True2025FY000190161211http://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatingiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:puregbdc4:segmentgbdc4:componentiso4217:EURgbdc4:contractgbdc4:portfolioCompany00019016122024-10-012025-09-3000019016122025-09-3000019016122025-11-2100019016122024-09-3000019016122023-10-012024-09-3000019016122022-10-012023-09-300001901612us-gaap:CommonStockMember2022-09-300001901612us-gaap:AdditionalPaidInCapitalMember2022-09-300001901612us-gaap:RetainedEarningsMember2022-09-3000019016122022-09-300001901612us-gaap:CommonStockMember2022-10-012023-09-300001901612us-gaap:AdditionalPaidInCapitalMember2022-10-012023-09-300001901612us-gaap:RetainedEarningsMember2022-10-012023-09-300001901612us-gaap:CommonStockMember2023-09-300001901612us-gaap:AdditionalPaidInCapitalMember2023-09-300001901612us-gaap:RetainedEarningsMember2023-09-3000019016122023-09-300001901612us-gaap:CommonStockMember2023-10-012024-09-300001901612us-gaap:AdditionalPaidInCapitalMember2023-10-012024-09-300001901612us-gaap:RetainedEarningsMember2023-10-012024-09-300001901612us-gaap:CommonStockMember2024-09-300001901612us-gaap:AdditionalPaidInCapitalMember2024-09-300001901612us-gaap:RetainedEarningsMember2024-09-300001901612us-gaap:CommonStockMember2024-10-012025-09-300001901612us-gaap:AdditionalPaidInCapitalMember2024-10-012025-09-300001901612us-gaap:RetainedEarningsMember2024-10-012025-09-300001901612us-gaap:CommonStockMember2025-09-300001901612us-gaap:AdditionalPaidInCapitalMember2025-09-300001901612us-gaap:RetainedEarningsMember2025-09-300001901612PPW Aero Buyer, Inc., One stop 12025-09-300001901612PPW Aero Buyer, Inc., One stop 22025-09-300001901612PPW Aero Buyer, Inc., One stop 32025-09-300001901612PPW Aero Buyer, Inc., One stop 42025-09-300001901612PPW Aero Buyer, Inc., One stop 52025-09-300001901612PPW Aero Buyer, Inc., One stop 62025-09-300001901612PPW Aero Buyer, Inc., One stop 72025-09-300001901612Titan BW Borrower L.P., One stop 12025-09-300001901612Titan BW Borrower L.P., One stop 22025-09-300001901612Titan BW Borrower L.P., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2025-09-300001901612RJW Group Holdings, Inc., One stop 12025-09-300001901612RJW Group Holdings, Inc., One stop 22025-09-300001901612RJW Group Holdings, Inc., One stop 32025-09-300001901612RJW Group Holdings, Inc., One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AirFreightAndLogisticsMember2025-09-300001901612Arnott, LLC, One stop 12025-09-300001901612Arnott, LLC, One stop 22025-09-300001901612Collision SP Subco, LLC, One stop 12025-09-300001901612Collision SP Subco, LLC, One stop 22025-09-300001901612Collision SP Subco, LLC, One stop 32025-09-300001901612Collision SP Subco, LLC, One stop 42025-09-300001901612Collision SP Subco, LLC, One stop 52025-09-300001901612OEConnection, LLC, One stop 12025-09-300001901612OEConnection, LLC, One stop 22025-09-300001901612OEConnection, LLC, One stop 32025-09-300001901612OEConnection, LLC, One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutoComponentsSectorMember2025-09-300001901612CAP-KSI Holdings, LLC, One stop 12025-09-300001901612CAP-KSI Holdings, LLC, One stop 22025-09-300001901612High Bar Brands Operating, LLC, Senior secured 12025-09-300001901612High Bar Brands Operating, LLC, Senior secured 22025-09-300001901612High Bar Brands Operating, LLC, Senior secured 32025-09-300001901612High Bar Brands Operating, LLC, Senior secured 42025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 12025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 22025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 32025-09-300001901612National Express Wash Parent Holdco, LLC, One stop 42025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 12025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 22025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 32025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 42025-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 52025-09-300001901612Yorkshire Parent, Inc., One stop 12025-09-300001901612Yorkshire Parent, Inc., One stop 22025-09-300001901612Yorkshire Parent, Inc., One stop 32025-09-300001901612Yorkshire Parent, Inc., One stop 42025-09-300001901612Yorkshire Parent, Inc., One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2025-09-300001901612Empyrean Solutions, LLC, One stop 12025-09-300001901612Empyrean Solutions, LLC, One stop 22025-09-300001901612Empyrean Solutions, LLC, One stop 32025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 12025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 22025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 32025-09-300001901612OSP Hamilton Purchaser, LLC, One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BanksSectorMember2025-09-300001901612Financial Information Technologies, LLC, One stop 12025-09-300001901612Financial Information Technologies, LLC, One stop 22025-09-300001901612Financial Information Technologies, LLC, One stop 32025-09-300001901612Financial Information Technologies, LLC, One stop 42025-09-300001901612Financial Information Technologies, LLC, One stop 52025-09-300001901612Spindrift Beverage Co. Inc., One stop 12025-09-300001901612Spindrift Beverage Co. Inc., One stop 22025-09-300001901612Spindrift Beverage Co. Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BeveragesSectorMember2025-09-300001901612BECO Holding Company, Inc., One stop 12025-09-300001901612BECO Holding Company, Inc., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BuildingProductsSectorMember2025-09-300001901612BlueMatrix Holdings, LLC, One stop 12025-09-300001901612BlueMatrix Holdings, LLC, One stop 22025-09-300001901612BlueMatrix Holdings, LLC, One stop 32025-09-300001901612BlueMatrix Holdings, LLC, One stop 42025-09-300001901612BlueMatrix Holdings, LLC, One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CapitalMarketsSectorMember2025-09-300001901612AP Adhesives Holdings, LLC, One stop 12025-09-300001901612AP Adhesives Holdings, LLC, One stop 22025-09-300001901612AP Adhesives Holdings, LLC, One stop 32025-09-300001901612JSG II, Inc. and Checkers USA, Inc., One stop 12025-09-300001901612JSG II, Inc. and Checkers USA, Inc., One stop 22025-09-300001901612JSG II, Inc. and Checkers USA, Inc., One stop 32025-09-300001901612Krayden Holdings, Inc., Senior secured 12025-09-300001901612Krayden Holdings, Inc., Senior secured 22025-09-300001901612Krayden Holdings, Inc., Senior secured 32025-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2025-09-300001901612BradyIFS Holdings, LLC, One stop 12025-09-300001901612BradyIFS Holdings, LLC, One stop 22025-09-300001901612CHA Vision Holdings, Inc., One stop 12025-09-300001901612CHA Vision Holdings, Inc., One stop 22025-09-300001901612CHA Vision Holdings, Inc., One stop 32025-09-300001901612CHA Vision Holdings, Inc., One stop 42025-09-300001901612CHA Vision Holdings, Inc., One stop 52025-09-300001901612Kleinfelder Intermediate, LLC, One stop 12025-09-300001901612Kleinfelder Intermediate, LLC, One stop 22025-09-300001901612Kleinfelder Intermediate, LLC, One stop 32025-09-300001901612North Haven Stack Buyer, LLC, One stop2025-09-300001901612North Haven Stack Buyer, LLC, Second lien2025-09-300001901612PSC Parent, Inc., One stop 12025-09-300001901612PSC Parent, Inc., One stop 22025-09-300001901612PSC Parent, Inc., One stop 32025-09-300001901612PSC Parent, Inc., One stop 42025-09-300001901612WRE Holding Corp., One stop 12025-09-300001901612WRE Holding Corp., One stop 22025-09-300001901612WRE Holding Corp., One stop 32025-09-300001901612WRE Holding Corp., One stop 42025-09-300001901612WRE Holding Corp., One stop 52025-09-300001901612WRE Holding Corp., One stop 62025-09-300001901612WRE Holding Corp., One stop 72025-09-300001901612WRE Holding Corp., One stop 82025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2025-09-300001901612Consor Intermediate II, LLC, One stop 12025-09-300001901612Consor Intermediate II, LLC, One stop 22025-09-300001901612Consor Intermediate II, LLC, One stop 32025-09-300001901612DCCM, LLC, One stop 12025-09-300001901612DCCM, LLC, One stop 22025-09-300001901612DCCM, LLC, One stop 32025-09-300001901612Royal Holdco Corporation, One stop 12025-09-300001901612Royal Holdco Corporation, One stop 22025-09-300001901612Royal Holdco Corporation, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ConstructionAndEngineeringSectorMember2025-09-300001901612Packaging Coordinators Midco, Inc., One stop 12025-09-300001901612Packaging Coordinators Midco, Inc., One stop 22025-09-300001901612Packaging Coordinators Midco, Inc., One stop 32025-09-300001901612Packaging Coordinators Midco, Inc., One stop 42025-09-300001901612Packaging Coordinators Midco, Inc., One stop 52025-09-300001901612Packaging Coordinators Midco, Inc., One stop 62025-09-300001901612Packaging Coordinators Midco, Inc., One stop 72025-09-300001901612Packaging Coordinators Midco, Inc., One stop 82025-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001901612ABC Legal Holdings, LLC, One stop 12025-09-300001901612ABC Legal Holdings, LLC, One stop 22025-09-300001901612ABC Legal Holdings, LLC, One stop 32025-09-300001901612Any Hour, LLC, One stop 12025-09-300001901612Any Hour, LLC, One stop 22025-09-300001901612Any Hour, LLC, One stop 32025-09-300001901612Any Hour, LLC, One stop 42025-09-300001901612Apex Service Partners, LLC, One stop 12025-09-300001901612Apex Service Partners, LLC, One stop 22025-09-300001901612Apex Service Partners, LLC, One stop 32025-09-300001901612Apex Service Partners, LLC, One stop 42025-09-300001901612Apex Service Partners, LLC, One stop 52025-09-300001901612Apex Service Partners, LLC, One stop 62025-09-300001901612CHVAC Services Investment, LLC, One stop 12025-09-300001901612CHVAC Services Investment, LLC, One stop 22025-09-300001901612CHVAC Services Investment, LLC, One stop 32025-09-300001901612CHVAC Services Investment, LLC, One stop 42025-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 12025-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 22025-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 32025-09-300001901612HS Spa Holdings, Inc., One stop 12025-09-300001901612HS Spa Holdings, Inc., One stop 22025-09-300001901612HS Spa Holdings, Inc., One stop 32025-09-300001901612Kodiak Buyer, LLC, One stop 12025-09-300001901612Kodiak Buyer, LLC, One stop 22025-09-300001901612Kodiak Buyer, LLC, One stop 32025-09-300001901612Litera Bidco, LLC, One stop 12025-09-300001901612Litera Bidco, LLC, One stop 22025-09-300001901612Litera Bidco, LLC, One stop 32025-09-300001901612Litera Bidco, LLC, One stop 42025-09-300001901612Mario Purchaser, LLC, One stop 12025-09-300001901612Mario Purchaser, LLC, One stop 22025-09-300001901612Mario Purchaser, LLC, One stop 32025-09-300001901612Mario Purchaser, LLC, One stop 42025-09-300001901612Mario Purchaser, LLC, One stop 52025-09-300001901612NSG Buyer, Inc., One stop 12025-09-300001901612NSG Buyer, Inc., One stop 22025-09-300001901612NSG Buyer, Inc., One stop 32025-09-300001901612Salisbury House, LLC, One stop 12025-09-300001901612Salisbury House, LLC, One stop 22025-09-300001901612Salisbury House, LLC, One stop 32025-09-300001901612Severin Acquisition, LLC, One stop 12025-09-300001901612Severin Acquisition, LLC, One stop 22025-09-300001901612Severin Acquisition, LLC, One stop 32025-09-300001901612Stellar Brands, LLC, Senior secured 12025-09-300001901612Stellar Brands, LLC, Senior secured 22025-09-300001901612Virginia Green Acquisition, LLC, One stop 12025-09-300001901612Virginia Green Acquisition, LLC, One stop 22025-09-300001901612Virginia Green Acquisition, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-09-300001901612Baker Tilly Advisory Group, LP, One stop 12025-09-300001901612Baker Tilly Advisory Group, LP, One stop 22025-09-300001901612Baker Tilly Advisory Group, LP, One stop 32025-09-300001901612Baker Tilly Advisory Group, LP, One stop 42025-09-300001901612Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 12025-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 22025-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 32025-09-300001901612Corsair Blade IV S.A R.L., One stop 12025-09-300001901612Corsair Blade IV S.A R.L., One stop 22025-09-300001901612Deerfield Dakota Holding, LLC, One stop 12025-09-300001901612Deerfield Dakota Holding, LLC, One stop 22025-09-300001901612Equity Methods, LLC, One stop 12025-09-300001901612Equity Methods, LLC, One stop 22025-09-300001901612Equity Methods, LLC, One stop 32025-09-300001901612Finastra USA, Inc., One stop 2025-09-300001901612Higginbotham Insurance Agency, Inc., One stop 12025-09-300001901612Higginbotham Insurance Agency, Inc., One stop 22025-09-300001901612Medlar Bidco Limited, One stop 12025-09-300001901612Medlar Bidco Limited, One stop 22025-09-300001901612Medlar Bidco Limited, One stop 32025-09-300001901612Wealth Enhancement Group, LLC, One stop 12025-09-300001901612Wealth Enhancement Group, LLC, One stop 22025-09-300001901612Wealth Enhancement Group, LLC, One stop 32025-09-300001901612Wealth Enhancement Group, LLC, One stop 42025-09-300001901612Wealth Enhancement Group, LLC, One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2025-09-300001901612Smart Energy Systems, Inc., One stop 12025-09-300001901612Smart Energy Systems, Inc., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricUtilitiesSectorMember2025-09-300001901612Power Grid Holdings, Inc., One stop 12025-09-300001901612Power Grid Holdings, Inc., One stop 22025-09-300001901612Wildcat TopCo, Inc., One stop 12025-09-300001901612Wildcat TopCo, Inc., One stop 22025-09-300001901612Wildcat TopCo, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricalEquipmentSectorMember2025-09-300001901612CST Holding Company, One stop 12025-09-300001901612CST Holding Company, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001901612Blast Bidco Inc., One stop 12025-09-300001901612Blast Bidco Inc., One stop 22025-09-300001901612Eagle Family Foods Group, LLC, One stop 12025-09-300001901612Eagle Family Foods Group, LLC, One stop 22025-09-300001901612Sphynx UK Bidco, Ltd., One stop 12025-09-300001901612Sphynx UK Bidco, Ltd., One stop 22025-09-300001901612Sphynx UK Bidco, Ltd., One stop 32025-09-300001901612Zullas, L.C., One stop 12025-09-300001901612Zullas, L.C., One stop 22025-09-300001901612Zullas, L.C., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:FoodProductsSectorMember2025-09-300001901612Belmont Instrument, LLC, One stop 12025-09-300001901612Belmont Instrument, LLC, One stop 22025-09-300001901612Centegix Intermediate II, LLC, One stop 12025-09-300001901612Centegix Intermediate II, LLC, One stop 22025-09-300001901612Centegix Intermediate II, LLC, One stop 32025-09-300001901612HuFriedy Group Acquisition, LLC, One stop 12025-09-300001901612HuFriedy Group Acquisition, LLC, One stop 22025-09-300001901612HuFriedy Group Acquisition, LLC, One stop 32025-09-300001901612Isto Group, Inc., One stop 12025-09-300001901612Isto Group, Inc., One stop 22025-09-300001901612Isto Group, Inc., One stop 32025-09-300001901612RTI Surgical, Inc., One stop 12025-09-300001901612RTI Surgical, Inc., One stop 22025-09-300001901612TIDI Legacy Products, Inc., One stop 12025-09-300001901612TIDI Legacy Products, Inc., One stop 22025-09-300001901612TIDI Legacy Products, Inc., One stop 32025-09-300001901612YI, LLC, One stop 12025-09-300001901612YI, LLC, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2025-09-300001901612Bamboo US Bidco LLC, One stop 12025-09-300001901612Bamboo US Bidco LLC, One stop 22025-09-300001901612Bamboo US Bidco LLC, One stop 32025-09-300001901612Bamboo US Bidco LLC, One stop 42025-09-300001901612Bamboo US Bidco LLC, One stop 52025-09-300001901612Bamboo US Bidco LLC, One stop 62025-09-300001901612Bayou Intermediate II, LLC, One stop 12025-09-300001901612Bayou Intermediate II, LLC, One stop 22025-09-300001901612Bayou Intermediate II, LLC, One stop 32025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-09-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-09-300001901612BHG Holdings, LLC, One stop 12025-09-300001901612BHG Holdings, LLC, One stop 22025-09-300001901612BHG Holdings, LLC, One stop 32025-09-300001901612Community Care Partners, LLC, One stop2025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-09-300001901612HP TLE Buyer, Inc., One stop 12025-09-300001901612HP TLE Buyer, Inc., One stop 22025-09-300001901612LOV Acquisition LLC, Senior secured 12025-09-300001901612LOV Acquisition LLC, Senior secured 22025-09-300001901612PPV Intermediate Holdings, LLC, One stop 12025-09-300001901612PPV Intermediate Holdings, LLC, One stop 22025-09-300001901612PPV Intermediate Holdings, LLC, One stop 32025-09-300001901612PPV Intermediate Holdings, LLC, One stop 42025-09-300001901612PPV Intermediate Holdings, LLC, One stop 52025-09-300001901612PPV Intermediate Holdings, LLC, One stop 62025-09-300001901612PPV Intermediate Holdings, LLC, One stop 72025-09-300001901612PPV Intermediate Holdings, LLC, One stop 82025-09-300001901612Premise Health Holding Corp., One stop 12025-09-300001901612Premise Health Holding Corp., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2025-09-300001901612Amberfield Acquisition Co., One stop 12025-09-300001901612Amberfield Acquisition Co., One stop 22025-09-300001901612Amberfield Acquisition Co., One stop 32025-09-300001901612Color Intermediate, LLC, Senior secured2025-09-300001901612Crow River Buyer, Inc., One stop 12025-09-300001901612Crow River Buyer, Inc., One stop 22025-09-300001901612Crow River Buyer, Inc., One stop 32025-09-300001901612GHX Ultimate Parent Corporation, One stop 12025-09-300001901612GHX Ultimate Parent Corporation, One stop 22025-09-300001901612Healthmark Holdings, L.P., One stop 12025-09-300001901612Healthmark Holdings, L.P., One stop 22025-09-300001901612Healthmark Holdings, L.P., One stop 32025-09-300001901612Kona Buyer, LLC, One stop 12025-09-300001901612Kona Buyer, LLC, One stop 22025-09-300001901612Kona Buyer, LLC, One stop 32025-09-300001901612Kona Buyer, LLC, One stop 42025-09-300001901612Kona Buyer, LLC, One stop 52025-09-300001901612Kona Buyer, LLC, One stop 62025-09-300001901612Kona Buyer, LLC, One stop 72025-09-300001901612Kona Buyer, LLC, One stop 82025-09-300001901612Lacker Bidco Limited, One stop 12025-09-300001901612Lacker Bidco Limited, One stop 22025-09-300001901612Lacker Bidco Limited, One stop 32025-09-300001901612Modernizing Medicine, Inc., One stop 12025-09-300001901612Modernizing Medicine, Inc., One stop 22025-09-300001901612Neptune Holdings, Inc., One stop 12025-09-300001901612Neptune Holdings, Inc., One stop 22025-09-300001901612Netsmart Technologies, Inc., One stop 12025-09-300001901612Netsmart Technologies, Inc., One stop 22025-09-300001901612Netsmart Technologies, Inc., One stop 32025-09-300001901612Plasma Buyer LLC, One stop 12025-09-300001901612Plasma Buyer LLC, One stop 22025-09-300001901612Plasma Buyer LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-09-300001901612Barteca Restaurants, LLC, One stop 12025-09-300001901612Barteca Restaurants, LLC, One stop 22025-09-300001901612Barteca Restaurants, LLC, One stop 32025-09-300001901612Barteca Restaurants, LLC, One stop 42025-09-300001901612Crumbl Enterprises, LLC, One stop 12025-09-300001901612Crumbl Enterprises, LLC, One stop 22025-09-300001901612ESN Venture Holdings, LLC, One stop 12025-09-300001901612ESN Venture Holdings, LLC, One stop 22025-09-300001901612ESN Venture Holdings, LLC, One stop 32025-09-300001901612ESN Venture Holdings, LLC, One stop 42025-09-300001901612ESN Venture Holdings, LLC, One stop 52025-09-300001901612ESN Venture Holdings, LLC, One stop 62025-09-300001901612ESN Venture Holdings, LLC, One stop 72025-09-300001901612ESN Venture Holdings, LLC, One stop 82025-09-300001901612ESN Venture Holdings, LLC, One stop 92025-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 12025-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 22025-09-300001901612Health Buyer, LLC, Senior secured 12025-09-300001901612Health Buyer, LLC, Senior secured 22025-09-300001901612Health Buyer, LLC, Senior secured 32025-09-300001901612Health Buyer, LLC, Senior secured 42025-09-300001901612Health Buyer, LLC, Senior secured 52025-09-300001901612Olo Parent, Inc., One stop 12025-09-300001901612Olo Parent, Inc., One stop 22025-09-300001901612Patriot Acquireco, LLC, One stop 12025-09-300001901612Patriot Acquireco, LLC, One stop 22025-09-300001901612PB Group Holdings, LLC, One stop 12025-09-300001901612PB Group Holdings, LLC, One stop 22025-09-300001901612QSR Acquisition Co., One stop 12025-09-300001901612QSR Acquisition Co., One stop 22025-09-300001901612QSR Acquisition Co., One stop 32025-09-300001901612Rooster BidCo Limited, One stop 12025-09-300001901612Rooster BidCo Limited, One stop 22025-09-300001901612Rooster BidCo Limited, One stop 32025-09-300001901612Saguaro Buyer, LLC, One stop 12025-09-300001901612Saguaro Buyer, LLC, One stop 22025-09-300001901612Saguaro Buyer, LLC, One stop 32025-09-300001901612Saguaro Buyer, LLC, One stop 42025-09-300001901612SDC Holdco, LLC, One stop 12025-09-300001901612SDC Holdco, LLC, One stop 22025-09-300001901612SSRG Holdings, LLC, One stop 12025-09-300001901612SSRG Holdings, LLC, One stop 22025-09-300001901612Super REGO, LLC, Subordinated debt2025-09-300001901612YE Brands Holding, LLC, One stop 12025-09-300001901612YE Brands Holding, LLC, One stop 22025-09-300001901612YE Brands Holding, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-09-300001901612WU Holdco, Inc., One stop 12025-09-300001901612WU Holdco, Inc., One stop 22025-09-300001901612WU Holdco, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HouseholdProductsSectorMember2025-09-300001901612Dwyer Instruments, Inc., One stop 12025-09-300001901612Dwyer Instruments, Inc., One stop 22025-09-300001901612Dwyer Instruments, Inc., One stop 32025-09-300001901612Dwyer Instruments, Inc., One stop 42025-09-300001901612Dwyer Instruments, Inc., One stop 52025-09-300001901612Dwyer Instruments, Inc., One stop 62025-09-300001901612Dwyer Instruments, Inc., One stop 72025-09-300001901612Dwyer Instruments, Inc., One stop 82025-09-300001901612Dwyer Instruments, Inc., One stop 92025-09-300001901612Essential Services Holdings Corporation, One stop 12025-09-300001901612Essential Services Holdings Corporation, One stop 22025-09-300001901612Essential Services Holdings Corporation, One stop 32025-09-300001901612Excelitas Technologies Corp., One stop 12025-09-300001901612Excelitas Technologies Corp., One stop 22025-09-300001901612Excelitas Technologies Corp., One stop 32025-09-300001901612Excelitas Technologies Corp., One stop 42025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2025-09-300001901612Bellwether Buyer, LLC, One stop 12025-09-300001901612Bellwether Buyer, LLC, One stop 22025-09-300001901612Bellwether Buyer, LLC, One stop 32025-09-300001901612Ben Nevis Midco Limited, One stop 12025-09-300001901612Ben Nevis Midco Limited, One stop 22025-09-300001901612Ben Nevis Midco Limited, One stop 32025-09-300001901612Ben Nevis Midco Limited, One stop 42025-09-300001901612Captive Resources Midco, LLC, One stop 12025-09-300001901612Captive Resources Midco, LLC, One stop 22025-09-300001901612Doxa Insurance Holdings LLC, One stop 12025-09-300001901612Doxa Insurance Holdings LLC, One stop 22025-09-300001901612Doxa Insurance Holdings LLC, One stop 32025-09-300001901612Doxa Insurance Holdings LLC, One stop 42025-09-300001901612Gimlet Bidco GMBH, One stop 12025-09-300001901612Gimlet Bidco GMBH, One stop 22025-09-300001901612Gimlet Bidco GMBH, One stop 32025-09-300001901612Integrated Specialty Coverages, LLC, One stop 12025-09-300001901612Integrated Specialty Coverages, LLC, One stop 22025-09-300001901612Integrated Specialty Coverages, LLC, One stop 32025-09-300001901612Integrity Marketing Acquisition, LLC, One stop 42025-09-300001901612Integrity Marketing Acquisition, LLC, One stop 52025-09-300001901612Integrity Marketing Acquisition, LLC, One stop 62025-09-300001901612Koala Investment Holdings, Inc., One stop 12025-09-300001901612Koala Investment Holdings, Inc., One stop 22025-09-300001901612Koala Investment Holdings, Inc., One stop 32025-09-300001901612MRH Trowe Germany GMBH, One stop 12025-09-300001901612MRH Trowe Germany GMBH, One stop 22025-09-300001901612MRH Trowe Germany GMBH, One stop 32025-09-300001901612Oakbridge Insurance Agency LLC, One stop 12025-09-300001901612Oakbridge Insurance Agency LLC, One stop 22025-09-300001901612Oakbridge Insurance Agency LLC, One stop 32025-09-300001901612Oakbridge Insurance Agency LLC, One stop 42025-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 12025-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 22025-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 32025-09-300001901612Wasabi Lower Holdco, LLC, Senior secured 12025-09-300001901612Wasabi Lower Holdco, LLC, Senior secured 22025-09-300001901612World Insurance Associates, LLC, One stop 12025-09-300001901612World Insurance Associates, LLC, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001901612ContractPod Technologies, Ltd., One stop 12025-09-300001901612ContractPod Technologies, Ltd., One stop 22025-09-300001901612ContractPod Technologies, Ltd., One stop 32025-09-300001901612Critical Start, Inc., One stop 12025-09-300001901612Critical Start, Inc., One stop 22025-09-300001901612Critical Start, Inc., One stop 32025-09-300001901612Goldcup 31018 AB, One stop 12025-09-300001901612Goldcup 31018 AB, One stop 22025-09-300001901612Goldcup 31018 AB, One stop 32025-09-300001901612Netwrix Corporation, One stop 12025-09-300001901612Netwrix Corporation, One stop 22025-09-300001901612Netwrix Corporation, One stop 32025-09-300001901612Netwrix Corporation, One stop 42025-09-300001901612PDQ Intermediate, Inc., Subordinated debt2025-09-300001901612ReliaQuest Holdings, LLC, One stop 12025-09-300001901612ReliaQuest Holdings, LLC, One stop 22025-09-300001901612ReliaQuest Holdings, LLC, One stop 32025-09-300001901612ReliaQuest Holdings, LLC, One stop 42025-09-300001901612WPEngine, Inc., One stop 12025-09-300001901612WPEngine, Inc., One stop 22025-09-300001901612Zarya Holdco, Inc., One stop 12025-09-300001901612Zarya Holdco, Inc., One stop 22025-09-300001901612Zarya Holdco, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2025-09-300001901612Crunch Holdings, LLC, One stop 12025-09-300001901612Crunch Holdings, LLC, One stop 22025-09-300001901612Movement Holdings, LLC, One stop 12025-09-300001901612Movement Holdings, LLC, One stop 22025-09-300001901612Movement Holdings, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LeisureProductsSectorMember2025-09-300001901612Celerion Buyer, Inc., One stop 12025-09-300001901612Celerion Buyer, Inc., One stop 22025-09-300001901612Celerion Buyer, Inc., One stop 32025-09-300001901612Celerion Buyer, Inc., One stop 42025-09-300001901612Diamondback Acquisition, Inc.,One stop 12025-09-300001901612Diamondback Acquisition, Inc.,One stop 22025-09-300001901612Diamondback Acquisition, Inc.,One stop 32025-09-300001901612PAS Parent Inc., One stop 12025-09-300001901612PAS Parent Inc., One stop 22025-09-300001901612PAS Parent Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-09-300001901612AI Titan Parent, Inc., One stop 12025-09-300001901612AI Titan Parent, Inc., One stop 22025-09-300001901612AI Titan Parent, Inc., One stop 32025-09-300001901612Thermogenics, Inc., One stop 12025-09-300001901612Thermogenics, Inc., One stop 22025-09-300001901612Thermogenics, Inc., One stop 32025-09-300001901612Thermogenics, Inc., One stop 42025-09-300001901612Thermogenics, Inc., One stop 52025-09-300001901612Blackbird Purchaser, Inc., One stop 12025-09-300001901612Blackbird Purchaser, Inc., One stop 22025-09-300001901612Blackbird Purchaser, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MachinerySectorMember2025-09-300001901612Lotus Topco, Inc., One stop 12025-09-300001901612Lotus Topco, Inc., One stop 22025-09-300001901612Lotus Topco, Inc., One stop 32025-09-300001901612Lotus Topco, Inc., One stop 42025-09-300001901612Shout! Factory, LLC, One stop 12025-09-300001901612Shout! Factory, LLC, One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MediaSectorMember2025-09-300001901612Envernus, Inc., One stop 12025-09-300001901612Envernus, Inc., One stop 22025-09-300001901612Envernus, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:OilGasAndConsumableFuelsSectorMember2025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 12025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 22025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 32025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 42025-09-300001901612Caerus Midco 3 S.A.R.L., One stop 52025-09-300001901612Creek Parent, Inc., One stop 12025-09-300001901612Creek Parent, Inc., One stop 22025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2025-09-300001901612ALKU Intermediate Holdings, LLC, One stop 12025-09-300001901612ALKU Intermediate Holdings, LLC, One stop 22025-09-300001901612bswift, LLC, One stop 12025-09-300001901612bswift, LLC, One stop 22025-09-300001901612Denali Intermediate Holdings, Inc.,One stop 12025-09-300001901612Denali Intermediate Holdings, Inc.,One stop 22025-09-300001901612DISA Holdings Corp., Senior secured 12025-09-300001901612DISA Holdings Corp., Senior secured 22025-09-300001901612DISA Holdings Corp., Senior secured 32025-09-300001901612DISA Holdings Corp., Subordinated debt2025-09-300001901612DISA Holdings Corp., Senior secured 42025-09-300001901612DISA Holdings Corp., One stop2025-09-300001901612DISA Holdings Corp., Senior secured 52025-09-300001901612Eclipse Buyer, Inc., One stop 12025-09-300001901612Eclipse Buyer, Inc., One stop 22025-09-300001901612Eclipse Buyer, Inc., One stop 32025-09-300001901612Varicent Intermediate Holdings Corporation, One stop 12025-09-300001901612Varicent Intermediate Holdings Corporation, One stop 22025-09-300001901612Varicent Intermediate Holdings Corporation, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2025-09-300001901612VRS Buyer, Inc., Senior secured 12025-09-300001901612VRS Buyer, Inc., Senior secured 22025-09-300001901612VRS Buyer, Inc., Senior secured 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:RoadRailSectorMember2025-09-300001901612Anaplan, Inc., One stop 12025-09-300001901612Anaplan, Inc., One stop 22025-09-300001901612Armstrong Bidco Limited, One stop 12025-09-300001901612Armstrong Bidco Limited, One stop 22025-09-300001901612Arrow Buyer, Inc., One stop 12025-09-300001901612Arrow Buyer, Inc., One stop 22025-09-300001901612Arrow Buyer, Inc., One stop 32025-09-300001901612Artifact Bidco, Inc., One stop 12025-09-300001901612Artifact Bidco, Inc., One stop 22025-09-300001901612Artifact Bidco, Inc., One stop 32025-09-300001901612Artifact Bidco, Inc., One stop 42025-09-300001901612Azurite Intermediate Holdings, Inc., One stop 12025-09-300001901612Azurite Intermediate Holdings, Inc., One stop 22025-09-300001901612Azurite Intermediate Holdings, Inc., One stop 32025-09-300001901612Baxter Planning Systems, LLC, One stop 12025-09-300001901612Baxter Planning Systems, LLC, One stop 22025-09-300001901612Baxter Planning Systems, LLC, One stop 32025-09-300001901612BestPass, Inc., One stop 12025-09-300001901612BestPass, Inc., One stop 22025-09-300001901612BestPass, Inc., One stop 32025-09-300001901612Bloomerang, LLC, One stop 12025-09-300001901612Bloomerang, LLC, One stop 22025-09-300001901612Bloomerang, LLC, One stop 32025-09-300001901612Blue Bidco Limited, One stop 12025-09-300001901612Blue Bidco Limited, One stop 22025-09-300001901612Blue Bidco Limited, One stop 32025-09-300001901612Blue Bidco Limited, One stop 42025-09-300001901612Blue Bidco Limited, One stop 52025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-09-300001901612Camelia Bidco Limited, One stop 12025-09-300001901612Camelia Bidco Limited, One stop 22025-09-300001901612Camelia Bidco Limited, One stop 32025-09-300001901612Camelia Bidco Limited, One stop 42025-09-300001901612CB Buyer, Inc., One stop 12025-09-300001901612CB Buyer, Inc., One stop 22025-09-300001901612CB Buyer, Inc., One stop 32025-09-300001901612Coupa Holdings, LLC, One stop 12025-09-300001901612Coupa Holdings, LLC, One stop 22025-09-300001901612Coupa Holdings, LLC, One stop 32025-09-300001901612Crewline Buyer, Inc., One stop 12025-09-300001901612Crewline Buyer, Inc., One stop 22025-09-300001901612Denali Bidco Limited, One stop 12025-09-300001901612Denali Bidco Limited, One stop 22025-09-300001901612Denali Bidco Limited, One stop 52025-09-300001901612Denali Bidco Limited, Subordinated debt 12025-09-300001901612Denali Bidco Limited, Subordinated debt 22025-09-300001901612Einstein Parent, Inc., One stop 12025-09-300001901612Einstein Parent, Inc., One stop 22025-09-300001901612Espresso Bidco, Inc., One stop 12025-09-300001901612Espresso Bidco, Inc., One stop 22025-09-300001901612Espresso Bidco, Inc., One stop 32025-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 12025-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 22025-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 32025-09-300001901612Flexera Software, LLC, One stop 12025-09-300001901612Flexera Software, LLC, One stop 22025-09-300001901612Flexera Software, LLC, One stop 32025-09-300001901612GTY Technology Holdings, Inc., One stop 12025-09-300001901612GTY Technology Holdings, Inc., One stop 22025-09-300001901612GTY Technology Holdings, Inc., One stop 32025-09-300001901612GTY Technology Holdings, Inc., One stop 42025-09-300001901612GTY Technology Holdings, Inc., One stop 52025-09-300001901612GTY Technology Holdings, Inc., One stop 62025-09-300001901612GTY Technology Holdings, Inc., One stop 72025-09-300001901612Gurobi Optimization, LLC, One stop 12025-09-300001901612Gurobi Optimization, LLC, One stop 22025-09-300001901612Hornet Security Holding GMBH, One stop 12025-09-300001901612Hornet Security Holding GMBH, One stop 22025-09-300001901612Hornet Security Holding GMBH, One stop 32025-09-300001901612Hornet Security Holding GMBH, One stop 42025-09-300001901612Hyland Software, Inc., One stop 12025-09-300001901612Hyland Software, Inc., One stop 22025-09-300001901612Icefall Parent, Inc., One stop 12025-09-300001901612Icefall Parent, Inc., One stop 22025-09-300001901612ICIMS, Inc., One stop 12025-09-300001901612ICIMS, Inc., One stop 22025-09-300001901612IQN Holding Corp., One stop 12025-09-300001901612IQN Holding Corp., One stop 22025-09-300001901612IQN Holding Corp., One stop 32025-09-300001901612Island Bidco AB, One stop 12025-09-300001901612Island Bidco AB, One stop 22025-09-300001901612Island Bidco AB, One stop 32025-09-300001901612Island Bidco AB, One stop 42025-09-300001901612Island Bidco AB, One stop 52025-09-300001901612Kairos Bidco Limited, One stop 12025-09-300001901612Kairos Bidco Limited, One stop 22025-09-300001901612Kairos Bidco Limited, One stop 32025-09-300001901612Kairos Bidco Limited, One stop 42025-09-300001901612LeadsOnline, LLC, One stop 12025-09-300001901612LeadsOnline, LLC, One stop 22025-09-300001901612LeadsOnline, LLC, One stop 32025-09-300001901612LeadsOnline, LLC, One stop 42025-09-300001901612Lighthouse Bidco GMBH, One stop 12025-09-300001901612Lighthouse Bidco GMBH, One stop 22025-09-300001901612Lighthouse Bidco GMBH, One stop 32025-09-300001901612LogicMonitor, Inc., One stop 12025-09-300001901612LogicMonitor, Inc., One stop 22025-09-300001901612Matrix42 Holding GMBH, One stop2025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-09-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-09-300001901612MYOB Invest Co Pty Ltd, One stop2025-09-300001901612Navex TopCo, Inc., One stop 12025-09-300001901612Navex TopCo, Inc., One stop 22025-09-300001901612Onit, Inc., One stop 12025-09-300001901612Onit, Inc., One stop 22025-09-300001901612Onit, Inc., One stop 32025-09-300001901612Onit, Inc., One stop 42025-09-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-09-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-09-300001901612Panzura, LLC, One stop2025-09-300001901612Pineapple German Bidco GMBH, One stop 12025-09-300001901612Pineapple German Bidco GMBH, One stop 22025-09-300001901612Pineapple German Bidco GMBH, One stop 32025-09-300001901612Pineapple German Bidco GMBH, One stop 42025-09-300001901612Pineapple German Bidco GMBH, One stop 52025-09-300001901612Pineapple German Bidco GMBH, One stop 62025-09-300001901612Pineapple German Bidco GMBH, One stop 72025-09-300001901612PING Identity Holding Corp., One stop 12025-09-300001901612PING Identity Holding Corp., One stop 22025-09-300001901612Quant Buyer, Inc., One stop 12025-09-300001901612Quant Buyer, Inc., One stop 22025-09-300001901612Quant Buyer, Inc., One stop 32025-09-300001901612Quant Buyer, Inc., One stop 42025-09-300001901612Quant Buyer, Inc., One stop 52025-09-300001901612Rainforest Bidco Limited, One stop 12025-09-300001901612Rainforest Bidco Limited, One stop 22025-09-300001901612Rainforest Bidco Limited, One stop 32025-09-300001901612Rainforest Bidco Limited, One stop 42025-09-300001901612Rainforest Bidco Limited, One stop 52025-09-300001901612Rainforest Bidco Limited, One stop 62025-09-300001901612Rainforest Bidco Limited, One stop 72025-09-300001901612Spark Bidco Limited, One stop 12025-09-300001901612Spark Bidco Limited, One stop 22025-09-300001901612Spark Bidco Limited, One stop 32025-09-300001901612Spark Bidco Limited, One stop 42025-09-300001901612Templafy APS and Templafy, LLC, One stop 12025-09-300001901612Templafy APS and Templafy, LLC, One stop 22025-09-300001901612Togetherwork Holdings, LLC, One stop 12025-09-300001901612Togetherwork Holdings, LLC, One stop 22025-09-300001901612Togetherwork Holdings, LLC, One stop 32025-09-300001901612Transform Bidco Limited, One stop 12025-09-300001901612Transform Bidco Limited, One