.5x - 26.0x (19.5x)
				Revenue multiples	5.5x - 16.5x (14.1x)

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

(2)The Company valued $231,879 and $74,016 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $3,372 and $1,855 of equity investments using EBITDA and revenue multiples, respectively.

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

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates.

44

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Other Financial Assets and Liabilities

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

The following are the carrying values and fair values of the Company’s debt and other short-term borrowings as of March 31, 2024 and September 30, 2023:

	As of March 31, 2024				As of September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	391,075	$	391,075	$	176,928	$	176,928
Other short-term borrowings	28,104		28,104		—		—

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On April 1, 2022, the Company’s sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of March 31, 2024, the Company’s asset coverage for borrowed amounts was 196.9%.

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, 2024, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $400,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025. Through a series of amendments, most recently on February 5, 2024, and March 15, 2024, the Company amended the PNC Facility with PNC Bank to, among other things, increase the borrowing capacity from $300,000 to $400,000, update the applicable margin range of 2.00% to 2.40% such that borrowings under the PNC Facility will bear interest at the applicable base rate 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 and replace the applicable reference rate with respect to borrowings denominated in Canadian dollars to the Canadian Overnight Repo Rate Average (“CORRA”) and otherwise conforms the PNC Facility to accommodate CORRA as the reference rate for certain borrowings denominated in Canadian dollars.

As of March 31, 2024, 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, 2024 and September 30, 2023, the Company had outstanding debt of $391,075 and $176,928, respectively, under the PNC Facility.

45

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, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	6,104		$	1,431		$	9,490		$	2,465
Facility fees	33			10			83			20
Amortization of debt issuance costs	278			69			485			134
Total interest expense	$	6,415		$	1,510		$	10,058		$	2,619
Cash paid for interest expense	$	3,443		$	1,048		$	6,026		$	1,472
Annualized average stated interest rate(1)	7.7		%	6.5		%	7.7		%	6.1		%
Average outstanding balance	$	316,790		$	89,477		$	246,665		$	80,471

(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 the earliest of (i) three years from the last day of the DB Credit Facility Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default. As of March 31, 2024, the DB Credit Facility allowed GBDC 4 Funding II to borrow up to $250,000.

As of March 31, 2024, 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 Sterling Overnight Index Average 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 may 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.

46

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, 2024, the Company had no outstanding debt under the DB Credit Facility.

For the three and six months ended March 31, 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,
	2024		2024
Stated interest expense	$	—	$	—
Facility fees	7		7
Amortization of debt issuance costs	5		5
Total interest expense	$	12	$	12
Cash paid for interest expense	$	—	$	—
Annualized average stated interest rate	N/A		N/A
Average outstanding balance	$	—	$	—

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2024 and September 30, 2023, 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”). The short-term AFR as of March 31, 2024 was 4.6%. As of March 31, 2024 and September 30, 2023, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2024 and 2023, the components of 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,
	2024			2023			2024			2023
Stated interest expense	$	44		$	29		$	66		$	52
Cash paid for interest expense	21			—			21			69
Annualized average stated interest rate(1)	4.9		%	4.6		%	5.0		%	4.4		%
Average outstanding balance	$	3,619		$	2,592		$	2,637		$	2,383

(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, 2024, the Company had $28,104 of other short-term borrowings and the fair value of the loans associated with the short-term borrowings was $28,104. As of September 30, 2023, the Company had no short-term borrowings.

