Filed pursuant to Rule 424(b)(3)

File No.  333-290479, 333-272674 and 333-293067

GOLUB CAPITAL PRIVATE CREDIT FUND

SUPPLEMENT NO. 3 DATED JULY 17, 2026

TO THE PROSPECTUS DATED JANUARY 29, 2026

This prospectus supplement (the “Supplement”) is part of and should be read in conjunction with the prospectus of Golub Capital Private Credit Fund (“we,” “us,” “our,” or the “Fund”), dated January 29, 2026 (as further amended and supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purpose of this Supplement is to include our Annual Report on Form 10-K/A for the fiscal year ended September 30, 2025.

 

On July 2, 2026, we filed our Annual Report on Form 10-K/A for the fiscal year ended September 30, 2025 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement and updates all applicable disclosures in the Prospectus.

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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: 814-01555

Golub Capital Private Credit Fund

(Exact Name of Registrant as Specified in its Charter)

Delaware						92-2030260
(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:

Class S Shares, par value $0.01 per share
Class D Shares, par value $0.01 per share
Class I Shares, par value $0.01 per share

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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Auditor Firm ID:

42

Auditor Name:

Ernst & Young LLP

Auditor Location:

Chicago

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

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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. Yes o No ý

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

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). o

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

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

The number of shares of the Registrant's common shares, $0.01 par value, outstanding as of November 25, 2025 was 164,583,056 and 8,449,812 of Class I and Class S common shares, respectively.

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EXPLANATORY NOTE

Golub Capital Private Credit Fund (“GCRED” 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 25, 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 GCRED’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			6
Report of Independent Registered Public Accounting Firm			7
Consolidated Statements of Financial Condition as of September 30, 2025 and 2024			9
Consolidated Statements of Operations for the years ended September 30, 2025 and 2024 and for the period from June 30, 2023 (commencement of operations) to September 30, 2023			10
Consolidated Statements of Changes in Net Assets for the years ended September 30, 2025 and 2024 and for the period from June 30, 2023 (commencement of operations) to September 30, 2023			11
Consolidated Statements of Cash Flows for the years ended September 30, 2025 and 2024 and for the period from June 30, 2023 (commencement of operations) to September 30, 2023			13
Consolidated Schedules of Investments as of September 30, 2025 and 2024			15
Notes to the Consolidated Financial Statements			51

5

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Management’s Report on Internal Control over Financial Reporting

The management of Golub Capital Private Credit Fund (“GCRED,” and collectively with its subsidiaries, the “Company,” “we,” “us,” and “our”) 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 trustees regarding the preparation and fair presentation of published financial statements.

GCRED’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 trustees of GCRED, 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 years are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of GCRED’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.

6

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Golub Capital Private Credit Fund and Subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial condition of Golub Capital Private Credit Fund 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 two years in the period ended September 30, 2025 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, 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 two years in the period ended September 30, 2025 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, 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 or agent banks; when replies were not received from agent banks, we performed other auditing procedures. 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.

7

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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 $6,804,856 thousand. Management determines the fair value of the Company’s Level 3 investments by applying the methodologies outlined in Notes 2 and 6 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 2022.

Chicago, Illinois

November 25, 2025

8

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 $8,479,341 and $3,246,424, respectively)			$	8,555,251					$	3,265,298
Cash and cash equivalents			43,877						170,615
Foreign currencies (cost of $4,645 and $2,324, respectively)			4,352						2,620
Restricted cash and cash equivalents			424,234						16,408
Interest receivable			74,426						32,459
Receivable for investments			9,373						9,201
Deferred offering costs			1,168						2,775
Net unrealized appreciation on derivatives			22,144						12,624
Other assets			1,748						1,521
Total Assets			$	9,136,573					$	3,513,521
Liabilities
Debt			$	4,699,707					$	1,588,492
Less unamortized debt issuance costs			(38,246)						(18,999)
Debt less unamortized debt issuance costs			4,661,461						1,569,493
Other short-term borrowings			74,178						—
Interest payable			20,215						10,673
Distributions payable			30,116						15,135
Management and income incentive fees payable			23,088						10,899
Payable for investments purchased			241,534						165,315
Accrued trustee fees			662						225
Net unrealized depreciation on derivatives			11,371						1,963
Accounts payable and other liabilities			14,479						7,476
Total Liabilities			5,077,104						1,781,179
Commitments and Contingencies (Note 9)
Net Assets
Preferred shares, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and 2024.			—						—
Common shares, par value $0.01 per share, unlimited shares authorized, 161,326,430.474 and 69,008,371.263 shares issued and outstanding as of September 30, 2025 and 2024, respectively.			1,613						690
Paid in capital in excess of par			4,044,440						1,727,522
Distributable earnings (losses)			13,416						4,130
Total Net Assets			4,059,469						1,732,342
Total Liabilities and Total Net Assets			$	9,136,573					$	3,513,521
Net Asset Value Per Share
Class I Shares:
Net assets			$	3,872,168					$	1,666,227
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)			153,882,766.474						66,374,648.607
Net asset value per common share			$	25.16					$	25.10
Class S Shares:
Net assets			$	187,302					$	66,115
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)			7,443,664.000						2,633,722.656
Net asset value per common share			$	25.16					$	25.10

See Notes to Consolidated Financial Statements

9

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Operations

(In thousands, except share and per share data)

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Investment income
Interest income															$	490,020					$	222,944					$	32,603
Payment-in-kind interest income															23,344						6,844						601
Dividend income															1,354						29						—
Fee income															1,744						570						132
Total investment income															516,462						230,387						33,336
Expenses
Interest and other debt financing expenses															189,671						73,398						10,724
Base management fee															34,076						14,154						2,049
Incentive fee															36,746						17,349						2,374
Professional fees															14,244						7,587						1,414
Administrative service fee															5,699						1,976						212
General and administrative expenses															728						428						1,205
Distribution and shareholder servicing fees
Class S															1,078						178						—
Total expenses															282,242						115,070						17,978
Incentive fee waived (Note 3)															—						—						(340)
Expense support (Note 3)															—						(667)						(1,257)
Expense support recoupment (Note 3)															—						885						—
Net expenses															282,242						115,288						16,381
Net investment income - before tax															234,220						115,099						16,955
Excise tax															—						109						—
Net investment income - after tax															234,220						114,990						16,955
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments															(3,386)						(6,629)						89
Foreign currency transactions															(1,877)						172						1,507
Net realized gain (loss) on investment transactions															(5,263)						(6,457)						1,596
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments															25,669						11,722						692
Forward currency contracts															(9,119)						—						—
Translation of assets and liabilities in foreign currencies															12,456						113						(1,279)
Net change in unrealized appreciation (depreciation) on investment transactions															29,006						11,835						(587)
Net gain (loss) on investment transactions															23,743						5,378						1,009
Net realized gain (loss) on sale/extinguishment of debt															(1,900)						1,274						(1,541)
Net increase (decrease) in net assets resulting from operations															$	256,063					$	121,642					$	16,423
Per Common Share Data
Class I Shares:
Earnings available to shareholders															$	245,230					$	119,726					$	16,423
Basic and diluted weighted average common shares outstanding (Note 13)															103,755,744						44,385,411						26,035,443
Basic and diluted earnings per common share (Note 13)															$	2.36					$	2.70					$	0.63
Class S Shares:
Earnings available to shareholders															$	10,833					$	1,916					$	—
Basic and diluted weighted average common shares outstanding (Note 13)															5,033,036						1,666,686						—
Basic and diluted earnings per common share (Note 13)															$	2.15					$	1.15					$	—

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Changes in Net Assets

(In thousands, except share data)

			Common Shares												Paid in Capital in Excess of Par						Distributable Earnings (Losses)						Total Net Assets
			Shares						Par Amount
Balance at June 30, 2023 (commencement of operations)			2,000.000						$	—					$	50					$	—					$	50
Issuance of common shares
Class I			26,010,927.600						260						650,013						—						650,273
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						16,955						16,955
Net realized gain (loss) on investment transactions			—						—						—						1,596						1,596
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						(587)						(587)
Net realized gain (loss) on sale/extinguishment of debt			—						—						—						(1,541)						(1,541)
Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I			120,582.922						1						3,017						—						3,018
Distributions from distributable earnings (losses)
Class I			—						—						—						(10,938)						(10,938)
Distributions declared and payable
Class I			—						—						—						(5,488)						(5,488)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles			—						—						(291)						291						—
Total increase (decrease) for the period from June 30, 2023 (commencement of operations) to September 30, 2023			26,131,510.522						261						652,739						288						653,288
Balance at September 30, 2023			26,133,510.522						261						652,789						288						653,338
Issuance of common shares
Class I			39,047,346.301						391						979,985						—						980,376
Class S			2,603,270.715						26						65,433						—						65,459
Repurchase of common shares, net of early repurchase deduction
Class I			(93,026.334)						(1)						(2,309)						—						(2,310)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						114,990						114,990
Net realized gain (loss) on investment transactions			—						—						—						(6,457)						(6,457)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						11,835						11,835
Net realized gain (loss) on sale/extinguishment of debt			—						—						—						1,274						1,274
Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I			1,286,818.118						13						32,289						—						32,302
Class S			30,451.941						—						765						—						765
Distributions from distributable earnings (losses)
Class I			—						—						—						(102,602)						(102,602)
Class S			—						—						—						(1,493)						(1,493)
Distributions declared and payable
Class I			—						—						—						(14,602)						(14,602)
Class S			—						—						—						(533)						(533)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles			—						—						(1,430)						1,430						—
Total increase (decrease) for the year ended September 30, 2024			42,874,860.741						429						1,074,733						3,842						1,079,004
Balance at September 30, 2024			69,008,371.263						$	690					$	1,727,522					$	4,130					$	1,732,342

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Changes in Net Assets - (continued)

(In thousands, except share data)

			Common Shares												Paid in Capital in Excess of Par						Distributable Earnings (Losses)						Total Net Assets
			Shares						Par Amount
Balance at September 30, 2024			69,008,371.263						$	690					$	1,727,522					$	4,130					$	1,732,342
Issuance of common shares
Class I			87,533,876.450						875						2,198,679						—						2,199,554
Class S			4,761,661.966						48						119,562						—						119,610
Repurchase of common shares, net of early repurchase deduction
Class I			(2,991,985.152)						(30)						(74,980)						—						(75,010)
Class S			(165,038.389)						(2)						(4,128)						—						(4,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						234,220						234,220
Net realized gain (loss) on investment transactions			—						—						—						(5,263)						(5,263)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						29,006						29,006
Net realized gain (loss) on sale/extinguishment of debt			—						—						—						(1,900)						(1,900)
Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I			2,966,226.569						30						74,472						—						74,502
Class S			213,317.767						2						5,356						—						5,358
Distributions from distributable earnings (losses)
Class I			—						—						—						(209,484)						(209,484)
Class S			—						—						—						(9,220)						(9,220)
Distributions declared and payable
Class I			—						—						—						(28,853)						(28,853)
Class S			—						—						—						(1,263)						(1,263)
Tax reclassification of shareholders equity in accordance with generally accepted accounting principles			—						—						(2,043)						2,043						—
Total increase (decrease) for the year ended September 30, 2025			92,318,059.211						923						2,316,918						9,286						2,327,127
Balance at September 30, 2025			161,326,430.474						$	1,613					$	4,044,440					$	13,416					$	4,059,469