stop 22025-09-300001901612Transform Bidco Limited, One stop 32025-09-300001901612Transform Bidco Limited, One stop 42025-09-300001901612Transform Bidco Limited, One stop 52025-09-300001901612Transform Bidco Limited, One stop 62025-09-300001901612Transform Bidco Limited, One stop 72025-09-300001901612Tricentis Operations Holdings, Inc., One stop 12025-09-300001901612Tricentis Operations Holdings, Inc., One stop 22025-09-300001901612Tricentis Operations Holdings, Inc., One stop 32025-09-300001901612Vantage Bidco GMBH, One stop 12025-09-300001901612Vantage Bidco GMBH, One stop 22025-09-300001901612Varinem German Midco GMBH, One stop 12025-09-300001901612Varinem German Midco GMBH, One stop 22025-09-300001901612Viper Bidco, Inc., One stop 12025-09-300001901612Viper Bidco, Inc., One stop 22025-09-300001901612Viper Bidco, Inc., One stop 32025-09-300001901612Viper Bidco, Inc., One stop 42025-09-300001901612Viper Bidco, Inc., One stop 52025-09-300001901612Zendesk, Inc., One stop 12025-09-300001901612Zendesk, Inc., One stop 22025-09-300001901612Zendesk, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2025-09-300001901612Biscuit Parent, LLC, One stop 12025-09-300001901612Biscuit Parent, LLC, One stop 22025-09-300001901612Biscuit Parent, LLC, One stop 32025-09-300001901612Cavender Stores L.P., Senior secured2025-09-300001901612CVP Holdco, Inc., One stop 12025-09-300001901612CVP Holdco, Inc., One stop 22025-09-300001901612CVP Holdco, Inc., One stop 32025-09-300001901612Consilio Midco Limited, Senior secured 12025-09-300001901612Consilio Midco Limited, Senior secured 22025-09-300001901612Consilio Midco Limited, Senior secured 32025-09-300001901612Consilio Midco Limited, Senior secured 42025-09-300001901612Consilio Midco Limited, Senior secured 52025-09-300001901612Consilio Midco Limited, Subordinated debt 12025-09-300001901612Consilio Midco Limited, Subordinated debt 22025-09-300001901612Consilio Midco Limited, Subordinated debt 32025-09-300001901612Metal Supermarkets US Buyer, LLC, One stop 12025-09-300001901612Metal Supermarkets US Buyer, LLC, One stop 22025-09-300001901612PetVet Care Centers LLC, One stop 12025-09-300001901612PetVet Care Centers LLC, One stop 22025-09-300001901612PetVet Care Centers LLC, One stop 32025-09-300001901612Radiance Borrower, LLC, One stop 12025-09-300001901612Radiance Borrower, LLC, One stop 22025-09-300001901612Salon Lofts Group, LLC, Senior secured 12025-09-300001901612Salon Lofts Group, LLC, Second lien 12025-09-300001901612Salon Lofts Group, LLC, Second lien 22025-09-300001901612Salon Lofts Group, LLC, Senior secured 22025-09-300001901612Salon Lofts Group, LLC, Senior secured 32025-09-300001901612Salon Lofts Group, LLC, Senior secured 42025-09-300001901612Salon Lofts Group, LLC, Second lien 32025-09-300001901612Salon Lofts Group, LLC, Senior secured 52025-09-300001901612Salon Lofts Group, LLC, Senior secured 62025-09-300001901612Salon Lofts Group, LLC, Senior secured 72025-09-300001901612Salon Lofts Group, LLC, Senior secured 82025-09-300001901612Salon Lofts Group, LLC, Senior secured 92025-09-300001901612Salon Lofts Group, LLC, Senior secured 102025-09-300001901612Salon Lofts Group, LLC, Senior secured 112025-09-300001901612Salon Lofts Group, LLC, Second lien 42025-09-300001901612Salon Lofts Group, LLC, Senior secured 122025-09-300001901612Salon Lofts Group, LLC, Senior secured 132025-09-300001901612Salon Lofts Group, LLC, Second lien 52025-09-300001901612Salon Lofts Group, LLC, Senior secured 142025-09-300001901612Salon Lofts Group, LLC, Second lien 62025-09-300001901612Salon Lofts Group, LLC, Second lien 72025-09-300001901612Salon Lofts Group, LLC, Senior secured 152025-09-300001901612Salon Lofts Group, LLC, Senior secured 162025-09-300001901612Salon Lofts Group, LLC, Senior secured 172025-09-300001901612Salon Lofts Group, LLC, Second lien 82025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-09-300001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-09-300001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-09-300001901612VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-09-300001901612LDS Intermediate Holdings, LLC, One stop 12025-09-300001901612LDS Intermediate Holdings, LLC, One stop 22025-09-300001901612LDS Intermediate Holdings, LLC, One stop 32025-09-300001901612LDS Intermediate Holdings, LLC, One stop 42025-09-300001901612LDS Intermediate Holdings, LLC, One stop 52025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:TransportationInfrastructureSectorMember2025-09-300001901612Vessco Midco Holdings, LLC, One stop 12025-09-300001901612Vessco Midco Holdings, LLC, One stop 22025-09-300001901612Vessco Midco Holdings, LLC, One stop 32025-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:WaterUtilitiesSectorMember2025-09-300001901612us-gaap:DebtSecuritiesMember2025-09-300001901612PPW Aero Buyer, Inc., Preferred stock2025-09-300001901612RJW Group Holdings, Inc., LLC units2025-09-300001901612Arnott, LLC, LP units2025-09-300001901612CAP-KSI Holdings, LLC, Common stock2025-09-300001901612CAP-KSI Holdings, LLC, Preferred Stock2025-09-300001901612National Express Wash Parent Holdco, LLC, LLC units2025-09-300001901612Quick Quack Car Wash Holdings, LLC, LLC units2025-09-300001901612Quick Quack Car Wash Holdings, LLC, Preferred stock2025-09-300001901612Yorkshire Parent, Inc., LP interest2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2025-09-300001901612Spindrift Beverage Co. Inc., LLC interest2025-09-300001901612CHA Vision Holdings, Inc., Warrant2025-09-300001901612Packaging Coordinators Midco, Inc., LP units2025-09-300001901612CHVAC Services Investment, LLC, Preferred stock2025-09-300001901612DP Flores Holdings, LLC, Preferred stock2025-09-300001901612HS Spa Holdings, Inc., Warrant2025-09-300001901612Kodiak Buyer, LLC, LP interest2025-09-300001901612NSG Buyer, Inc., Preferred stock2025-09-300001901612Virginia Green Acquisition, LLC, Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-09-300001901612Smart Energy Systems, Inc., Preferred stock2025-09-300001901612Wildcat TopCo, Inc., Preferred stock2025-09-300001901612Zullas, L.C., Warrant2025-09-300001901612Centegix Intermediate II, LLC, Preferred stock2025-09-300001901612Isto Group, Inc., LP units2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2025-09-300001901612HP TLE Buyer, Inc., LP units2025-09-300001901612Amberfield Acquisition Co., Preferred stock2025-09-300001901612Modernizing Medicine, Inc., Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-09-300001901612Patriot Acquireco, LLC, LP units2025-09-300001901612PB Group Holdings, LLC, Preferred stock2025-09-300001901612Rooster BidCo Limited, LLC units2025-09-300001901612Saguaro Buyer, LLC, LP units2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-09-300001901612Oakbridge Insurance Agency LLC, Preferred stock2025-09-300001901612Critical Start, Inc., LLC units2025-09-300001901612Netwrix Corporation, Common stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2025-09-300001901612Movement Holdings, LLC, LP units2025-09-300001901612Celerion Buyer, Inc., LLC interest2025-09-300001901612Celerion Buyer, Inc., Common stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-09-300001901612Creek Parent, Inc., Preferred stock2025-09-300001901612Eclipse Buyer, Inc., Preferred stock2025-09-300001901612Anaplan, Inc., LLC units2025-09-300001901612CB Buyer, Inc., Preferred stock2025-09-300001901612Cynet Security Ltd., Preferred stock2025-09-300001901612Denali Bidco Limited, LP units2025-09-300001901612Energy Worldnet, LLC, Preferred stock2025-09-300001901612GTY Technology Holdings, Inc., Common stock2025-09-300001901612Gurobi Optimization, LLC, LLC units2025-09-300001901612Kaseya Inc., Preferred Stock2025-09-300001901612Kaseya Inc., Common stock2025-09-300001901612LogicMonitor, Inc., LLC units2025-09-300001901612Menlo Ridgeview Co-Invest, LLC, LLC units2025-09-300001901612Onit, Inc., Common stock2025-09-300001901612Panzura, LLC, LLC units2025-09-300001901612StrongDM, Inc., Preferred Stock2025-09-300001901612Templafy APS and Templafy, LLC, Preferred stock2025-09-300001901612Togetherwork Holdings, LLC, Preferred Stock2025-09-300001901612Transform Bidco Limited, LP units2025-09-300001901612Tricentis Operations Holdings, Inc., Preferred stock2025-09-300001901612Zendesk, Inc., LP units2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2025-09-300001901612Metal Supermarkets US Buyer, LLC, Preferred stock2025-09-300001901612Metal Supermarkets US Buyer, LLC, LLC units2025-09-300001901612Salon Lofts Group, LLC, Preferred stock2025-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-09-300001901612us-gaap:EquitySecuritiesMember2025-09-300001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-09-300001901612us-gaap:FairValueInputsLevel1Member2025-09-300001901612gbdc4:NonQualifyingAssetMembergbdc4:AssetConcentrationRiskMembergbdc4:InvestmentsAtFairValueMember2024-10-012025-09-300001901612PPW Aero Buyer, Inc., One stop 12024-09-300001901612PPW Aero Buyer, Inc., One stop 22024-09-300001901612PPW Aero Buyer, Inc., One stop 32024-09-300001901612PPW Aero Buyer, Inc., One stop 42024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2024-09-300001901612Collision SP Subco, LLC, One stop 12024-09-300001901612Collision SP Subco, LLC, One stop 22024-09-300001901612Collision SP Subco, LLC, One stop 32024-09-300001901612OEConnection, LLC, One stop 12024-09-300001901612OEConnection, LLC, One stop 22024-09-300001901612OEConnection, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutoComponentsSectorMember2024-09-300001901612CAP-KSI Holdings, LLC, One stop 12024-09-300001901612CAP-KSI Holdings, LLC, One stop 22024-09-300001901612High Bar Brands Operating, LLC, Senior secured 12024-09-300001901612High Bar Brands Operating, LLC, Senior secured 22024-09-300001901612High Bar Brands Operating, LLC, Senior secured 32024-09-300001901612High Bar Brands Operating, LLC, Senior secured 42024-09-300001901612National Express Wash Parent Holdco, LLC, One stop 12024-09-300001901612National Express Wash Parent Holdco, LLC, One stop 22024-09-300001901612National Express Wash Parent Holdco, LLC, One stop 32024-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 12024-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 22024-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 32024-09-300001901612Yorkshire Parent, Inc., One stop 12024-09-300001901612Yorkshire Parent, Inc., One stop 22024-09-300001901612Yorkshire Parent, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2024-09-300001901612OSP Hamilton Purchaser, LLC, One stop 12024-09-300001901612OSP Hamilton Purchaser, LLC, One stop 22024-09-300001901612OSP Hamilton Purchaser, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BanksSectorMember2024-09-300001901612Financial Information Technologies, LLC, One stop 12024-09-300001901612Financial Information Technologies, LLC, One stop 22024-09-300001901612Financial Information Technologies, LLC, One stop 32024-09-300001901612Financial Information Technologies, LLC, One stop 42024-09-300001901612Financial Information Technologies, LLC, One stop 52024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BeveragesSectorMember2024-09-300001901612BlueMatrix Holdings, LLC, One stop 12024-09-300001901612BlueMatrix Holdings, LLC, One stop 22024-09-300001901612BlueMatrix Holdings, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CapitalMarketsSectorMember2024-09-300001901612Krayden Holdings, Inc., Senior secured 12024-09-300001901612Krayden Holdings, Inc., Senior secured 22024-09-300001901612Krayden Holdings, Inc., Senior secured 32024-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2024-09-300001901612BradyIFS Holdings, LLC, One stop 12024-09-300001901612BradyIFS Holdings, LLC, One stop 22024-09-300001901612Encore Holdings, LLC, One stop 12024-09-300001901612Encore Holdings, LLC, One stop 22024-09-300001901612Encore Holdings, LLC, One stop 32024-09-300001901612FR Vision Holdings, Inc., One stop 12024-09-300001901612FR Vision Holdings, Inc., One stop 22024-09-300001901612FR Vision Holdings, Inc., One stop 32024-09-300001901612Kleinfelder Intermediate, LLC, One stop 12024-09-300001901612Kleinfelder Intermediate, LLC, One stop 22024-09-300001901612Kleinfelder Intermediate, LLC, One stop 32024-09-300001901612PSC Parent, Inc., One stop 12024-09-300001901612PSC Parent, Inc., One stop 22024-09-300001901612PSC Parent, Inc., One stop 32024-09-300001901612PSC Parent, Inc., One stop 42024-09-300001901612WRE Holding Corp., One stop 12024-09-300001901612WRE Holding Corp., One stop 22024-09-300001901612WRE Holding Corp., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2024-09-300001901612Consor Intermediate II, LLC, One stop 12024-09-300001901612Consor Intermediate II, LLC, One stop 22024-09-300001901612Consor Intermediate II, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ConstructionAndEngineeringSectorMember2024-09-300001901612Any Hour, LLC, One stop 12024-09-300001901612Any Hour, LLC, One stop 22024-09-300001901612Any Hour, LLC, One stop 32024-09-300001901612Any Hour, LLC, One stop 42024-09-300001901612Apex Service Partners, LLC, One stop 12024-09-300001901612Apex Service Partners, LLC, One stop 22024-09-300001901612Apex Service Partners, LLC, One stop 32024-09-300001901612Apex Service Partners, LLC, One stop 42024-09-300001901612CHVAC Services Investment, LLC, One stop 12024-09-300001901612CHVAC Services Investment, LLC, One stop 22024-09-300001901612CHVAC Services Investment, LLC, One stop 32024-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 12024-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 22024-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 32024-09-300001901612HS Spa Holdings, Inc., One stop 12024-09-300001901612HS Spa Holdings, Inc., One stop 22024-09-300001901612HS Spa Holdings, Inc., One stop 32024-09-300001901612Litera Bidco, LLC, One stop 12024-09-300001901612Litera Bidco, LLC, One stop 22024-09-300001901612Litera Bidco, LLC, One stop 32024-09-300001901612Litera Bidco, LLC, One stop 42024-09-300001901612Mario Purchaser, LLC, One stop 12024-09-300001901612Mario Purchaser, LLC, One stop 22024-09-300001901612Mario Purchaser, LLC, One stop 32024-09-300001901612Mario Purchaser, LLC, One stop 42024-09-300001901612Mario Purchaser, LLC, One stop 52024-09-300001901612NSG Buyer, Inc., One stop 12024-09-300001901612NSG Buyer, Inc., One stop 22024-09-300001901612NSG Buyer, Inc., One stop 32024-09-300001901612NSG Buyer, Inc., One stop 42024-09-300001901612Virginia Green Acquisition, LLC, One stop 12024-09-300001901612Virginia Green Acquisition, LLC, One stop 22024-09-300001901612Virginia Green Acquisition, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2024-09-300001901612Avalara, Inc., One stop 12024-09-300001901612Avalara, Inc., One stop 22024-09-300001901612Baker Tilly Advisory Group, LP, One stop 12024-09-300001901612Baker Tilly Advisory Group, LP, One stop 22024-09-300001901612Baker Tilly Advisory Group, LP, One stop 32024-09-300001901612Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 12024-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 22024-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 32024-09-300001901612Finastra USA, Inc., One stop 12024-09-300001901612Finastra USA, Inc., One stop 22024-09-300001901612Higginbotham Insurance Agency, Inc., One stop 12024-09-300001901612Higginbotham Insurance Agency, Inc., One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2024-09-300001901612Power Grid Holdings, Inc., One stop 12024-09-300001901612Power Grid Holdings, Inc., One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricalEquipmentSectorMember2024-09-300001901612CST Holding Company, One stop 12024-09-300001901612CST Holding Company, One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-09-300001901612Blast Bidco Inc., One stop 12024-09-300001901612Blast Bidco Inc., One stop 22024-09-300001901612Eagle Family Foods Group, LLC, One stop 12024-09-300001901612Eagle Family Foods Group, LLC, One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:FoodProductsSectorMember2024-09-300001901612Belmont Instrument, LLC, One stop 12024-09-300001901612Belmont Instrument, LLC, One stop 22024-09-300001901612HuFriedy Group Acquisition, LLC, One stop 12024-09-300001901612HuFriedy Group Acquisition, LLC, One stop 22024-09-300001901612HuFriedy Group Acquisition, LLC, One stop 32024-09-300001901612TIDI Legacy Products, Inc., One stop 12024-09-300001901612TIDI Legacy Products, Inc., One stop 22024-09-300001901612TIDI Legacy Products, Inc., One stop 32024-09-300001901612YI, LLC, One stop 12024-09-300001901612YI, LLC, One stop 22024-09-300001901612YI, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2024-09-300001901612Bamboo US Bidco LLC, One stop 12024-09-300001901612Bamboo US Bidco LLC, One stop 22024-09-300001901612Bamboo US Bidco LLC, One stop 32024-09-300001901612Bamboo US Bidco LLC, One stop 42024-09-300001901612Community Care Partners, LLC, One stop2024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-09-300001901612Premise Health Holding Corp., One stop 12024-09-300001901612Premise Health Holding Corp., One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2024-09-300001901612Amberfield Acquisition Co., One stop 12024-09-300001901612Amberfield Acquisition Co., One stop 22024-09-300001901612Amberfield Acquisition Co., One stop 32024-09-300001901612Color Intermediate, LLC, Senior secured2024-09-300001901612Crow River Buyer, Inc., One stop 12024-09-300001901612Crow River Buyer, Inc., One stop 22024-09-300001901612HealthEdge Software, Inc., One stop 12024-09-300001901612HealthEdge Software, Inc., One stop 22024-09-300001901612HealthEdge Software, Inc., One stop 32024-09-300001901612Kona Buyer, LLC, One stop 12024-09-300001901612Kona Buyer, LLC, One stop 22024-09-300001901612Kona Buyer, LLC, One stop 32024-09-300001901612Kona Buyer, LLC, One stop 42024-09-300001901612Lacker Bidco Limited, One stop 12024-09-300001901612Lacker Bidco Limited, One stop 22024-09-300001901612Lacker Bidco Limited, One stop 32024-09-300001901612Neptune Holdings, Inc., One stop 12024-09-300001901612Neptune Holdings, Inc., One stop 22024-09-300001901612Netsmart Technologies, Inc., One stop 12024-09-300001901612Netsmart Technologies, Inc., One stop 22024-09-300001901612Netsmart Technologies, Inc., One stop 32024-09-300001901612Plasma Buyer LLC, One stop 12024-09-300001901612Plasma Buyer LLC, One stop 22024-09-300001901612Plasma Buyer LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareTechnologySectorMember2024-09-300001901612Barteca Restaurants, LLC, One stop 12024-09-300001901612Barteca Restaurants, LLC, One stop 22024-09-300001901612Barteca Restaurants, LLC, One stop 32024-09-300001901612Barteca Restaurants, LLC, One stop 42024-09-300001901612ESN Venture Holdings, LLC, One stop 12024-09-300001901612ESN Venture Holdings, LLC, One stop 22024-09-300001901612ESN Venture Holdings, LLC, One stop 32024-09-300001901612ESN Venture Holdings, LLC, One stop 42024-09-300001901612ESN Venture Holdings, LLC, One stop 52024-09-300001901612ESN Venture Holdings, LLC, One stop 62024-09-300001901612ESN Venture Holdings, LLC, One stop 72024-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 12024-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 22024-09-300001901612Health Buyer, LLC, Senior secured 12024-09-300001901612Health Buyer, LLC, Senior secured 22024-09-300001901612Health Buyer, LLC, Senior secured 32024-09-300001901612Health Buyer, LLC, Senior secured 42024-09-300001901612Health Buyer, LLC, Senior secured 52024-09-300001901612PB Group Holdings, LLC, One stop 12024-09-300001901612PB Group Holdings, LLC, One stop 22024-09-300001901612SDC Holdco, LLC, One stop 12024-09-300001901612SDC Holdco, LLC, One stop 22024-09-300001901612SDC Holdco, LLC, Second lien2024-09-300001901612Super REGO, LLC, Subordinated debt2024-09-300001901612YE Brands Holding, LLC, One stop 12024-09-300001901612YE Brands Holding, LLC, One stop 22024-09-300001901612YE Brands Holding, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2024-09-300001901612Dwyer Instruments, Inc., One stop 12024-09-300001901612Dwyer Instruments, Inc., One stop 22024-09-300001901612Dwyer Instruments, Inc., One stop 32024-09-300001901612Dwyer Instruments, Inc., One stop 42024-09-300001901612Dwyer Instruments, Inc., One stop 52024-09-300001901612Essential Services Holdings Corporation, One stop 12024-09-300001901612Essential Services Holdings Corporation, One stop 22024-09-300001901612Essential Services Holdings Corporation, One stop 32024-09-300001901612Excelitas Technologies Corp., One stop 12024-09-300001901612Excelitas Technologies Corp., One stop 22024-09-300001901612Excelitas Technologies Corp., One stop 32024-09-300001901612Excelitas Technologies Corp., One stop 42024-09-300001901612Excelitas Technologies Corp., One stop 52024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2024-09-300001901612Ben Nevis Midco Limited, One stop 12024-09-300001901612Ben Nevis Midco Limited, One stop 22024-09-300001901612Ben Nevis Midco Limited, One stop 32024-09-300001901612Ben Nevis Midco Limited, One stop 42024-09-300001901612Captive Resources Midco, LLC, One stop 12024-09-300001901612Captive Resources Midco, LLC, One stop 22024-09-300001901612Disco Parent, Inc., One stop 12024-09-300001901612Disco Parent, Inc., One stop 22024-09-300001901612Doxa Insurance Holdings LLC, One stop 12024-09-300001901612Doxa Insurance Holdings LLC, One stop 22024-09-300001901612Doxa Insurance Holdings LLC, One stop 32024-09-300001901612Doxa Insurance Holdings LLC, One stop 42024-09-300001901612Gimlet Bidco GMBH, One stop 12024-09-300001901612Gimlet Bidco GMBH, One stop 22024-09-300001901612Integrated Specialty Coverages, LLC, One stop 12024-09-300001901612Integrated Specialty Coverages, LLC, One stop 22024-09-300001901612Integrated Specialty Coverages, LLC, One stop 32024-09-300001901612Integrity Marketing Acquisition, LLC, One stop 12024-09-300001901612Integrity Marketing Acquisition, LLC, One stop 22024-09-300001901612Integrity Marketing Acquisition, LLC, One stop 32024-09-300001901612MRH Trowe Germany GMBH, One stop2024-09-300001901612Oakbridge Insurance Agency LLC, One stop 12024-09-300001901612Oakbridge Insurance Agency LLC, One stop 22024-09-300001901612Oakbridge Insurance Agency LLC, One stop 32024-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 12024-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 22024-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2024-09-300001901612Critical Start, Inc., One stop 12024-09-300001901612Critical Start, Inc., One stop 22024-09-300001901612Critical Start, Inc., One stop 32024-09-300001901612Goldcup 31018 AB, One stop 12024-09-300001901612Goldcup 31018 AB, One stop 22024-09-300001901612Goldcup 31018 AB, One stop 32024-09-300001901612Netwrix Corporation, One stop 12024-09-300001901612Netwrix Corporation, One stop 22024-09-300001901612Netwrix Corporation, One stop 32024-09-300001901612PDQ Intermediate, Inc., Subordinated debt2024-09-300001901612ReliaQuest Holdings, LLC, One stop 12024-09-300001901612ReliaQuest Holdings, LLC, One stop 22024-09-300001901612ReliaQuest Holdings, LLC, One stop 32024-09-300001901612WPEngine, Inc., One stop 12024-09-300001901612WPEngine, Inc., One stop 22024-09-300001901612Zarya Holdco, Inc., One stop 12024-09-300001901612Zarya Holdco, Inc., One stop 22024-09-300001901612Zarya Holdco, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2024-09-300001901612Crunch Holdings, LLC, One stop 12024-09-300001901612Crunch Holdings, LLC, One stop 22024-09-300001901612Movement Holdings, LLC, One stop 12024-09-300001901612Movement Holdings, LLC, One stop 22024-09-300001901612Movement Holdings, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LeisureProductsSectorMember2024-09-300001901612Celerion Buyer, Inc., One stop 12024-09-300001901612Celerion Buyer, Inc., One stop 22024-09-300001901612Celerion Buyer, Inc., One stop 32024-09-300001901612Graphpad Software, LLC, One stop 12024-09-300001901612Graphpad Software, LLC, One stop 22024-09-300001901612Graphpad Software, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2024-09-300001901612AI Titan Parent, Inc., One stop 12024-09-300001901612AI Titan Parent, Inc., One stop 22024-09-300001901612AI Titan Parent, Inc., One stop 32024-09-300001901612Blackbird Purchaser, Inc., One stop 12024-09-300001901612Blackbird Purchaser, Inc., One stop 22024-09-300001901612Blackbird Purchaser, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MachinerySectorMember2024-09-300001901612Lotus Topco, Inc., One stop 12024-09-300001901612Lotus Topco, Inc., One stop 22024-09-300001901612Lotus Topco, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MediaSectorMember2024-09-300001901612Envernus, Inc., One stop 12024-09-300001901612Envernus, Inc., One stop 22024-09-300001901612Envernus, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:OilGasAndConsumableFuelsSectorMember2024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 12024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 22024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 32024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 42024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 52024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2024-09-300001901612ALKU Intermediate Holdings, LLC, One stop 12024-09-300001901612ALKU Intermediate Holdings, LLC, One stop 22024-09-300001901612bswift, LLC, One stop2024-09-300001901612Citrin Cooperman Advisors LLC, One stop 12024-09-300001901612Citrin Cooperman Advisors LLC, One stop 22024-09-300001901612Citrin Cooperman Advisors LLC, One stop 32024-09-300001901612Citrin Cooperman Advisors LLC, One stop 42024-09-300001901612Citrin Cooperman Advisors LLC, One stop 52024-09-300001901612DISA Holdings Corp., Senior secured 12024-09-300001901612DISA Holdings Corp., Senior secured 22024-09-300001901612DISA Holdings Corp., Senior secured 32024-09-300001901612DISA Holdings Corp., Subordinated debt2024-09-300001901612DISA Holdings Corp., Senior secured 42024-09-300001901612DISA Holdings Corp., One stop2024-09-300001901612DISA Holdings Corp., Senior secured 52024-09-300001901612Eclipse Buyer, Inc., One stop 12024-09-300001901612Eclipse Buyer, Inc., One stop 22024-09-300001901612Eclipse Buyer, Inc., One stop 32024-09-300001901612Varicent Intermediate Holdings Corporation, One stop 12024-09-300001901612Varicent Intermediate Holdings Corporation, One stop 22024-09-300001901612Varicent Intermediate Holdings Corporation, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2024-09-300001901612Anaplan, Inc., One stop 12024-09-300001901612Anaplan, Inc., One stop 22024-09-300001901612Anaplan, Inc., One stop 32024-09-300001901612Armstrong Bidco Limited, One stop 12024-09-300001901612Armstrong Bidco Limited, One stop 22024-09-300001901612Arrow Buyer, Inc., One stop 12024-09-300001901612Arrow Buyer, Inc., One stop 22024-09-300001901612Arrow Buyer, Inc., One stop 32024-09-300001901612Artifact Bidco, Inc., One stop 12024-09-300001901612Artifact Bidco, Inc., One stop 22024-09-300001901612Artifact Bidco, Inc., One stop 32024-09-300001901612Artifact Bidco, Inc., One stop 42024-09-300001901612Azurite Intermediate Holdings, Inc., One stop 12024-09-300001901612Azurite Intermediate Holdings, Inc., One stop 22024-09-300001901612Azurite Intermediate Holdings, Inc., One stop 32024-09-300001901612Baxter Planning Systems, LLC, One stop 12024-09-300001901612Baxter Planning Systems, LLC, One stop 22024-09-300001901612Baxter Planning Systems, LLC, One stop 32024-09-300001901612BestPass, Inc., One stop 12024-09-300001901612BestPass, Inc., One stop 22024-09-300001901612BestPass, Inc., One stop 32024-09-300001901612Bloomerang, LLC, One stop 12024-09-300001901612Bloomerang, LLC, One stop 22024-09-300001901612Bloomerang, LLC, One stop 32024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42024-09-300001901612Camelia Bidco Limited, One stop 12024-09-300001901612Camelia Bidco Limited, One stop 22024-09-300001901612Camelia Bidco Limited, One stop 32024-09-300001901612Camelia Bidco Limited, One stop 42024-09-300001901612CB Buyer, Inc., One stop 12024-09-300001901612CB Buyer, Inc., One stop 22024-09-300001901612CB Buyer, Inc., One stop 32024-09-300001901612Coupa Holdings, LLC, One stop 12024-09-300001901612Coupa Holdings, LLC, One stop 22024-09-300001901612Coupa Holdings, LLC, One stop 32024-09-300001901612Crewline Buyer, Inc., One stop 12024-09-300001901612Crewline Buyer, Inc., One stop 22024-09-300001901612Denali Bidco Limited, One stop 12024-09-300001901612Denali Bidco Limited, One stop 22024-09-300001901612Denali Bidco Limited, One stop 32024-09-300001901612Denali Bidco Limited, One stop 42024-09-300001901612Denali Bidco Limited, One stop 52024-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 12024-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 22024-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 32024-09-300001901612GTY Technology Holdings, Inc., One stop 12024-09-300001901612GTY Technology Holdings, Inc., One stop 22024-09-300001901612GTY Technology Holdings, Inc., One stop 32024-09-300001901612GTY Technology Holdings, Inc., One stop 42024-09-300001901612GTY Technology Holdings, Inc., One stop 52024-09-300001901612GTY Technology Holdings, Inc., One stop 62024-09-300001901612Gurobi Optimization, LLC, One stop 12024-09-300001901612Gurobi Optimization, LLC, One stop 22024-09-300001901612Hornet Security Holding GMBH, One stop 12024-09-300001901612Hornet Security Holding GMBH, One stop 22024-09-300001901612Hornet Security Holding GMBH, One stop 32024-09-300001901612Hornet Security Holding GMBH, One stop 42024-09-300001901612Hyland Software, Inc., One stop 12024-09-300001901612Hyland Software, Inc., One stop 22024-09-300001901612Icefall Parent, Inc., One stop 12024-09-300001901612Icefall Parent, Inc., One stop 22024-09-300001901612ICIMS, Inc., One stop 12024-09-300001901612ICIMS, Inc., One stop 22024-09-300001901612ICIMS, Inc., One stop 32024-09-300001901612IQN Holding Corp., One stop 12024-09-300001901612IQN Holding Corp., One stop 22024-09-300001901612Island Bidco AB, One stop 12024-09-300001901612Island Bidco AB, One stop 22024-09-300001901612Island Bidco AB, One stop 32024-09-300001901612Island Bidco AB, One stop 42024-09-300001901612Island Bidco AB, One stop 52024-09-300001901612Kaseya Inc., One stop 12024-09-300001901612Kaseya Inc., One stop 22024-09-300001901612Kaseya Inc., One stop 32024-09-300001901612Kaseya Inc., One stop 42024-09-300001901612LeadsOnline, LLC, One stop 12024-09-300001901612LeadsOnline, LLC, One stop 22024-09-300001901612LeadsOnline, LLC, One stop 32024-09-300001901612LeadsOnline, LLC, One stop 42024-09-300001901612Navex TopCo, Inc., One stop 12024-09-300001901612Navex TopCo, Inc., One stop 22024-09-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop2024-09-300001901612Panzura, LLC, One stop2024-09-300001901612Pineapple German Bidco GMBH, One stop 12024-09-300001901612Pineapple German Bidco GMBH, One stop 22024-09-300001901612Pineapple German Bidco GMBH, One stop 32024-09-300001901612PING Identity Holding Corp., One stop 12024-09-300001901612PING Identity Holding Corp., One stop 22024-09-300001901612Quant Buyer, Inc., One stop 12024-09-300001901612Quant Buyer, Inc., One stop 22024-09-300001901612Quant Buyer, Inc., One stop 32024-09-300001901612Quant Buyer, Inc., One stop 42024-09-300001901612Rainforest Bidco Limited, One stop 12024-09-300001901612Rainforest Bidco Limited, One stop 22024-09-300001901612Rainforest Bidco Limited, One stop 32024-09-300001901612Rainforest Bidco Limited, One stop 42024-09-300001901612SailPoint Technologies Holdings, Inc., One stop 12024-09-300001901612SailPoint Technologies Holdings, Inc., One stop 22024-09-300001901612Templafy APS and Templafy, LLC, One stop 12024-09-300001901612Templafy APS and Templafy, LLC, One stop 22024-09-300001901612Togetherwork Holdings, LLC, One stop 12024-09-300001901612Togetherwork Holdings, LLC, One stop 22024-09-300001901612Togetherwork Holdings, LLC, One stop 32024-09-300001901612Transform Bidco Limited, One stop 12024-09-300001901612Transform Bidco Limited, One stop 22024-09-300001901612Transform Bidco Limited, One stop 32024-09-300001901612Vantage Bidco GMBH, One stop 12024-09-300001901612Vantage Bidco GMBH, One stop 22024-09-300001901612Varinem German Midco GMBH, One stop 12024-09-300001901612Varinem German Midco GMBH, One stop 22024-09-300001901612Zendesk, Inc., One stop 12024-09-300001901612Zendesk, Inc., One stop 22024-09-300001901612Zendesk, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2024-09-300001901612Biscuit Parent, LLC, One stop 12024-09-300001901612Biscuit Parent, LLC, One stop 22024-09-300001901612Cavender Stores L.P., Senior secured2024-09-300001901612CVP Holdco, Inc., One stop 12024-09-300001901612CVP Holdco, Inc., One stop 22024-09-300001901612CVP Holdco, Inc., One stop 32024-09-300001901612PetVet Care Centers LLC, One stop 12024-09-300001901612PetVet Care Centers LLC, One stop 22024-09-300001901612PetVet Care Centers LLC, One stop 32024-09-300001901612PPV Intermediate Holdings, LLC, One stop 12024-09-300001901612PPV Intermediate Holdings, LLC, One stop 22024-09-300001901612PPV Intermediate Holdings, LLC, One stop 32024-09-300001901612PPV Intermediate Holdings, LLC, One stop 42024-09-300001901612PPV Intermediate Holdings, LLC, One stop 52024-09-300001901612PPV Intermediate Holdings, LLC, One stop 62024-09-300001901612PPV Intermediate Holdings, LLC, One stop 72024-09-300001901612PPV Intermediate Holdings, LLC, One stop 82024-09-300001901612Radiance Borrower, LLC, One stop 12024-09-300001901612Radiance Borrower, LLC, One stop 22024-09-300001901612Salon Lofts Group, LLC, Senior secured 12024-09-300001901612Salon Lofts Group, LLC, Second lien 12024-09-300001901612Salon Lofts Group, LLC, Senior secured 22024-09-300001901612Salon Lofts Group, LLC, Senior secured 32024-09-300001901612Salon Lofts Group, LLC, Second lien 22024-09-300001901612Salon Lofts Group, LLC, Senior secured 42024-09-300001901612Salon Lofts Group, LLC, Senior secured 52024-09-300001901612Salon Lofts Group, LLC, Senior secured 62024-09-300001901612Salon Lofts Group, LLC, Senior secured 72024-09-300001901612Salon Lofts Group, LLC, Senior secured 82024-09-300001901612Salon Lofts Group, LLC, Senior secured 92024-09-300001901612Salon Lofts Group, LLC, Senior secured 102024-09-300001901612Salon Lofts Group, LLC, Second lien 32024-09-300001901612Salon Lofts Group, LLC, Senior secured 112024-09-300001901612Salon Lofts Group, LLC, Senior secured 122024-09-300001901612Salon Lofts Group, LLC, Second lien 42024-09-300001901612Salon Lofts Group, LLC, Senior secured 132024-09-300001901612Salon Lofts Group, LLC, Second lien 52024-09-300001901612Salon Lofts Group, LLC, Second lien 62024-09-300001901612Salon Lofts Group, LLC, Senior secured 142024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2024-09-300001901612Vessco Midco Holdings, LLC, One stop 12024-09-300001901612Vessco Midco Holdings, LLC, One stop 22024-09-300001901612Vessco Midco Holdings, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:WaterUtilitiesSectorMember2024-09-300001901612us-gaap:DebtSecuritiesMember2024-09-300001901612PPW Aero Buyer, Inc., LP units2024-09-300001901612CAP-KSI Holdings, LLC, LP units2024-09-300001901612CAP-KSI Holdings, LLC, Preferred Stock2024-09-300001901612National Express Wash Parent Holdco, LLC, LP units2024-09-300001901612Quick Quack Car Wash Holdings, LLC, LP units2024-09-300001901612Quick Quack Car Wash Holdings, LLC, LLC units2024-09-300001901612Yorkshire Parent, Inc., LP units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2024-09-300001901612FR Vision Holdings, Inc., LP units2024-09-300001901612CHVAC Services Investment, LLC, Common Stock2024-09-300001901612DP Flores Holdings, LLC, LLC units2024-09-300001901612HS Spa Holdings, Inc., Common Stock2024-09-300001901612NSG Buyer, Inc., LP units2024-09-300001901612Virginia Green Acquisition, LLC, LP units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2024-09-300001901612Amberfield Acquisition Co., LLC units2024-09-300001901612PB Group Holdings, LLC, LP units2024-09-300001901612Oakbridge Insurance Agency LLC, LP units2024-09-300001901612Critical Start, Inc., Common Stock2024-09-300001901612Netwrix Corporation, LLC units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2024-09-300001901612Movement Holdings, LLC, LLC units2024-09-300001901612Celerion Buyer, Inc., LP units 12024-09-300001901612Celerion Buyer, Inc., LP units 22024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2024-09-300001901612Eclipse Buyer, Inc., Preferred Stock2024-09-300001901612Anaplan, Inc., LP Interest2024-09-300001901612CB Buyer, Inc., LP units2024-09-300001901612Cynet Security Ltd., Preferred Stock2024-09-300001901612Denali Bidco Limited, LP Interest2024-09-300001901612GTY Technology Holdings, Inc., LP units2024-09-300001901612Gurobi Optimization, LLC, Common Stock2024-09-300001901612Kaseya Inc., Preferred Stock2024-09-300001901612Kaseya Inc., LP Interest2024-09-300001901612Onit, Inc., Preferred Stock2024-09-300001901612Onit, Inc., Warrant2024-09-300001901612Panzura, LLC, LLC units2024-09-300001901612Templafy APS and Templafy, LLC, Warrant2024-09-300001901612Togetherwork Holdings, LLC, Preferred Stock2024-09-300001901612Zendesk, Inc., LP units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2024-09-300001901612Salon Lofts Group, LLC, LP units2024-09-300001901612us-gaap:EquitySecuritiesMember2024-09-300001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582) 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_____________________________________________________________________________________________