47

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, 2024 and 2023, the interest expense, cash paid for 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,
	2024			2023		2024			2023
Stated interest expense	$	1,743		$	—	$	3,657		$	—
Cash paid for interest expense	3,500			—		3,500			—
Annualized average stated interest rate	8.3		%	N/A		8.3		%	N/A
Average outstanding balance	$	84,448		$	—	$	87,815		$	—

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, 2023, the average total debt outstanding was $92,068 and $82,854, 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%. For the three and six months ended March 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 6.8% and 6.5%, respectively.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2024 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
PNC Facility	$	391,075	$	—	$	391,075	$	—	$	—
Other short-term borrowings	28,104		28,104		—		—		—
Total borrowings	$	419,179	$	28,104	$	391,075	$	—	$	—

Note 8. Commitments and Contingencies

Commitments: As of March 31, 2024, the Company had outstanding commitments to fund investments totaling $270,408, including $64,531 of commitments on undrawn revolvers. As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $63,784, including $7,390 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of March 31, 2024 and September 30, 2023 , there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company in the future may engage in

48

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may 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 9. Financial Highlights

The financial highlights for the Company are as follows:

	Six months ended March 31,
Per share data:(1)	2024			2023
Net asset value at beginning of period	$	15.00		$	15.00
Distributions declared:(2)
From net investment income - after tax	(1.44)			(1.08)
Net investment income - after tax	1.12			0.93
Net realized gain (loss) on investment transactions	0.00		^	0.01
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.32			0.14
Net asset value at end of period	$	15.00		$	15.00
Total return based on net asset value per share(4)	9.78		%	7.27		%
Number of common shares outstanding	27,476,502.077			6,712,031.176

	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2024			2023
Ratio of net investment income - after tax to average net assets*	15.05		%	12.49		%
Ratio of total expenses to average net assets*(5)	14.31		%	11.53		%
Ratio of management fee waiver to average net assets*	(1.82)		%	(1.70)		%
Ratio of incentive fee waiver to average net assets	(1.51)		%	(1.25)		%
Ratio of incentive fees to average net assets(5)	1.51		%	1.25		%
Ratio of excise tax to average net assets(5)	0.01		%	0.06		%
Ratio of net expenses to average net assets*(5)	10.98		%	8.52		%
Ratio of total expenses (without incentive fees) to average net assets*(5)	12.80		%	8.58		%
Total return based on average net asset value(6)	9.98		%	7.46		%
Total return based on average net asset value - annualized(6)*	19.97		%	14.97		%
Net assets at end of period	$	412,147		$	100,680
Average debt outstanding	$	337,116		$	82,854
Average debt outstanding per share	$	12.27		$	12.34
Portfolio Turnover*	1.21		%	4.46		%
Asset coverage ratio(7)	196.87		%	192.27		%
Asset coverage ratio per unit(8)	$	1,969		$	1,923
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
Other short-term borrowings	N/A			N/A

49

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

*    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 other short-term borrowings are not registered for public trading.

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the six months ended March 31, 2024 and 2023:

	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Earnings available to stockholders	$	19,581	$	4,219	$	29,590	$	6,329
Basic and diluted weighted average shares outstanding	23,316,356		6,135,953		19,887,305		5,678,323
Basic and diluted earnings per share	$	0.84	$	0.69	$	1.49	$	1.11

50

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the six months ended March 31, 2024 and 2023:

Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
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
For the six months ended March 31, 2023
08/05/2022	10/18/2022	12/29/2022	4,628,404.940	$	0.1396	$	646
11/18/2022	11/21/2022	12/29/2022	5,778,605.940	0.1212		700
11/18/2022	12/15/2022	03/01/2023	5,781,263.768	0.1321		764
11/18/2022	01/17/2023	03/22/2023	5,812,093.348	0.1637		951
02/07/2023	02/24/2023	05/24/2023	5,812,093.348	0.2509		1,458
02/07/2023	03/17/2023	05/24/2023	6,689,639.198	0.2705		1,809
Total dividends declared for the six months ended March 31, 2023						$	6,328

The following table summarizes the Company’s distributions reinvested during the six months ended March 31, 2024 and 2023:

Payment Date	DRIP Shares Issued	NAV ($) Per Share		DRIP Shares Value
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
For the six months ended March 31, 2023
November 23, 2022	2,657.828	$	15.00	$	40
December 29, 2022	30,829.580	15.00		462
March 1, 2023	17,801.196	15.00		267
March 22, 2023	22,391.978	15.00		336
	73,680.582			$	1,105

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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. 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, 2024, the Company entered into subscription agreements with additional stockholders totaling $34,000, in the aggregate.