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

			Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations			$	256,063					$	121,642					$	16,423
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			8,057						2,713						87
Amortization of deferred offering costs			2,043						1,750						291
Amortization of discounts on issued debt securities			2,024						59						39
Accretion of discounts and amortization of premiums on investments			(14,034)						(8,612)						(1,196)
Net realized (gain) loss on investments			3,386						6,629						(89)
Net realized (gain) loss on foreign currency transactions			1,877						(172)						(1,507)
Net realized gain (loss) on sale/extinguishment of debt			1,900						(1,274)						1,541
Net change in unrealized (appreciation) depreciation on investments			(25,669)						(11,722)						(692)
Net change in unrealized (appreciation) depreciation on forward currency contracts			9,119						—						—
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(12,456)						(113)						1,279
Net change in unrealized (appreciation) depreciation on interest rate swaps			2,372						(1,620)						—
Proceeds from (fundings of) revolving loans, net			(17,541)						(5,805)						63
Purchases and fundings of investments			(5,767,030)						(2,450,019)						(1,200,525)
Proceeds from principal payments and sales of portfolio investments			586,634						397,784						22,779
Payment-in-kind interest capitalized			(23,072)						(6,773)						(513)
Non-cash dividends capitalized			(1,254)						(29)						—
Changes in operating assets and liabilities:
Interest receivable			(41,967)						(15,323)						(17,136)
Receivable for investments			(172)						4,043						(9,900)
Other assets			(227)						(635)						(4,230)
Interest payable			9,542						9,201						1,472
Management and income incentive fees payable			12,189						7,573						4,083
Payable for investments purchased			76,219						136,346						28,969
Accrued trustee fees			437						162						63
Accounts payable and other liabilities			7,003						2,156						4,563
Net cash provided by (used in) operating activities			(4,924,557)						(1,812,039)						(1,154,136)
Cash flows from financing activities
Borrowings on debt			7,916,385						2,507,247						1,117,370
Repayments of debt			(4,840,621)						(1,507,217)						(544,312)
Proceeds from other short-term borrowings			74,223						—						—
Repayments on other short-term borrowings			(45)						—						—
Capitalized debt issuance costs			(28,240)						(15,522)						(6,277)
Deferred offering costs			(436)						(1,090)						(3,726)
Proceeds from issuance of common shares			2,319,164						1,045,835						650,273
Repurchased shares, net of early repurchase deduction paid			(79,140)						(2,310)						—
Distributions paid			(153,979)						(76,516)						(7,920)
Net cash provided by (used in) financing activities			5,207,311						1,950,427						1,205,408
Net change in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents			282,754						138,388						51,272
Effect of foreign currency exchange rates			66						533						(600)
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period			189,643						50,722						50
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period			$	472,463					$	189,643					$	50,722

See Notes to Consolidated Financial Statements

13

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Cash Flows - (continued)

(In thousands)

Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)			$	167,641					$	56,710					$	9,126
Distributions declared for the period			248,820						119,230						16,426
Supplemental disclosure of non-cash financing activities:
Shares issued in connection with distribution reinvestment plan			$	79,860					$	33,067					$	3,018
Change in distributions payable			14,981						9,647						5,488

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents 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			$	43,877					$	170,615
Foreign currencies (cost of $4,645 and $2,324, respectively)			4,352						2,620
Restricted cash and cash equivalents			424,234						16,408
Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows(1)			$	472,463					$	189,643

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

See Notes to Consolidated Financial Statements

14

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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
			Bleriot US Bidco Inc.^(8)(26)			Senior secured						SF +			2.50		%	(h)						6.50		%													10/2030						$	15,124					$	15,158					0.4			%			$	15,148
			Element Materials Technology^(8)(26)			Senior secured						SF +			3.68		%	(h)						7.68		%													06/2029						18,389						18,370						0.5						18,536
			Kaman Corporation#(26)			Senior secured						SF +			2.50		%	(h)(i)						6.66		%													02/2032						3,418						3,411						0.1						3,411
			Kaman Corporation#(26)			Senior secured						SF +			2.50		%	(h)						6.83		%													02/2032						30						30						—						30
			LSF11 Trinity Bidco, Inc.^#			Senior secured						SF +			2.50		%	(g)						6.65		%													06/2030						15,047						15,071						0.4						15,075
			PPW Aero Buyer, Inc.^(5)			One stop																		N/A(6)															02/2029						—						(8)						—						(9)
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													09/2031						1,701						1,692						—						1,692
			PPW Aero Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(28)						—						(28)
			Propulsion Newco LLC^(8)(26)			Senior secured						SF +			2.75		%	(h)						7.04		%													09/2029						14,165						14,177						0.3						14,231
			Signia Aerospace, LLC^#			Senior secured						SF +			2.75		%	(g)(h)						6.91		%													12/2031						8,542						8,541						0.2						8,569
			Signia Aerospace, LLC^#(5)			Senior secured																		N/A(6)															12/2031						—						(1)						—						1
			SMX Technologies^#(26)			Senior secured						SF +			4.50		%	(g)						8.66		%													02/2032						7,584						7,590						0.2						7,632
			Titan BW Borrower L.P.^(25)			One stop						SF +			5.26		%	(h)						6.58		%	cash/			2.88		%	PIK						07/2032						15,987						15,832						0.4						15,827
			Titan BW Borrower L.P.^(5)			One stop																		N/A(6)															07/2032						—						(26)						—						(27)
			Titan BW Borrower L.P.^(5)			One stop																		N/A(6)															07/2032						—						(7)						—						(14)
			Transdigm, Inc.^#(8)(26)			Senior secured						SF +			2.25		%	(h)						6.25		%													03/2030						21,074						21,039						0.5						21,076
																																													121,061						120,841						3.0						121,150
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													11/2031						49,796						48,893						1.2						49,298
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.20		%													11/2031						3,145						3,081						0.1						3,108
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													11/2031						53,127						52,598						1.3						52,596
			RJW Group Holdings, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(45)						—						(90)
																																													106,068						104,527						2.6						104,912
			Airlines
			Accelya Lux Finco S.A.R.L.*(8)(18)(25)			One stop						SF +			6.00		%	(h)						10.10		%	PIK												12/2026						1,586						1,560						0.1						1,586
			Brown Group Holding, LLC ^#(8)(10)(26)			Senior secured						SF +			2.75		%	(g)(h)						6.99		%													07/2031						7,935						7,943						0.2						7,958
			Brown Group Holding, LLC ^(8)(10)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													07/2031						1,796						1,797						—						1,799
			KKR Apple Bidco, LLC^(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													09/2031						9,071						9,074						0.2						9,080
																																													20,388						20,374						0.5						20,423
			Auto Components
			Arnott, LLC^			One stop						SF +			4.75		%	(i)						8.62		%													11/2030						4,798						4,757						0.1						4,750
			Arnott, LLC^			One stop						SF +			4.75		%	(i)						8.74		%													11/2030						353						347						—						345
			Collision SP Subco, LLC*&			One stop						SF +			4.75		%	(h)						9.06		%													01/2030						16,034						15,837						0.4						16,034
			Collision SP Subco, LLC^			One stop						SF +			4.75		%	(h)(i)						9.00		%													01/2030						8,556						8,482						0.2						8,556
			Collision SP Subco, LLC^			One stop						SF +			4.75		%	(h)						8.95		%													01/2030						381						349						—						381
			Collision SP Subco, LLC&			One stop						SF +			4.75		%	(h)						9.04		%													01/2030						1,213						1,202						0.1						1,213
			Collision SP Subco, LLC^(5)			One stop																		N/A(6)															01/2030						—						(136)						—						—
			OEConnection, LLC^			One stop						SF +			5.25		%	(g)(h)						9.41		%													04/2031						40,442						40,121						1.0						40,577
			OEConnection, LLC^			One stop						SF +			5.25		%	(g)(h)						9.41		%													04/2031						7,057						6,997						0.2						7,080
			OEConnection, LLC^(5)			One stop																		N/A(6)															04/2031						—						(35)						—						15
			OEConnection, LLC^(5)			One stop																		N/A(6)															04/2031						—						(32)						—						24
			RC Buyer, Inc.^(26)			Senior secured						SF +			3.50		%	(g)						7.77		%													07/2028						9,334						9,339						0.2						9,294
			RealTruck Group, Inc.^(8)(26)			Senior secured						SF +			3.75		%	(g)						8.02		%													01/2028						10,182						10,113						0.2						9,276
			Wand NewCo 3, Inc.^(8)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													01/2031						14,216						14,244						0.4						14,184
																																													112,566						111,585						2.8						111,729
			Automobiles
			Belron Finance US, LLC^(8)(26)			Senior secured						SF +			2.50		%	(h)						6.74		%													10/2031						4,975						4,975						0.1						5,006
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25		%	(g)(h)						9.32		%													06/2030						34,759						34,364						0.9						34,759
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25		%	(h)						9.89		%													06/2030						1,408						1,366						—						1,408

See Notes to Consolidated Financial Statements

15

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Denali Midco 2, LLC^(25)			Second lien						N/A												13.00		%	PIK												12/2029						$	25,829					$	25,645					0.6			%			$	25,829
			Denali Midco 2, LLC*&			One stop						SF +			5.25		%	(g)						9.41		%													12/2028						16,886						16,602						0.4						16,886
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2029						599						591						—						599
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2029						125						123						—						125
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2029						106						103						—						106
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.24		%													12/2029						7						5						—						7
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(h)						9.25		%													09/2027						9,408						9,378						0.2						9,408
			JHCC Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													09/2027						4,264						4,236						0.1						4,264
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(h)						9.25		%													09/2027						2,578						2,572						0.1						2,578
			Mavis Tire Express Services Topco, Corp.^#(8)(26)			Senior secured						SF +			3.00		%	(h)						7.20		%													05/2028						18,106						18,144						0.5						18,125
			Mister Car Wash Holdings, Inc.^(8)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													03/2031						12,263						12,291						0.3						12,302
			National Express Wash Parent Holdco, LLC&^			One stop						SF +			5.00		%	(h)						9.00		%													07/2029						37,794						37,220						0.9						37,794
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(i)						9.03		%													07/2029						4,572						4,532						0.1						4,572
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(h)(i)						9.24		%													07/2029						13,734						13,545						0.3						13,734
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(h)						9.00		%													07/2029						12,152						12,096						0.3						12,152
			Paint Intermediate III, LLC^#(26)			Senior secured						SF +			3.00		%	(h)						7.24		%													10/2031						13,935						13,925						0.4						13,940
			Quick Quack Car Wash Holdings, LLC&			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						2,490						2,473						0.1						2,490
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						140						138						—						140
			Quick Quack Car Wash Holdings, LLC^(5)			One stop																		N/A(6)															06/2031						—						(1)						—						—
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						1,024						1,002						—						1,024
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						128						127						—						128
			TWAS Holdings, LLC*&^			One stop						SF +			6.00		%	(g)						10.26		%													12/2026						22,705						22,542						0.6						22,705
			Yorkshire Parent, Inc.*&			One stop						SF +			5.50		%	(h)						9.50		%													12/2029						12,681						12,560						0.3						12,681
			Yorkshire Parent, Inc.&			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						11,861						11,810						0.3						11,861
			Yorkshire Parent, Inc.&			One stop						SF +			5.50		%	(h)						9.79		%													12/2029						3,513						3,480						0.1						3,513
			Yorkshire Parent, Inc.^			One stop						SF +			5.50		%	(h)						9.50		%													12/2029						738						703						—						738
			Yorkshire Parent, Inc.^			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						379						250						—						379
																																													269,159						266,797						6.6						269,253
			Banks
			Empyrean Solutions, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													11/2031						9,959						9,915						0.3						9,959
			Empyrean Solutions, LLC^(5)			One stop																		N/A(6)															11/2031						—						(7)						—						—
			Empyrean Solutions, LLC^(5)			One stop																		N/A(6)															11/2031						—						(18)						—						—
			OSP Hamilton Purchaser, LLC*			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						2,776						2,751						0.1						2,776
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(h)						9.32		%													12/2029						2,655						2,631						0.1						2,655
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						695						685						—						695
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(h)						9.32		%													12/2029						130						98						—						130
																																													16,215						16,055						0.5						16,215
			Beverages
			Financial Information Technologies, LLC^(5)			One stop																		N/A(6)															06/2030						—						(18)						—						—
			Financial Information Technologies, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						84						84						—						84
			Financial Information Technologies, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						41,295						41,196						1.0						41,295
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00		%	(h)						9.29		%													02/2032						22,323						22,068						0.6						22,323
			Spindrift Beverage Co. Inc.^(5)			One stop																		N/A(6)															02/2032						—						(49)						—						—
			Spindrift Beverage Co. Inc.^(5)			One stop																		N/A(6)															02/2032						—						(14)						—						—
			Winebow Holdings, Inc.^			One stop						SF +			6.25		%	(g)						10.51		%													12/2027						15,270						15,058						0.3						13,437
																																													78,972						78,325						1.9						77,139
			Building Products
			Beacon Roofing Supply, Inc.^(8)(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													04/2032						1,889						1,871						0.1						1,907
			BECO Holding Company, Inc.&			One stop						SF +			5.25%			(h)						9.40%															11/2028						1,427						1,420						—						1,427
			BECO Holding Company, Inc.^(5)			One stop																		N/A(6)															11/2028						—						(25)						—						—
																																													3,316						3,266						0.1						3,334