Form 10-K/A

(Amendment No. 1)

_____________________________________________________________________________________________

(Mark One)
ý						ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
						For the fiscal year ended September 30, 2025
						or

o						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
						For the transition period from          to

_____________________________________________________________________________________________

Commission file number: 814-01504

Golub Capital BDC 4, Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland						88-1608711
(State or Other Jurisdiction of Incorporation  or Organization)						(I.R.S. Employer Identification No.)
200 Park Avenue, 25th Floor, New York, NY						10166
(Address of Principal Executive Offices)						(Zip Code)

(212) 750-6060

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

None

N/A

N/A

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yes o No ý

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 ý No o

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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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes ý No o

Auditor Firm ID:

42

Auditor Name:

Ernst & Young LLP

Auditor Location:

Chicago

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

Large accelerated filer			o			Accelerated filer			o
Non-accelerated filer			ý			Smaller reporting company			o
Emerging growth company			o

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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ý

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).Yes o No ý

As of September 30, 2025, there was no established public market for the Registrant's common stock.

The number of shares of the Registrant's common stock, $0.001 par value, outstanding as of November 21, 2025 is 71,496,901.607.

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EXPLANATORY NOTE

Golub Capital BDC 4, Inc. (“GBDC 4” or “the Company”) is filing this Amendment No. 1 on Form 10-K/A (the “Form 10-K/A”) to its Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on November 21, 2025 (the “Original Filing”) for the purpose of correcting the inadvertent omission of a subsection in the Ernst & Young LLP’s Report of Independent Registered Public Accounting Firm (“Auditor’s Report”) included in Item 8. The auditor’s opinion on the Company’s consolidated financial statements remained unchanged.

The error that has been corrected is the omission of a subsection from the Auditor’s Report. This subsection is included in the Auditor’s Report on Form 10-K/A. The Auditor’s Report was included in the Original Filing.

Except for the aforementioned correction to the Auditor’s Report, this Amendment does not amend, modify or update the Original Filing in any respect. Information included in this Amendment is stated as of September 30, 2025 and does not reflect events that have occurred subsequent to the filing of the Original Filing and, accordingly, this Amendment should be read in conjunction with our Original Filing made with the SEC.

This Annual Report on Form 10-K/A consists of a cover page, this explanatory note, Item 8 (as amended) of the 2025 Annual Report on Form 10-K (including our consolidated financial statements and the corrected Auditor’s Report), Item 15 of the 2025 Annual Report on Form 10-K, the signature page and the required certifications of GBDC 4’s chief executive officer and the chief financial officer.

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Item 8. Consolidated Financial Statements and Supplementary Data

Index to Consolidated Financial Statements

Management's Report on Internal Control over Financial Reporting			5
Report of Independent Registered Public Accounting Firm			6
Consolidated Statements of Financial Condition as of September 30, 2025 and 2024			8
Consolidated Statements of Operations for the Years Ended September 30, 2025, 2024 and 2023			9
Consolidated Statements of Changes in Net Assets for the Years Ended September 30, 2025, 2024 and 2023			10
Consolidated Statements of Cash Flows for the Years Ended September 30, 2025, 2024 and 2023			11
Consolidated Schedules of Investments as of September 30, 2025 and 2024			13
Notes to the Consolidated Financial Statements			48

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Management’s Report on Internal Control over Financial Reporting

The management of Golub Capital BDC 4, Inc. (“GBDC 4,” and collectively with its subsidiaries, the “Company,” “we,” “us,” “our” and “Golub Capital BDC 4”) is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is a process designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.

Golub Capital BDC 4’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions recorded necessary to permit the preparation of financial statements in accordance with U.S. generally accepted accounting principles. Our policies and procedures also provide reasonable assurance that receipts and expenditures are being made only in accordance with authorizations of management and the directors of Golub Capital BDC 4, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness as to future periods are subject to the risk that controls could become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures could deteriorate.