On February 2, 2024 and May 3, 2024, 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 19, 2024	June 18, 2024	In an amount (if positive) such that the net asset value of the Company as of April 30, 2024 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, 2024 through April 30, 2024 and the payment of this distribution is $15.00 per share.
May 27, 2024	August 21, 2024	In an amount (if positive) such that the net asset value of the Company as of May 31, 2024 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, 2024 through May 31, 2024 and the payment of this distribution is $15.00 per share.
June 21, 2024	August 21, 2024	In an amount (if positive) such that the net asset value of the Company as of June 30, 2024 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, 2024 through June 30, 2024 and the payment of this distribution is $15.00 per share.
July 19, 2024	September 18, 2024	In an amount (if positive) such that the net asset value of the Company as of July 31, 2024 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, 2024 through July 31, 2024 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 those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

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

•our contractual arrangements and relationships with third parties;

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

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

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

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

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

•general economic and political trends and other external factors, including the COVID-19 pandemic;

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

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

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

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

•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,”

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“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, 2023.

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

Overview

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

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 $65.0 billion in capital under management as of January 1, 2024, (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

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principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which may increase our risk of losing part or all of our investment.

As of March 31, 2024 and September 30, 2023, our portfolio at fair value was comprised of the following:

	As of March 31, 2024				As of September 30, 2023
Investment Type	Investments at  Fair Value (In thousands)		Percentage of Total Investments		Investments at  Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	35,349	4.3	%	$	7,485	2.3	%
One stop	778,181		94.8		305,895		96.0
Second lien	866		0.1		257		0.1
Subordinated debt	153		—		51		0.0	*
Equity	6,681		0.8		5,227		1.6
Total	$	821,230	100.0	%	$	318,915	100.0	%

* Represents an amount less than 0.1%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2024 and September 30, 2023, one stop loans included $162.0 million and $74.0 million, respectively, of recurring revenue loans at fair value.

As of March 31, 2024 and September 30, 2023, we had debt and equity investments in 111 and 74 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented 100% of our debt investments and certain preferred equity investments, as well as the annualized total return based on our average net asset value, in each case, and our net investment income - return on equity for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended		Six months ended,
	March 31, 2024	December 31, 2023	March 31, 2024	March 31, 2023
Weighted average income yield(1)*	12.2%	12.5%	12.3%	10.8%
Weighted average investment income yield(2)*	12.5%	12.8%	12.6%	11.2%
Total return based on average net asset value(3)*	22.7%	16.2%	20.0%	15.0%
Net investment income - return on equity(4)*	15.5%	14.4%	15.1%	12.5%

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

(4)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, 2024, GBDC 4 has earned an inception-to-date internal rate of return, or IRR, of 18.2% for stockholders taken as a whole. An individual stockholder’s IRR may vary based on the timing of their capital transactions. For the six months ended March 31, 2024 and 2023, GBDC 4 earned a fiscal year-to-date IRR of 24.7% and 16.1%, 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.

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;

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•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.

Recent Developments

On April 1, 2024, we entered into subscription agreements with additional stockholders totaling $34.0 million, in the aggregate.

On February 2, 2024 and May 3, 2024, 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 19, 2024	June 18, 2024	In an amount (if positive) such that our net asset value as of April 30, 2024 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 April 1, 2024 through April 30, 2024 and the payment of this distribution is $15.00 per share.
May 27, 2024	August 21, 2024	In an amount (if positive) such that our net asset value as of May 31, 2024 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, 2024 through May 31, 2024 and the payment of this distribution is $15.00 per share.
June 21, 2024	August 21, 2024	In an amount (if positive) such that our net asset value as of June 30, 2024 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, 2024 through June 30, 2024 and the payment of this distribution is $15.00 per share.
July 19, 2024	September 18, 2024	In an amount (if positive) such that our net asset value as of July 31, 2024 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, 2024 through July 31, 2024 and the payment of this distribution is $15.00 per share.