See Notes to Consolidated Financial Statements

16

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Capital Markets
			BlueMatrix Holdings, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						$	23,855					$	23,691					0.6			%			$	23,855
			BlueMatrix Holdings, LLC*			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						10,582						10,486						0.2						10,582
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						700						677						—						700
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						3,560						3,528						0.1						3,560
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						5,184						5,165						0.1						5,184
			Edelman Financial Center, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													04/2028						22,763						22,810						0.6						22,805
																																													66,644						66,357						1.6						66,686
			Chemicals
			AP Adhesives Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(86)						—						—
			AP Adhesives Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(42)						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.80		%													04/2032						55,067						54,810						1.3						55,067
			INEOS US Finance LLC and INEOS Finance PLC^(8)(10)(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													02/2030						9,677						9,598						0.2						8,794
			Inhance Parent, Inc.^			One stop																		N/A(6)															06/2029						—						—						—						—
			Inhance Parent, Inc.^(25)			One stop						SF +			7.00		%	(h)						6.65		%	cash/			4.50		%	PIK						06/2029						11,785						10,364						0.3						10,606
			Inhance Parent, Inc.^(7)(25)			One stop						N/A												20.00		%	PIK												06/2029						5,066						2,133						0.1						2,381
			Innophos Holdings, Inc.^(8)(26)			Senior secured						SF +			4.25		%	(g)						8.52		%													03/2029						5,361						5,333						0.1						5,327
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						20,537						20,435						0.5						20,435
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						195						183						—						183
			JSG II, Inc. and Checkers USA, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(14)						—						(28)
			Krayden Holdings, Inc.*			Senior secured						SF +			4.75		%	(g)						8.91		%													03/2029						8,623						8,558						0.2						8,623
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(g)						8.90		%													03/2029						571						548						—						571
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(g)						8.91		%													03/2029						2,687						2,641						0.1						2,687
			Windsor Holdings III, LLC^#(8)(26)			Senior secured						SF +			2.75		%	(g)						6.92		%													08/2030						16,806						16,796						0.4						16,841
			W.R. Grace & Co#(8)			Senior secured						SF +			3.00		%	(h)						7.00		%													08/2032						12,000						11,956						0.3						12,050
																																													148,375						143,213						3.5						143,537
			Commercial Services & Supplies
			BradyIFS Holdings, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													10/2029						16,007						15,763						0.4						16,007
			BradyIFS Holdings, LLC^			One stop						SF +			5.00		%	(h)						9.25		%													10/2029						155						148						—						155
			CHA Vision Holdings, Inc.*^			One stop						SF +			5.00		%	(h)						9.33		%													01/2031						18,193						18,035						0.5						18,102
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.22		%													01/2031						5,922						5,871						0.2						5,893
			CHA Vision Holdings, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(12)						—						(8)
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													01/2031						2,777						2,763						0.1						2,763
			CHA Vision Holdings, Inc.^(5)			One stop																		N/A(6)															01/2031						—						(32)						—						(32)
			Energize Holdco, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													12/2028						12,927						12,964						0.3						12,961
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													09/2030						1,801						1,760						—						1,801
			Kleinfelder Intermediate, LLC^			One stop						P +			4.00		%	(a)						11.25		%													09/2028						44						41						—						44
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													09/2030						196						193						—						196
			North Haven Stack Buyer, LLC*			One stop						SF +			4.75		%	(h)						8.95		%													07/2027						10,776						10,752						0.3						10,776
			North Haven Stack Buyer, LLC^(25)			Second lien						N/A												9.75		%	cash/			2.50		%	PIK						01/2028						9,255						9,224						0.2						9,255
			OMNIA Partners, LLC^#(26)			Senior secured						SF +			2.50		%	(h)						6.81		%													07/2030						8,999						8,970						0.2						9,013
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.15		%													04/2031						1,439						1,428						—						1,439
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.16		%													04/2031						240						239						—						240
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.16		%													04/2030						89						87						—						89
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.17		%													04/2031						159						158						—						159
			Radwell Parent, LLC*			One stop						SF +			5.50		%	(h)						9.50		%													03/2029						15,597						15,597						0.4						15,597
			Radwell Parent, LLC^			One stop						SF +			5.50		%	(h)						9.50		%													03/2029						1,222						929						—						1,222
			Thermostat Purchaser III, Inc.^(26)			Senior secured						SF +			4.25		%	(h)						8.25		%													08/2028						11,925						11,908						0.3						11,980
			WRE Holding Corp.&^			One stop						SF +			5.00		%	(i)						8.87		%													07/2031						31,331						31,073						0.8						31,331
			WRE Holding Corp.^(5)			One stop																		N/A(6)															07/2030						—						(37)						—						—
			WRE Holding Corp.*			One stop						SF +			5.00		%	(i)						9.14		%													07/2031						3,439						3,425						0.1						3,439
			WRE Holding Corp.*			One stop						SF +			5.00		%	(i)						9.13		%													07/2031						2,072						2,064						0.1						2,072
			WRE Holding Corp.&			One stop						SF +			5.00		%	(i)						9.12		%													07/2031						1,612						1,605						—						1,612
			WRE Holding Corp.^			One stop						SF +			5.00		%	(i)						9.17		%													07/2031						564						562						—						564

See Notes to Consolidated Financial Statements

17

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			WRE Holding Corp.^			One stop						SF +			5.00		%	(h)						9.30		%													07/2031						$	577					$	575					—			%			$	577
			WRE Holding Corp.^			One stop						SF +			5.00		%	(h)						9.23		%													07/2031						358						356						—						358
																																													157,676						156,409						3.9						157,605
			Construction & Engineering
			Belfor USA Group Inc.^			Senior secured						SF +			2.75		%	(g)						6.91		%													11/2030						9,659						9,644						0.2						9,713
			Chariot Buyer, LLC#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													09/2032						9,975						9,984						0.3						9,997
			Consor Intermediate II, LLC*^			One stop						SF +			4.75		%	(g)(h)						8.75		%													05/2031						1,645						1,639						—						1,645
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(3)						—						—
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			DCCM, LLC&			One stop						SF +			4.75		%	(g)						8.91		%													06/2032						4,030						4,011						0.1						4,030
			DCCM, LLC^(5)			One stop																		N/A(6)															06/2032						—						(4)						—						—
			DCCM, LLC^(5)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			EagleView Technology Corporation#(25)(26)			Senior secured						SF +			6.50		%	(h)						9.50		%	cash/			1.00		%	PIK						08/2028						10,859						10,647						0.3						10,692
			Pike Corporation^(8)(26)			Senior secured						SF +			3.00		%	(g)						7.27		%													01/2028						10,488						10,467						0.3						10,561
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(h)						8.62		%													12/2030						27,725						27,474						0.7						27,725
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(h)						8.50		%													12/2030						989						966						—						989
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(h)						8.67		%													12/2030						1,993						1,950						—						1,993
			Service Logic Acquisition, Inc.^#			Senior secured						SF +			3.00		%	(h)						7.31		%													10/2027						12,855						12,872						0.3						12,903
																																													90,218						89,637						2.2						90,248
			Construction Materials
			Star Holding, LLC#(8)(26)			Senior secured						SF +			4.50		%	(g)						8.66		%													07/2031						17,209						17,046						0.4						17,103
			Consumer Finance
			Ascensus Group Holdings^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													08/2028						26,106						26,096						0.6						26,116
			Containers & Packaging
			AOT Packaging Products Acquisitionco, LLC ^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													03/2031						17,963						17,885						0.4						17,899
			Chase Intermediate*&			One stop						SF +			4.75		%	(h)						9.06		%													10/2028						14,572						14,403						0.3						14,572
			Chase Intermediate^			One stop						SF +			4.75		%	(h)						9.06		%													10/2028						3,440						3,224						0.1						3,440
			Iris Holding, Inc.#(26)			Senior secured						SF +			4.75		%							9.06		%													06/2028						2,985						2,897						0.1						2,905
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.75		%	(h)						9.06		%													07/2032						28,004						27,941						0.7						28,004
			Packaging Coordinators Midco, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(6)						—						—
			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						—						—						—						—
			Packaging Coordinators Midco, Inc.^			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.^			One stop																		N/A(6)															07/2032						—						—						—						—
			Pegasus BidCo^(8)(14)			Senior secured						SF +			2.75		%	(h)						6.76		%													07/2029						17,305						17,305						0.4						17,391
			Technimark, LLC^#			Senior secured						SF +			3.25		%	(g)						7.39		%													04/2031						14,733						14,709						0.4						14,760
			WP Deluxe Merger Sub^#(26)			Senior secured						SF +			3.50		%	(h)						7.76		%													05/2028						11,718						11,722						0.3						11,799
																																													110,720						110,080						2.7						110,770
			Diversified Consumer Services
			ABC Legal Holdings, LLC^			One stop						SF +			4.50		%	(g)						8.65		%													08/2032						26,792						26,660						0.7						26,524
			ABC Legal Holdings, LLC^(5)			One stop																		N/A(6)															08/2032						—						(26)						—						(52)
			ABC Legal Holdings, LLC^(5)			One stop																		N/A(6)															08/2032						—						(39)						—						(80)
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													05/2030						30,284						29,932						0.7						29,072
			Any Hour, LLC^(25)			One stop						N/A												13.00		%	PIK												05/2031						5,515						5,440						0.1						5,239
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)						9.30		%													05/2030						2,777						2,723						0.1						2,592
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													05/2030						858						806						—						500
			Apex Service Partners, LLC*^			One stop						SF +			5.00		%	(h)						9.20		%													10/2030						17,890						17,508						0.4						17,890
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.17		%													10/2030						13,240						13,184						0.3						13,240
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.20		%													10/2030						4,258						4,172						0.1						4,258
			Apex Service Partners, LLC^(5)			One stop																		N/A(6)															10/2029						—						(37)						—						—