Management assessed the effectiveness of Golub Capital BDC 4’s internal control over financial reporting as of September 30, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control — Integrated Framework issued in 2013. Based on the assessment, management believes that, as of September 30, 2025, our internal control over financial reporting is effective based on those criteria.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Golub Capital BDC 4, Inc. and Subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial condition of Golub Capital BDC 4, Inc. and Subsidiaries (the Company), including the consolidated schedules of investments, as of September 30, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2025 and 2024, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2025 and 2024, by correspondence with custodians. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.

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Valuation of investments using significant unobservable inputs and assumptions

Description of the Matter			At September 30, 2025, the fair value of the Company’s investments categorized as Level 3 investments within the fair value hierarchy (Level 3 investments) totaled $2,209,174 thousand. Management determines the fair value of the Company’s Level 3 investments by applying the methodologies outlined in Notes 2 and 7 to the consolidated financial statements and using significant unobservable inputs and assumptions. Determining the fair value of the Level 3 investments requires management to make judgments about the valuation methodologies (i.e., market approach or income approach) and significant unobservable inputs and assumptions including, among others, EBITDA multiples, revenue multiples, and market interest rates for similar loans with similar credit profiles, used in determining the fair value measurements. Auditing the fair value of the Company’s Level 3 investments was complex, as the unobservable inputs and assumptions used by the Company are highly judgmental, are sensitive to economic dislocations, and could have a significant effect on the fair value measurements of such investments.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s investment valuation process. This included controls over management’s assessment of the valuation methodologies and significant unobservable inputs and assumptions used in determining the fair value measurements of the Level 3 investments. Our audit procedures included, among others, evaluating the Company’s valuation methodologies, testing the significant unobservable inputs and assumptions used by the Company in determining the fair value of the Company’s Level 3 investments, and testing the mathematical accuracy of the Company’s valuation calculations. For a sample of the Company’s Level 3 investments, and in some cases, with the involvement of our valuation specialists, we independently developed fair value estimates and compared them to the Company’s estimates. We developed our independent fair value estimates by using borrower financial information, which we compared to confirmations sent to the borrowers or agreements or underlying source documents provided to the Company by the borrowers, and available market information from third-party sources, such as market spreads, market multiples, and leverage. In developing our independent fair value estimates, we considered the impact of current economic conditions on trends in borrower financial information and the resulting fair value estimates. We also evaluated subsequent events and other available information and considered whether they corroborated or contradicted the Company’s year-end valuations.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2021.

Chicago, Illinois

November 21, 2025

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

						September 30, 2025						September 30, 2024
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $2,176,447 and $1,291,512, respectively)						$	2,209,174					$	1,311,001
Cash and cash equivalents						14,291						8,175
Foreign currencies (cost of $3,100 and $873, respectively)						3,529						1,019
Restricted cash and cash equivalents						45,540						25,337
Restricted foreign currencies (cost of $2,869 and $294, respectively)						2,947						316
Interest receivable						19,645						16,566
Receivable for investments						1,355						5,085
Capital call receivable						94						—
Deferred offering costs						—						68
Other assets						840						117
Total Assets						$	2,297,415					$	1,367,684
Liabilities
Debt						$	1,189,555					$	691,985
Less unamortized debt issuance costs						(8,281)						(7,871)
Debt less unamortized debt issuance costs						1,181,274						684,114
Interest payable						18,244						12,293
Distributions payable						19,791						15,502
Management and income incentive fees payable						5,741						3,642
Unrealized depreciation on forward currency contracts						864						—
Accrued trustee fees						52						47
Accounts payable and other liabilities						2,894						1,884
Total Liabilities						1,228,860						717,482
Commitments and Contingencies (Note 10)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and 2024						—						—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 71,236,992.933 and 43,346,830.170 shares issued and outstanding as of September 30, 2025 and 2024, respectively						71						43
Paid in capital in excess of par						1,068,109						649,853
Distributable earnings (losses)						375						306
Total Net Assets						1,068,555						650,202
Total Liabilities and Total Net Assets						$	2,297,415					$	1,367,684
Number of common shares outstanding						71,236,992.933						43,346,830.170
Net asset value per common share						$	15.00					$	15.00

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except share and per share data)

																		Year ended September 30, 2025						Year ended September 30, 2024			Year ended September 30, 2023
Investment income
Interest income																		$	165,803					$	96,782		$	21,023
Payment-in-kind interest income																		9,552						6,256			1,634
Dividend income																		828						181			122
Fee income																		1,021						435			50
Total investment income																		177,204						103,654			22,829
Expenses
Interest and other debt financing expenses																		64,666						38,185			7,227
Base management fee																		23,673						11,815			2,759
Incentive fee																		20,420						12,679			2,682
Professional fees																		1,771						969			804
Administrative service fee																		2,146						947			233
General and administrative expenses																		302						236			102
Total expenses																		112,978						64,831			13,807
Base management fee waived (Note 4)																		(15,065)						(7,519)			(1,756)
Incentive fee waived (Note 4)																		(9,972)						(8,130)			(2,682)
Net expenses																		87,941						49,182			9,369
Net investment income - before tax																		89,263						54,472			13,460
Excise tax																		—						25			53
Net investment income - after tax																		89,263						54,447			13,407
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments																		—						30			16
Foreign currency transactions																		263						155			(46)
Net realized gain (loss) on investment transactions																		263						185			(30)
Net change in unrealized appreciation (depreciation) from:
Investments																		5,293						14,348			2,595
Forward currency contracts																		(864)						—			—
Translation of assets and liabilities in foreign currencies																		430						(20)			137
Net change in unrealized appreciation (depreciation) on investment transactions																		4,859						14,328			2,732
Net gain (loss) on investment transactions																		5,122						14,513			2,702
Net increase (decrease) in net assets resulting from operations																		$	94,385					$	68,960		$	16,109
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 13)																		$	1.71					$	2.55		$	2.46
Basic and diluted weighted average common shares outstanding (Note 13)																		55,271,464						27,089,786			6,535,176

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets

(In thousands, except share data)

			Common Stock												Paid in Capital in Excess of Par						Distributable Earnings (Losses)						Total Net Assets
			Shares						Par Amount
Balance at September 30, 2022			4,628,404.940						$	5					$	69,421					$	—					$	69,426
Issuance of common stock			7,334,065.187						7						110,004						—						110,011
Redemption of common stock			—						—						—						—						—
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						13,407						13,407
Net realized gain (loss) on investment transactions			—						—						—						(30)						(30)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						2,732						2,732
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			216,495.165						—						3,247						—						3,247
Distributions from distributable earnings (losses)			—						—						—						(12,129)						(12,129)
Distributions declared and payable			—						—						—						(3,980)						(3,980)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles			—						—						(147)						147						—
Total increase (decrease) for the year ended September 30, 2023			7,550,560.352						7						113,104						147						113,258
Balance at September 30, 2023			12,178,965.292						12						182,525						147						182,684
Issuance of common stock			30,448,083.954						30						456,691						—						456,721
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						54,447						54,447
Net realized gain (loss) on investment transactions			—						—						—						185						185
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						14,328						14,328
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			719,780.924						1						10,796						—						10,797
Distributions from distributable earnings (losses)			—						—						—						(53,458)						(53,458)
Distributions declared and payable			—						—						—						(15,502)						(15,502)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles			—						—						(159)						159						—
Total increase (decrease) for the year ended September 30, 2024			31,167,864.878						31						467,328						159						467,518
Balance at September 30, 2024			43,346,830.170						43						649,853						306						650,202
Issuance of common stock			26,693,590.969						27						400,377						—						400,404
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						89,263						89,263
Net realized gain (loss) on investment transactions			—						—						—						263						263
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						4,859						4,859
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			1,196,571.794						1						17,948						—						17,949
Distributions from distributable earnings (losses)			—						—						—						(74,594)						(74,594)
Distributions declared and payable			—						—						—						(19,791)						(19,791)
Tax reclassification of stockholders equity in accordance with generally accepted accounting principles			—						—						(69)						69						—
Total increase (decrease) for the year ended September 30, 2025			27,890,162.763						28						418,256						69						418,353
Balance at September 30, 2025			71,236,992.933						$	71					$	1,068,109					$	375					$	1,068,555

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

						Year ended September 30,
						2025						2024						2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations						$	94,385					$	68,960					$	16,109
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						4,061						1,644						327
Amortization of deferred offering costs						68						134						83
Accretion of discounts and amortization of premiums						(5,420)						(3,078)						(641)
Net realized (gain) loss on investments						—						(30)						(16)
Net realized (gain) loss on foreign currency transactions						(263)						(155)						46
Net change in unrealized (appreciation) depreciation on investments						(5,293)						(14,348)						(2,595)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies						(430)						20						(137)
Net change in unrealized (appreciation) depreciation on forward currency contracts						864						—						—
Proceeds from (fundings of) revolving loans, net						(5,121)						(2,253)						(269)
Fundings of investments						(1,004,018)						(999,116)						(205,451)
Proceeds from principal payments and sales of portfolio investments						139,651						36,279						4,424
Payment-in-kind interest capitalized						(9,486)						(6,286)						(1,629)
Non-cash dividends capitalized						(628)						(181)						(114)
Proceeds from non-cash dividends						208						—						—
Changes in operating assets and liabilities:
Interest receivable						(3,079)						(13,464)						(2,556)
Receivable for investments						3,730						(4,171)						(914)
Other assets						(723)						(85)						(24)
Interest payable						5,951						9,751						2,057
Management and income incentive fees payable						2,099						3,319						217
Accrued trustee fees						5						22						(15)
Accounts payable and other liabilities						1,010						1,368						31
Net cash provided by (used in) operating activities						(782,429)						(921,670)						(191,067)
Cash flows from financing activities
Borrowings on debt						2,340,403						999,356						160,342
Repayments of debt						(1,849,470)						(487,400)						(48,392)
Proceeds from other short-term borrowings						—						481,469						—
Repayments on other short-term borrowings						—						(481,469)						—
Capitalized debt issuance costs						(4,471)						(8,511)						(808)
Deferred offering costs						—						(49)						(53)
Proceeds from issuance of common shares						400,311						456,761						109,983
Distributions paid						(72,147)						(46,642)						(9,009)
Net cash provided by (used in) financing activities						814,626						913,515						212,063
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies						32,197						(8,155)						20,996
Effect of foreign currency exchange rates						(737)						163						97
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period						34,847						42,839						21,746
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period						$	66,307					$	34,847					$	42,839
Supplemental disclosure of cash flow information:
Cash paid during the period for interest						$	54,654					$	26,791					$	4,842
Distributions declared for the period						94,385						68,960						16,109
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable						$	94					$	(40)					$	28
Stock issued in connection with dividend reinvestment plan						17,949						10,797						3,247
Change in distributions payable						4,289						11,521						3,853

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows - (continued)

(In thousands)

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

			As of
			September 30, 2025						September 30, 2024
Cash and cash equivalents			$	14,291					$	8,175
Foreign currencies (cost of $3,100 and $873, respectively)			3,529						1,019
Restricted cash and cash equivalents			45,540						25,337
Restricted foreign currencies (cost of $2,869 and $294, respectively)			2,947						316
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows (1)			$	66,307					$	34,847

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

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															02/2029						$	14,576					$	14,324					1.4			%			$	14,503
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															02/2029						—						(4)						—						(3)
			PPW Aero Buyer, Inc.			One stop																		N/A(6)															02/2029						—						—						—						—
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															02/2029						2,449						2,438						0.2						2,437
			PPW Aero Buyer, Inc.*^			One stop						SF +			5.00%			(i)						9.00%															02/2029						2,105						2,093						0.2						2,094
			PPW Aero Buyer, Inc.#			One stop						SF +			5.00%			(i)						9.00%															09/2031						617						614						0.1						614
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(10)						—						(10)
			Titan BW Borrower L.P.#(24)			One stop						SF +			5.26%			(i)						6.58%			cash/			2.88%			PIK						07/2032						4,789						4,742						0.4						4,741
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(8)						—						(8)
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(2)						—						(4)
																																													24,536						24,187						2.3						24,364
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2031						12,449						12,226						1.2						12,324
			RJW Group Holdings, Inc.			One stop						SF +			5.00%			(i)						9.20%															11/2031						786						770						0.1						777
			RJW Group Holdings, Inc.#			One stop						SF +			5.00%			(i)						9.00%															11/2031						9,107						9,017						0.8						9,016
			RJW Group Holdings, Inc.(5)			One stop																		N/A(6)															11/2031						—						(8)						—						(15)
																																													22,342						22,005						2.1						22,102
			Auto Components
			Arnott, LLC^			One stop						SF +			4.75%			(j)						8.62%															11/2030						1,260						1,249						0.1						1,247
			Arnott, LLC			One stop						SF +			4.75%			(j)						8.74%															11/2030						93						91						—						91
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(i)						9.06%															01/2030						9,942						9,799						0.9						9,942
			Collision SP Subco, LLC#			One stop						SF +			4.75%			(i)						9.04%															01/2030						70						70						—						70
			Collision SP Subco, LLC(5)			One stop																		N/A(6)															01/2030						—						(8)						—						—
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)(j)						9.00%															01/2030						5,305						5,263						0.5						5,305
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)						8.95%															01/2030						238						214						—						238
			OEConnection, LLC*^			One stop						SF +			5.25%			(h)						9.41%															04/2031						16,946						16,812						1.6						17,003
			OEConnection, LLC^			One stop						SF +			5.25%			(h)						9.41%															04/2031						2,957						2,932						0.3						2,967
			OEConnection, LLC(5)			One stop																		N/A(6)															04/2031						—						(15)						—						6
			OEConnection, LLC(5)			One stop																		N/A(6)															04/2031						—						(5)						—						4
																																													36,811						36,402						3.4						36,873
			Automobiles
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(i)						9.89%															06/2030						351						340						—						351
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25%			(h)(i)						9.32%															06/2030						8,303						8,208						0.8						8,303
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						796						784						0.1						796
			High Bar Brands Operating, LLC#			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						166						163						—						166
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.24%															12/2029						10						6						—						10
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						140						137						—						140
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00%			(i)						9.00%															07/2029						30,319						30,076						2.9						30,319
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.03%															07/2029						257						255						—						257
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.24%															07/2029						398						393						—						398

See Notes to Consolidated Financial Statements

13

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(i)						9.00%															07/2029						$	388					$	386					—			%			$	388
			Quick Quack Car Wash Holdings, LLC*^			One stop						SF +			4.75%			(h)						8.91%															06/2031						28,332						28,140						2.7						28,332
			Quick Quack Car Wash Holdings, LLC(5)			One stop																		N/A(6)															06/2031						—						(17)						—						—
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						528						516						—						528
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75%			(h)						8.91%															06/2031						1,591						1,570						0.1						1,591
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						66						66						—						66
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.50%															12/2029						17,435						17,244						1.6						17,435
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(i)						9.50%															12/2029						706						665						0.1						706
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.79%															12/2029						4,831						4,784						0.5						4,831
			Yorkshire Parent, Inc.			One stop						SF +			5.00%			(i)						9.31%															12/2029						1						—						—						1
			Yorkshire Parent, Inc.#			One stop						SF +			5.00%			(i)						9.31%															12/2029						42						42						—						42
																																													94,660						93,758						8.8						94,660
			Banks
			Empyrean Solutions, LLC^			One stop						SF +			4.50%			(i)						8.50%															11/2031						1,484						1,477						0.1						1,484
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(3)						—						—
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00%			(i)						9.31%															12/2029						3,870						3,835						0.4						3,870
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00%			(i)						9.32%															12/2029						3,702						3,669						0.4						3,702
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.32%															12/2029						63						48						—						63
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.31%															12/2029						337						331						—						337
																																													9,456						9,356						0.9						9,456
			Beverages
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						6,410						6,326						0.6						6,410
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						2,613						2,588						0.2						2,613
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(5)						—						—
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC#			One stop						SF +			4.75%			(i)						8.75%															06/2030						9,452						9,429						0.9						9,452
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(11)						—						—
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(3)						—						—
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00%			(i)						9.29%															02/2032						5,073						5,016						0.5						5,073
																																													23,548						23,339						2.2						23,548
			Building Products
			BECO Holding Company, Inc.*			One stop						SF +			5.25%			(i)						9.40%															11/2028						693						689						0.1						693
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2028						—						(12)						—						—
																																													693						677						0.1						693
			Capital Markets
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						14,058						13,930						1.3						14,058
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(i)						8.75%															01/2031						631						606						0.1						631
			BlueMatrix Holdings, LLC*			One stop						SF +			4.75%			(i)						8.75%															01/2031						4,729						4,686						0.4						4,729
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						1,720						1,708						0.2						1,720
			BlueMatrix Holdings, LLC#			One stop						SF +			4.75%			(i)						8.75%															01/2031						2,055						2,047						0.2						2,055
																																													23,193						22,977						2.2						23,193
			Chemicals
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(3)						—						—
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(1)						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75%			(i)						8.80%															04/2032						1,667						1,659						0.2						1,667

See Notes to Consolidated Financial Statements

14

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			JSG II, Inc. and Checkers USA, Inc.#			One stop						SF +			4.50%			(h)						8.66%															09/2032						$	3,521					$	3,503					0.3			%			$	3,503
			JSG II, Inc. and Checkers USA, Inc.			One stop						SF +			4.50%			(h)						8.66%															09/2032						33						31						—						31
			JSG II, Inc. and Checkers USA, Inc.(5)			One stop																		N/A(6)															09/2032						—						(2)						—						(5)
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75%			(h)						8.91%															03/2029						929						922						0.1						929
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						8.90%															03/2029						61						59						—						61
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						8.91%															03/2029						289						285						—						289
																																													6,500						6,453						0.6						6,475
			Commercial Services & Supplies
			BradyIFS Holdings, LLC			One stop						SF +			5.00%			(i)						9.25%															10/2029						217						206						—						217
			BradyIFS Holdings, LLC*^			One stop						SF +			5.00%			(i)						9.31%															10/2029						22,318						21,977						2.1						22,318
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.33%															01/2031						18,353						18,192						1.7						18,261
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(i)						9.22%															01/2031						5,974						5,922						0.5						5,944
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2030						—						(14)						—						(8)
			CHA Vision Holdings, Inc.#			One stop						SF +			5.00%			(i)						9.00%															01/2031						941						936						0.1						936
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2031						—						(11)						—						(11)
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00%			(i)						9.31%															09/2030						2,016						1,970						0.2						2,016
			Kleinfelder Intermediate, LLC			One stop						P +			4.00%			(a)						11.25%															09/2028						49						46						—						49
			Kleinfelder Intermediate, LLC			One stop						SF +			5.00%			(i)						9.31%															09/2030						219						216						—						219
			North Haven Stack Buyer, LLC*			One stop						SF +			4.75%			(i)						8.95%															07/2027						10,301						10,278						1.0						10,301
			North Haven Stack Buyer, LLC(24)			Second lien						N/A												9.75%			cash/			2.50%			PIK						01/2028						9,277						9,246						0.9						9,277
			PSC Parent, Inc.			One stop						SF +			5.00%			(h)						9.17%															04/2031						716						710						0.1						716
			PSC Parent, Inc.^			One stop						SF +			5.00%			(h)						9.16%															04/2031						1,077						1,072						0.1						1,077
			PSC Parent, Inc.			One stop						SF +			5.00%			(h)						9.16%															04/2030						425						416						—						425
			PSC Parent, Inc.^			One stop						SF +			5.00%			(h)						9.15%															04/2031						6,460						6,409						0.6						6,460
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2030						—						(17)						—						—
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						9.14%															07/2031						1,589						1,583						0.1						1,589
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						9.13%															07/2031						958						954						0.1						958
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						9.12%															07/2031						745						742						0.1						745
			WRE Holding Corp.*^			One stop						SF +			5.00%			(j)						8.87%															07/2031						14,480						14,361						1.4						14,480
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.17%															07/2031						261						260						—						261
			WRE Holding Corp.			One stop						SF +			5.00%			(i)						9.30%															07/2031						267						266						—						267
			WRE Holding Corp.			One stop						SF +			5.00%			(i)						9.23%															07/2031						165						165						—						165
																																													96,808						95,885						9.0						96,662
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(21)						—						—
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(10)						—						—
			Consor Intermediate II, LLC^			One stop						SF +			4.75%			(h)(i)						8.75%															05/2031						13,620						13,565						1.3						13,620
			DCCM, LLC#			One stop						SF +			4.75%			(h)						8.91%															06/2032						1,956						1,947						0.2						1,956
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(5)						—						—
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.50%															12/2030						62						60						—						62
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.67%															12/2030						125						122						—						125
			Royal Holdco Corporation^			One stop						SF +			4.50%			(i)						8.62%															12/2030						1,739						1,723						0.1						1,739
																																													17,502						17,379						1.6						17,502
			Containers & Packaging
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.75%			(i)						9.06%															07/2032						1,406						1,403						0.1						1,406
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—

See Notes to Consolidated Financial Statements

15

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						$	—					$	—					—			%			$	—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
																																													1,406						1,403						0.1						1,406
			Diversified Consumer Services
			ABC Legal Holdings, LLC#			One stop						SF +			4.50%			(h)						8.65%															08/2032						5,163						5,138						0.5						5,112
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(5)						—						(10)
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(9)						—						(15)
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.25%															05/2030						229						215						—						133
			Any Hour, LLC(24)			One stop						N/A												13.00%			PIK												05/2031						2,949						2,909						0.3						2,801
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.30%															05/2030						741						727						0.1						692
			Any Hour, LLC*^			One stop						SF +			5.25%			(i)						9.25%															05/2030						8,083						7,990						0.7						7,759
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.17%															10/2030						50						50						—						50
			Apex Service Partners, LLC#			One stop						SF +			5.00%			(i)						9.31%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.21%															10/2030						28						28						—						28
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.20%															10/2030						5,660						5,545						0.5						5,660
			Apex Service Partners, LLC(5)			One stop																		N/A(6)															10/2029						—						(35)						—						—
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.20%															10/2030						23,780						23,271						2.2						23,780
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2030						4,273						4,227						0.4						4,273
			CHVAC Services Investment, LLC(5)			One stop																		N/A(6)															05/2030						—						(12)						—						—
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2030						16,423						16,285						1.5						16,423
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2030						18						6						—						18
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						858						849						0.1						858
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						7						7						—						7
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						249						247						—						249
			HS Spa Holdings, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						1,139						1,127						0.1						1,139
			HS Spa Holdings, Inc.			One stop						P +			4.25%			(a)						11.50%															06/2028						22						21						—						22
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(i)						9.56%															06/2029						604						602						0.1						604
			Kodiak Buyer, LLC*			One stop						SF +			4.50%			(i)						8.50%															07/2032						2,025						2,015						0.2						2,015
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(3)
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(4)
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.25%															05/2028						77						75						—						77
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.16%															05/2028						3,015						3,010						0.3						3,015
			Litera Bidco, LLC			One stop																		N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC^			One stop						SF +			5.00%			(h)						9.16%															05/2028						7,552						7,528						0.7						7,552
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.01%															04/2029						653						647						0.1						627
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.01%															04/2029						847						837						0.1						813
			Mario Purchaser, LLC(24)			One stop						SF +			10.75%									15.01%			PIK												04/2032						487						483						—						477
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2028						26						25						—						24
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2029						398						395						—						382
			NSG Buyer, Inc. ^			One stop						SF +			5.00%			(i)						9.00%															11/2029						15,257						15,007						1.4						15,257
			NSG Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															11/2028						146						137						—						146
			NSG Buyer, Inc. (5)			One stop																		N/A(6)															11/2029						—						(9)						—						—
			Salisbury House, LLC			One stop						SF +			5.00%			(i)						9.16%															08/2032						233						226						—						219
			Salisbury House, LLC(5)			One stop																		N/A(6)															08/2032						—						(10)						—						(21)
			Salisbury House, LLC*			One stop						SF +			5.00%			(h)						9.16%															08/2032						10,224						10,174						1.0						10,121
			Severin Acquisition, LLC^(24)			One stop						SF +			5.00%			(h)						6.91%			cash/			2.25%			PIK						10/2031						9,212						9,135						0.9						9,120
			Severin Acquisition, LLC(5)			One stop																		N/A(6)															10/2031						—						(10)						—						(11)

See Notes to Consolidated Financial Statements

16

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Severin Acquisition, LLC(24)			One stop						SF +			5.00%			(h)						6.91%			cash/			2.25%			PIK						10/2031						$	322					$	314					—			%			$	303
			Stellar Brands, LLC^			Senior secured						SF +			4.50%			(i)						8.50%															02/2031						2,068						2,054						0.2						2,068
			Stellar Brands, LLC(5)			Senior secured																		N/A(6)															02/2031						—						(1)						—						—
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25%			(j)						9.41%															12/2030						26,072						25,875						2.4						26,072
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2029						—						(23)						—						—
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2030						—						(12)						—						—
																																													148,940						147,098						13.8						147,882
			Diversified Financial Services
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2030						—						(12)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75%			(h)						8.91%															06/2031						5,174						5,116						0.5						5,187
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.50%			(h)						8.66%															06/2031						1,941						1,932						0.2						1,941
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2031						—						(3)						—						—
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)(24)			Subordinated debt						E +			7.50%			(d)						9.58%			PIK												07/2032						901						826						0.1						901
			Ceres Groupe SAS & Ceres PikCo*(7)(8)(19)			One stop						E +			4.50%			(d)						6.58%															07/2031						1,398						1,278						0.1						1,398
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)			One stop						E +			4.50%			(d)						6.76%															07/2031						198						177						—						198
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corsair Blade IV S.A R.L.(7)(8)(12)(24)			One stop						SN +			5.75%			(f)						9.47%			cash/			0.25%			PIK						12/2030						81						62						—						81
			Corsair Blade IV S.A R.L.(7)(12)(24)			One stop						SF +			5.75%			(i)						9.75%			cash/			0.25%			PIK						12/2030						250						250						—						250
			Deerfield Dakota Holding, LLC(5)			One stop																		N/A(6)															09/2032						—						(14)						—						(15)
			Deerfield Dakota Holding, LLC#(24)			One stop						SF +			5.75%			(i)						7.06%			cash/			2.75%			PIK						09/2032						15,499						15,345						1.4						15,344
			Equity Methods, LLC^			One stop						SF +			4.75%			(i)						8.75%															04/2032						7,549						7,514						0.7						7,549
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(6)						—						—
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(8)						—						—
			Finastra USA, Inc.^(7)(9)			One stop						SF +			7.25%			(i)						11.29%															09/2029						2,746						2,746						0.3						2,746
			Higginbotham Insurance Agency, Inc.			One stop						SF +			4.75%			(h)						8.91%															11/2028						1,098						1,091						0.1						1,098
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50%			(h)						8.67%															11/2028						3,813						3,793						0.4						3,813
			Medlar Bidco Limited#(7)(8)(20)			One stop						SN +			5.00%			(f)						8.97%															05/2032						9,412						9,244						0.9						9,412
			Medlar Bidco Limited(5)(7)(8)(20)			One stop																		N/A(6)															05/2032						—						(20)						—						—
			Medlar Bidco Limited#(7)(8)(20)			One stop						E +			5.00%			(c)						6.97%															05/2032						11,711						11,209						1.1						11,711
			Wealth Enhancement Group, LLC			One stop																		N/A(6)															10/2028						—						—						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50%			(i)						8.79%															10/2028						735						735						0.1						735
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50%			(i)						8.79%															10/2028						1,020						1,019						0.1						1,020
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(h)(i)						8.78%															10/2028						350						345						—						350
			Wealth Enhancement Group, LLC(5)			One stop																		N/A(6)															10/2028						—						(4)						—						—
																																													63,876						62,615						6.0						63,719
			Electric Utilities
			Smart Energy Systems, Inc.(24)			One stop						SF +			7.50%			(i)(j)						7.88%			cash/			3.75%			PIK						01/2030						190						187						—						186
			Smart Energy Systems, Inc.#(24)			One stop						SF +			7.50%			(i)						8.04%			cash/			3.75%			PIK						01/2030						1,723						1,690						0.2						1,688
																																													1,913						1,877						0.2						1,874
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75%			(i)						8.75%															12/2030						726						716						0.1						726
			Power Grid Holdings, Inc.			One stop						SF +			4.75%			(h)(i)						9.67%															12/2030						21						18						—						21
			Wildcat TopCo, Inc.^			One stop						SF +			4.75%			(h)						8.91%															11/2031						6,199						6,144						0.6						6,199
			Wildcat TopCo, Inc.			One stop						P +			3.75%			(a)						11.00%															11/2031						30						20						—						30
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(5)						—						—
																																													6,976						6,893						0.7						6,976
			Electronic Equipment, Instruments & Components
			CST Holding Company^			One stop						SF +			5.00%			(h)						9.26%															11/2028						5,345						5,185						0.5						5,345
			CST Holding Company(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
																																													5,345						5,184						0.5						5,345
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00%			(i)						10.00%															10/2030						16,855						16,672						1.6						16,855