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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, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023 are as follows:

	Three months ended				Variances		Six months ended				Variances
	March 31, 2024		December 31, 2023		March 31, 2024  vs. December 31, 2023		March 31, 2024		March 31, 2023		2024 vs. 2023
	(In thousands)
Interest income	$	21,000	$	13,954	$	7,046	$	34,954	$	8,163	$	26,791
Payment-in-kind interest income	1,276		1,107		169		2,383		430		1,953
Accretion of discounts and amortization of premiums	622		405		217		1,027		267		760
Non-cash dividend income	43		32		11		75		54		21
Fee income	96		48		48		144		21		123
Total investment income	23,037		15,546		7,491		38,583		8,935		29,648
Net expenses	9,634		6,618		3,016		16,252		3,599		12,653
Net investment income - before tax	13,403		8,928		4,475		22,331		5,336		16,995
Excise tax	10		15		(5)		25		53		(28)
Net investment income - after tax	13,393		8,913		4,480		22,306		5,283		17,023
Net realized gain (loss) on investment transactions	30		(4)		34		26		58		(32)
Net change in unrealized appreciation (depreciation) on investment transactions	6,158		1,100		5,058		7,258		988		6,270
Net increase (decrease) in net assets resulting from operations	$	19,581	$	10,009	$	9,572	$	29,590	$	6,329	$	23,261
Average earning debt investments, at fair value	$	739,861	$	481,043	$	258,818	$	612,100	$	159,751	$	452,349
Average earning preferred equity investments, at fair value	$	1,079	$	1,006	$	73	$	1,047	$	883	$	164

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, 2023 to the three months ended March 31, 2024 by $7.5 million, primarily due to an increase in the average earning debt investments balance of $258.8 million.

Investment income increased from the six months ended March 31, 2023 to the six months ended March 31, 2024 by $29.6 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 $452.3 million coupled with rising SOFR interest base rates.

The annualized income yield by debt security type for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023 are as follows:

	Three months ended				Six months ended
	March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
Senior secured	11.0	%	10.7	%	10.9	%	10.4	%
One stop	12.1	%	12.3	%	12.1	%	10.8	%
Second lien	15.4	%	17.0	%	15.9	%	—	%
Subordinated debt	14.7	%	13.3	%	13.9	%	14.5	%

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Income yields on senior secured loans increased for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023, primarily due to fundings of higher yielding delayed draw term loans during the quarter.

Income yields on one stop loans decreased for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023, primarily due to interest rate spread compression on new investments.

Income yields on one stop loans increased for the six months ended March 31, 2024 as compared to the six months ended March 31, 2023, primarily due to rising interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 96.3% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2024 and September 30, 2023, the weighted average base rate floor of our loans was 0.79% and 0.75%, respectively.

As of March 31, 2024, we have second lien investments in one portfolio company and subordinated debt investments in three portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended				Variances		Six months ended				Variances
	March 31, 2024		December 31, 2023		March 31, 2024  vs. December 31, 2023		March 31, 2024		March 31, 2023		2024 vs. 2023
	(In thousands)
Interest and facility fee expenses	$	7,931	$	5,372	$	2,559	$	13,303	$	2,538	$	10,765
Amortization of debt issuance costs	283		207		76		490		134		356
Base management fee, net of waiver	929		615		314		1,544		411		1,133
Professional fees	231		234		(3)		465		385		80
Administrative service fee	199		104		95		303		86		217
General and administrative expenses	61		86		(25)		147		45		102
Net expenses	$	9,634	$	6,618	$	3,016	$	16,252	$	3,599	$	12,653
Average debt outstanding	$	404,857	$	270,548	$	134,309	$	337,116	$	82,854	$	254,262

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $2.6 million from the three months ended December 31, 2023 to the three months ended March 31, 2024, primarily due to an increase in average debt outstanding of $134.3 million.