See Notes to Consolidated Financial Statements

18

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													10/2030						$	7,666					$	7,595					0.2			%			$	7,666
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.21		%													10/2030						12,842						12,737						0.3						12,842
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						3,304						3,290						0.1						3,304
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						3,091						3,078						0.1						3,091
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						2,597						2,586						0.1						2,597
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						2,359						2,349						0.1						2,359
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						1,427						1,421						—						1,427
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						1,133						1,129						—						1,133
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						448						446						—						448
			Certus Pest, Inc.^(5)			One stop																		N/A(6)															08/2027						—						(27)						—						—
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						2,653						2,644						0.1						2,653
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						1,654						1,648						—						1,654
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						792						790						—						792
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						792						790						—						792
			CHVAC Services Investment, LLC&			One stop						SF +			4.50		%	(h)						8.50		%													05/2030						1,941						1,917						0.1						1,941
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													05/2030						505						500						—						505
			CHVAC Services Investment, LLC^(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													05/2030						252						92						—						252
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(h)						9.65		%													07/2029						764						758						—						764
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(h)						9.65		%													07/2029						222						219						—						222
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(h)						9.65		%													07/2029						7						7						—						7
			HS Spa Holdings, Inc.*^			One stop						SF +			5.25		%	(h)						9.45		%													06/2029						7,798						7,702						0.2						7,798
			HS Spa Holdings, Inc.^			One stop						SF +			5.25		%	(h)						9.56		%													06/2029						897						893						—						897
			Knowledge Universe Education LLC^(8)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													06/2030						5,955						5,975						0.2						5,958
			Kodiak Buyer, LLC*			One stop						SF +			4.50		%	(h)						8.50		%													07/2032						4,971						4,947						0.1						4,946
			Kodiak Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(7)						—						(7)
			Kodiak Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(8)						—						(9)
			Liminex, Inc.^			One stop						SF +			6.25		%	(h)						10.71		%													11/2026						10,599						10,546						0.3						10,599
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													05/2028						28,297						28,205						0.7						28,297
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													05/2028						11,298						11,278						0.3						11,298
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(g)						9.25		%													05/2028						287						280						—						287
			Litera Bidco, LLC^			One stop																		N/A(6)															05/2028						—						—						—						—
			McAfee, LLC^(8)(26)			Senior secured						SF +			3.00		%	(g)						7.22		%													03/2029						4,963						4,972						0.1						4,755
			Project Alpha Intermediate Holdings, Inc.^#(26)			Senior secured						SF +			3.25		%	(h)						7.25		%													10/2030						16,096						16,147						0.4						16,159
			Provenance Buyer LLC*			One stop						SF +			5.50		%	(h)						9.60		%													06/2027						7,407						7,408						0.2						7,259
			Provenance Buyer LLC*			One stop						SF +			5.50		%	(h)						9.60		%													06/2027						3,797						3,797						0.1						3,721
			RW AM Holdco LLC^			One stop						SF +			5.25		%	(h)						9.35		%													04/2028						10,097						9,882						0.2						7,774
			Salisbury House, LLC^			One stop						SF +			5.00		%	(h)						9.16		%													08/2032						1,313						1,275						—						1,236
			Salisbury House, LLC^(5)			One stop																		N/A(6)															08/2032						—						(57)						—						(116)
			Salisbury House, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													08/2032						57,613						57,330						1.4						57,037
			Severin Acquisition, LLC^(25)			One stop						SF +			5.00		%	(g)						6.91		%	cash/			2.25		%	PIK						10/2031						34,150						33,864						0.8						33,809
			Severin Acquisition, LLC^(5)			One stop																		N/A(6)															10/2031						—						(36)						—						(42)
			Severin Acquisition, LLC^(25)			One stop						SF +			5.00		%	(g)						6.91		%	cash/			2.25		%	PIK						10/2031						1,194						1,164						—						1,123
			Stellar Brands, LLC&			Senior secured						SF +			4.50		%	(h)						8.50		%													02/2031						9,101						9,040						0.2						9,101
			Stellar Brands, LLC^(5)			Senior secured																		N/A(6)															02/2031						—						(6)						—						—
			Virginia Green Acquisition, LLC*&^			One stop						SF +			5.25		%	(i)						9.41		%													12/2030						19,739						19,592						0.5						19,739
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2030						—						(9)						—						—
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2029						—						(17)						—						—
																																													381,635						378,448						9.2						375,251
			Diversified Financial Services
			Apex Group Treasury, LLC^(8)(10)(26)			Senior secured						SF +			3.50		%	(h)						7.75		%													02/2032						10,919						10,944						0.3						10,701
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						19,385						19,169						0.5						19,434
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2030						—						(50)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.50		%	(g)						8.66		%													06/2031						13,369						13,306						0.3						13,369

See Notes to Consolidated Financial Statements

19

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2031						$	—					$	(22)					—			%			$	—
			BCPE Pequod Buyer^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													11/2031						13,596						13,574						0.3						13,636
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop						E +			4.50		%	(d)						6.58		%													07/2031						14,246						13,023						0.4						14,246
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)(25)			Subordinated debt						E +			7.50		%	(d)						9.58		%	PIK												07/2032						4,333						3,969						0.1						4,333
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop						E +			4.50		%	(d)						6.76		%													07/2031						2,018						1,808						0.1						2,018
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corelogic, Inc.^#(8)(26)			Senior secured						SF +			3.50		%	(g)						7.77		%													06/2028						16,894						16,831						0.4						16,925
			Corsair Blade IV S.A R.L.^(8)(13)(25)			One stop						SF +			5.75		%	(h)						9.75		%	cash/			0.25		%	PIK						12/2030						4,417						4,417						0.1						4,417
			Corsair Blade IV S.A R.L.^(8)(9)(13)(25)			One stop						SN +			5.75		%	(f)						9.47		%	cash/			0.25		%	PIK						12/2030						1,422						1,088						—						1,422
			Deerfield Dakota Holding, LLC^(5)			One stop																		N/A(6)															09/2032						—						(81)						—						(82)
			Deerfield Dakota Holding, LLC^(25)			One stop						SF +			5.75		%	(h)						7.06		%	cash/			2.75		%	PIK						09/2032						87,338						86,471						2.1						86,465
			Equity Methods, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													04/2032						48,893						48,663						1.2						48,893
			Equity Methods, LLC^(5)			One stop																		N/A(6)															04/2032						—						(42)						—						—
			Equity Methods, LLC^(5)			One stop																		N/A(6)															04/2032						—						(52)						—						—
			Evertec, Inc.^(8)(26)			Senior secured						SF +			2.25		%	(g)						6.41		%													10/2030						12,450						12,399						0.3						12,497
			Finastra USA, Inc.^(8)(10)			One stop						SF +			7.25		%	(h)						11.29		%													09/2029						5,745						5,670						0.1						5,745
			Finastra#(8)(10)(26)			Senior secured						SF +			4.00		%	(h)						8.04		%													08/2032						8,750						8,663						0.2						8,723
			First Eagle Investment Management#(26)			Senior secured						SF +			3.50		%	(h)						7.71		%													08/2032						13,957						13,770						0.3						13,840
			First Eagle Investment Management#(5)(26)			Senior secured																		N/A(6)															08/2032						—						(22)						—						(20)
			Focus Financial Partners, LLC^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													09/2031						24,778						24,706						0.6						24,812
			GTCR Everest Borrower, LLC^#(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													09/2031						17,664						17,673						0.4						17,684
			Higginbotham Insurance Agency, Inc.*^			One stop						SF +			4.50		%	(g)						8.67		%													11/2028						3,399						3,412						0.1						3,399
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													11/2028						3,455						3,434						0.1						3,455
			Howden Group Holdings Limited ^#(8)(10)(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													04/2030						5,828						5,797						0.1						5,830
			Howden Group Holdings Limited ^#(8)(10)(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													02/2031						20,852						20,827						0.5						20,877
			Mariner Wealth Advisors, LLC^(26)			Senior secured						SF +			2.50		%	(h)						6.50		%													12/2030						12,697						12,650						0.3						12,748
			Medlar Bidco Limited^(8)(9)(19)			One stop						SN +			5.00		%	(f)						8.97		%													05/2032						35,205						34,573						0.9						35,205
			Medlar Bidco Limited^(5)(8)(9)(19)			One stop																		N/A(6)															05/2032						—						(75)						—						—
			Medlar Bidco Limited^(8)(9)(19)			One stop						E +			5.00		%	(c)						6.97		%													05/2032						43,801						41,924						1.1						43,801
			Orion Advisor Solutions^#(26)			Senior secured						SF +			3.25		%	(h)						7.57		%													09/2030						24,039						24,066						0.6						24,139
			OSTTRA Group, Ltd.#(8)(10)(26)			Senior secured						SF +			3.50		%	(h)						7.66		%													06/2032						11,600						11,623						0.3						11,673
			Wealth Enhancement Group, LLC*			One stop						SF +			4.50		%	(h)						8.79		%													10/2028						3,781						3,777						0.1						3,781
			Wealth Enhancement Group, LLC*			One stop						SF +			4.50		%	(h)						8.79		%													10/2028						2,726						2,723						0.1						2,726
			Wealth Enhancement Group, LLC^(5)			One stop																		N/A(6)															10/2028						—						(3)						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50		%	(g)(h)						8.78		%													10/2028						2,704						2,669						0.1						2,704
			Wealth Enhancement Group, LLC^(5)			One stop																		N/A(6)															10/2028						—						(21)						—						—
			Zebra Buyer LLC^#(26)			Senior secured						SF +			2.75		%	(h)						6.81		%													11/2030						23,603						23,661						0.6						23,672
																																													513,864						506,912						12.6						513,068
			Electric Utilities
			Smart Energy Systems, Inc.^(25)			One stop						SF +			7.50		%	(h)						8.04		%	cash/			3.75		%	PIK						01/2030						5,838						5,769						0.2						5,721
			Smart Energy Systems, Inc.^(25)			One stop						SF +			7.50		%	(h)(i)						7.88		%	cash/			3.75		%	PIK						01/2030						643						635						—						630
																																													6,481						6,404						0.2						6,351
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													12/2030						656						647						—						656
			Power Grid Holdings, Inc.^			One stop						SF +			4.75		%	(g)(h)						9.67		%													12/2030						15						13						—						15
			Wildcat TopCo, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													11/2031						24,718						24,501						0.6						24,718
			Wildcat TopCo, Inc.^			One stop						P +			3.75		%	(a)						11.00		%													11/2031						119						80						—						119
			Wildcat TopCo, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(19)						—						—
																																													25,508						25,222						0.6						25,508

See Notes to Consolidated Financial Statements

20

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Food & Staples Retailing
			Eagle Parent Corp.^#(26)			Senior secured						SF +			4.25		%	(h)						8.25		%													04/2029						$	10,765					$	10,692					0.3			%			$	10,772
			Inspire International, Inc.^(8)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													12/2027						2,970						2,974						0.1						2,974
																																													13,735						13,666						0.4						13,746
			Food Products
			Aspire Bakeries Holdings, LLC^#			Senior secured						SF +			3.50		%	(g)						7.66		%													12/2030						7,247						7,251						0.2						7,299
			Blast Bidco Inc.&			One stop						SF +			6.00		%	(h)						10.00		%													10/2030						15,054						14,891						0.4						15,054
			Blast Bidco Inc.^(5)			One stop																		N/A(6)															10/2029						—						(18)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00		%	(h)(i)						9.32		%													08/2030						10,577						10,491						0.2						10,577
			Eagle Family Foods Group, LLC^(5)			One stop																		N/A(6)															08/2030						—						(10)						—						—
			Louisiana Fish Fry Products, Ltd.&			One stop						SF +			6.25		%	(h)						10.40		%													07/2027						8,713						8,476						0.2						8,713
			Merlin Buyer, Inc.#			Senior secured						SF +			4.00		%							8.00		%													12/2028						2,500						2,494						0.1						2,513
			MIC GLEN LLC^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													07/2028						24,952						25,004						0.6						25,124
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						A +			4.75		%	(e)						8.35		%													08/2032						8,652						8,478						0.2						8,598
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						E +			4.75		%	(c)						6.82		%													08/2032						8,501						8,380						0.2						8,448
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						SN +			4.75		%	(f)						8.72		%													08/2032						39,298						38,905						1.0						39,052
			Zullas, L.C.^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						163						159						—						163
			Zullas, L.C.&			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						2,985						2,970						0.1						2,985
			Zullas, L.C.^(5)			One stop																		N/A(6)															06/2031						—						(14)						—						—
																																													128,642						127,457						3.2						128,526
			Healthcare Equipment & Supplies
			Blue River Pet Care, LLC*			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						11,425						11,356						0.3						11,425
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						7,713						7,661						0.2						7,713
			Blue River Pet Care, LLC*			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						3,686						3,664						0.1						3,686
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						5,454						5,416						0.1						5,454
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						5,541						5,504						0.1						5,541
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						4,775						4,743						0.1						4,775
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						4,212						4,183						0.1						4,212
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						12,530						12,489						0.3						12,530
			Blue River Pet Care, LLC^(5)			One stop																		N/A(6)															08/2029						—						(104)						—						—
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						1,384						1,380						—						1,384
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						3,752						3,740						0.1						3,752
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.97		%													08/2029						1,414						1,409						—						1,414
			CCSL Holdings, LLC*&			One stop						SF +			5.75		%	(g)						9.91		%													12/2028						11,604						11,473						0.3						11,604
			CCSL Holdings, LLC^(9)			One stop						E +			5.75		%	(b)						7.66		%													12/2028						28,262						26,076						0.7						28,262
			CCSL Holdings, LLC^(9)			One stop						E +			5.75		%	(b)						7.66		%													12/2028						5,536						4,921						0.1						5,536
			CCSL Holdings, LLC^			One stop						SF +			5.75		%	(g)						9.91		%													12/2028						6,822						6,792						0.2						6,822
			CCSL Holdings, LLC&			One stop						SF +			5.75		%	(g)						9.91		%													12/2028						5,429						5,405						0.1						5,429
			Centegix Intermediate II, LLC^			One stop						SF +			5.50		%	(h)						9.69		%													08/2032						49,501						49,257						1.2						49,253
			Centegix Intermediate II, LLC^(5)			One stop																		N/A(6)															08/2032						—						(43)						—						(44)
			Centegix Intermediate II, LLC^(5)			One stop																		N/A(6)															08/2032						—						(72)						—						(73)
			CMI Parent Inc.*&			One stop						SF +			5.00		%	(g)						9.16		%													12/2026						18,218						18,171						0.5						18,218
			CMI Parent Inc.*			One stop						SF +			5.00		%	(g)						9.16		%													12/2026						6,686						6,682						0.2						6,686
			Confluent Medical Technologies, Inc.^			Senior secured						SF +			3.00		%	(h)						7.00		%													02/2029						6,397						6,388						0.2						6,437
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(h)						9.70		%													06/2031						40,448						40,121						1.0						40,448
			HuFriedy Group Acquisition, LLC^(5)			One stop																		N/A(6)															05/2030						—						(35)						—						—
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(h)						9.51		%													06/2031						7,825						7,697						0.2						7,825
			Isto Group, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(1)						—						(1)
			Isto Group, Inc.^			One stop						SF +			4.75		%	(h)						8.77		%													09/2032						5,177						5,151						0.1						5,151
			Isto Group, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(17)						—						(17)
			NSM Top Holdings Corp.^#			Senior secured						SF +			4.75		%	(h)						8.85		%													05/2029						3,383						3,376						0.1						3,422
			Precision Medicine Group, LLC#(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													08/2032						18,455						18,375						0.5						18,405
			Resonetics, LLC^#(26)			Senior secured						SF +			2.75		%	(h)						7.06		%													06/2031						23,060						23,087						0.6						23,065
			RTI Surgical, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(58)						—						(58)