See Notes to Consolidated Financial Statements

17

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Blast Bidco Inc.(5)			One stop																		N/A(6)															10/2029						$	—					$	(20)					—			%			$	—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00%			(i)(j)						9.19%															08/2030						3,315						3,288						0.3						3,315
			Eagle Family Foods Group, LLC(5)			One stop																		N/A(6)															08/2030						—						(3)						—						—
			Sphynx UK Bidco, Ltd.#(7)(8)(9)			One stop						A +			4.75%			(e)						8.35%															08/2032						1,667						1,634						0.2						1,657
			Sphynx UK Bidco, Ltd.#(7)(8)(9)			One stop						E +			4.75%			(c)						6.82%															08/2032						1,638						1,615						0.1						1,628
			Sphynx UK Bidco, Ltd.#(7)(8)(9)			One stop						SN +			4.75%			(f)						8.72%															08/2032						7,573						7,498						0.7						7,526
			Zullas, L.C.			One stop						SF +			4.75%			(h)						8.91%															06/2031						79						77						—						79
			Zullas, L.C.^			One stop						SF +			4.75%			(h)						8.91%															06/2031						1,448						1,441						0.1						1,448
			Zullas, L.C.(5)			One stop																		N/A(6)															06/2031						—						(7)						—						—
																																													32,575						32,195						3.0						32,508
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC^			One stop						SF +			5.25%			(i)						9.25%															08/2028						4,127						4,077						0.4						4,127
			Belmont Instrument, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Centegix Intermediate II, LLC#			One stop						SF +			5.50%			(i)						9.69%															08/2032						10,974						10,920						1.0						10,919
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(11)						—						(10)
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(16)						—						(16)
			HuFriedy Group Acquisition, LLC*^			One stop						SF +			5.50%			(i)						9.70%															06/2031						10,796						10,708						1.0						10,796
			HuFriedy Group Acquisition, LLC(5)			One stop																		N/A(6)															05/2030						—						(9)						—						—
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(i)						9.51%															06/2031						2,089						2,054						0.2						2,089
			Isto Group, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Isto Group, Inc.#			One stop						SF +			4.75%			(i)						8.77%															09/2032						1,941						1,932						0.2						1,931
			Isto Group, Inc.(5)			One stop																		N/A(6)															09/2032						—						(6)						—						(6)
			RTI Surgical, Inc.(5)			One stop																		N/A(6)															09/2032						—						(10)						—						(10)
			RTI Surgical, Inc.#			One stop						SF +			4.75%			(i)						8.75%															09/2032						10,007						9,957						0.9						9,957
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50%			(h)						8.66%															12/2029						2,170						2,160						0.2						2,170
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			YI, LLC^			One stop						SF +			5.75%			(h)						9.90%															12/2029						8,451						8,320						0.8						8,366
			YI, LLC(5)			One stop																		N/A(6)															12/2029						—						(11)						—						(16)
																																													50,555						50,064						4.7						50,297
			Healthcare Providers & Services
			Bamboo US Bidco LLC#(8)			One stop						E +			5.25%			(c)						7.28%															09/2030						3,602						3,185						0.4						3,602
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(h)(i)						9.48%															09/2030						324						323						—						324
			Bamboo US Bidco LLC			One stop																		N/A(6)															09/2030						—						—						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(i)						9.56%															09/2030						755						752						0.1						755
			Bamboo US Bidco LLC(5)			One stop																		N/A(6)															10/2029						—						(21)						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(i)						9.56%															09/2030						4,932						4,830						0.5						4,932
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(4)						—						(8)
			Bayou Intermediate II, LLC#			One stop						SF +			4.75%			(i)						8.76%															09/2032						5,607						5,579						0.5						5,551
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(8)						—						(15)
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						1,325						1,318						0.1						1,325
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(1)						—						—
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(4)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						8,011						7,966						0.7						8,011
			BHG Holdings, LLC^			One stop						SF +			5.25%			(h)						9.41%															04/2032						15,940						15,810						1.5						15,940
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(16)						—						—
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(37)						—						—
			Community Care Partners, LLC			One stop						SF +			6.00%			(h)						10.27%															06/2026						344						343						—						344
			Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															04/2031						3,093						2,844						0.3						3,093
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															04/2031						—						(9)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(9)			One stop						SF +			5.00%			(j)						9.29%															04/2031						4,967						4,888						0.5						4,967

See Notes to Consolidated Financial Statements

18

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															10/2030						$	—					$	(14)					—			%			$	—
			HP TLE Buyer, Inc.#			One stop						SF +			4.75%			(i)						8.75%															07/2032						15,508						15,434						1.4						15,431
			HP TLE Buyer, Inc.(5)			One stop																		N/A(6)															07/2032						—						(16)						—						(17)
			LOV Acquisition LLC^			Senior secured						SF +			4.25%			(h)						8.41%															11/2031						6,738						6,709						0.6						6,738
			LOV Acquisition LLC(5)			Senior secured																		N/A(6)															11/2031						—						(3)						—						—
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												14.75%			PIK												08/2030						9,328						9,184						0.9						9,491
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.75%			(i)						9.95%															08/2029						6,530						6,465						0.6						6,530
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						963						953						0.1						963
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						222						221						—						222
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						41						41						—						41
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						40						38						—						40
			PPV Intermediate Holdings, LLC(5)			One stop																		N/A(6)															08/2029						—						(4)						—						—
			PPV Intermediate Holdings, LLC			One stop						SF +			5.25%			(i)						9.45%															08/2029						863						851						0.1						863
			Premise Health Holding Corp.^			One stop						SF +			5.25%			(i)						9.25%															03/2031						18,806						18,585						1.8						18,806
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															03/2030						—						(24)						—						—
																																													107,939						106,158						10.1						107,929
			Healthcare Technology
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.50%															05/2030						203						194						—						203
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.50%															05/2030						278						274						—						278
			Amberfield Acquisition Co.^			One stop						SF +			5.50%			(i)						9.50%															05/2030						8,227						8,164						0.8						8,227
			Color Intermediate, LLC^			Senior secured						SF +			4.75%			(i)						8.85%															10/2029						2,330						2,303						0.2						2,330
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(i)						10.31%															01/2029						999						987						0.1						999
			Crow River Buyer, Inc.(5)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(h)						10.17%															01/2029						2,334						2,315						0.2						2,334
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75%			(i)						8.75%															12/2031						28,777						28,519						2.7						28,777
			GHX Ultimate Parent Corporation(5)			One stop																		N/A(6)															12/2031						—						(24)						—						—
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(6)
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(5)						—						(5)
			Healthmark Holdings, L.P.#			One stop						SF +			4.50%			(i)						8.70%															07/2032						4,462						4,440						0.4						4,417
			Kona Buyer, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50%			(i)						8.82%															07/2031						1,280						1,269						0.1						1,280
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.82%															07/2031						75						75						—						75
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.82%															07/2031						21						21						—						21
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Lacker Bidco Limited#(7)(8)(9)			One stop						SN +			5.75%			(f)						9.72%															02/2031						4,136						3,836						0.4						4,094
			Lacker Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(11)						—						(9)
			Lacker Bidco Limited(7)(8)(9)			One stop						SN +			5.75%			(f)						9.72%															02/2031						3,435						3,311						0.3						3,379
			Modernizing Medicine, Inc.#(24)			One stop						SF +			4.75%			(i)						6.50%			cash/			2.25%			PIK						04/2032						23,128						22,913						2.2						23,128
			Modernizing Medicine, Inc.(5)			One stop																		N/A(6)															04/2032						—						(20)						—						—
			Neptune Holdings, Inc.^			One stop						SF +			4.50%			(i)						8.50%															09/2030						6,223						6,130						0.6						6,223
			Neptune Holdings, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.*^(24)			One stop						SF +			4.95%			(h)						6.66%			cash/			2.45%			PIK						08/2031						18,476						18,325						1.7						18,476
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(21)						—						—
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Plasma Buyer LLC^			One stop						SF +			5.75%			(i)						10.05%															05/2029						477						472						0.1						406
			Plasma Buyer LLC			One stop						SF +			5.75%			(i)						10.05%															05/2028						54						54						—						46
			Plasma Buyer LLC			One stop						SF +			6.25%			(i)						10.55%															05/2029						18						18						—						15
																																													104,933						103,524						9.8						104,688
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC^			One stop						SF +			6.00%			(i)(j)						10.34%															08/2028						1,432						1,425						0.1						1,432
			Barteca Restaurants, LLC#			One stop						SF +			6.00%			(j)						10.38%															08/2028						72						72						—						72

See Notes to Consolidated Financial Statements

19

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)(j)						10.25%															08/2028						$	100					$	100					—			%			$	100
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)						10.15%															08/2028						410						385						0.1						410
			Crumbl Enterprises, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2032						17,832						17,748						1.7						17,832
			Crumbl Enterprises, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2032						232						226						—						232
			ESN Venture Holdings, LLC#(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						316						313						—						316
			ESN Venture Holdings, LLC^(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						4,560						4,500						0.4						4,560
			ESN Venture Holdings, LLC^(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						689						680						0.1						689
			ESN Venture Holdings, LLC(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						154						153						—						154
			ESN Venture Holdings, LLC(5)			One stop																		N/A(6)															10/2029						—						(3)						—						—
			ESN Venture Holdings, LLC(24)			One stop						SF +			6.26%			(i)						6.94%			cash/			3.38%			PIK						10/2029						162						152						—						162
			ESN Venture Holdings, LLC^(24)			One stop						SF +			6.26%			(i)						6.87%			cash/			3.38%			PIK						10/2029						779						772						0.1						779
			ESN Venture Holdings, LLC#(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						373						369						—						373
			ESN Venture Holdings, LLC(24)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						332						330						—						332
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00%			(i)						10.21%															11/2029						3,595						3,554						0.4						3,595
			GFP Atlantic Holdco 2, LLC			One stop						SF +			6.00%			(i)						10.30%															11/2029						2,688						2,619						0.3						2,688
			Health Buyer, LLC#			Senior secured						SF +			5.25%			(i)						9.25%															04/2029						231						229						—						231
			Health Buyer, LLC#			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						119						117						—						119
			Health Buyer, LLC			Senior secured																		N/A(6)															04/2028						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						60						59						—						60
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						116						115						—						116
			Olo Parent, Inc.(5)			One stop																		N/A(6)															09/2032						—						(4)						—						(4)
			Olo Parent, Inc.#			One stop						SF +			4.50%			(i)						8.56%															09/2032						15,575						15,537						1.5						15,536
			Patriot Acquireco, LLC			One stop						SF +			4.50%			(i)						8.66%															09/2032						214						207						—						206
			Patriot Acquireco, LLC#			One stop						SF +			4.50%			(i)						8.66%															09/2032						14,980						14,906						1.4						14,906
			PB Group Holdings, LLC^(24)			One stop						SF +			5.50%			(h)						6.91%			cash/			2.75%			PIK						08/2030						9,673						9,634						0.9						9,673
			PB Group Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															08/2030						132						127						—						132
			QSR Acquisition Co.*#			One stop						SF +			4.25%			(i)						8.25%															06/2032						28,067						27,966						2.6						28,067
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(22)						—						—
			Rooster BidCo Limited(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															03/2032						34						34						—						34
			Rooster BidCo Limited(5)(7)(8)(9)			One stop																		N/A(6)															03/2032						—						(7)						—						—
			Rooster BidCo Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															03/2032						1,449						1,382						0.2						1,449
			Saguaro Buyer, LLC^			One stop						SF +			4.50%			(h)						8.66%															07/2032						1,319						1,313						0.1						1,319
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															07/2032						20						19						—						20
			Saguaro Buyer, LLC			One stop																		N/A(6)															07/2032						—						—						—						—
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															07/2032						35						30						—						35
			SDC Holdco, LLC*			One stop						SF +			4.38%			(h)						8.54%															07/2032						10,144						10,095						0.9						10,093
			SDC Holdco, LLC(5)			One stop																		N/A(6)															07/2032						—						(6)						—						(6)
			SSRG Holdings, LLC(5)			One stop																		N/A(6)															11/2029						—						(5)						—						(5)
			SSRG Holdings, LLC#			One stop						SF +			4.75%			(i)						8.75%															11/2029						2,235						2,225						0.2						2,224
			Super REGO, LLC(24)			Subordinated debt						N/A												15.00%			PIK												03/2030						37						37						—						37
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						8.75%															10/2027						1,000						992						0.1						1,000
			YE Brands Holding, LLC^			One stop						SF +			4.75%			(i)						8.75%															10/2027						7,032						6,991						0.7						7,032
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						8.75%															10/2027						12						12						—						12
																																													126,210						125,369						11.8						126,012
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															04/2032						2,744						2,731						0.3						2,744
			WU Holdco, Inc.(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			WU Holdco, Inc.(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
																																													2,744						2,728						0.3						2,744
			Industrial Conglomerates
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						574						568						0.1						574
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						84						77						—						84

See Notes to Consolidated Financial Statements

20

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(i)						8.75%															07/2029						$	146					$	144					—			%			$	146
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(i)						8.75%															07/2029						73						72						—						73
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						86						84						—						86
			Dwyer Instruments, Inc.(5)(8)			One stop																		N/A(6)															07/2029						—						(13)						—						—
			Dwyer Instruments, Inc.#(8)			One stop						E +			5.00%			(c)						7.00%															07/2029						18,074						16,104						1.7						18,074
			Dwyer Instruments, Inc.(5)			One stop																		N/A(6)															07/2029						—						(9)						—						—
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						506						502						—						506
			Essential Services Holdings Corporation*^			One stop						SF +			5.00%			(i)						9.32%															06/2031						10,198						10,115						1.0						10,096
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(i)						9.19%															06/2030						250						240						—						240
			Essential Services Holdings Corporation(5)			One stop																		N/A(6)															06/2031						—						(8)						—						(20)
			Excelitas Technologies Corp.(5)			One stop																		N/A(6)															08/2029						—						(97)						—						—
			Excelitas Technologies Corp.^			One stop						SF +			5.25%			(h)						9.41%															08/2029						643						636						0.1						643
			Excelitas Technologies Corp.#(8)			One stop						E +			5.25%			(b)						7.16%															08/2029						129						112						—						129
			Excelitas Technologies Corp.			One stop																		N/A(6)															08/2028						—						—						—						—
																																													30,763						28,527						2.9						30,631
			Insurance
			Bellwether Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															04/2032						75						74						—						75
			Bellwether Buyer, LLC#			One stop						SF +			4.50%			(h)						8.64%															04/2032						1,446						1,439						0.1						1,446
			Bellwether Buyer, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.81%															03/2028						2,486						2,456						0.2						2,486
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.70%															03/2028						1,672						1,672						0.2						1,672
			Ben Nevis Midco Limited(7)(9)			One stop						SF +			5.50%			(i)						9.81%															03/2028						429						427						—						429
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.81%															03/2028						2,058						2,028						0.2						2,058
			Captive Resources Midco, LLC^			One stop						SF +			4.50%			(h)						8.66%															07/2029						9,104						9,032						0.9						9,104
			Captive Resources Midco, LLC(5)			One stop																		N/A(6)															07/2028						—						(2)						—						—
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25%			(i)						9.25%															12/2030						14,083						13,977						1.3						14,083
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.25%															12/2029						368						347						—						368
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.25%															12/2030						13,267						13,167						1.2						13,267
			Doxa Insurance Holdings LLC			One stop																		N/A(6)															12/2030						—						—						—						—
			Gimlet Bidco GMBH#(7)(8)(18)			One stop						E +			5.75%			(c)						7.78%															04/2031						7,655						6,839						0.7						7,579
			Gimlet Bidco GMBH(7)(8)(18)			One stop						E +			5.75%			(b)(c)						7.75%															04/2031						2,723						2,528						0.3						2,692
			Gimlet Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															04/2031						—						(11)						—						(23)
			Integrated Specialty Coverages, LLC^			One stop						SF +			4.75%			(h)						8.91%															07/2030						2,304						2,275						0.2						2,304
			Integrated Specialty Coverages, LLC(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC(5)			One stop																		N/A(6)															07/2030						—						(1)						—						—
			Integrity Marketing Acquisition, LLC^			One stop						SF +			5.00%			(i)						9.20%															08/2028						11,355						11,277						1.1						11,355
			Integrity Marketing Acquisition, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Integrity Marketing Acquisition, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Koala Investment Holdings, Inc.#(7)(9)			One stop						SF +			4.50%			(i)						8.50%															08/2032						12,469						12,408						1.2						12,345
			Koala Investment Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															08/2032						—						(5)						—						(11)
			Koala Investment Holdings, Inc.(5)(7)(9)			One stop																		N/A(6)															08/2032						—						(12)						—						(24)
			MRH Trowe Germany GMBH(5)(7)(8)(18)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			MRH Trowe Germany GMBH#(7)(8)(18)			One stop						E +			5.00%			(d)						7.11%															05/2032						2,368						2,246						0.2						2,368
			MRH Trowe Germany GMBH(7)(8)(18)			One stop						E +			5.00%			(c)						6.99%															05/2032						90						89						—						90
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75%			(h)						9.97%															11/2029						9,105						9,042						0.9						9,105
			Oakbridge Insurance Agency LLC			One stop						SF +			5.00%			(h)						9.27%															11/2029						910						894						0.1						910
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						10.03%															11/2029						54						44						—						54
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						9.97%															11/2029						4,397						4,367						0.4						4,397
			Pareto Health Intermediate Holdings, Inc.^			One stop						SF +			4.75%			(i)						8.75%															05/2030						19,406						19,203						1.8						19,406

See Notes to Consolidated Financial Statements

21

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															05/2030						$	—					$	(15)					—			%			$	—
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Wasabi Lower Holdco, LLC(5)			Senior secured																		N/A(6)															06/2032						—						(3)						—						—
			Wasabi Lower Holdco, LLC			Senior secured						SF +			4.50%			(h)						8.66%															06/2032						990						977						0.1						990
			World Insurance Associates, LLC			One stop						SF +			5.00%			(i)						9.00%															04/2030						501						496						—						501
			World Insurance Associates, LLC(5)			One stop																		N/A(6)															04/2030						—						(1)						—						—
																																													119,315						117,247						11.1						119,026
			IT Services
			ContractPod Technologies, Ltd.#(7)(9)(24)			One stop						SF +			6.50%			(i)						7.25%			cash/			3.25%			PIK						07/2030						1,213						1,208						0.1						1,213
			ContractPod Technologies, Ltd.(5)(7)(9)			One stop																		N/A(6)															07/2030						—						(3)						—						—
			ContractPod Technologies, Ltd.(5)(7)(9)			One stop																		N/A(6)															07/2030						—						(3)						—						—
			Critical Start, Inc.#(24)			One stop						SF +			6.75%			(i)						7.46%			cash/			3.63%			PIK						05/2028						543						541						0.1						537
			Critical Start, Inc.#(24)			One stop						SF +			6.75%			(i)						7.46%			cash/			3.63%			PIK						05/2028						275						273						—						273
			Critical Start, Inc.(5)			One stop																		N/A(6)															05/2028						—						—						—						(1)
			Goldcup 31018 AB#(7)(8)(14)(24)			One stop						E +			6.50%			(d)						8.57%			PIK												07/2029						915						790						0.1						865
			Goldcup 31018 AB(7)(8)(14)(24)			One stop						E +			6.50%			(d)						8.57%			PIK												07/2029						87						77						—						82
			Goldcup 31018 AB(7)(8)(14)			One stop						E +			6.25%			(d)						8.32%															01/2029						117						104						—						110
			Netwrix Corporation*^			One stop						SF +			4.75%			(i)						8.95%															06/2029						12,485						12,438						1.2						12,485
			Netwrix Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			4.75%			(i)						8.95%															06/2029						549						481						0.1						549
			Netwrix Corporation^			One stop						SF +			4.75%			(i)						8.95%															06/2029						1,425						1,417						0.1						1,425
			PDQ Intermediate, Inc.(24)			Subordinated debt						N/A												13.75%			PIK												10/2031						65						64						—						66
			ReliaQuest Holdings, LLC#(24)			One stop						SF +			6.00%			(i)						7.06%			cash/			3.25%			PIK						04/2031						50						50						—						50
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(13)						—						—
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(6)						—						—
			ReliaQuest Holdings, LLC*(24)			One stop						SF +			6.00%			(i)						7.06%			cash/			3.25%			PIK						04/2031						24,539						24,390						2.3						24,539
			WPEngine, Inc.#			One stop						SF +			6.00%			(i)						10.02%															08/2029						1,069						1,055						0.1						1,069
			WPEngine, Inc.(5)			One stop																		N/A(6)															08/2029						—						(1)						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.70%															07/2027						365						361						—						365
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.70%															07/2027						961						961						0.1						961
			Zarya Holdco, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
																																													44,658						44,183						4.2						44,588
			Leisure Products
			Crunch Holdings, LLC*#			One stop						SF +			4.75%			(h)						8.91%															09/2031						29,294						29,225						2.7						29,294
			Crunch Holdings, LLC(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Movement Holdings, LLC^(7)(9)			One stop						SF +			5.50%			(i)						9.70%															03/2030						6,997						6,944						0.7						6,997
			Movement Holdings, LLC(5)(7)(9)			One stop																		N/A(6)															03/2030						—						(9)						—						—
			Movement Holdings, LLC(5)(7)(9)			One stop																		N/A(6)															03/2030						—						(35)						—						—
																																													36,291						36,116						3.4						36,291
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.25%															11/2029						10,452						10,264						1.0						10,452
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2029						—						(29)						—						—
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.25%															11/2029						5,874						5,825						0.5						5,874
			Diamondback Acquisition, Inc.#			One stop						SF +			4.50%			(h)						8.66%															09/2032						5,997						5,982						0.6						5,982
			Diamondback Acquisition, Inc.(5)			One stop																		N/A(6)															09/2032						—						(3)						—						(6)
			Diamondback Acquisition, Inc.			One stop						SF +			4.50%			(h)						8.66%															09/2032						155						153						—						153
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						(7)
			PAS Parent Inc.#			One stop						SF +			4.50%			(h)						8.66%															08/2032						1,026						1,016						0.1						1,016
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2032						—						(8)						—						(16)
																																													23,504						23,192						2.2						23,448
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.50%			(h)						8.66%															08/2031						2,705						2,682						0.2						2,705

See Notes to Consolidated Financial Statements

22

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						$	—					$	(2)					—			%			$	—
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						—
			Thermogenics, Inc.#(7)(8)(11)			One stop						CA +			4.25%			(k)						6.70%															06/2032						458						464						—						458
			Thermogenics, Inc.(5)(7)(11)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			Thermogenics, Inc.#(7)(11)			One stop						SF +			4.25%			(i)						8.25%															06/2032						595						592						0.1						595
			Thermogenics, Inc.(5)(7)(11)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			Thermogenics, Inc.(7)(8)(11)			One stop						CA +			4.25%			(k)						6.70%															06/2032						47						47						—						47
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50%			(i)						9.50%															12/2030						23,062						22,889						2.2						23,062
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(i)						9.50%															12/2030						2,708						2,674						0.3						2,708
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(h)(i)						9.55%															12/2029						2,166						2,143						0.2						2,166
																																													31,741						31,475						3.0						31,741
			Media
			Lotus Topco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(8)						—						(11)
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															06/2030						7,082						7,041						0.7						7,029
			Lotus Topco, Inc.			One stop						SF +			4.75%			(i)						8.75%															06/2030						896						875						0.1						870
			Lotus Topco, Inc.#			One stop						SF +			4.75%			(i)						8.75%															06/2030						2,117						2,102						0.2						2,101
			Shout! Factory, LLC*			One stop						SF +			5.25%			(i)						9.25%															06/2031						4,798						4,764						0.4						4,798
			Shout! Factory, LLC			One stop						SF +			5.25%			(i)						9.25%															06/2031						99						95						—						99
																																													14,992						14,869						1.4						14,886
			Oil, Gas & Consumable Fuels
			Envernus, Inc.#^			One stop						SF +			5.50%			(h)						9.66%															12/2029						25,443						25,271						2.4						25,443
			Envernus, Inc.			One stop						SF +			5.50%			(h)						9.64%															12/2029						55						42						—						55
			Envernus, Inc.(5)			One stop																		N/A(6)															12/2029						—						(2)						—						—
																																													25,498						25,311						2.4						25,498
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.^(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						773						764						0.1						773
			Caerus Midco 3 S.A.R.L.#(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						138						136						—						138
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						118						117						—						118
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(h)						9.16%															05/2029						46						45						—						46
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(i)						9.00%															05/2029						20						20						—						20
			Creek Parent, Inc.^			One stop						SF +			5.00%			(h)						9.14%															12/2031						20,182						19,867						1.9						20,182
			Creek Parent, Inc.(5)			One stop																		N/A(6)															12/2031						—						(43)						—						—
																																													21,277						20,906						2.0						21,277
			Professional Services
			ALKU Intermediate Holdings, LLC^			One stop						SF +			6.25%			(i)						10.25%															05/2029						1,253						1,241						0.1						1,253
			ALKU Intermediate Holdings, LLC#			One stop						SF +			5.50%			(i)						9.50%															05/2029						138						137						—						135
			bswift, LLC^			One stop						SF +			4.75%			(i)						9.07%															11/2028						1,111						1,093						0.1						1,111
			bswift, LLC^			One stop						SF +			4.75%			(i)						9.04%															11/2028						7,988						7,953						0.8						7,988
			Denali Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(45)						—						(45)
			Denali Intermediate Holdings, Inc.*#			One stop						SF +			5.50%			(h)						9.67%															08/2032						45,454						45,006						4.2						45,000
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						1,428						1,414						0.1						1,428
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)(i)						9.27%															09/2028						1,048						1,037						0.1						1,048
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						706						699						0.1						706
			DISA Holdings Corp.(24)			Subordinated debt						SF +			8.50%			(h)						10.63%			cash/			2.00%			PIK						03/2029						53						52						—						53
			DISA Holdings Corp.#			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						81						80						—						81
			DISA Holdings Corp.#			One stop						SF +			5.00%			(h)						9.28%															09/2028						96						95						—						96
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						86						81						—						86
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(15)						—						—
			Eclipse Buyer, Inc.^			One stop						SF +			4.50%			(h)						8.68%															09/2031						3,676						3,645						0.4						3,676
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(3)						—						—
			Varicent Intermediate Holdings Corporation*(7)(11)(24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						08/2031						16,067						15,879						1.5						16,067