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $11.1 million from the six months ended March 31, 2023 to the six months ended March 31, 2024, primarily due to an increase in average debt outstanding of $254.3 million as well as rising interest base rates on borrowings from our floating rate debt facilities and, to a lesser extent, increased interest rate spreads made in connection with amendments on our PNC Facility. For more information about our outstanding borrowings for the six months ended March 31, 2024 and 2023, including the terms thereof, see “Note 7. Borrowings” in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For both the three months ended March 31, 2024 and December 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt 8.2%, respectively. For the six months ended March 31, 2024 and 2023, the effective annualized average interest rate,

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which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 8.2% and 6.5%, respectively.

The effective average interest rate remained relatively flat from the three months ended December 31, 2023 to the three months ended March 31, 2024. The effective average interest rate increased from the six months ended March 31, 2023 to the six months ended March 31, 2024 primarily due to rising interest base interest rates on our borrowings from floating rate debt facilities and, to a lesser extent, increased interest rate spreads made in connection with amendments on our PNC Facility.

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, 2023 to the three months ended March 31, 2024 and for the six months ended March 31, 2023 to the six months ended March 31, 2024.

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, 2024, 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 all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for the periods ending prior to April 1, 2024 (the “Waiver Period”). For the three and six months ended March 31, 2024, the Income Incentive Fee irrevocably waived by GC Advisors was $2.7 million and $4.5 million, respectively. For the three and six months ended March 31, 2023, the Income Incentive Fee irrevocably waived by GC Advisors was $0.6 million and $1.1 million, respectively.

As of March 31, 2024 and September 30, 2023, 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, 2024 and September 30, 2023, there was no capital gain incentive fee accrual calculated in accordance with GAAP. For the three months ended March 31, 2024, September 30, 2023, and March 31, 2023, 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, 2024 and September 30, 2023, 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 remained relatively flat from the three months ended December 31, 2023 to the three months ended March 31, 2024.

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.4 million from the six months ended March 31, 2023 to the six months ended March 31, 2024 primarily due to higher professional fees and 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, 2024 and December 31, 2023 were $0.3 million and $0.3 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2024 and 2023 were $0.6 million and $0.5 million, respectively.

As of both March 31, 2024 and September 30, 2023, included in accounts payable and accrued expenses were $0.3 million of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended				Variances		Six months ended				Variances
	March 31, 2024		December 31, 2023		March 31, 2024  vs. December 31, 2023		March 31, 2024		March 31, 2023		2024 vs. 2023
	(In thousands)
Net realized gain (loss) from investments	$	—	$	(3)	$	3	$	(3)	$	—	$	(3)
Net realized gain (loss) from foreign currency transactions	30		(1)		31		29		58		(29)
Net realized gain (loss) on investment transactions	$	30	$	(4)	$	34	$	26	$	58	$	(32)
Unrealized appreciation from investments	6,671		1,735		4,936		7,759		1,671		6,088
Unrealized (depreciation) from investments	(469)		(674)		205		(496)		(712)		216
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(44)		39		(83)		(5)		29		(34)
Net change in unrealized appreciation (depreciation) on investment transactions	$	6,158	$	1,100	$	5,058	$	7,258	$	988	$	6,270

During the three months ended March 31, 2024, we had a net realized gain of approximately $30,000, primarily driven by realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2023, we had a net realized loss of approximately $4,000, primarily driven by a realized loss on the partial redemption of an equity investment, and to a lesser extent, realized losses on foreign currency transactions.