See Notes to Consolidated Financial Statements

21

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			RTI Surgical, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													09/2032						$	58,376					$	58,084					1.4			%			$	58,084
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													12/2029						1,633						1,633						—						1,633
			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		%	(g)						9.90		%													12/2029						6,097						6,012						0.2						6,036
			YI, LLC^(5)			One stop																		N/A(6)															12/2029						—						(16)						—						(12)
																																													364,795						359,900						9.0						363,997
			Healthcare Providers & Services
			Agiliti Health, Inc.^(26)			Senior secured						SF +			3.00		%	(h)(i)						7.24		%													05/2030						9,869						9,789						0.2						9,487
			AHP Health Partners, Inc. ^(8)(26)			Senior secured						SF +			2.25		%	(g)						6.41		%													09/2032						2,842						2,840						0.1						2,851
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*^			One stop						SF +			6.00		%	(h)						10.30		%													03/2027						11,578						11,554						0.3						11,578
			Bamboo US Bidco LLC*			One stop						SF +			5.25		%	(h)						9.56		%													09/2030						8,006						7,844						0.2						8,006
			Bamboo US Bidco LLC^(9)			One stop						E +			5.25		%	(c)						7.28		%													09/2030						5,846						5,147						0.2						5,846
			Bamboo US Bidco LLC^			One stop						SF +			5.25		%	(h)						9.56		%													09/2030						1,225						1,221						—						1,225
			Bamboo US Bidco LLC^			One stop						SF +			5.25		%	(g)(h)						9.48		%													09/2030						1,202						1,196						—						1,202
			Bamboo US Bidco LLC^			One stop																		N/A(6)															09/2030						—						—						—						—
			Bamboo US Bidco LLC^(5)			One stop																		N/A(6)															10/2029						—						(35)						—						—
			Bayou Intermediate II, LLC^(5)			One stop																		N/A(6)															09/2032						—						(24)						—						(48)
			Bayou Intermediate II, LLC^			One stop						SF +			4.75		%	(h)						8.76		%													09/2032						32,709						32,545						0.8						32,382
			Bayou Intermediate II, LLC^(5)			One stop																		N/A(6)															09/2032						—						(45)						—						(89)
			Benefit Plan Administrators of Eau Claire, LLC*&^			One stop						SF +			5.00		%	(h)						9.29		%													11/2030						58,776						58,446						1.5						58,776
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00		%	(h)						9.29		%													11/2030						13,143						13,073						0.3						13,143
			Benefit Plan Administrators of Eau Claire, LLC^(5)			One stop																		N/A(6)															11/2030						—						(12)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^(5)			One stop																		N/A(6)															11/2030						—						(39)						—						—
			BHG Holdings, LLC&^			One stop						SF +			5.25		%	(g)						9.41		%													04/2032						103,236						102,391						2.5						103,236
			BHG Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(107)						—						—
			BHG Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(242)						—						—
			Cotiviti^(26)			Senior secured						SF +			2.75		%	(g)						7.03		%													05/2031						12,325						12,336						0.3						12,130
			Cotiviti#(26)			Senior secured						SF +			2.75		%	(g)(h)						7.03		%													03/2032						7,980						7,946						0.2						7,850
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)			One stop						SF +			5.00		%	(i)						9.29		%													04/2031						23,296						22,925						0.6						23,296
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													04/2031						14,506						13,337						0.4						14,506
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															04/2031						—						(42)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															10/2030						—						(64)						—						—
			Electron BidCo, Inc. ^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													11/2028						11,521						11,484						0.3						11,555
			Hanger, Inc.^#(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													10/2031						14,100						14,119						0.4						14,147
			Hanger, Inc.^#(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													10/2031						272						275						—						279
			HP TLE Buyer, Inc.&			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						16,393						16,314						0.4						16,311
			HP TLE Buyer, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(17)						—						(18)
			LOV Acquisition LLC*&^			Senior secured						SF +			4.25		%	(g)						8.41		%													11/2031						26,953						26,834						0.7						26,953
			LOV Acquisition LLC^(5)			Senior secured																		N/A(6)															11/2031						—						(12)						—						—
			Mamba Purchaser, Inc.^#(26)			Senior secured						SF +			2.75		%	(g)						6.89		%													10/2031						24,600						24,513						0.6						24,701
			New Look Corporation and New Look Vision Group Inc. ^(8)(9)(11)(25)			One stop						CA +			5.50		%	(j)						7.96		%	PIK												05/2028						10,829						11,077						0.3						10,829
			Pathway Vet Alliance, LLC#(26)			Senior secured						SF +			5.00		%	(h)						9.31		%													06/2028						5,000						5,049						0.1						5,060
			Pharmerica^(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													02/2031						12,310						12,243						0.3						12,332
			Pinnacle Treatment Centers, Inc.*&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						19,465						19,441						0.5						19,271
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						17,155						17,126						0.4						16,983
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						8,386						8,344						0.2						8,303
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						1,748						1,745						—						1,731
			Pinnacle Treatment Centers, Inc.^			One stop						P +			4.50		%	(a)						11.75		%													01/2027						1,643						1,632						—						1,579

See Notes to Consolidated Financial Statements

22

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						$	1,084					$	1,082					—			%			$	1,074
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						820						819						—						812
			PPV Intermediate Holdings, LLC*			One stop						SF +			5.75		%	(h)						9.95		%													08/2029						4,938						4,875						0.1						4,938
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.25		%	(h)						9.45		%													08/2029						4,472						4,409						0.1						4,472
			Premise Health Holding Corp.^			One stop						SF +			5.25		%	(h)						9.25		%													03/2031						29,313						28,973						0.7						29,313
			Premise Health Holding Corp.^(5)			One stop																		N/A(6)															03/2030						—						(38)						—						—
			Southern Veterinary Partners, LLC^#(26)			Senior secured						SF +			2.50		%	(h)						6.82		%													12/2031						18,467						18,502						0.5						18,454
																																													536,008						530,769						13.2						534,456
			Healthcare Technology
			Amberfield Acquisition Co.*			One stop						SF +			5.50		%	(h)						9.50		%													05/2030						2,180						2,163						0.1						2,180
			Amberfield Acquisition Co.^			One stop						SF +			5.50		%	(h)						9.50		%													05/2030						54						51						—						54
			Amberfield Acquisition Co.^			One stop						SF +			5.50		%	(h)						9.50		%													05/2030						69						69						—						69
			Athenahealth, Inc.^(8)(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													02/2029						12,733						12,658						0.3						12,723
			ESO Solution, Inc.^			One stop						SF +			6.75		%	(h)						10.95		%													05/2027						5,250						5,225						0.1						5,250
			FINThrive Software Intermediate Holdings, Inc.#(26)			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2028						1,995						1,985						0.1						1,989
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75		%	(h)						8.75		%													12/2031						75,662						74,988						1.9						75,662
			GHX Ultimate Parent Corporation^(5)			One stop																		N/A(6)															12/2031						—						(63)						—						—
			Healthmark Holdings, L.P.^(5)			One stop																		N/A(6)															07/2032						—						(14)						—						(29)
			Healthmark Holdings, L.P.^(5)			One stop																		N/A(6)															07/2032						—						(23)						—						(24)
			Healthmark Holdings, L.P.^			One stop						SF +			4.50		%	(h)						8.70		%													07/2032						23,153						23,040						0.6						22,921
			Imprivata, Inc.^#(26)			Senior secured						SF +			3.00		%	(h)						7.00		%													12/2027						25,607						25,616						0.6						25,744
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(h)						8.82		%													07/2031						13,091						12,982						0.3						13,091
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(h)						8.82		%													07/2031						768						768						—						768
			Kona Buyer, LLC^(5)			One stop																		N/A(6)															07/2031						—						(13)						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(h)						8.82		%													07/2031						216						215						—						216
			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^(8)(9)(10)			One stop						SN +			5.75		%	(f)						9.72		%													02/2031						13,035						12,092						0.3						12,905
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75		%	(f)						9.72		%													02/2031						10,825						10,437						0.3						10,652
			Lacker Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(34)						—						(29)
			Mediware Information Systems, Inc.^#(26)			Senior secured						SF +			2.75		%	(g)						7.02		%													03/2028						25,128						25,109						0.6						25,171
			Milano Acquisition Corp.#(26)			Senior secured						SF +			4.00		%	(h)						8.10		%													10/2027						4,898						4,848						0.1						4,830
			Modernizing Medicine, Inc.^(25)			One stop						SF +			4.75		%	(h)						6.50		%	cash/			2.25		%	PIK						04/2032						127,295						126,112						3.1						127,295
			Modernizing Medicine, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(110)						—						—
			Neptune Holdings, Inc.&			One stop						SF +			4.50		%	(h)						8.50		%													09/2030						5,547						5,464						0.1						5,547
			Neptune Holdings, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.&^(25)			One stop						SF +			4.95		%	(g)						6.66		%	cash/			2.45		%	PIK						08/2031						58,423						57,945						1.4						58,423
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(65)						—						—
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(32)						—						—
			PointClickCare Technologies, Inc.^(8)(11)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													11/2031						19,915						19,915						0.5						19,961
			Stratose Intermediate Holdings II, LLC^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													11/2031						10,948						10,947						0.3						10,961
			Stratose Intermediate Holdings II, LLC^(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													09/2029						1,988						1,993						—						1,986
			Symplr Software, Inc.#(26)			Senior secured						SF +			4.50		%							8.81		%													12/2027						2,712						2,478						0.1						2,444
			Tebra Technologies, Inc.^(25)			One stop						SF +			8.00		%	(h)						8.85		%	cash/			3.50		%	PIK						11/2025						11,171						11,137						0.3						11,283
																																													452,663						447,883						11.1						452,043
			Hotels, Restaurants & Leisure
			BJH Holdings III Corp.*			One stop						SF +			5.00		%	(h)						9.00		%													08/2027						9,748						9,716						0.2						9,748
			BJH Holdings III Corp.&			One stop						SF +			5.00		%	(h)						9.00		%													08/2027						5,301						5,249						0.1						5,301
			Crumbl Enterprises, LLC&^			One stop						SF +			4.50		%	(h)						8.50		%													05/2032						115,489						114,946						2.8						115,489
			Crumbl Enterprises, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													05/2032						1,505						1,462						—						1,505
			Fertitta Entertainment, LLC^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													01/2029						20,788						20,680						0.5						20,782
			GFP Atlantic Holdco 2, LLC*			One stop						SF +			6.00		%	(h)						10.21		%													11/2029						2,594						2,566						0.1						2,594