See Notes to Consolidated Financial Statements

23

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Varicent Intermediate Holdings Corporation(5)(7)(11)			One stop																		N/A(6)															08/2031						$	—					$	(24)					—			%			$	—
			Varicent Intermediate Holdings Corporation(5)(7)(11)			One stop																		N/A(6)															08/2031						—						(16)						—						—
																																													79,185						78,309						7.4						78,683
			Road & Rail
			VRS Buyer, Inc.*			Senior secured						SF +			4.75%			(i)						9.08%															07/2032						13,930						13,863						1.3						13,930
			VRS Buyer, Inc.(5)			Senior secured																		N/A(6)															07/2032						—						(9)						—						—
			VRS Buyer, Inc.(5)			Senior secured																		N/A(6)															07/2032						—						(14)						—						—
																																													13,930						13,840						1.3						13,930
			Software
			Anaplan, Inc.*^			One stop						SF +			4.50%			(i)						8.70%															06/2029						32,819						32,674						3.1						32,819
			Anaplan, Inc.			One stop																		N/A(6)															06/2028						—						—						—						—
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						9.22%															06/2029						688						615						0.1						688
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						9.22%															06/2029						359						312						—						359
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															07/2030						4,634						4,554						0.4						4,634
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															07/2030						294						293						—						294
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															07/2030						304						302						—						304
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.^			One stop						SF +			4.25%			(i)						8.25%															05/2031						1,341						1,330						0.1						1,341
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.16%															03/2031						2,452						2,423						0.2						2,452
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.16%															03/2031						5,573						5,506						0.5						5,573
			Azurite Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															03/2031						—						(11)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(4)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(5)						—						—
			Baxter Planning Systems, LLC*(24)			One stop						SF +			6.25%			(i)						7.19%			cash/			3.38%			PIK						05/2031						3,782						3,761						0.4						3,782
			BestPass, Inc.*^			One stop						SF +			4.75%			(h)						8.91%															08/2031						18,036						17,961						1.7						18,036
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						—
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Bloomerang, LLC*#(24)			One stop						SF +			6.50%			(i)						7.00%			cash/			3.50%			PIK						12/2029						13,536						13,440						1.3						13,536
			Bloomerang, LLC			One stop						SF +			6.00%			(i)						11.13%															12/2029						1,514						1,493						0.2						1,514
			Bloomerang, LLC(24)			One stop						SF +			6.50%			(i)						7.00%			cash/			3.50%			PIK						12/2029						1,354						1,325						0.1						1,354
			Blue Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(d)						7.04%															05/2032						2,033						1,953						0.2						2,033
			Blue Bidco Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															05/2032						3,529						3,504						0.3						3,529
			Blue Bidco Limited(7)(8)(9)			One stop																		N/A(6)															05/2032						—						—						—						—
			Blue Bidco Limited#(7)(9)			One stop						SF +			5.00%			(j)						9.26%															05/2032						510						507						—						510
			Blue Bidco Limited(7)(9)			One stop						SF +			5.00%			(i)						9.26%															05/2032						1,047						1,047						0.1						1,047
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(17)			One stop						SF +			6.00%			(j)						10.14%															01/2029						956						940						0.1						956
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(17)			One stop						SF +			6.00%			(j)						10.14%															01/2029						365						359						—						365
			Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(17)			One stop																		N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(17)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited#(7)(8)(9)			One stop						SN +			5.50%			(f)						9.47%															08/2030						689						642						0.1						689
			Camelia Bidco Limited#(7)(8)(9)			One stop						A +			5.50%			(e)						9.05%															08/2030						42						40						—						42
			Camelia Bidco Limited(7)(8)(9)			One stop						SN +			5.50%			(f)						9.47%															08/2030						135						125						—						135
			Camelia Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(22)						—						—
			CB Buyer, Inc.(5)			One stop																		N/A(6)															07/2031						—						(15)						—						—
			CB Buyer, Inc.*^			One stop						SF +			5.25%			(i)						9.25%															07/2031						17,539						17,402						1.6						17,539
			CB Buyer, Inc.			One stop						SF +			5.25%			(i)						9.25%															07/2031						192						171						—						192
			Coupa Holdings, LLC^			One stop						SF +			5.25%			(i)						9.56%															02/2030						8,287						8,139						0.8						8,287
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2030						—						(7)						—						—

See Notes to Consolidated Financial Statements

24

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Crewline Buyer, Inc.*#			One stop						SF +			6.75%			(h)						10.91%															11/2030						$	28,293					$	27,984					2.7			%			$	28,293
			Crewline Buyer, Inc.(5)			One stop																		N/A(6)															11/2030						—						(32)						—						—
			Denali Bidco Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						8.97%															09/2031						7,336						7,129						0.7						7,299
			Denali Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(c)						7.08%															09/2031						15,177						14,442						1.4						15,101
			Denali Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															09/2031						—						(40)						—						(24)
			Denali Bidco Limited(7)(8)(9)(24)			Subordinated debt						N/A												9.80%			PIK												09/2032						10,127						10,011						0.9						10,026
			Denali Bidco Limited(7)(8)(9)(24)			Subordinated debt						N/A												11.20%			PIK												09/2032						6,680						6,644						0.6						6,613
			Einstein Parent, Inc.#			One stop						SF +			6.50%			(i)						10.83%															01/2031						12,284						12,067						1.1						12,284
			Einstein Parent, Inc.(5)			One stop																		N/A(6)															01/2031						—						(22)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(10)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(9)						—						—
			Espresso Bidco, Inc.#(24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						03/2032						5,278						5,206						0.5						5,278
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						8.75%															09/2030						13,073						12,783						1.2						13,073
			Evergreen IX Borrower 2023, LLC(5)			One stop																		N/A(6)															10/2029						—						(30)						—						—
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						8.75%															09/2030						1,142						1,133						0.1						1,142
			Flexera Software, LLC#			One stop						SF +			4.75%			(i)						8.96%															08/2032						6,097						6,089						0.6						6,081
			Flexera Software, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(1)
			Flexera Software, LLC#(8)			One stop						E +			4.75%			(b)						6.63%															08/2032						2,159						2,151						0.2						2,154
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						4,428						4,386						0.4						4,428
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						2,895						2,863						0.3						2,895
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						530						527						—						530
			GTY Technology Holdings, Inc.			One stop						SF +			6.00%			(i)						10.00%															07/2029						284						269						—						284
			GTY Technology Holdings, Inc.(24)			One stop						SF +			6.63%			(i)						6.67%			cash/			4.13%			PIK						07/2029						1,630						1,601						0.2						1,630
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						696						692						0.1						696
			GTY Technology Holdings, Inc.#(24)			One stop						SF +			6.63%			(i)						6.67%			cash/			4.13%			PIK						07/2029						8,626						8,516						0.8						8,626
			Gurobi Optimization, LLC(5)			One stop																		N/A(6)															09/2031						—						(10)						—						—
			Gurobi Optimization, LLC^			One stop						SF +			4.50%			(i)						8.50%															09/2031						12,731						12,621						1.2						12,731
			Hornet Security Holding GMBH#(7)(8)(18)			One stop						E +			4.75%			(b)						6.62%															02/2031						5,290						4,816						0.5						5,343
			Hornet Security Holding GMBH#(7)(8)(18)			One stop						E +			4.75%			(b)						6.62%															02/2031						3,526						3,210						0.3						3,561
			Hornet Security Holding GMBH(7)(8)(18)			One stop						E +			4.75%			(b)						6.66%															08/2030						86						75						—						86
			Hornet Security Holding GMBH(7)(8)(18)			One stop						E +			4.75%			(d)						6.80%															02/2031						733						702						0.1						750
			Hyland Software, Inc.*^			One stop						SF +			5.00%			(h)						9.16%															09/2030						24,465						24,203						2.3						24,465
			Hyland Software, Inc.(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.#			One stop						SF +			4.50%			(i)						8.81%															01/2030						24,078						23,723						2.3						24,078
			Icefall Parent, Inc.(5)			One stop																		N/A(6)															01/2030						—						(34)						—						—
			ICIMS, Inc.^(24)			One stop						SF +			5.75%			(i)						10.07%															08/2028						5,814						5,770						0.5						5,523
			ICIMS, Inc.			One stop						SF +			5.75%			(i)						10.07%															08/2028						45						44						—						37
			IQN Holding Corp. ^(24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						05/2029						1,478						1,471						0.2						1,478
			IQN Holding Corp.			One stop						SF +			5.25%			(i)						9.25%															05/2028						53						53						—						53
			IQN Holding Corp. (24)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						05/2029						1,561						1,546						0.1						1,561
			Island Bidco AB#(7)(8)(14)(24)			One stop						E +			7.25%			(c)						2.04%			cash/			7.25%			PIK						07/2028						792						705						0.1						792
			Island Bidco AB#(7)(14)(24)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						324						322						—						324
			Island Bidco AB(7)(14)			One stop						SF +			6.50%			(j)						10.59%															07/2028						44						43						—						44
			Island Bidco AB(5)(7)(8)(14)			One stop																		N/A(6)															07/2028						—						(1)						—						—
			Island Bidco AB*(7)(14)(24)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						3,242						3,224						0.3						3,242
			Kairos Bidco Limited			One stop						SF +			4.75%			(i)						8.75%															07/2032						34						33						—						33
			Kairos Bidco Limited#			One stop						SF +			4.75%			(i)						8.75%															07/2032						1,992						1,982						0.2						1,982
			Kairos Bidco Limited(5)			One stop																		N/A(6)															07/2032						—						(3)						—						(3)
			Kairos Bidco Limited			One stop						SF +			4.75%			(i)						8.75%															07/2032						299						298						—						298
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						4,906						4,832						0.5						4,906
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						866						853						0.1						866
			LeadsOnline, LLC(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—

See Notes to Consolidated Financial Statements

25

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.50%															02/2028						$	595					$	593					0.1			%			$	595
			Lighthouse Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															06/2031						—						(2)						—						—
			Lighthouse Bidco GMBH#(7)(8)(18)			One stop						E +			4.75%			(c)						6.75%															12/2031						1,419						1,255						0.1						1,419
			Lighthouse Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															12/2031						—						(7)						—						—
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(10)						—						—
			LogicMonitor, Inc.#			One stop						SF +			5.50%			(i)						9.81%															11/2031						14,298						14,220						1.3						14,298
			Matrix42 Holding GMBH(7)(8)(18)			One stop						E +			6.25%			(d)						8.31%															12/2029						5,979						5,874						0.6						5,934
			Metatiedot Bidco Oy & Metatiedot US, LLC(5)(7)(8)(13)			One stop																		N/A(6)															11/2030						—						(11)						—						—
			Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(8)(13)			One stop						E +			5.25%			(c)						7.28%															11/2031						4,593						4,081						0.4						4,593
			Metatiedot Bidco Oy & Metatiedot US, LLC(7)(8)(13)			One stop						E +			5.25%			(c)						7.28%															11/2031						37						25						—						37
			Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(13)			One stop						SF +			5.25%			(i)						9.45%															11/2031						2,931						2,892						0.3						2,931
			MYOB Invest Co Pty Ltd#(7)(8)(10)(24)			One stop						A +			5.75%			(e)						6.33%			cash/			3.00%			PIK						06/2030						25,855						25,160						2.4						25,855
			Navex TopCo, Inc.^			One stop						SF +			5.25%			(h)						9.41%															11/2030						28,247						27,830						2.6						28,247
			Navex TopCo, Inc.(5)			One stop																		N/A(6)															11/2028						—						(31)						—						—
			Onit, Inc.^			One stop						SF +			4.75%			(i)						9.06%															01/2032						1,448						1,435						0.1						1,452
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(2)						—						—
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(3)						—						—
			Onit, Inc.#			One stop						SF +			4.50%			(i)						8.50%															01/2032						561						560						0.1						560
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(17)			One stop						E +			5.00%			(c)						7.00%															11/2029						100						83						—						100
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(17)			One stop						E +			5.75%			(c)						7.75%															11/2029						3,184						2,869						0.3						3,200
			Panzura, LLC(24)			One stop						N/A												4.00%			cash/			11.00%			PIK						08/2027						66						63						—						60
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						7,279						6,634						0.7						7,279
			Pineapple German Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															01/2031						—						(21)						—						—
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.25%			PIK												01/2031						500						451						0.1						500
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						2,256						2,035						0.2						2,256
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						375						322						—						375
			Pineapple German Bidco GMBH(7)(18)(24)			One stop						SF +			5.25%			(i)						9.24%			PIK												01/2031						1,065						1,056						0.1						1,065
			Pineapple German Bidco GMBH(7)(18)(24)			One stop						SF +			5.25%			(i)						9.24%			PIK												01/2031						491						481						—						491
			PING Identity Holding Corp.^			One stop						SF +			4.75%			(i)						8.75%															10/2029						2,191						2,167						0.2						2,191
			PING Identity Holding Corp.(5)			One stop																		N/A(6)															10/2028						—						(1)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						6,395						6,362						0.6						6,395
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.49%															06/2029						8,921						8,861						0.8						8,921
			Quant Buyer, Inc.			One stop						SF +			5.25%			(i)						9.45%															06/2029						115						114						—						115
			Quant Buyer, Inc.(5)			One stop																		N/A(6)															06/2029						—						(49)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						1,378						1,366						0.1						1,378
			Rainforest Bidco Limited#(7)(8)(9)(24)			One stop						SN +			6.05%			(f)						7.47%			cash/			2.55%			PIK						07/2029						797						697						0.1						797
			Rainforest Bidco Limited(7)(9)(24)			One stop						SF +			6.18%			(g)						8.12%			cash/			2.18%			PIK						07/2029						1,822						1,822						0.2						1,822
			Rainforest Bidco Limited#(7)(9)(24)			One stop						SF +			6.05%			(g)						7.68%			cash/			2.55%			PIK						07/2029						140						139						—						140
			Rainforest Bidco Limited#(7)(8)(9)(24)			One stop						SN +			6.05%			(f)						7.47%			cash/			2.55%			PIK						07/2029						59						51						—						59
			Rainforest Bidco Limited(5)(7)(8)(9)			One stop																		N/A(6)															07/2029						—						(24)						—						—
			Rainforest Bidco Limited(7)(9)(24)			One stop						SF +			5.93%			(g)						8.12%			cash/			1.93%			PIK						07/2029						1,271						1,271						0.1						1,271
			Rainforest Bidco Limited(7)(8)(9)(24)			One stop						SN +			6.80%			(f)						7.97%			cash/			2.80%			PIK						07/2029						6,510						6,097						0.6						6,510
			Spark Bidco Limited#(7)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited(7)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited#(7)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited#(7)(8)(9)			One stop																		N/A(6)															10/2032						—						—						—						—
			Templafy APS and Templafy, LLC*(7)(16)			One stop						SF +			6.00%			(i)						10.35%															07/2028						543						536						0.1						543

See Notes to Consolidated Financial Statements

26

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Templafy APS and Templafy, LLC(7)(16)			One stop																		N/A(6)															07/2028						$	—					$	—					—			%			$	—
			Togetherwork Holdings, LLC			One stop						SF +			5.25%			(h)						9.41%															05/2031						635						606						0.1						592
			Togetherwork Holdings, LLC(5)			One stop																		N/A(6)															05/2031						—						(19)						—						(31)
			Togetherwork Holdings, LLC^			One stop						SF +			5.25%			(h)						9.41%															05/2031						25,332						25,154						2.4						25,079
			Transform Bidco Limited(5)(7)(9)			One stop																		N/A(6)															06/2030						—						(12)						—						—
			Transform Bidco Limited#(7)(9)			One stop						SF +			6.75%			(i)						10.53%															01/2031						9,163						9,039						0.9						9,163
			Transform Bidco Limited(5)(7)(9)			One stop																		N/A(6)															01/2031						—						(14)						—						—
			Transform Bidco Limited(7)(8)(9)(24)			One stop						A +			6.75%			(e)						7.62%			cash/			2.75%			PIK						01/2031						767						750						0.1						767
			Transform Bidco Limited(7)(8)(9)(24)			One stop						SN +			6.75%			(f)						7.97%			cash/			2.75%			PIK						01/2031						122						115						—						122
			Transform Bidco Limited#(7)(9)			One stop						SF +			6.75%			(i)						10.53%															01/2031						1,261						1,239						0.1						1,261
			Transform Bidco Limited(5)(7)(9)			One stop																		N/A(6)															01/2031						—						(10)						—						—
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(9)						—						—
			Tricentis Operations Holdings, Inc.#(24)			One stop						SF +			6.25%			(i)						5.61%			cash/			4.88%			PIK						02/2032						16,706						16,631						1.6						16,706
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(15)						—						—
			Vantage Bidco GMBH*(7)(8)(18)(24)			One stop						E +			6.25%			(c)						8.25%			PIK												04/2031						8,134						7,309						0.8						8,134
			Vantage Bidco GMBH(5)(7)(8)(18)			One stop																		N/A(6)															10/2030						—						(15)						—						—
			Varinem German Midco GMBH*(7)(8)(18)			One stop						E +			5.50%			(d)						7.57%															07/2031						6,882						6,343						0.6						6,900
			Varinem German Midco GMBH(7)(8)(18)			One stop						E +			4.75%			(d)						6.82%															07/2031						1,833						1,696						0.2						1,833
			Viper Bidco, Inc.#(8)			One stop						SN +			4.75%			(f)						8.72%															11/2031						9,959						9,283						0.9						9,984
			Viper Bidco, Inc.*^			One stop						SF +			4.75%			(i)						8.75%															11/2031						20,228						20,139						1.9						20,278
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(9)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(11)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(8)						—						(17)
			Zendesk, Inc.			One stop						SF +			5.00%			(i)						9.00%															11/2028						746						741						0.1						746
			Zendesk, Inc.			One stop																		N/A(6)															11/2028						—						—						—						—
			Zendesk, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2028						9,713						9,614						0.9						9,713
																																													584,006						571,335						54.6						583,187
			Specialty Retail
			Biscuit Parent, LLC^			One stop						SF +			4.75%			(i)						8.75%															02/2031						17,499						17,396						1.7						17,499
			Biscuit Parent, LLC(5)			One stop																		N/A(6)															02/2031						—						(31)						—						—
			Biscuit Parent, LLC			One stop						SF +			4.75%			(i)						8.75%															02/2031						1						1						—						1
			Cavender Stores L.P.^			Senior secured						SF +			5.00%			(i)						9.00%															10/2029						24,563						24,397						2.3						24,563
			CVP Holdco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(10)						—						—
			CVP Holdco, Inc.*^			One stop						SF +			4.75%			(h)						8.91%															06/2031						11,983						11,884						1.1						11,983
			CVP Holdco, Inc.			One stop						SF +			4.75%			(h)						8.91%															06/2031						687						674						0.1						687
			Consilio Midco Limited#(7)(8)(9)			Senior secured						E +			4.75%			(c)						6.75%															04/2032						4,837						4,664						0.5						4,837
			Consilio Midco Limited#(7)(9)			Senior secured						SF +			4.75%			(i)						9.04%															04/2032						3,938						3,919						0.4						3,938
			Consilio Midco Limited#(7)(9)			Senior secured						SF +			4.75%			(i)						9.04%															04/2032						2,427						2,416						0.2						2,427
			Consilio Midco Limited(7)(9)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(7)(9)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(7)(9)(24)			Subordinated debt						SF +			7.50%			(j)						11.64%			PIK												04/2033						1,691						1,679						0.2						1,691
			Consilio Midco Limited(7)(8)(9)(24)			Subordinated debt						E +			7.50%			(d)						9.59%			PIK												04/2033						1,353						1,301						0.1						1,353
			Consilio Midco Limited(7)(9)(24)			Subordinated debt						SF +			7.50%			(i)						11.82%			PIK												04/2033						1						1						—						1
			Metal Supermarkets US Buyer, LLC^(7)(11)			One stop						SF +			4.75%			(i)						8.75%															12/2030						3,081						3,068						0.3						3,081
			Metal Supermarkets US Buyer, LLC(7)(11)			One stop						SF +			4.75%			(i)						8.75%															12/2030						82						80						—						82
			PetVet Care Centers LLC^			One stop						SF +			6.00%			(h)						10.16%															11/2030						12,804						12,618						1.1						11,779
			PetVet Care Centers LLC(5)			One stop																		N/A(6)															11/2029						—						(27)						—						(131)
			PetVet Care Centers LLC(5)			One stop																		N/A(6)															11/2030						—						(12)						—						—
			Radiance Borrower, LLC			One stop						SF +			5.25%			(h)						9.41%															06/2031						182						169						—						182
			Radiance Borrower, LLC^(24)			One stop						SF +			5.75%			(h)						7.16%			cash/			2.75%			PIK						06/2031						19,441						19,325						1.8						19,441
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						4,368						4,339						0.4						4,379

See Notes to Consolidated Financial Statements

27

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						$	684					$	679					0.1			%			$	689
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						617						613						0.1						623
			Salon Lofts Group, LLC			Senior secured						SF +			5.25%			(i)						9.25%															08/2028						640						638						0.1						640
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						293						291						—						294
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						285						284						—						286
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						177						172						—						179
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						226						224						—						227
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						94						94						—						94
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.75%															08/2028						196						193						—						196
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						71						71						—						72
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						66						66						—						66
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						417						413						—						418
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						522						518						0.1						523
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						363						360						—						365
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						129						128						—						129
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						87						87						—						88
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						34						33						—						34
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						449						446						—						450
			Salon Lofts Group, LLC(5)(24)			Second lien																		N/A(6)															09/2029						—						(14)						—						19
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						132						131						—						133
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						141						140						—						141
			Salon Lofts Group, LLC(5)			Senior secured																		N/A(6)															08/2028						—						(6)						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						204						203						—						204
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						1,390						1,380						0.1						1,403
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^			One stop						SF +			5.25%			(i)						9.25%															12/2029						1,794						1,776						0.2						1,776
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.			One stop						SF +			5.25%			(i)						9.25%															12/2028						284						279						—						276
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2029						—						(3)						—						(2)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*(8)			One stop						CA +			5.25%			(k)						7.70%															12/2029						7,005						7,058						0.7						6,935
			VSG Acquisition Corp. and Sherrill, Inc.*			One stop						SF +			5.00%			(h)						9.16%															10/2029						1,975						1,956						0.2						1,966
			VSG Acquisition Corp. and Sherrill, Inc.			One stop						SF +			5.00%			(h)						9.16%															10/2029						175						172						—						173
			VSG Acquisition Corp. and Sherrill, Inc.(5)			One stop																		N/A(6)															10/2029						—						(4)						—						(4)
																																													127,388						126,229						11.8						126,186
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(11)						—						(20)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(h)						9.16%															02/2032						13,253						13,178						1.2						13,120
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															02/2032						2,624						2,609						0.3						2,598
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(15)						—						(30)
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															02/2032						300						299						—						297
																																													16,177						16,060						1.5						15,965
			Water Utilities
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75%			(h)(j)						8.93%															07/2031						1,523						1,510						0.2						1,523
			Vessco Midco Holdings, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						—
			Vessco Midco Holdings, LLC			One stop						SF +			4.75%			(h)(j)						8.89%															07/2031						276						274						—						276
																																													1,799						1,783						0.2						1,799
			Total debt investments																																										2,179,985						2,146,908						203.6						2,174,044

See Notes to Consolidated Financial Statements

28

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

Investment Type

Spread Above Index(1)

Interest Rate(2)

Acquisition Date

Maturity Date

Principal ($) / Shares(3)

Amortized Cost

Percentage of Net Assets

Fair Value (4)

Equity investments(21)(22)

Aerospace & Defense

PPW Aero Buyer, Inc.

Preferred stock

N/A

N/A

02/2023

N/A

40

$

399

—

%

$

288

Air Freight & Logistics

RJW Group Holdings, Inc.(23)

LLC units

N/A

N/A

11/2024

N/A

1,172

721

0.1

931

Auto Components

Arnott, LLC

LP units

N/A

N/A

12/2024

N/A

—

94

—

84

Automobiles

CAP-KSI Holdings, LLC

Common stock

N/A

N/A

06/2024

N/A

571

—

—

148

CAP-KSI Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

571

571

0.1

635

National Express Wash Parent Holdco, LLC

LLC units

N/A

N/A

07/2022

N/A

1

77

—

145

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

N/A

06/2024

N/A

3,673

3,673

0.4

4,810

Quick Quack Car Wash Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

727

727

0.1

915

Yorkshire Parent, Inc.

LP interest

N/A

N/A

12/2023

N/A

—

131

—

153

5,179

0.6

6,806

Beverages

Spindrift Beverage Co. Inc.

LLC interest

N/A

N/A

02/2025

N/A

2

2,164

0.2

2,654

Commercial Services & Supplies

CHA Vision Holdings, Inc.

Warrant

N/A

N/A

01/2024

N/A

—

110

—

153

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP units

N/A

N/A

09/2025

N/A

31

312

—

312

Diversified Consumer Services

CHVAC Services Investment, LLC

Preferred stock

N/A

N/A

05/2024

N/A

95

240

0.1

410

DP Flores Holdings, LLC

Preferred stock

N/A

N/A

09/2022

N/A

88

70

—

140

HS Spa Holdings, Inc.

Warrant

N/A

N/A

05/2022

N/A

78

78

—

62

Kodiak Buyer, LLC

LP interest

N/A

N/A

08/2025

N/A

1

144

—

144

NSG Buyer, Inc.

Preferred stock

N/A

N/A

11/2022

N/A

1

953

0.1

1,441

Virginia Green Acquisition, LLC

Preferred stock

N/A

N/A

12/2023

N/A

96

96

—

110

1,581

0.2

2,307

Electric Utilities

Smart Energy Systems, Inc.

Preferred stock

N/A

N/A

01/2025

N/A

5

26

—

123

Electrical Equipment

Wildcat TopCo, Inc.

Preferred stock

N/A

N/A

12/2024

N/A

135

135

—

181

Food Products

Zullas, L.C.