During the six months ended March 31, 2024, we had a net realized gain of approximately $26,000, 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. During the six months ended March 31, 2023, we had a net realized gain of approximately $58,000, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended March 31, 2024, we had $6.7 million in unrealized appreciation on 64 portfolio company investments, which was offset by $0.5 million in unrealized depreciation on 49 portfolio company investments. For the three months ended December 31, 2023, we had $1.7 million in unrealized appreciation on 34 portfolio company investments, which was offset by $0.7 million in unrealized depreciation on 64 portfolio company investments.

Unrealized appreciation for the three 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 appreciation for the three months ended December 31, 2023 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, 2024 primarily resulted from amortization of discounts during each quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the three months ended December 31, 2023 primarily resulted from amortization of discounts during each quarter on recently originated loans and a modest decrease in market prices of certain 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. For the six months ended March 31, 2023, we had $1.7 million in unrealized appreciation on 32 portfolio company investments, which was offset by $0.7 million in unrealized depreciation on 22 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 appreciation for the six months ended March 31, 2023 primarily resulted from an increase

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in fair value due to the rise in market prices of portfolio company investments. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from amortization of discounts during each quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the six months ended March 31, 2023 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to incremental wider credit spreads in the market during the first two quarters of the 2023 fiscal year and the amortization of discounts during the quarter on recently originated loans.

Liquidity and Capital Resources

For the six months ended March 31, 2024, we experienced a net decrease in cash and cash equivalents, 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 shares 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.

For the six months ended March 31, 2023, we experienced a net decrease in cash and cash equivalents and foreign currencies of $9.4 million. During the period, we used $79.8 million in operating activities, primarily as a result of fundings of portfolio investments of $87.5 million, partially offset by proceeds from principal payments and sales of portfolio investments of $3.6 million. During the same period, cash provided by financing activities was $70.4 million, primarily driven by borrowings on debt of $64.7 million and proceeds from the issuance of common shares of $30.2 million, partially offset by repayments of debt of $22.2 million.

As of March 31, 2024 and September 30, 2023, we had cash and cash equivalents of $18.4 million and $42.2 million, respectively. In addition, we had foreign currencies of $1.7 million and $0.7 million as of March 31, 2024 and September 30, 2023, respectively, restricted cash and cash equivalents of $1.1 million as of March 31, 2024 and no restricted cash and cash equivalents as of September 30, 2023. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents 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, 2024 and September 30, 2023, we had investor capital subscriptions totaling $984.2 million and $760.6 million, respectively, of which $405.6 million and $179.2 million, respectively, had been called and contributed, leaving $578.6 million and $581.3 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 7 of our consolidated financial statements) with PNC Bank. As of March 31, 2024 and September 30, 2023, we were permitted to borrow up to $400.0 million and $300.0 million, respectively, at any one time outstanding under the PNC Facility. As of March 31, 2024 and September 30, 2023, we had outstanding debt of $391.1 million and $176.9 million, respectively, under the PNC Facility. Through a series of amendments, most recently on February 5, 2024, and March 15, 2024, we and GBDC 4 Funding amended the PNC Facility with PNC Bank to, among other things, increase the borrowing capacity from $300.0 million to $400.0 million and update the applicable margin range of 2.00% to 2.40% such that borrowings under the PNC Facility will bear interest, at the our election and depending on the currency of the borrowing, of either CORRA, SONIA, €STR, the Daily Simple SOFR, the Term SOFR Rate, or the Base Rate (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. The other material terms of the PNC Facility were unchanged.

DB Credit Facility - On March 28, 2024, we and GBDC 4 Funding II entered into the DB Credit Facility (as defined in Note 7 of our consolidated financial statements) with Deutsche Bank. As of March 31, 2024, the DB Credit Facility allowed GBDC 4 Funding II to borrow up to $250.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2024, we had no outstanding debt under the DB Credit Facility. As

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of March 31, 2024, subject to leverage and borrowing base restrictions, we had approximately $250.0 million of remaining commitments and availability on the DB Credit Facility.