See Notes to Consolidated Financial Statements

23

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00		%	(h)						10.30		%													11/2029						$	1,940					$	1,890					—			%			$	1,940
			Health Buyer, LLC*			Senior secured						SF +			5.25		%	(h)						9.25		%													04/2029						4,888						4,827						0.1						4,888
			Health Buyer, LLC^			Senior secured						SF +			5.50		%	(h)						9.50		%													04/2029						397						393						—						397
			Olo Parent, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(21)						—						(21)
			Olo Parent, Inc.^			One stop						SF +			4.50		%	(h)						8.56		%													09/2032						87,771						87,553						2.2						87,552
			Patriot Acquireco, LLC^			One stop						SF +			4.50		%	(h)						8.66		%													09/2032						1,206						1,164						—						1,164
			Patriot Acquireco, LLC^			One stop						SF +			4.50		%	(h)						8.66		%													09/2032						84,418						84,001						2.1						83,996
			PB Group Holdings, LLC&^(25)			One stop						SF +			5.50		%	(g)						6.91		%	cash/			2.75		%	PIK						08/2030						33,268						33,136						0.8						33,268
			PB Group Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													08/2030						454						438						—						454
			QSR Acquisition Co.&			One stop						SF +			4.25		%	(h)						8.25		%													06/2032						15,254						15,199						0.4						15,254
			QSR Acquisition Co.^(5)			One stop																		N/A(6)															06/2032						—						(5)						—						—
			QSR Acquisition Co.^(5)			One stop																		N/A(6)															06/2032						—						(12)						—						—
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													03/2032						44,685						42,633						1.1						44,685
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													03/2032						1,064						1,055						—						1,064
			Rooster BidCo Limited^(5)(8)(9)(10)			One stop																		N/A(6)															03/2032						—						(212)						—						—
			Saguaro Buyer, LLC&			One stop						SF +			4.50		%	(g)(h)						8.66		%													07/2032						2,718						2,705						0.1						2,718
			Saguaro Buyer, LLC^			One stop						SF +			4.50		%	(g)						8.66		%													07/2032						42						39						—						42
			Saguaro Buyer, LLC^			One stop																		N/A(6)															07/2032						—						—						—						—
			Saguaro Buyer, LLC^			One stop						SF +			4.50		%	(g)						8.66		%													07/2032						73						63						—						73
			Scientific Games Holdings LP^#(26)			Senior secured						SF +			3.00		%	(h)						7.29		%													04/2029						14,967						14,933						0.4						14,861
			SDC Holdco, LLC*&^			One stop						SF +			4.38		%	(g)(h)						8.54		%													07/2032						52,635						52,379						1.3						52,372
			SDC Holdco, LLC^(5)			One stop																		N/A(6)															07/2032						—						(30)						—						(31)
			SSRG Holdings, LLC*^			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						22,621						22,472						0.6						22,507
			SSRG Holdings, LLC&			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						10,111						10,029						0.3						10,061
			SSRG Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						700						688						—						689
			SSRG Holdings, LLC^(5)			One stop																		N/A(6)															11/2029						—						(14)						—						(14)
			SSRG Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						5,961						5,932						0.2						5,931
			Tacala LLC^#(26)			Senior secured						SF +			3.50		%	(g)						7.82		%													01/2031						24,465						24,508						0.6						24,603
			Super REGO, LLC^(25)			Subordinated debt						N/A												15.00		%	PIK												03/2030						37						37						—						37
			YE Brands Holding, LLC*			One stop						SF +			4.75		%	(h)						8.75		%													10/2027						6,268						6,231						0.2						6,268
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													10/2027						892						885						—						892
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													10/2027						12						12						—						12
																																													572,272						567,527						14.1						571,081
			Household Durables
			Groundworks, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													03/2031						12,591						12,618						0.3						12,612
			Groundworks, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													03/2031						370						376						—						374
																																													12,961						12,994						0.3						12,986
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													04/2032						21,573						21,473						0.5						21,573
			WU Holdco, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(8)						—						—
			WU Holdco, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(12)						—						—
																																													21,573						21,453						0.5						21,573
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(g)						8.91		%													04/2026						6,655						6,631						0.2						6,588
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(g)						8.91		%													04/2026						4,326						4,310						0.1						4,283
			CPM Holdings, Inc.^#(26)			Senior secured						SF +			4.50		%	(g)						8.78		%													09/2028						6,985						6,943						0.2						6,978
			EAB Global, Inc. #(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													08/2030						13,496						13,490						0.3						13,184
			Essential Services Holdings Corporation^			One stop						SF +			5.00		%	(h)						9.32		%													06/2031						40,923						40,589						1.0						40,514
			Essential Services Holdings Corporation^			One stop						SF +			5.00		%	(h)						9.19		%													06/2030						1,003						964						—						965
			Essential Services Holdings Corporation^(5)			One stop																		N/A(6)															06/2031						—						(33)						—						(80)
			Excelitas Technologies Corp.^(9)			One stop						E +			5.25		%	(b)						7.16		%													08/2029						16,020						14,807						0.4						16,020
			Excelitas Technologies Corp.^(5)			One stop																		N/A(6)															08/2029						—						(14)						—						—
			Madison IAQ LLC^(8)(26)			Senior secured						SF +			2.50		%	(i)						6.70		%													06/2028						4,880						4,880						0.1						4,890
																																													94,288						92,567						2.3						93,342

See Notes to Consolidated Financial Statements

24

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Insurance
			Acrisure, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													11/2030						$	25,770					$	25,698					0.6			%			$	25,758
			Acrisure, LLC#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													06/2032						4,988						4,994						0.1						4,992
			Alera Group, Inc.#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													05/2032						15,000						15,073						0.4						15,073
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(h)						9.35		%													07/2027						7,680						7,646						0.2						7,680
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(h)						9.35		%													07/2027						3,488						3,472						0.1						3,488
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(h)						9.35		%													07/2027						3,079						3,065						0.1						3,079
			Bellwether Buyer, LLC^			One stop						SF +			4.50		%	(g)						8.66		%													04/2032						2,488						2,441						0.1						2,488
			Bellwether Buyer, LLC&^			One stop						SF +			4.50		%	(g)						8.64		%													04/2032						47,769						47,545						1.2						47,769
			Bellwether Buyer, LLC^(5)			One stop																		N/A(6)															04/2032						—						(58)						—						—
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.81		%													03/2028						7,826						7,730						0.2						7,826
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.70		%													03/2028						5,262						5,262						0.1						5,262
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.81		%													03/2028						6,477						6,382						0.1						6,477
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.81		%													03/2028						1,349						1,343						—						1,349
			Captive Resources Midco, LLC&^			One stop						SF +			4.50		%	(g)						8.66		%													07/2029						16,788						16,788						0.4						16,788
			Captive Resources Midco, LLC^			One stop																		N/A(6)															07/2028						—						—						—						—
			Disco Parent#			Senior secured						SF +			3.25		%	(h)						7.48		%													07/2032						6,750						6,752						0.2						6,784
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													12/2030						10,621						10,542						0.3						10,621
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													12/2030						10,005						9,930						0.2						10,005
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													12/2029						278						261						—						278
			Doxa Insurance Holdings LLC^(5)			One stop																		N/A(6)															12/2030						—						(137)						—						—
			Galway Borrower LLC*			One stop						SF +			4.50		%	(h)						8.50		%													09/2028						4,859						4,776						0.1						4,859
			Gimlet Bidco GMBH^(8)(9)(16)			One stop						E +			5.75		%	(c)						7.78		%													04/2031						1,761						1,573						—						1,743
			Gimlet Bidco GMBH^(8)(9)(16)			One stop						E +			5.75		%	(b)(c)						7.75		%													04/2031						626						581						—						619
			Gimlet Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															04/2031						—						(39)						—						(82)
			Hub International Limited^(8)(26)			Senior secured						SF +			2.25		%	(h)						6.58		%													06/2030						9,002						9,021						0.2						9,026
			Integrated Specialty Coverages, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													07/2030						6,822						6,776						0.2						6,822
			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						—						(8)						—						—
			Integrity Marketing Acquisition, LLC*^			One stop						SF +			5.00		%	(h)						9.20		%													08/2028						27,728						27,530						0.7						27,728
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(2)						—						—
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(4)						—						—
			J.S. Held Holdings, LLC*&			One stop						SF +			5.50		%	(h)						9.65		%													06/2028						19,657						19,495						0.5						19,657
			J.S. Held Holdings, LLC^			One stop						SF +			5.50		%	(h)						9.65		%													06/2028						10,536						10,354						0.3						10,536
			J.S. Held Holdings, LLC^(5)			One stop																		N/A(6)															06/2028						—						(1)						—						—
			Koala Investment Holdings, Inc.^(8)(10)			One stop						SF +			4.50		%	(h)						8.50		%													08/2032						70,267						69,921						1.7						69,565
			Koala Investment Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															08/2032						—						(30)						—						(60)
			Koala Investment Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															08/2032						—						(67)						—						(135)
			Majesco*&^			One stop						SF +			4.75		%	(h)						8.75		%													09/2028						44,499						44,466						1.1						44,499
			Majesco^(5)			One stop																		N/A(6)															09/2027						—						(2)						—						—
			MRH Trowe Germany GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															11/2031						—						(26)						—						—
			MRH Trowe Germany GMBH^(8)(9)(16)			One stop						E +			5.00		%	(d)						7.11		%													05/2032						65,002						61,672						1.6						65,002
			MRH Trowe Germany GMBH^(8)(9)(16)			One stop						E +			5.00		%	(c)						6.99		%													05/2032						2,458						2,451						0.1						2,458
			Oakbridge Insurance Agency LLC*^			One stop						SF +			5.75		%	(g)						9.97		%													11/2029						6,530						6,485						0.2						6,530
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75		%	(g)						9.97		%													11/2029						3,154						3,132						0.1						3,154
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75		%	(g)						10.03		%													11/2029						39						31						—						39
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.00		%	(g)						9.27		%													11/2029						1,874						1,843						—						1,874
			OneDigital Borrower LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													07/2031						18,375						18,371						0.4						18,399
			Truist Insurance Holdings, LLC^#(8)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													05/2031						14,274						14,275						0.3						14,297
			Wasabi Lower Holdco, LLC^(5)			Senior secured																		N/A(6)															06/2032						—						(22)						—						—
			Wasabi Lower Holdco, LLC^			Senior secured						SF +			4.50		%	(g)						8.66		%													06/2032						6,950						6,862						0.2						6,950
			World Insurance Associates, LLC^			One stop						SF +			5.00		%	(h)						9.00		%													04/2030						6,736						6,667						0.2						6,736
			World Insurance Associates, LLC^(5)			One stop																		N/A(6)															04/2030						—						(9)						—						—
																																													496,767						490,800						12.2						495,933