Warrant

N/A

N/A

06/2025

N/A

1

564

0.1

564

See Notes to Consolidated Financial Statements

29

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Equipment & Supplies
			Centegix Intermediate II, LLC			Preferred stock						N/A												N/A															08/2025						N/A						648						$	648					0.1			%			$	648
			Isto Group, Inc.(8)			LP units						N/A												N/A															09/2025						N/A						3						389						—						384
																																																									1,037						0.1						1,032
			Healthcare Providers & Services
			HP TLE Buyer, Inc.			LP units						N/A												N/A															07/2025						N/A						243						243						—						243
			Healthcare Technology
			Amberfield Acquisition Co.			Preferred stock						N/A												N/A															05/2024						N/A						404						404						—						481
			Modernizing Medicine, Inc.(23)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						5						4,715						0.5						4,822
																																																									5,119						0.5						5,303
			Hotels, Restaurants & Leisure
			Patriot Acquireco, LLC			LP units						N/A												N/A															09/2025						N/A						641						641						0.1						641
			PB Group Holdings, LLC			Preferred stock						N/A												N/A															08/2024						N/A						99						228						—						244
			Rooster BidCo Limited(7)(9)			LLC units						N/A												N/A															03/2025						N/A						364						376						—						557
			Saguaro Buyer, LLC			LP units						N/A												N/A															07/2025						N/A						1						750						0.1						797
																																																									1,995						0.2						2,239
			Insurance
			Oakbridge Insurance Agency LLC			Preferred stock						N/A												N/A															11/2023						N/A						5						98						—						124
			IT Services
			Critical Start, Inc.			LLC units						N/A												N/A															05/2022						N/A						38						38						—						17
			Netwrix Corporation			Common stock						N/A												N/A															06/2022						N/A						11						21						—						27
																																																									59						—						44
			Leisure Products
			Movement Holdings, LLC(7)(9)			LP units						N/A												N/A															03/2024						N/A						—						421						—						245
			Life Sciences Tools & Services
			Celerion Buyer, Inc.(23)			LLC interest						N/A												N/A															11/2022						N/A						446						373						—						249
			Celerion Buyer, Inc.			Common stock						N/A												N/A															11/2022						N/A						446						—						0.1						1,295
																																																									373						0.1						1,544
			Pharmaceuticals
			Creek Parent, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						905						905						0.1						968
			Professional Services
			Eclipse Buyer, Inc.(23)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						1,645						0.2						1,672
			Software
			Anaplan, Inc.			LLC units						N/A												N/A															06/2022						N/A						890						891						0.2						1,549
			CB Buyer, Inc.			Preferred stock						N/A												N/A															07/2024						N/A						228						229						—						142
			Cynet Security Ltd.(7)(15)			Preferred stock						N/A												N/A															08/2022						N/A						23						81						—						123
			Denali Bidco Limited(7)(9)			LP units						N/A												N/A															08/2023						N/A						85						51						—						144
			Energy Worldnet, LLC(23)			Preferred stock						N/A												N/A															02/2025						N/A						50						52						—						54
			GTY Technology Holdings, Inc.			Common stock						N/A												N/A															07/2022						N/A						60						60						—						136
			Gurobi Optimization, LLC			LLC units						N/A												N/A															09/2024						N/A						—						183						—						200

See Notes to Consolidated Financial Statements

30

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Kaseya Inc.(23)			Preferred stock						SF +			10.75%			(i)						14.92%			Non-Cash												06/2022						N/A						—						$	705					0.1			%			$	727
			Kaseya Inc.			Common stock						N/A												N/A															06/2022						N/A						50						50						—						53
			LogicMonitor, Inc.			LLC units						N/A												N/A															12/2024						N/A						250						250						—						277
			Menlo Ridgeview Co-Invest, LLC(7)			LLC units						N/A												N/A															05/2025						N/A						359						368						0.1						384
			Onit, Inc.(23)			Common stock						N/A												N/A															09/2025						N/A						—						7						—						7
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						164						871						0.1						906
			Templafy APS and Templafy, LLC(7)(16)			Preferred stock						N/A												N/A															07/2022						N/A						—						8						—						2
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						272						1,188						0.1						1,219
			Transform Bidco Limited(7)(9)			LP units						N/A												N/A															04/2025						N/A						894						894						0.1						926
			Tricentis Operations Holdings, Inc.			Preferred stock						N/A												N/A															02/2025						N/A						40						40						—						44
			Zendesk, Inc.			LP units						N/A												N/A															11/2022						N/A						22						218						—						222
																																																									6,150						0.7						7,115
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(7)(11)			Preferred stock						N/A												N/A															12/2024						N/A						—						—						—						8
			Metal Supermarkets US Buyer, LLC(7)(11)			LLC units						N/A												N/A															12/2024						N/A						1						93						—						99
			Salon Lofts Group, LLC			Preferred stock						N/A												N/A															08/2022						N/A						—						116						—						91
																																																									209						—						198
			Total equity investments																																																						29,539						3.1						35,130
			Total investments																																																						2,176,447						206.7						2,209,174
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					3.99		%	(25)																														$	46,041					4.3			%			$	46,041
			Total money market funds																																																						46,041						4.3						46,041
			Total investments and money market funds																																																						$	2,222,488					211.0			%			$	2,255,215

See Notes to Consolidated Financial Statements

31

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

*						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 8).
#						Denotes that all or a portion of the investment collateralizes the BNP Credit Facility (as defined in Note 8).
^						Denotes that all or a portion of the investment collateralizes the notes offered in the 2025 Debt Securitization (as defined in Note 8).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or the Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2025, as the loan could have priced or repriced based on an index rate prior to September 30, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.25% as of September 30, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.93% as of September 30, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of September 30, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.10% as of September 30, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.58% as of September 30, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.97% as of September 30, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.24% as of September 30, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 4.13% as of September 30, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 3.98% as of September 30, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 3.85% as of September 30, 2025.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.45% as of September 30, 2025.

(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, 2025.

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

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 7. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

(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, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, total non-qualifying assets at fair value represented 12.9% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

32

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

(24)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, 2025.

(25)The rate shown is the annualized seven-day yield as of September 30, 2025.

See Notes to Consolidated Financial Statements

33

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

34

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

35

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

36

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

37

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

38

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

39

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

40

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

41

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

42

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

43

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

44

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

45

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 7. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(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 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 financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-X. 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.

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

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

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital 4 Holdings LLC, Golub Capital BDC 4 Funding LLC (“GBDC 4 Funding”), GBDC 4 Funding II LLC (“GBDC 4 Funding II”), GBDC 4 Funding III LLC (“GBDC 4 Funding III”), Golub Capital 4 Holdings Coinvest, Inc., Golub Capital BDC 4 CLO 1 LLC (“2025 Issuer”) and Golub Capital BDC 4 CLO 1 Depositor LLC (“GBDC 4 CLO 1 Depositor”) in its consolidated financial statements.

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

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

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

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Derivative instruments:

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

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

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

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

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the years ended September 30, 2025, 2024 and 2023, the Company received Loan Origination Fees that were capitalized of $8,699, $15,762 and $5,096, respectively. For the years ended September 30, 2025, 2024 and 2023, interest income included $5,420 and $3,078 and $641, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the years ended September 30, 2025, 2024 and 2023, investment income included $9,552, $6,256 and $1,634, respectively, of PIK interest and the Company capitalized PIK interest of $9,486, $6,286 and $1,629, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the years ended September 30, 2025 and 2024, fee income included $532 and $104 from non-recurring prepayment premiums, respectively. For the year ended September 30, 2023, fee income included no non-recurring prepayment premiums. All other income is recorded into income when earned.

For the years ended September 30, 2025, 2024 and 2023, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $158,327, $80,674 and $17,877 respectively.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

For the years ended September 30, 2025, 2024 and 2023, the Company recognized PIK and non-cash dividend income of $628, $181 and $114, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the year ended September 30, 2025, the Company received $208 of cash payments of accrued and capitalized preferred dividends. For the years ended September 30, 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 cost basis of the investment.

For the year ended September 30, 2025, the Company recorded dividend income received in cash of $200 and return of capital distributions received in cash of $600. For the year ended September 30, 2024, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash. For the year ended September 30, 2023, the Company recorded $8 of dividend income received in cash and did not receive any return of capital distributions in cash.

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

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

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. There were no preferred equity securities on non-accrual status as of September 30, 2025 and September 30, 2024.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the year ended September 30, 2025, the Company did not record any U.S. federal excise tax expense. For the years ended September 30, 2024 and 2023, $25 and $53, respectively, was recorded for U.S. federal excise tax expense.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through September 30, 2025. The Company’s tax returns for the 2022 through 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of September 30, 2025 and 2024, the Company had deferred debt issuance costs of $8,281 and $7,871, respectively. These amounts are amortized and included in “Interest and other debt financing expenses” in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the years ended September 30, 2025, 2024 and 2023 was $4,061, $1,644 and $327, respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 years ended September 30, 2025, 2024 and 2023, the Company amortized $68, $134 and $83, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

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

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the senior executive committee that, as of September 30, 2025, includes the Company’s chief executive officer and chief financial officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.

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

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

Note 3. Stockholders’ Equity

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

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

			As of September 30, 2025												As of September 30, 2024
			Subscriptions						Contributions						Subscriptions						Contributions
GBDC 4 Stockholders			$	1,523,641					$	1,036,370					$	1,032,820					$	635,966

As of September 30, 2025 and 2024, the ratio of total contributed capital to total capital subscriptions was 68.0% and 61.6%, respectively, and the Company had uncalled capital commitments of $487,271 and $396,854, respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table summarizes the shares of GBDC 4 common stock issued for the year ended September 30, 2025, 2024 and 2023:

			Date						Shares Issued						NAV per share						Proceeds
Shares issued for the year ended September 30, 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
Issuance of shares			07/31/23						1,521,177.000						15.00						22,818
Issuance of shares			09/27/23						3,802,942.533						15.00						57,044
Shares issued for capital drawdowns									7,334,065.187												$	110,011
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
Issuance of shares			05/24/23						77,682.843						15.00						1,165
Issuance of shares			06/22/23						27,927.167						15.00						419
Issuance of shares			08/23/23						26,042.627						15.00						391
Issuance of shares			09/20/23						11,161.946						15.00						167
Shares issued through DRIP									216,495.165												$	3,247
Shares issued for the year ended September 30, 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						28,498
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
Issuance of shares			05/30/24						3,054,472.599						15.00						45,817
Issuance of shares			06/24/24						3,054,472.599						15.00						45,817
Issuance of shares			07/08/24						3,054,472.599						15.00						45,817
Issuance of shares			08/19/24						6,196,815.000						15.00						92,951
Shares issued for capital drawdowns									30,448,083.954												$	456,721
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
Issuance of shares			05/21/24						197,881.153						15.00						2,968
Issuance of shares			06/18/24						47,465.823						15.00						712
Issuance of shares			08/21/24						189,305.225						15.00						2,840
Issuance of shares			09/18/24						75,443.095						15.00						1,132
Shares issued through DRIP									719,780.924												$	10,797
Shares issued for the year ended September 30, 2025
Issuance of shares			12/23/2024						6,725,731.752						$	15.00					$	100,886
Issuance of shares			01/13/2025						502,802.331						15.00						7,542

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

			Date						Shares Issued						NAV per share						Proceeds
Issuance of shares			03/25/2025						4,565,389.866						$	15.00					$	68,479
Issuance of shares			04/17/2025						1,529,106.000						15.00						22,937
Issuance of shares			06/16/2025						8,859,307.154						15.00						132,890
Issuance of shares			09/19/2025						4,511,253.866						15.00						67,670
Shares issued for capital drawdowns									26,693,590.969												$	400,404
Issuance of shares			11/19/2024						204,508.932						$	15.00					$	3,068
Issuance of shares			12/18/2024						72,984.041						15.00						1,095
Issuance of shares			01/08/2025						85,661.548						15.00						1,285
Issuance of shares			02/18/2025						112,987.679						15.00						1,695
Issuance of shares			03/18/2025						86,219.253						15.00						1,293
Issuance of shares			05/21/2025						214,537.819						15.00						3,218
Issuance of shares			06/17/2025						91,704.662						15.00						1,376
Issuance of shares			08/20/2025						218,837.196						15.00						3,282
Issuance of shares			09/17/2025						109,130.664						15.00						1,637
Shares issued through DRIP									1,196,571.794												$	17,949

Note 4. Related Party Transactions

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

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2025, 2024 and 2023, the base management fee incurred by the Company was $23,673, $11,815, and $2,759, respectively, and the base management fee irrevocably waived by the Investment Adviser was $15,065, $7,519, and $1,756, 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 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.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 the Company’s 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 years ended September 30, 2025, 2024 and 2023, the Income Incentive Fee incurred was $19,943, $11,799, and $2,682, 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 the Company’s 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 years ended September 30, 2025, 2024 and 2023, the Income Incentive Fee irrevocably waived by the Investment Adviser was $9,972, $8,130 and $2,682, respectively.

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

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

•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 years ended September 30, 2025, 2024 and 2023, the Company did not accrue a Capital Gain Incentive Fee. As of both September 30, 2025 and 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to September 30, 2025.

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

For the years ended September 30, 2025 and 2024, the Company accrued a capital gain incentive fee under GAAP of $477 and $880, respectively. For the year ended September 30, 2023, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of September 30, 2025 and 2024, there was $1,357 and $880, respectively, of cumulative accrual for capital gain incentive fee under GAAP included in accounts payable and other liabilities 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.

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Notes to Consolidated Financial Statements

(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.

As of September 30, 2025 and 2024, included in accounts payable and other liabilities is $606 and $355, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through April 1, 2022 and has incurred $166 of organization costs and professional fees on behalf of the Company since the Company’s formation in September 2021.

The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700. Any costs in excess of $700 will be borne by the Investment Adviser. As of both September 30, 2025 and 2024, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $304.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the years ended September 30, 2025, 2024 and 2023 were $1,936, $1,146 and $988, respectively. As of September 30, 2025 and 2024, included in accounts payable and other liabilities were $585 and $308, respectively, for reimbursable expenses that were paid by the Administrator on behalf of the Company.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

On April 1, 2022, GGP Holdings LP, an affiliate of the Investment Adviser, acquired 700.000 shares of common stock of the Company as part of the Company's conversion to a Maryland corporation, in respect of GGP Holdings LP's capital contribution to the Company prior to such date of $11. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a Subscription Agreement for $100,000. As of September 30, 2025, GGP Class B-P, LLC has an aggregate commitment of $100,011. As of September 30, 2025, the Company had issued 6,667,366.664 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $100,011 and has also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of September 30, 2025, permits the Company to borrow a maximum of $100,000 and expires on March 26, 2028. Refer to Note 8 for discussion of the Adviser Revolver.

Note 5. Investments

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

			As of September 30, 2025																		As of September 30, 2024
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	77,389					$	76,691					$	77,408					$	39,377					$	38,960					$	39,358
One stop			2,069,014						2,037,002						2,063,173						1,254,102						1,232,741						1,250,206
Second lien			12,674						12,600						12,722						4,446						4,373						4,446
Subordinated debt			20,908						20,615						20,741						929						897						921
Equity			N/A						29,539						35,130						N/A						14,541						16,070
Total			$	2,179,985					$	2,176,447					$	2,209,174					$	1,298,854					$	1,291,512					$	1,311,001

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Notes to Consolidated Financial Statements

(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 September 30, 2025												As of September 30, 2024
Amortized Cost:
United States
Southeast			$	445,901					20.5		%				$	205,574					15.9		%
Midwest			395,386						18.2						260,483						20.2
West			369,906						17.0						256,337						19.8
Mid-Atlantic			285,602						13.1						199,479						15.4
Southwest			255,497						11.7						149,845						11.6
Northeast			144,153						6.6						130,402						10.1
United Kingdom			140,614						6.5						40,106						3.1
Germany			53,904						2.5						39,463						3.1
Australia			25,160						1.2						—						—
Jersey			20,433						1.0						—						—
Canada			20,172						0.9						—						—
Finland			6,987						0.3						—						—
Sweden			5,264						0.2						4,919						0.4
Netherlands			4,250						0.2						1,256						0.1
France			2,281						0.1						2,013						0.2
Denmark			544						0.0		*				541						0.0		*
Luxembourg			312						0.0		*				1,013						0.1
Israel			81						0.0		*				81						0.0		*
Total			$	2,176,447					100.0		%				$	1,291,512					100.0		%
Fair Value:
United States
Southeast			$	449,900					20.4		%				$	207,853					15.8		%
Midwest			401,851						18.2						264,441						20.2
West			374,368						16.9						260,330						19.9
Mid-Atlantic			288,569						13.1						201,474						15.4
Southwest			258,152						11.7						151,420						11.5
Northeast			145,343						6.6						132,136						10.1
United Kingdom			143,807						6.5						42,123						3.2
Germany			58,632						2.7						41,091						3.1
Australia			25,855						1.2						—						—
Jersey			21,123						1.0						—						—
Canada			20,437						0.9						—						—
Finland			7,561						0.3						—						—
Sweden			5,459						0.2						5,064						0.4
Netherlands			4,621						0.2						1,321						0.1
France			2,497						0.1						2,072						0.2
Denmark			545						0.0		*				554						0.0		*
Luxembourg			331						0.0		*				1,016						0.1
Israel			123						0.0		*				106						0.0		*
Total			$	2,209,174					100.0		%				$	1,311,001					100.0		%

* Represents an amount less than 0.1%

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

			As of September 30, 2025												As of September 30, 2024
Amortized Cost:
Aerospace & Defense			$	24,586					1.1		%				$	15,571					1.2		%
Air Freight & Logistics			22,726						1.0						—						—
Auto Components			36,496						1.7						28,337						2.2
Automobiles			98,937						4.6						72,232						5.6
Banks			9,356						0.4						4,562						0.3
Beverages			25,503						1.2						18,059						1.4
Building Products			677						0.0		*				—						—
Capital Markets			22,977						1.1						14,032						1.1
Chemicals			6,453						0.3						921						0.1
Commercial Services & Supplies			95,995						4.4						86,126						6.7
Construction & Engineering			17,379						0.8						9,906						0.8
Containers & Packaging			1,715						0.1						—						—
Diversified Consumer Services			148,679						6.8						100,926						7.8
Diversified Financial Services			62,615						2.9						22,989						1.8
Electric Utilities			1,903						0.1						—						—
Electrical Equipment			7,028						0.3						691						0.0		*
Electronic Equipment, Instruments & Components			5,184						0.2						5,186						0.4
Food Products			32,759						1.5						20,253						1.6
Healthcare Equipment & Supplies			51,101						2.3						25,421						2.0
Healthcare Providers & Services			106,401						4.9						35,048						2.7
Healthcare Technology			108,643						5.0						41,038						3.2
Hotels, Restaurants & Leisure			127,364						5.9						52,188						4.0
Household Products			2,728						0.1						—						—
Industrial Conglomerates			28,527						1.3						11,492						0.9
Insurance			117,345						5.4						73,366						5.7
IT Services			44,242						2.0						40,822						3.2
Leisure Products			36,537						1.7						22,166						1.7
Life Sciences Tools & Services			23,565						1.1						18,343						1.4
Machinery			31,475						1.4						27,540						2.1
Media			14,869						0.7						7,068						0.5
Oil, Gas & Consumable Fuels			25,311						1.2						15,849						1.2
Pharmaceuticals			21,811						1.0						1,013						0.1
Professional Services			79,954						3.7						25,099						1.9
Road & Rail			13,840						0.6						—						—
Software			577,485						26.5						375,250						29.1
Specialty Retail			126,438						5.8						118,440						9.2
Transportation Infrastructure			16,060						0.8						—						—
Water Utilities			1,783						0.1						1,578						0.1
Total			$	2,176,447					100.0		%				$	1,291,512					100.0		%

* Represents an amount less than 0.1%

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

			As of September 30, 2025												As of September 30, 2024
Fair Value:
Aerospace & Defense			$	24,652					1.1		%				$	16,069					1.2		%
Air Freight & Logistics			23,033						1.0						—						—
Auto Components			36,957						1.7						28,779						2.2
Automobiles			101,466						4.6						73,044						5.6
Banks			9,456						0.4						4,650						0.3
Beverages			26,202						1.2						18,388						1.4
Building Products			693						—						—						0.0
Capital Markets			23,193						1.1						14,200						1.1
Chemicals			6,475						0.3						921						0.1
Commercial Services & Supplies			96,815						4.4						87,416						6.7
Construction & Engineering			17,502						0.8						10,008						0.8
Containers & Packaging			1,718						0.1						—						—
Diversified Consumer Services			150,189						6.8						102,710						7.8
Diversified Financial Services			63,719						2.9						23,412						1.8
Electric Utilities			1,997						0.1						—						—
Electrical Equipment			7,157						0.3						706						0.1
Electronic Equipment, Instruments & Components			5,345						0.2						5,400						0.4
Food Products			33,072						1.5						20,498						1.6
Healthcare Equipment & Supplies			51,329						2.3						25,691						2.0
Healthcare Providers & Services			108,172						4.9						35,903						2.7
Healthcare Technology			109,991						5.0						41,653						3.2
Hotels, Restaurants & Leisure			128,251						5.8						52,662						4.0
Household Products			2,744						0.1						—						—
Industrial Conglomerates			30,631						1.4						11,447						0.9
Insurance			119,150						5.4						74,631						5.7
IT Services			44,632						2.0						41,300						3.2
Leisure Products			36,536						1.7						22,246						1.7
Life Sciences Tools & Services			24,992						1.1						18,972						1.4
Machinery			31,741						1.4						27,815						2.1
Media			14,886						0.7						7,154						0.5
Oil, Gas & Consumable Fuels			25,498						1.2						16,081						1.2
Pharmaceuticals			22,245						1.0						1,016						0.1
Professional Services			80,355						3.7						25,225						1.9
Road & Rail			13,930						0.6						—						—
Software			590,302						26.7						382,061						29.1
Specialty Retail			126,384						5.7						119,368						9.1
Transportation Infrastructure			15,965						0.7						—						—
Water Utilities			1,799						0.1						1,575						0.1
Total			$	2,209,174					100.0		%				$	1,311,001					100.0		%

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 6. Derivatives

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

Forward Currency Contracts

The outstanding forward currency contracts as of September 30, 2025 were as follows:

As of September 30, 2025
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation						Unrealized depreciation
SMBC Capital Markets, Inc.						€	9,000		EUR						$	9,922		USD						5/28/2027						$	—					$	(864)
																														$	—					$	(864)

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

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the years ended September 30, 2025, 2024 and 2023 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category						Year ended September 30, 2025						Year ended September 30, 2024						Year ended September 30, 2023
Foreign exchange						$	—					$	—					$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category						Year ended September 30, 2025						Year ended September 30, 2024						Year ended September 30, 2023
Foreign exchange						$	(864)					$	—					$	—

The following table is a summary of the average outstanding daily volume for forward currency contracts for the years ended September 30, 2025, 2024, and 2023:

Average U.S. Dollar notional outstanding						Year ended September 30, 2025						Year ended September 30, 2024						Year ended September 30, 2023
Forward currency contracts						$	9,922					$	—					$	—

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from SMBC, if any, is included in the Consolidated Statements of Financial Condition as other assets or accounts payable and other liabilities. As of September 30, 2025, there was $660 of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. As of September 30, 2024, there was no collateral pledged for derivatives. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

As of September 30, 2025
Counterparty						Consolidated Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statement of Financial Condition						Collateral (Received) /Pledged (1)						Net Amounts(2)
SMBC Capital Markets Inc.						Unrealized depreciation on forward currency contracts						$	—					$	(864)					$	(864)					$	660					$	(204)
												$	—					$	(864)					$	(864)					$	660					$	(204)

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

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

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

Note 7. Fair Value Measurements

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

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

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the years ended September 30, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

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

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

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

As of September 30, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	2,174,044					$	2,174,044
Equity investments(1)						—						—						35,130						35,130
Money market funds(1)(2)						46,041						—						—						46,041
Total assets, at fair value:						$	46,041					$	—					$	2,209,174					$	2,255,215
Liabilities, at fair value:
Forward currency contracts						$	—					$	(864)					$	—					$	(864)
Total liabilities, at fair value:						$	—					$	(864)					$	—					$	(864)
As of September 30, 2024						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	1,294,931					$	1,294,931
Equity investments(1)						—						—						16,070						16,070
Money market funds(1)(2)						20,893						—						—						20,893
Total assets, at fair value:						$	20,893					$	—					$	1,311,001					$	1,331,894

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the years ended September 30, 2025, 2024, and 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 at the end of each period was $24,372, $19,012 and $2,721, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the years ended September 30, 2025 and 2024:

			For the year ended September 30, 2025
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of year			$	1,294,931					$	16,070					$	1,311,001
Net change in unrealized appreciation (depreciation) on investments			1,227						4,066						5,293
Net translation of investments in foreign currencies			7,948						(4)						7,944
Realized gain (loss) on translation of investments in foreign currencies			122						—						122
Fundings of (proceeds from) revolving loans, net			5,121						—						5,121
Fundings of investments			986,577						17,441						1,004,018
PIK interest and non-cash dividends			9,486						628						10,114
Proceeds from non-cash dividends			—						(208)						(208)
Proceeds from principal payments and sales of portfolio investments			(136,788)						(2,863)						(139,651)
Accretion of discounts and amortization of premiums			5,420						—						5,420
Fair value, end of year			$	2,174,044					$	35,130					$	2,209,174

			For the year ended September 30, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of year			$	313,688					$	5,227					$	318,915
Net change in unrealized appreciation (depreciation) on investments			13,489						859						14,348
Net translation of investments in foreign currencies			3,043						—						3,043
Realized gain (loss) on investments			33						(3)						30
Realized gain (loss) on translation of investments in foreign currencies			30						—						30
Fundings of (proceeds from) revolving loans, net			2,253						—						2,253
Fundings of investments			989,310						9,806						999,116
PIK interest and non-cash dividends			6,286						181						6,467
Proceeds from principal payments and sales of portfolio investments			(36,279)						—						(36,279)
Accretion of discounts and amortization of premiums			3,078						—						3,078
Fair value, end of year			$	1,294,931					$	16,070					$	1,311,001

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(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 September 30, 2025 and 2024:

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

77,408

Yield analysis

Market interest rate

7.3% - 9.0% (8.3%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (10.6x)

One stop loans(2)(3)

$

2,043,193

Yield analysis

Market interest rate

3.8% - 20.5% (8.6%)

Market comparable companies

EBITDA multiples

8.0x - 33.0x (15.8x)

Market comparable companies

Revenue multiples

2.0x - 15.0x (9.1x)

19,980

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans(4)

$

33,463

Yield analysis

Market interest rate

9.8% - 15.0% (11.1%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (17.8x)

Equity(5)

$

35,130

Market comparable companies

EBITDA multiples

8.0x - 28.0x (17.4x)

Revenue multiples

2.0x - 15.0x (11.3x)

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

(2)$49 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $1,758,059 and $285,134 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(4)$66 of loans at fair value were valued using the market comparable companies approach only.

(5)The Company valued $29,941 and $5,189 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

39,358

Yield analysis

Market interest rate

8.5% - 9.5% (8.9%)

Market comparable companies

EBITDA multiples

6.5x - 16.0x (8.6x)

One stop loans(2)

$

1,215,534

Yield analysis

Market interest rate

6.3% - 21.0% (9.3%)

Market comparable companies

EBITDA multiples

8.0x - 38.0x (16.4x)

Market comparable companies

Revenue multiples

2.8x - 16.5x (9.4x)

$

34,672

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

5,367

Yield analysis

Market interest rate

10.8% - 15.0% (12.2%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (12.3x)

Equity(3)

$

16,070

Market comparable companies

EBITDA multiples

9.0x - 23.0x (16.6x)

Revenue multiples

2.8x - 16.5x (15.3x)

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

(2)The Company valued $1,027,881 and $187,653 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $14,365 and $1,705 of equity investments using EBITDA and revenue multiples, respectively.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. 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. The fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using applicable implied market rates.

The following are the carrying values and fair values of the Company’s debt as of September 30, 2025 and 2024:

			As of September 30, 2025												As of September 30, 2024
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt			$	1,189,555					$	1,189,555					$	691,985					$	691,985

Note 8. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On April 1, 2022, the Company’s sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of September 30, 2025, the Company’s asset coverage for borrowed amounts was 188.5%.

2025 Debt Securitization: On June 20, 2025, the Company completed a $1,154,900 term debt securitization (the “2025 Debt Securitization”). The notes offered in the 2025 Debt Securitization (the “2025 Notes”) were issued by the 2025 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $667,000 of Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.63% (the “Class A-1 2025 Notes”); $40,250 of Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.80% (the “Class A-2 2025 Notes”); $92,000 of Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.00% (the “Class B 2025 Notes”); $69,000 of Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.80% (the “Class C 2025 Notes”); and $286,650 of Subordinated Notes due 2125 which do not bear interest (the “Subordinated 2025 Notes”). The Company indirectly retained the Class C 2025 Notes and Subordinated 2025 Notes.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Through June 20, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 Debt Securitization, allowing the Company to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are scheduled to mature on July 20, 2037. The Subordinated 2025 Notes are due in 2125. The Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are included in the September 30, 2025 Consolidated Statement of Financial Condition as debt of the company. As of September 30, 2025, the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation.

As of September 30, 2025, there were 126 portfolio companies with a total fair value of $1,139,381 securing the 2025 Debt Securitization. The pool of loans in the 2025 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2025 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of September 30, 2025 based on the last interest rate reset was 3.98%.