Adviser Revolver - On April 12, 2022, we entered into the Adviser Revolver (as defined in Note 4 of our consolidated financial statements) with GC Advisors. As of March 31, 2024 and September 30, 2023, we were permitted to borrow up to $100.0 million at any one time outstanding under the Adviser Revolver. As of March 31, 2024 and September 30, 2023, 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, 2024, our asset coverage for borrowed amounts was 196.9%.

As of March 31, 2024, we had outstanding commitments to fund investments totaling $270.4 million, including $64.5 million of unfunded commitments on revolvers. As of September 30, 2023, we had outstanding commitments to fund investments totaling $63.8 million, including $7.4 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, 2024 and September 30, 2023, respectively. A summary of maturity requirements for our principal borrowings as of March 31, 2024 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2024. As of March 31, 2024, 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 and Adviser Revolver, as well as ongoing principal repayments on debt investment assets and uncalled investor capital subscriptions.

Although we expect to fund the growth of our investment portfolio through the net proceeds from capital calls on existing and future investor capital subscriptions and through our dividend reinvestment plan as well as future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend, refinance, or enter into new leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also 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.

Portfolio Composition, Investment Activity and Yield

As of March 31, 2024 and September 30, 2023, we had investments in 111 and 74 portfolio companies, respectively, with a total fair value of $821.2 million and $318.9 million, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

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	Three months ended								Six months ended
	March 31, 2024				December 31, 2023				March 31, 2024				March 31, 2023
	(In thousands)		Percentage		(In thousands)		Percentage		(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	$	2,915	1.3	%	$	26,555	5.4	%	$	29,470	4.2	%	$	274	0.3	%
One stop	220,642		98.5		461,365		94.5		682,007		95.7		97,980		97.7
Second lien	—		—		—		—		—		—		50		0.0	*
Subordinated debt	50		0.0	*	50		0.0	*	100		0.0	*	—		—
Equity	531		0.2		385		0.1		916		0.1		2,007		2.0
Total new investment commitments	$	224,138	100.0	%	$	488,355	100.0	%	$	712,493	100.0	%	$	100,311	100.0	%

* Represents an amount less than 0.1%.

For the six months ended March 31, 2024 and 2023, we had approximately $3.7 million and $3.6 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, 2024(1)						As of September 30, 2023(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured	$	35,397	$	35,017	$	35,349	$	7,593	$	7,488	$	7,485
One stop	784,264		770,075		778,181		310,461		304,471		305,895
Second lien	866		847		866		274		252		257
Subordinated debt	154		151		153		51		49		51
Equity	N/A		5,545		6,681		N/A		4,557		5,227
Total	$	820,681	$	811,635	$	821,230	$	318,379	$	316,817	$	318,915

(1)As of March 31, 2024, $96.7 million and $98.3 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, 2023, $52.8 million and $53.1 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.

As of March 31, 2024 and September 30, 2023, we had no loans on non-accrual status. As of both March 31, 2024 and September 30, 2023, the fair value of our debt investments as a percentage of the outstanding principal value was 99.3%.

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, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023	March 31, 2024	March 31, 2023
Weighted average rate of new investment fundings	10.8%	11.2%	11.1%	11.3%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.6%	5.9%	5.8%	6.8%
Weighted average fees of new investment fundings	1.1%	1.3%	1.2%	1.8%
Weighted average rate of sales and payoffs of portfolio investments	11.8%	11.7%	11.7%	9.2%

As of March 31, 2024, 96.3% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limited the minimum applicable interest rates on such loans. As of September 30, 2023, 92.4% and 95.5% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans.

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As of March 31, 2024 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $81.8 million and $93.5 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.

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, 2024 and September 30, 2023:

	As of March 31, 2024				As of September 30, 2023
Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	1,148	0.1	%	$	—	—	%
4	819,704		99.8		318,131		99.8
3	378		0.1		784		0.2
2	—		—		—		—
1	—		—		—		—
Total	$	821,230	100.0	%	$	318,915	100.0	%

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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The table below details the weighted average price of our debt investments by internal performance rating held as of March 31, 2024 and September 30, 2023:

	Weighted Average Price1
Category	As of March 31, 2024	As of September 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	99.3%	98.5%
Internal Performance Rating 3 (Performing Below Expectations)	93.2	92.5
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	—	—
Total	99.3%	98.5%

(1)Includes only debt investments held as of March 31, 2024 and September 30, 2023. Value reflects weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating category.