See Notes to Consolidated Financial Statements

25

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			IT Services
			Acquia, Inc.^			One stop						SF +			6.00		%	(h)						10.43		%													10/2026						$	9,956					$	9,939					0.3			%			$	9,956
			CE Intermediate I, LLC^#			Senior secured						SF +			3.00		%	(h)						7.38		%													03/2032						12,656						12,640						0.3						12,690
			ContractPod Technologies, Ltd.^(8)(10)(25)			One stop						SF +			6.50		%	(h)						7.25		%	cash/			3.25		%	PIK						07/2030						3,428						3,411						0.1						3,428
			ContractPod Technologies, Ltd.^(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(8)						—						—
			ContractPod Technologies, Ltd.^(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(8)						—						—
			Delinea Inc.&^			One stop						SF +			5.75		%	(h)						9.90		%													03/2028						32,672						32,471						0.8						32,672
			Delinea Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													03/2028						8,770						8,588						0.2						8,770
			Delinea Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													03/2028						4,795						4,696						0.1						4,795
			KnowBe4#(26)			Senior secured						SF +			3.75		%	(h)						8.07		%													07/2032						13,920						13,895						0.4						13,955
			LEIA FINCO US^#(8)(10)(26)			Senior secured						SF +			3.25		%	(h)						7.19		%													10/2031						14,932						14,874						0.4						14,952
			Maverick Bidco Inc.^			Senior secured						SF +			4.75		%	(h)						9.16		%													05/2028						37,062						37,062						0.9						37,062
			Maverick Bidco Inc.^			Senior secured						SF +			5.00		%	(h)						9.41		%													05/2028						56,372						56,372						1.4						56,372
			Maverick Bidco Inc.^			Senior secured						SF +			3.75		%	(h)						8.21		%													05/2028						4,961						4,961						0.1						4,961
			Netwrix Corporation*^			One stop						SF +			4.75		%	(h)						8.95		%													06/2029						12,456						12,345						0.3						12,456
			Netwrix Corporation^			One stop						SF +			4.75		%	(h)						8.95		%													06/2029						38						37						—						38
			Particle Investments^			Senior secured						SF +			3.75		%	(g)						7.91		%													03/2031						2,985						2,985						0.1						3,002
			PDQ Intermediate, Inc.^(25)			Subordinated debt						N/A												13.75		%	PIK												10/2031						65						64						—						66
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00		%	(h)						7.06		%	cash/			3.25		%	PIK						04/2031						41,461						41,209						1.0						41,461
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(22)						—						—
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(48)						—						—
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00		%	(h)						7.06		%	cash/			3.25		%	PIK						04/2031						57,364						57,101						1.4						57,364
			Saturn Borrower Inc.*			One stop						SF +			6.00		%	(h)						10.00		%													11/2028						8,170						7,928						0.2						8,170
			Saturn Borrower Inc.^			One stop						SF +			6.00		%	(g)						10.16		%													11/2028						216						204						—						216
			UKG Inc.^(26)			Senior secured						SF +			2.50		%	(h)						6.81		%													02/2031						25,375						25,290						0.6						25,379
			WPEngine, Inc.^			One stop						SF +			6.00		%	(h)						10.02		%													08/2029						953						940						—						953
			WPEngine, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
			VS Buyer, LLC^(26)			Senior secured						SF +			2.25		%	(h)						6.56		%													04/2031						11,940						11,948						0.3						11,947
																																													360,547						358,874						8.9						360,665
			Leisure Products
			Cast & Crew Payroll, LLC^(26)			Senior secured						SF +			3.75		%	(g)						7.91		%													12/2028						5,426						5,441						0.1						4,928
			Crunch Holdings, LLC*&			One stop						SF +			4.75		%	(g)						8.91		%													09/2031						17,647						17,605						0.4						17,647
			Crunch Holdings, LLC^(5)			One stop																		N/A(6)															09/2031						—						(6)						—						—
			EP Purchaser, LLC^(26)			Senior secured						SF +			3.50		%	(g)						7.77		%													11/2028						4,901						4,881						0.1						4,627
			Movement Holdings, LLC*&(8)(10)			One stop						SF +			5.50		%	(h)						9.70		%													03/2030						22,024						21,858						0.6						22,024
			Movement Holdings, LLC^(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(28)						—						—
			Movement Holdings, LLC^(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(111)						—						—
																																													49,998						49,640						1.2						49,226
			Life Sciences Tools & Services
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						33,794						33,710						0.8						33,709
			Diamondback Acquisition, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(17)						—						(34)
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						875						863						—						863
			PAS Parent Inc.*&^			One stop						SF +			4.50		%	(g)						8.66		%													08/2032						22,190						21,768						0.6						21,968
			PAS Parent Inc.^(5)			One stop																		N/A(6)															08/2031						—						(18)						—						(19)
			PAS Parent Inc.^(5)			One stop																		N/A(6)															08/2032						—						(20)						—						(181)
																																													56,859						56,286						1.4						56,306
			Machinery
			AAL Delaware#(8)(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													07/2031						4,987						5,012						0.1						5,005
			AI Titan Parent, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													08/2031						9,302						9,224						0.2						9,302
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(8)						—						—
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Blackbird Purchaser, Inc.*^			One stop						SF +			5.50		%	(h)						9.50		%													12/2030						17,950						17,816						0.5						17,950
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50		%	(h)						9.50		%													12/2030						2,108						2,081						0.1						2,108
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50		%	(g)(h)						9.55		%													12/2029						1,690						1,672						—						1,690

See Notes to Consolidated Financial Statements

26

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Filtration Group Corp.^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													10/2028						$	17,815					$	17,854					0.4			%			$	17,916
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25		%	(j)						6.70		%													06/2032						888						900						—						888
			Thermogenics, Inc.^(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(3)						—						—
			Thermogenics, Inc.&(8)(11)			One stop						SF +			4.25		%	(h)						8.25		%													06/2032						1,154						1,149						—						1,154
			Thermogenics, Inc.^(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(17)						—						—
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25		%	(j)						6.70		%													06/2032						91						92						—						91
			Wireco Worldgroup Inc.^			Senior secured						SF +			3.75		%	(h)						8.08		%													11/2028						6,215						6,226						0.2						6,098
																																													62,200						61,988						1.5						62,202
			Media
			Ascend Learning, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													12/2028						22,489						22,441						0.6						22,491
			Lotus Topco, Inc.*			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						1,685						1,675						—						1,672
			Lotus Topco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(2)						—						(3)
			Lotus Topco, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						213						208						—						207
			Lotus Topco, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						10,212						10,138						0.3						10,135
			Shout! Factory, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													06/2031						17,783						17,655						0.4						17,783
			Shout! Factory, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													06/2031						368						353						—						368
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													05/2028						8,681						8,496						0.2						8,073
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													05/2028						2,547						2,492						0.1						2,368
																																													63,978						63,456						1.6						63,094
			Oil, Gas & Consumable Fuels
			Envernus, Inc.&^			One stop						SF +			5.50		%	(g)						9.66		%													12/2029						19,152						19,024						0.5						19,152
			Envernus, Inc.^			One stop						SF +			5.50		%	(g)						9.64		%													12/2029						42						31						—						42
			Envernus, Inc.^(5)			One stop																		N/A(6)															12/2029						—						(1)						—						—
																																													19,194						19,054						0.5						19,194
			Paper & Forest Products
			Ranpak Corporation^#(8)			Senior secured						SF +			4.50		%	(h)						8.50		%													12/2031						3,640						3,638						0.1						3,649
			Ranpak Corporation^#(8)			Senior secured						SF +			4.50		%	(h)						8.50		%													12/2031						2,330						2,328						—						2,336
																																													5,970						5,966						0.1						5,985
			Personal Products
			Knowlton Development Corporation, Inc.^#(8)(11)(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													08/2028						11,973						12,000						0.3						12,014
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.*(8)			One stop						SF +			5.00		%	(h)						9.00		%													05/2029						19,497						19,135						0.5						19,497
			Certara Holdco, Inc. and Certara USA, Inc.^(8)			Senior secured						SF +			3.00		%	(h)						7.00		%													06/2031						10,935						10,917						0.3						10,996
			Creek Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.14		%													12/2031						79,597						78,361						1.9						79,597
			Creek Parent, Inc.^(5)			One stop																		N/A(6)															12/2031						—						(170)						—						—
																																													110,029						108,243						2.7						110,090
			Professional Services
			Avalara, Inc.#(26)			Senior secured						SF +			2.75		%							6.74		%													03/2032						499						499						—						500
			Avalara, Inc.^(26)			Senior secured						SF +			3.25		%	(h)						7.25		%													03/2032						11,970						11,948						0.3						11,988
			Citrin Cooperman Advisors LLC^#(26)			Senior secured						SF +			3.00		%	(h)						7.00		%													03/2032						14,070						14,057						0.3						14,027
			Citrin Cooperman Advisors LLC^#(5)(26)			Senior secured																		N/A(6)															03/2032						—						—						—						(3)
			Denali Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															08/2032						—						(144)						—						(146)
			Denali Intermediate Holdings, Inc.^			One stop						SF +			5.50		%	(g)						9.67		%													08/2032						146,455						145,011						3.6						144,990
			Eclipse Buyer, Inc.^			One stop						SF +			4.50		%	(g)						8.68		%													09/2031						12,644						12,536						0.3						12,644
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(52)						—						—
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Eisner Advisory Group LLC#(26)			Senior secured						SF +			4.00		%							8.16		%													02/2031						4,489						4,522						0.1						4,521
			Eliassen Group, LLC*			One stop						SF +			5.75		%	(h)						9.75		%													04/2028						4,806						4,806						0.1						4,710
			Geosyntec Consultants, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													07/2031						16,825						16,848						0.4						16,879
			Grant Thornton Advisors, LLC#(26)			Senior secured						SF +			2.75		%							7.16		%													06/2031						14,752						14,765						0.3						14,748
			IG Investments Holdings, LLC*^			One stop						SF +			5.00		%	(h)						9.31		%													09/2028						22,741						22,717						0.6						22,741
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00		%	(h)						6.90		%	cash/			3.50		%	PIK						11/2030						15,728						15,461						0.4						14,784

See Notes to Consolidated Financial Statements

27

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00		%	(h)						6.50		%	cash/			3.50		%	PIK						11/2030						$	2,808					$	2,793					0.1			%			$	2,640
			Outcomes Group Holdings, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													05/2031						14,925						14,933						0.4						15,027
			PGA Holdings, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													04/2031						25,774						25,801						0.6						25,734
			Shift4 Payments, LLC#(8)(26)			Senior secured						SF +			2.50		%	(h)						6.50		%													06/2032						500						499						—						504
			Varicent Intermediate Holdings Corporation^(8)(11)(25)			One stop						SF +			5.75		%	(h)						6.63		%	cash/			3.13		%	PIK						08/2031						44,210						43,691						1.1						44,210
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(66)						—						—
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(45)						—						—
																																													353,196						350,571						8.6						350,498
			Real Estate Management & Development
			RealPage, Inc.^(26)			Senior secured						SF +			3.00		%	(h)						7.26		%													04/2028						4,910						4,899						0.1						4,904
			Road & Rail
			Kenan Advantage Group, Inc.^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													01/2029						26,705						26,647						0.6						26,413
			VRS Buyer, Inc.^			Senior secured						SF +			4.75		%	(h)						9.08		%													07/2032						72,281						71,930						1.8						72,281
			VRS Buyer, Inc.^(5)			Senior secured																		N/A(6)															07/2032						—						(48)						—						—
			VRS Buyer, Inc.^(5)			Senior secured																		N/A(6)															07/2032						—						(72)						—						—
																																													98,986						98,457						2.4						98,694
			Software
			Anaplan, Inc.^			One stop						SF +			4.50		%	(h)						8.70		%													06/2029						9,925						9,863						0.2						9,925
			Appfire Technologies, LLC*			One stop						SF +			5.00		%	(h)						9.00		%													03/2028						10,074						9,987						0.3						9,974
			Appfire Technologies, LLC^(5)			One stop																		N/A(6)															03/2028						—						(75)						—						(225)
			Apttus Corporation^#			Senior secured						SF +			3.50		%	(h)						7.81		%													05/2028						16,409						16,404						0.4						16,245
			AQA Acquisition Holding, Inc. ^#(26)			Senior secured						SF +			4.00		%	(h)						8.31		%													03/2028						25,556						25,570						0.6						25,277
			Artifact Bidco, Inc.^			One stop						SF +			4.25		%	(h)						8.25		%													05/2031						5,024						4,983						0.1						5,024
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2031						—						(5)						—						—
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(2)						—						—
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(5)						—						—
			Azul Systems, Inc.*			Senior secured						SF +			4.50		%	(h)						8.65		%													04/2027						3,000						3,000						0.1						3,000
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00		%	(g)						10.16		%													03/2031						17,541						17,330						0.4						17,541
			Azurite Intermediate Holdings, Inc.*			One stop						SF +			6.00		%	(g)						10.16		%													03/2031						7,718						7,628						0.2						7,718
			Azurite Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															03/2031						—						(33)						—						—
			Baxter Planning Systems, LLC^(25)			One stop						SF +			6.25		%	(h)						7.19		%	cash/			3.38		%	PIK						05/2031						12,035						11,965						0.3						12,035
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(13)						—						—
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(15)						—						—
			BestPass, Inc.*&^			One stop						SF +			4.75		%	(g)						8.91		%													08/2031						36,234						36,083						0.9						36,234
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(15)						—						—
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(20)						—						—
			Bloomerang, LLC^(25)			One stop						SF +			6.50		%	(h)						7.00		%	cash/			3.50		%	PIK						12/2029						10,189						10,117						0.3						10,189
			Bloomerang, LLC^(25)			One stop						SF +			6.50		%	(h)						7.00		%	cash/			3.50		%	PIK						12/2029						1,019						997						—						1,019
			Bloomerang, LLC^			One stop						SF +			6.00		%	(h)						11.13		%													12/2029						1,140						1,124						—						1,140
			Blue Bidco Limited^(8)(9)(10)			One stop						E +			5.00		%	(d)						7.04		%													05/2032						13,167						12,649						0.3						13,167
			Blue Bidco Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													05/2032						22,852						22,694						0.6						22,852
			Blue Bidco Limited^(8)(9)(10)			One stop																		N/A(6)															05/2032						—						—						—						—
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00		%	(i)						9.26		%													05/2032						3,300						3,284						0.1						3,300
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00		%	(h)						9.26		%													05/2032						6,778						6,778						0.2						6,778
			Bottomline Technologies, Inc.*			One stop						SF +			4.50		%	(h)						8.50		%													05/2029						4,875						4,785						0.1						4,875
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(g)						9.16		%													10/2029						3,959						3,942						0.1						3,959
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(g)						9.16		%													10/2029						3,959						3,943						0.1						3,959
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(f)						9.47		%													08/2030						4,818						4,494						0.1						4,818
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(f)						9.47		%													08/2030						943						878						—						943
			Camelia Bidco Limited^(8)(9)(10)			One stop						A +			5.50		%	(e)						9.05		%													08/2030						293						283						—						293
			Camelia Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(16)						—						—