For the year ended September 30, 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2025 Debt Securitization were as follows:

									Year ended September 30,
															2025						2024						2023
Stated interest expense															$	13,664					$	—					$	—
Amortization of debt issuance costs															214						—						—
Total interest expense															$	13,878					$	—					$	—
Cash paid for interest expense															$	—					$	—					$	—
Average stated interest rate															6.1		%				N/A						N/A
Average outstanding balance															$	225,542					$	—					$	—

As of September 30, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are as follows:

Description

Class A-1 2025 Notes

Class A-2 2025 Notes

Class B 2025 Notes

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$667,000

$40,250

$92,000

S&P Rating

“AAA”

“AAA”

“AA”

Interest Rate

SOFR + 1.63%

SOFR + 1.80%

SOFR + 2.00%

As part of the 2025 Debt Securitization, the Company entered into a master loan sale agreement that provides for the sale of assets on the 2025 Debt Securitization closing date as well as future sales from the Company to the 2025 Issuer through the GBDC 4 CLO 1 Depositor, (1) the Company sold and/or contributed to the GBDC 4 CLO 1 Depositor the remainder of its ownership interest in the portfolio company investments securing the 2025 Debt Securitization and participations for the purchase price and other consideration set forth in the master loan sale agreement and (2) the GBDC 4 CLO 1 Depositor, in turn, sold to the 2025 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the master loan sale agreement. Following these transfers, the 2025 Issuer, and not the GBDC 4 CLO 1 Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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. On June 30, 2025, all amounts outstanding under the PNC Facility were repaid, following which the agreements governing the PNC Facility were terminated. Prior to termination, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $100,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025 and on May 27, 2025, the Company exercised the option pursuant to the documents governing the PNC Facility to decrease the borrowing capacity under the PNC Facility from $250,000 to $100,000, effective as of June 3, 2025.

Prior to termination, the PNC Facility bore 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 September 30, 2024, the Company had outstanding debt of $240,428 under the PNC Facility.

For the years ended September 30, 2025, 2024 and 2023, the components of interest expense, cash paid for interest expense, average stated interest rates, and average outstanding balances for the PNC Facility were as follows:

									Year ended September 30,
															2025						2024						2023
Stated interest expense															$	8,245					$	23,367					$	6,777
Facility fees															84						129						39
Amortization of debt issuance costs															1,004						1,122						327
Total interest expense															$	9,333					$	24,618					$	7,143
Cash paid for interest expense															$	14,755					$	19,615					$	4,684
Average stated interest rate(1)															6.7		%				7.7		%				6.8		%
Average outstanding balance															$	123,928					$	305,019					$	100,127

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

DB Credit Facility: On March 28, 2024 (the “DB Credit Facility Effective Date”), the Company and GBDC 4 Funding II entered into a loan financing and servicing agreement (the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank National Trust Company, as collateral agent and as collateral custodian. The period during which GBDC 4 Funding II may request drawdowns under the DB Credit Facility (the “DB Credit Facility Revolving Period”) commenced on the DB Credit Facility Effective Date and continues through March 28, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on March 28, 2030, three years from the last day of the DB Credit Facility Revolving Period, unless terminated earlier in accordance with the DB Credit Facility. On June 13, 2025, the Company entered into an amendment to the DB Credit Facility that, among other things, reduced the applicable margin (a) effective during the DB Credit Facility Revolving Period from 2.35% to 1.75% and (b) effective after the DB Credit Facility Revolving Period from 2.85% to 2.25%. As of September 30, 2025, the DB Credit Facility allowed the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

As of September 30, 2025, the DB Credit Facility bears interest at the applicable base rate plus 1.75% per annum during the DB Credit Facility Revolving Period and 2.25% after the DB Credit Facility Revolving Period. The base rate under the DB Credit Facility is (i) the three-month CORRA plus an adjustment for a period of three months equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple SONIA with respect to any advances denominated U.K. pound sterling plus an adjustment for a period of three months equal to 0.1193%, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) the three-month term SOFR with respect to any other advances. Additionally, a syndication/agent fee is payable to the facility agent each quarter. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the DB Credit Facility Revolving Period, an additional fee based on unfunded commitments of the lenders could be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the DB Credit Facility Effective Date, respectively.

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

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 September 30, 2025 and 2024, the Company had $198,117 and $299,557, respectively, of outstanding debt under the DB Credit Facility.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2025, 2024 and 2023 the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

									Year ended September 30,
															2025						2024						2023
Stated interest expense															$	15,258					$	7,882					$	—
Facility fees															934						499						—
Amortization of debt issuance costs															918						274						—
Total interest expense															$	17,110					$	8,655					$	—
Cash paid for interest expense															$	18,261					$	3,427					$	—
Average stated interest rate(1)															6.5		%				7.7		%				N/A
Average outstanding balance															$	234,266					$	102,313					$	—

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

BNP Credit Facility: On August 15, 2024 (the “BNP Credit Facility Effective Date”), the Company and GBDC 4 Funding III entered into a revolving credit and security agreement (the “BNP Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral agent. Under the BNP Credit Facility, the lenders have agreed to extend credit to GBDC 4 Funding III in an aggregate principal amount of up to $750,000 as of September 30, 2025. The period during which GBDC 4 Funding III may request drawdowns under the BNP Credit Facility (the “BNP Credit Facility Revolving Period”) commenced on the BNP Credit Facility Effective Date and will continue through August 15, 2027, unless there is an earlier termination due to an event of default. The BNP Credit Facility will mature on August 15, 2030, the first business day on or after the date that is the 36-month anniversary of the last day of the BNP Credit Facility Revolving Period, unless terminated earlier in accordance with the BNP Credit Facility.

As of September 30, 2025, borrowings under the BNP Credit Facility in United States Dollars will bear interest at the applicable base rate plus 2.10% per annum during the BNP Credit Facility Revolving Period, and 2.35% per annum after the BNP Credit Facility Revolving Period (the “BNP Credit Facility Applicable Margin”), and borrowings in eligible currencies other than United States Dollars will bear interest at the applicable base rate plus (i) the BNP Credit Facility Applicable Margin and (ii) 0.15% per annum. The base rate under the BNP Credit Facility is (i) term CORRA with respect to any advances denominated in Canadian dollars, (ii) the 3-month Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the 3-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the adjusted cumulative compound Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling, (v) daily simple adjusted non-cumulative compound SARON with respect to any advances denominated in Swiss francs, (vi) 3-month Norwegian Interbank Offered Rate with respect to any advances denominated in Norwegian Krona, (vii) 3-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish Krona and (viii) the term SOFR with respect to advances denominated in United States Dollars and any other advances.

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

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

As of September 30, 2025 and 2024, the Company had $192,188 and $152,000, respectively, of outstanding debt under the BNP Credit Facility.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2025, 2024 and 2023 the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the BNP Credit Facility were as follows:

									Year ended September 30,
															2025						2024						2023
Stated interest expense															$	22,153					$	914					$	—
Amortization of debt issuance costs															1,925						248						—
Total interest expense															$	24,078					$	1,162					$	—
Cash paid for interest expense															$	21,498					$	—					$	—
Average stated interest rate(1)															6.3		%				7.3		%				N/A
Average outstanding balance															$	349,688					$	12,454					$	—

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

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of September 30, 2025 and 2024, the Company was permitted to borrow up to $100,000 in U.S. dollars and certain agreed upon foreign currencies, with a maturity date of March 26, 2028. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR in effect as of September 30, 2025 was 3.9%. As of September 30, 2025 and 2024, the Company had no outstanding debt under the Adviser Revolver.

For the years ended September 30, 2025, 2024 and 2023, the stated interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

									Year ended September 30,
															2025						2024						2023
Stated interest expense															$	267					$	68					$	84
Cash paid for interest expense															140						67						158
Average stated interest rate(1)															4.1		%				5.0		%				5.0		%
Average outstanding balance															$	6,507					$	1,361					$	1,675

(1)The 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. The Company includes other short-term borrowings in the balance of outstanding indebtedness in the calculation of the Company’s asset coverage requirement under the 1940 Act.

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

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2025, 2024 and 2023 the components of interest expense, average stated interest rates and average outstanding balances for short-term borrowings were as follows:

									Year ended September 30,
															2025						2024						2023
Stated interest expense															$	—					$	3,682					$	—
Cash paid for interest expense															—						3,682						—
Average stated interest rate															—		%				8.3		%				N/A
Average outstanding balance															$	—					$	44,215					$	—

For the years ended September 30, 2025, 2024 and 2023, the average total debt outstanding was $939,931, $465,362 and $101,802, respectively.

For the years ended September 30, 2025, 2024 and 2023, the effective average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company’s total debt was 6.9%, 8.2%, and 7.1%, respectively.

A summary of the Company’s maturity requirements for borrowings as of September 30, 2025 is as follows:

			Payments Due by Period
			Total						Less Than 1 Year						1 – 3 Years						3 – 5 Years						More Than 5 Years
DB Credit Facility			$	198,117					$	—					$	—					$	198,117					$	—
BNP Credit Facility			192,188						—						—						192,188						—
2025 Debt Securitization			799,250						—						—						—						799,250
Total borrowings			$	1,189,555					$	—					$	—					$	390,305					$	799,250

Note 9. Federal Income Tax Matters

The Company has elected to be treated and intends to be subject to tax as a RIC under Subchapter M of the Code. As a result, the Company must distribute substantially all of its net taxable income each tax year as dividends to its stockholders, which will generally relieve the Company from U.S. federal income tax. Accordingly, no provision for federal income tax has been made in the consolidated financial statements.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which could differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences have no impact on net assets.

The following permanent differences were reclassified for tax purposes among the components of net assets for the years ended September 30, 2025, 2024, and 2023:

			Year ended September 30,
			2025						2024						2023
Increase/(decrease) in Paid in Capital in Excess of Par			$	(69)					$	(159)					$	(147)
Increase/(decrease) in Distributable Earnings (Losses)			69						159						147

Taxable income generally differs from net increase (decrease) in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses and generally excludes unrealized appreciation (depreciation) on investment transactions as investment gains and losses are not included in taxable income until they are realized.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table reconciles net increase in net assets resulting from operations to taxable income for the years ended September 30, 2025, 2024 and 2023:

			Year ended September 30,
			2025						2024						2023
Net increase in net assets resulting from operations			$	94,385					$	68,960					$	16,109
Net change in unrealized (appreciation) depreciation on investment transactions			(4,859)						(14,328)						(2,732)
Other income not currently taxable			(1,951)						(423)						(122)
Expenses not currently deductible			547						1,040						146
Other income for tax but not book			36						—						—
Expenses deductible for tax but not book			(457)						(2)						—
Other realized gain/loss differences			2,249						1,075						4
Taxable income before deductions for distributions			$	89,950					$	56,322					$	13,405

The tax character of distributions paid during the years ended September 30, 2025, 2024 and 2023 were as follows:

			Year ended September 30,
			2025						2024						2023
Ordinary Income			$	87,759					$	57,306					$	12,256
Long-Term Capital Gains			2,337						133						—

The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings/(deficit) on a book basis for the years ended September 30, 2025, 2024 and 2023 were as follows:

			Year ended September 30,
			2025						2024						2023
Undistributed ordinary income – tax basis			$	—					$	—					$	1,699
Undistributed realized gains – tax basis			458						603						20
Net unrealized appreciation (depreciation) on investments			21,029						16,084						2,408
Other temporary differences			(21,112)						(16,381)						(3,980)
Total accumulated earnings (loss) – book basis			$	375					$	306					$	147

Capital losses in excess of capital gains earned in a tax year could generally be carried forward and used to offset capital gains, subject to certain limitations. Capital losses incurred by the Company are not subject to expiration and retain their character as either short-term or long-term capital losses. As of September 30, 2025, the Company estimates that it will not have a capital loss carryforward available for use in subsequent tax years.

For tax purposes, the Company could elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of both September 30, 2025 and 2024, the Company did not elect to defer any ordinary losses, short-term capital losses and long-term capital losses.

For the tax year ended September 30, 2025, the Company estimates taxable income in excess of the distributions made from such taxable income during the tax year, and therefore, the Company has elected to carry forward the excess for distribution to stockholders in tax year September 30, 2026. The amount carried forward to tax year September 30, 2026 is estimated to be approximately $458 of long-term capital gain, although this amount will not be finalized until the September 30, 2025 tax returns are filed in 2026.

As of September 30, 2025, the federal tax cost of investments was $2,176,898 resulting in estimated gross unrealized gains and losses of $37,220 and $4,944, respectively.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 10. Commitments and Contingencies

Commitments: As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $462,709, including $175,950 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $380,710, including $103,946 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 for outstanding forward currency contracts as of September 30, 2025. As of September 30, 2024, there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

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

Note 11. Financial Highlights

The financial highlights for the Company are as follows:

						Year ended September 30,
Per share data:(1)						2025						2024						2023						2022
Net asset value at beginning of period						$	15.00					$	15.00					$	15.00					$	15.00
Distributions declared:(2)
From net investment income - after tax						(1.68)						(2.58)						(2.41)						(0.26)
From capital gains						(0.04)						(0.00		)^				—						—
Net investment income - after tax						1.62						2.01						2.05						0.45
Net realized gain (loss) on investment transactions						—						0.01						(0.00		)^				(0.02)
Net change in unrealized appreciation (depreciation) on investment transactions(3)						0.10						0.56						0.36						(0.17)
Net asset value at end of period						$	15.00					$	15.00					$	15.00					$	15.00
Total return based on net asset value per share(4)						11.92		%				17.94		%				12.09		%				1.70		%
Number of common shares outstanding						71,236,992.933						43,346,830.170						12,178,965.292						4,628,404.940

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

						Year ended September 30,
Listed below are supplemental data and ratios to the financial highlights:						2025						2024						2023						2022
Ratio of net investment income - after tax to average net assets*						10.80		%				13.46		%				13.73		%				6.79		%
Ratio of total expenses to average net assets*(5)						13.67		%				16.03		%				14.19		%				7.40		%
Ratio of management fee waiver to average net assets*						(1.82)		%				(1.86)		%				(1.80)		%				(1.26)		%
Ratio of incentive fee waiver to average net assets						(1.21)		%				(2.01)		%				(2.75)		%				(0.27)		%
Ratio of operating expense waiver to average net assets						—		%				—		%				—		%				(0.35)		%
Ratio of incentive fees to average net assets(5)						2.47		%				3.13		%				2.75		%				0.27		%
Ratio of excise tax to average net assets(5)						—		%				0.01		%				0.05		%				—		%
Ratio of net expenses to average net assets*(5)						10.64		%				12.16		%				9.64		%				5.52		%
Ratio of total expenses (without incentive fees) to average net assets*(5)						11.20		%				12.90		%				9.64		%				7.13		%
Total return based on average net asset value*(6)						11.42		%				17.05		%				16.49		%				3.99		%
Net assets at end of year						$	1,068,555					$	650,202					$	182,684					$	69,426
Average debt outstanding						$	939,931					$	465,362					$	101,802					$	12,757
Average debt outstanding per share						$	13.19					$	10.74					$	8.36					$	2.76
Portfolio Turnover*						8.21		%				4.26		%				2.26		%				0.07		%
Asset coverage ratio(7)						188.47		%				192.32		%				201.79		%				206.27		%
Asset coverage ratio per unit(8)						$	1,885					$	1,923					$	2,018					$	2,063
Average market value per unit(9):
2025 Debt Securitization						N/A						N/A						N/A						N/A
Adviser Revolver						N/A						N/A						N/A						N/A
DB Credit Facility						N/A						N/A						N/A						N/A
BNP Credit Facility						N/A						N/A						N/A						N/A
PNC Facility						N/A						N/A						N/A						N/A

* The amounts presented for the period from April 1, 2022 (commencement of operations) to September 30, 2022 are annualized.

^ Represents an amount less than $0.01.

(1)Based on actual number of shares outstanding at the end of the corresponding year or the weighted average shares outstanding for the year, 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 year.

(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 year 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 for the period from April 1, 2022 (commencement of operations) to September 30, 2022.

(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.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

(9)Not applicable as the 2025 Debt Securitization Notes, Adviser Revolver, DB Credit Facility, BNP Credit Facility and PNC Facility are not registered for public trading.

Note 12. Senior Securities

The following is information about the Company’s senior securities as of the dates indicated in the table below:

Class and Year						Total Amount Outstanding Exclusive of Treasury Securities(1)						Asset Coverage per Unit(2)						Involuntary Liquidating Preference per Unit(3)						Average Market Value per Unit(4)
Adviser Revolver
September 30, 2022						$	2,383					$	2,063					—						N/A
September 30, 2023						$	—					$	2,018					—						N/A
September 30, 2024						$	—					$	1,923					—						N/A
September 30, 2025						$	—					$	1,885					—						N/A
2025 Debt Securitization
September 30, 2025						$	799,250					$	1,885					—						N/A
PNC Facility
September 30, 2022						$	62,500					$	2,063					—						N/A
September 30, 2023						$	176,928					$	2,018					—						N/A
September 30, 2024						$	240,428					$	1,923					—						N/A
DB Credit Facility
September 30, 2024						$	299,557					$	1,923					—						N/A
September 30, 2025						$	198,117					$	1,885					—						N/A
BNP Credit Facility
September 30, 2024						$	152,000					$	1,923					—						N/A
September 30, 2025						$	192,188					$	1,885					—						N/A
Total Debt
September 30, 2022						$	64,883					$	2,063					—						N/A
September 30, 2023						$	176,928					$	2,018					—						N/A
September 30, 2024						$	691,985					$	1,923					—						N/A
September 30, 2025						$	1,189,555					$	1,885					—						N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “ — ” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)Not applicable because such senior securities are not registered for public trading.

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 13. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the years ended September 30, 2025, 2024 and 2023:

			Year ended September 30,
			2025						2024						2023
Earnings available to stockholders			$	94,385					$	68,960					$	16,109
Basic and diluted weighted average shares outstanding			55,271,464						27,089,786						6,535,176
Basic and diluted earnings per share			$	1.71					$	2.55					$	2.46

Note 14. 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 years ended September 30, 2025, 2024 and 2023:

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Date Declared						Record Date						Payment Date						Shares Outstanding						Amount Per Share						Total Dividends Declared
For the year ended September 30, 2025
08/02/2024						10/15/2024						12/18/2024						43,346,830.170						$	0.1267					$	5,494
11/14/2024						11/15/2024						01/08/2025						43,346,830.170						0.1488						6,449
11/14/2024						12/13/2024						02/18/2025						43,551,339.102						0.1917						8,349
11/14/2024						01/17/2025						03/18/2025						50,938,518.774						0.1262						6,431
02/03/2025						02/26/2025						05/21/2025						51,051,506.453						0.1614						8,239
02/03/2025						03/17/2025						05/21/2025						51,051,506.453						0.1487						7,593
02/03/2025						04/18/2025						06/17/2025						57,232,221.572						0.1217						6,968
05/02/2025						05/26/2025						08/20/2025						57,446,759.391						0.1348						7,742
05/02/2025						06/20/2025						08/20/2025						66,397,771.207						0.1341						8,906
05/02/2025						07/18/2025						09/17/2025						66,397,771.207						0.1269						8,423
08/01/2025						08/26/2025						11/20/2025						66,616,608.403						0.1522						10,139
08/01/2025						09/15/2025						11/20/2025						66,616,608.403						0.1449						9,652
Total dividends declared for the year ended September 30, 2025																														$	94,385
For the year ended September 30, 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
02/02/2024						04/19/2024						06/18/2024						27,476,502.077						0.1353						3,716
05/03/2024						05/27/2024						08/21/2024						27,674,383.230						0.3066						8,486
05/03/2024						06/21/2024						08/21/2024						30,776,321.652						0.1915						5,894
05/03/2024						07/19/2024						09/18/2024						36,885,266.850						0.1565						5,772
08/02/2024						08/27/2024						11/19/2024						43,271,387.075						0.1678						7,262
08/02/2024						09/17/2024						11/19/2024						43,271,387.075						0.1904						8,240
Total dividends declared for the year ended September 30, 2024																														$	68,960
For the year ended September 30, 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						1,810
02/07/2023						04/28/2023						06/22/2023						6,712,031.176						0.1726						1,159
05/05/2023						05/26/2023						08/23/2023						6,789,714.019						0.1769						1,201
05/05/2023						06/16/2023						08/23/2023						6,789,714.019						0.3033						2,059
05/05/2023						07/28/2023						09/20/2023						6,817,641.186						0.2026						1,381
08/03/2023						08/30/2023						11/21/2023						8,364,860.813						0.1846						1,544
08/03/2023						09/22/2023						11/21/2023						8,376,022.759						0.2909						2,436
Total dividends declared for the year ended September 30, 2023																														$	16,109

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table summarizes the Company’s distributions reinvested during the years ended September 30, 2025, 2024, and 2023:

Payment Date						DRIP Shares Issued						NAV ($) Per Share						DRIP Shares Value
For the year ended September 30, 2025
11/19/2024						204,508.932						$	15.00					$	3,068
12/18/2024						72,984.041						15.00						1,095
12/18/2024						85,661.548						15.00						1,285
02/18/2025						112,987.679						15.00						1,695
01/08/2025						86,219.253						15.00						1,293
05/21/2025						214,537.819						15.00						3,218
02/18/2025						91,704.662						15.00						1,376
08/20/2025						218,837.196						15.00						3,282
09/17/2025						109,130.664						15.00						1,637
						1,196,571.794												$	17,949
For the year ended September 30, 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
May 21, 2024						197,881.153						15.00						2,968
June 18, 2024						47,465.823						15.00						712
August 21, 2024						189,305.225						15.00						2,840
September 18, 2024						75,443.095						15.00						1,132
						719,780.924												$	10,797
For the year ended September 30, 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
May 24, 2023						77,682.843						15.00						1,165
June 22, 2023						27,927.167						15.00						419
August 23, 2023						26,042.627						15.00						391
September 20, 2023						11,161.946						15.00						167
						216,495.165												$	3,247

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 15. 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 November 20, 2025, the Company issued 259,908.674 shares through the DRIP.

On August 1, 2025 and November 14, 2025, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

October 15, 2025

December 17, 2025

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

November 14, 2025

January 21, 2026

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

December 12, 2025

February 18, 2026

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

January 16, 2026

March 18, 2026

In an amount (if positive) such that the net asset value of the Company as of January 31, 2026 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 January 1, 2026 through January 31, 2026 and the payment of this distribution is $15.00 per share.

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PART IV

Item 15: Exhibits and Financial Statement Schedules

The following documents are filed as part of this Annual Report on Form 10-K:

(1)			Financial Statements — Refer to Item 8 starting on page 4
(2)			Financial Statement Schedules — None
(3)			Exhibits

EXHIBIT INDEX

Number						Description
3.1						Articles of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
3.2						Bylaws (Incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
3.3						Amended and Restated Bylaws approved on August 5, 2022 by the Board of Directors of Golub Capital BDC 4, Inc. (Incorporated by reference to Exhibit 3.2 to the Registrant’s Form 10-Q (File No. 814-01504), filed on August 12, 2022).
4.1						Form of Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
4.2						Description of securities (Incorporated by reference to Exhibit 4.2 filed with the Registrant’s Form 10-K (File No. 814-01504) filed on November 21, 2025).
10.1						Investment Advisory Agreement, dated as of April 1, 2022, by and between the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.2						Waiver Agreement, dated as of April 1, 2022, by and between the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.2 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.3						Administration Agreement, dated as of April 1, 2022, by and between the Registrant and Golub Capital LLC (Incorporated by reference to Exhibit 10.3 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.4						Custody Agreement, dated as of March 31, 2022, by and between the Registrant and Deutsche Bank Trust Company Americas (Incorporated by reference to Exhibit 10.4 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.5						Trademark License Agreement, dated as of April 1, 2022, by and between Golub Capital LLC and the Registrant (Incorporated by reference to Exhibit 10.5 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.6						Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.6 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.7						Form of Subscription Agreement (Incorporated by reference to Exhibit 10.8 to the Registrant’s Registration Statement on Form 10 (File No. 000-56410), filed on March 31, 2022).
10.8						Revolving Loan Agreement, dated as of April 12, 2022, by and among Golub Capital BDC 4, Inc., as the borrower, and GC Advisors LLC, as the lender (Incorporated by reference to Exhibit 10.8 to the Registrant’s Amended Registration Statement on Form 10 (File No. 000-56410), filed on May 17, 2022).
10.9						First Amendment to Amended and Restated Revolving Loan Agreement, dated as of June 15, 2022, by and among Golub Capital BDC 4, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 16, 2022).
10.10						Form Subscription Agreement (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on September 14, 2023).
10.11						Waiver Letter Agreement (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on September 14, 2023).

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Number						Description
10.12						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).
10.13						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).
10.14						Revolving Credit and Security Agreement, dated as of August 15, 2024, by and among GBDC 4 Funding III LLC, as borrower, Golub Capital BDC 4, Inc., as equityholder and as servicer, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, each of the securitization subsidiaries from time to time parties thereto, and Computershare Trust Company, N.A., as collateral agent. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on August 19, 2024).
10.15						Purchase and Sale Agreement, dated as of August 15, 2024, by and between GBDC 4 Funding III LLC, as purchaser, and Golub Capital BDC 4, Inc., as seller. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on August 19, 2024).
10.16						Second Amendment to Revolving Loan Agreement, dated as of March 26, 2025, by and among Golub Capital BDC 4, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on March 28, 2025.
10.17						Amendment No. 1 to Loan Financing and Servicing Agreement, dated as of June 13, 2025, by and among GBDC 4 Funding II LLC, as borrower, Golub Capital BDC 4, Inc., as servicer, each lender party thereto, the agents for the Lender Groups party thereto, and Deutsche Bank AG, New York branch as facility agent for the lenders. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 18, 2025).
10.18						Indenture, dated as of June 20, 2025, between Golub Capital BDC 4 CLO 1 LLC, as issuer, and Computershare Trust Company, N.A., as trustee. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
10.19						Purchase and Placement Agreement, dated as of June 20, 2025, among Golub Capital BDC 4 CLO 1 LLC, as issuer, BNP Paribas Securities Corp., as initial purchaser and NatWest Markets Securities Inc., as co-placement agent. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
10.20						Collateral Management Agreement, dated as of June 20, 2025, between Golub Capital BDC 4 CLO 1 LLC, as issuer, and GC Advisors LLC, as collateral manager. (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
10.21						Master Loan Sale Agreement, dated as of June 20, 2025, among Golub Capital BDC 4, Inc., as seller, Golub Capital BDC 4 CLO 1 Depositor LLC, as intermediate seller, and Golub Capital BDC 4 CLO 1 LLC, as buyer. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
14.1						Code of Ethics of the Registrant and GC Advisors (Incorporated by reference to Exhibit 14.1 filed with the Registrant’s Form 10-K (File No. 814-01504) filed on November 21, 2025).
14.2						Code of Ethics of GC Advisors LLC (Incorporated by reference to Exhibit 14.2 filed with the Registrant’s Form 10-K (File No. 814-01504) filed on November 21, 2025).

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Number						Description
19.1						Insider Trading Policy (Included in the Code of Ethics of the Registrant and GC Advisors). (Incorporated by reference to Exhibit 14.1 filed with the Registrant’s Form 10-K (File No. 814-01504) filed on November 21, 2025).
21.1						List of subsidiaries (Incorporated by reference to Exhibit 21.1 filed with the Registrant’s Form 10-K (File No. 814-01504) filed on November 21, 2025).
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
32.1						Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			*
99.1						Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 filed with the Registrant’s Form 10-K (File No. 814-01504) filed on November 21, 2025).
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.			*
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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

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

						Golub Capital BDC 4, Inc.
						A Maryland Corporation
Date: July 2, 2026			By:			/s/ Christopher C. Ericson
						Name: Christopher C. Ericson
						Title: Chief Financial Officer

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