Distributions

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

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

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

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

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

Related Party Transactions

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

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

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•GC Advisors has agreed to irrevocably waive 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, 2024, we have issued 3,834,435.998 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $57.5 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 BDC 3, Inc., or GBDC 3, 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, GBDC 3, GDLC, GDLCU and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GBDC 3, GDLC, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts.

We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported.

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Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2024 and 2023. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2024 and September 30, 2023 were valued using Level 3 inputs. As of both March 31, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.

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

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

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

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

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

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

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

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

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans and record these fees as fee income when earned. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, 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

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accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

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

Non-accrual loans: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. As of March 31, 2024 and September 30, 2023, we had no portfolio company investments on non-accrual status.

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2024, we recorded $10,000 and $25,000, respectively, for U.S. federal excise tax. For the three and six months ended March 31, 2023, we recorded $16,000 and $53,000, respectively, for U.S. federal excise tax.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating 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, 2024 and September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.79% and 0.75%, respectively. In addition, the PNC Facility has a floating interest rate provision based on Term SOFR, Daily Simple SOFR, SONIA, €STR, or CORRA 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 Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of March 31, 2024 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	$	(16,067)	$	(7,822)	$	(8,245)
Down 150 basis points	(12,050)		(5,866)		(6,184)
Down 100 basis points	(8,034)		(3,911)		(4,123)
Down 50 basis points	(4,016)		(1,955)		(2,061)
Up 50 basis points	4,016		1,955		2,061
Up 100 basis points	8,034		3,911		4,123
Up 150 basis points	12,050		5,866		6,184
Up 200 basis points	16,067		7,822		8,245

(1)    Assumes applicable three-month base rate as of March 31, 2024, with the exception of SONIA and Prime that utilize the March 31, 2024 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2024, 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 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 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 may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

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Item 4. Controls and Procedures.

As of March 31, 2024 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

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

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the three months ended March 31, 2024 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2023.

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, 2024, 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	Fifth Amendment to Revolving Credit and Security Agreement, dated as of July 8, 2022, as amended from time to time, by and among Golub Capital BDC 4, Inc., a Maryland corporation, Golub Capital BDC 4 Funding LLC, a Delaware limited liability company, PNC Bank, National Association, as Administrative Agent for the Secured Parties, the Collateral Agent and a Lender, PNC Capital Markets     LLC, as Structuring Agent, and the other Lenders from time to time party thereto, dated as of February 5, 2024. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on February 8, 2024).
10.2	Sixth Amendment to Revolving Credit and Security Agreement, dated as of July 8, 2022, as amended from time to time, by and among Golub Capital BDC 4, Inc., a Maryland corporation, Golub Capital BDC 4 Funding LLC, a Delaware limited liability company, PNC Bank, National Association, as Administrative Agent for the Secured Parties, the Collateral Agent and a Lender, PNC Capital Markets LLC, as Structuring Agent, and the other Lenders from time to time party thereto, dated as of March 15, 2024 (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on March 21, 2024).
10.3	Loan Financing and Servicing Agreement, dated as of March 28, 2024, by and among GBDC 4 Funding II LLC, as borrower, Golub Capital BDC 4, Inc., as equityholder and as servicer, the lenders from time to time party 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. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on April 1, 2024).
10.4	Sale and Contribution Agreement, dated as of March 28, 2024, between Golub Capital BDC 4, Inc., as seller, and GBDC 4 Funding II LLC, as purchaser. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on April 1, 2024).
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

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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 10, 2024	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 10, 2024	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

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