See Notes to Consolidated Financial Statements

28

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Capstone Borrower^#(8)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													06/2030						$	12,597					$	12,637					0.3			%			$	12,593
			CB Buyer, Inc.&^			One stop						SF +			5.25		%	(h)						9.25		%													07/2031						37,391						37,104						0.9						37,391
			CB Buyer, Inc.^(5)			One stop																		N/A(6)															07/2031						—						(30)						—						—
			CB Buyer, Inc.^			One stop						SF +			5.25		%	(h)						9.25		%													07/2031						409						366						—						409
			Cloud Software Group#(8)(26)			Senior secured						SF +			3.25		%	(h)						7.25		%													08/2032						14,091						14,116						0.4						14,150
			Cloud Software Group#(8)(26)			Senior secured						SF +			3.25		%							7.25		%													03/2031						1,000						1,003						—						1,005
			ConnectWise, LLC^#(26)			Senior secured						SF +			3.50		%	(h)						7.76		%													10/2028						28,541						28,492						0.7						28,631
			Conservice Midco, LLC^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													05/2030						15,980						15,985						0.4						16,043
			Cornerstone OnDemand, Inc.^(26)			Senior secured						SF +			3.75		%	(g)						8.02		%													10/2028						9,411						9,260						0.2						9,089
			Crewline Buyer, Inc.^			One stop						SF +			6.75		%	(g)						10.91		%													11/2030						28,617						28,306						0.7						28,617
			Crewline Buyer, Inc.^(5)			One stop																		N/A(6)															11/2030						—						(28)						—						—
			Cyberswift#(8)(21)			Senior secured						SF +			4.00		%							8.16		%													08/2032						7,000						6,965						0.2						7,004
			Daxko Acquisition Corporation*			One stop						SF +			4.75		%	(g)						8.91		%													10/2028						11,574						11,308						0.3						11,574
			Daxko Acquisition Corporation^			One stop						SF +			4.75		%	(g)						8.91		%													10/2028						472						419						—						472
			Daxko Acquisition Corporation^(5)			One stop																		N/A(6)															10/2028						—						(22)						—						—
			Denali Bidco Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													09/2031						28,922						28,730						0.7						28,778
			Denali Bidco Limited^(8)(9)(10)			One stop						E +			5.00		%	(c)						7.08		%													09/2031						56,232						55,303						1.4						55,950
			Denali Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															09/2031						—						(36)						—						(21)
			Denali Bidco Limited^(8)(9)(10)(25)			Subordinated debt						N/A												9.80		%	PIK												09/2032						26,562						26,256						0.6						26,296
			Denali Bidco Limited^(8)(9)(10)(25)			Subordinated debt						N/A												11.20		%	PIK												09/2032						17,520						17,426						0.4						17,344
			ECI Macola/Max Holding, LLC^#(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													05/2030						23,328						23,368						0.6						23,357
			Einstein Parent, Inc.^			One stop						SF +			6.50		%	(h)						10.83		%													01/2031						40,574						39,855						1.0						40,574
			Einstein Parent, Inc.^(5)			One stop																		N/A(6)															01/2031						—						(74)						—						—
			Epicor Software Corporation#(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													05/2031						6,028						6,046						0.1						6,042
			Espresso Bidco, Inc.^(25)			One stop						SF +			5.75		%	(h)						6.63		%	cash/			3.13		%	PIK						03/2032						36,521						36,022						0.9						36,521
			Espresso Bidco, Inc.^(5)			One stop																		N/A(6)															03/2032						—						(69)						—						—
			Espresso Bidco, Inc.^(5)			One stop																		N/A(6)															03/2032						—						(61)						—						—
			EverCommerce Solutions, Inc.^(8)(26)			Senior secured						SF +			2.25		%	(g)						6.41		%													07/2031						8,059						8,075						0.2						8,058
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													09/2030						11,677						11,420						0.3						11,677
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													09/2030						3,645						3,615						0.1						3,645
			Evergreen IX Borrower 2023, LLC^(5)			One stop																		N/A(6)															10/2029						—						(27)						—						—
			Flexera Software, LLC^(9)			One stop						E +			4.75		%	(b)						6.63		%													08/2032						11,252						11,207						0.3						11,224
			Flexera Software, LLC^			One stop						SF +			4.75		%	(h)						8.96		%													08/2032						31,766						31,727						0.8						31,687
			Flexera Software, LLC^(5)			One stop																		N/A(6)															08/2032						—						(3)						—						(6)
			Gurobi Optimization, LLC&^			One stop						SF +			4.50		%	(h)						8.50		%													09/2031						43,789						43,416						1.1						43,789
			Gurobi Optimization, LLC^(5)			One stop																		N/A(6)															09/2031						—						(33)						—						—
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(b)						6.62		%													02/2031						15,953						14,521						0.4						16,112
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(b)						6.62		%													02/2031						10,633						9,678						0.3						10,739
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(b)						6.66		%													08/2030						259						227						—						259
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(d)						6.80		%													02/2031						2,209						2,118						0.1						2,261
			Hyland Software, Inc.*&^			One stop						SF +			5.00		%	(g)						9.16		%													09/2030						28,186						27,886						0.7						28,186
			Hyland Software, Inc.^(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.^			One stop						SF +			4.50		%	(h)						8.81		%													01/2030						33,912						33,559						0.8						33,912
			Icefall Parent, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(35)						—						—
			Instructure Holdings, Inc.^#(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													11/2031						11,668						11,642						0.3						11,665
			iSolved, Inc.^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													10/2030						22,399						22,430						0.6						22,494
			Javelin Buyer, Inc.^#(26)			Senior secured						SF +			2.75		%	(h)						7.06		%													12/2031						20,079						20,108						0.5						20,079
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						85						80						—						80
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						4,890						4,866						0.1						4,865
			Kairos Bidco Limited^(5)			One stop																		N/A(6)															07/2032						—						(8)						—						(8)
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						735						732						—						732
			Kaseya Inc.^(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													03/2032						14,776						14,705						0.4						14,814
			LeadsOnline, LLC*			One stop						SF +			4.50		%	(h)						8.79		%													02/2028						4,373						4,307						0.1						4,373

See Notes to Consolidated Financial Statements

29

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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		%	(h)						8.50		%													02/2028						$	2,230					$	2,223					0.1			%			$	2,230
			LeadsOnline, LLC^			One stop						SF +			4.50		%	(h)						8.79		%													02/2028						772						760						—						772
			LeadsOnline, LLC^(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—
			Lighthouse Bidco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(c)						6.75		%													12/2031						26,659						23,564						0.7						26,659
			Lighthouse Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															06/2031						—						(39)						—						—
			Lighthouse Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															12/2031						—						(128)						—						—
			LogicMonitor, Inc.^			One stop						SF +			5.50		%	(h)						9.81		%													11/2031						45,630						45,380						1.1						45,630
			LogicMonitor, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(31)						—						—
			Matrix42 Holding GMBH^(8)(9)(16)			One stop						E +			6.25		%	(d)						8.32		%													12/2029						191						175						—						190
			Matrix42 Holding GMBH^(8)(9)(16)			One stop						E +			6.25		%	(d)						8.31		%													12/2029						20,913						20,547						0.5						20,756
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.25		%	(c)						7.28		%													11/2031						14,658						13,023						0.4						14,658
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)			One stop						SF +			5.25		%	(h)						9.45		%													11/2031						9,353						9,229						0.2						9,353
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.25		%	(c)						7.28		%													11/2031						119						79						—						119
			Metatiedot Bidco Oy & Metatiedot US, LLC^(5)(8)(9)(15)			One stop																		N/A(6)															11/2030						—						(34)						—						—
			Modena Buyer, LLC^#(26)			Senior secured						SF +			4.50		%	(h)						8.81		%													07/2031						11,925						11,643						0.3						11,793
			Motus Group, LLC^(26)			Senior secured						SF +			3.75		%	(h)						7.75		%													12/2028						8,785						8,808						0.2						8,800
			MYOB Invest Co Pty Ltd^(8)(9)(12)(25)			One stop						A +			5.75		%	(e)						6.33		%	cash/			3.00		%	PIK						06/2030						166,823						162,334						4.1						166,823
			Navex TopCo, Inc.*^			One stop						SF +			5.25		%	(g)						9.41		%													11/2030						22,813						22,480						0.6						22,813
			Navex TopCo, Inc.^(5)			One stop																		N/A(6)															11/2028						—						(25)						—						—
			Onit, Inc.^			One stop						SF +			4.75		%	(h)						9.06		%													01/2032						18,763						18,596						0.5						18,809
			Onit, Inc.^(5)			One stop																		N/A(6)															01/2032						—						(24)						—						—
			Onit, Inc.^(5)			One stop																		N/A(6)															01/2032						—						(37)						—						—
			Onit, Inc.^			One stop						SF +			4.50		%	(h)						8.50		%													01/2032						3,163						3,155						0.1						3,155
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)			One stop						E +			5.75		%	(c)						7.75		%													11/2029						10,131						9,129						0.3						10,182
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)			One stop						E +			5.00		%	(c)						7.00		%													11/2029						736						612						—						736
			Panzura, LLC^(25)			One stop						N/A												4.00		%	cash/			11.00		%	PIK						08/2027						66						63						—						60
			Personify, Inc.&^			One stop						SF +			4.75		%	(h)						8.75		%													09/2028						17,891						17,813						0.4						17,891
			Personify, Inc.*			One stop						SF +			4.75		%	(h)						8.75		%													09/2028						6,648						6,604						0.2						6,648
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.27		%	PIK												01/2031						21,242						19,346						0.5						21,242
			Pineapple German Bidco GMBH^(8)(16)(25)			One stop						SF +			5.25		%	(h)						9.24		%	PIK												01/2031						16,990						16,843						0.4						16,990
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.27		%	PIK												01/2031						6,583						5,938						0.2						6,583
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.27		%	PIK												01/2031						5,985						5,143						0.1						5,985
			Pineapple German Bidco GMBH^(8)(16)(25)			One stop						SF +			5.25		%	(h)						9.24		%	PIK												01/2031						1,434						1,405						—						1,434
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.25		%	PIK												01/2031						1,458						1,317						—						1,458
			Pineapple German Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															01/2031						—						(217)						—						—
			Planview Parent, Inc.^#(26)			Senior secured						SF +			3.50		%	(h)						7.50		%													12/2027						21,911						21,843						0.5						21,623
			Pluralsight, LLC^(25)			One stop						SF +			7.50		%	(h)						11.70		%	PIK												08/2029						2,024						1,968						—						2,004
			Pluralsight, LLC^(25)			One stop						SF +			4.50		%	(h)						7.20		%	cash/			1.50		%	PIK						08/2029						1,209						1,181						—						1,197
			Pluralsight, LLC^(25)			One stop						SF +			4.50		%	(h)						7.20		%	cash/			1.50		%	PIK						08/2029						605						605						—						598
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(3)
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(7)
			Proofpoint, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													08/2028						27,592						27,585						0.7						27,735
			QAD, Inc.*			One stop						SF +			4.75		%	(g)						8.91		%													11/2027						9,747						9,747						0.2						9,747
			Rainforest Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															07/2029						—						(65)						—						—
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			4.75		%	(c)						6.78		%													07/2029						15,258						14,097						0.4						15,258
			Sophia, L.P.#(8)(26)			Senior secured						SF +			2.75		%							6.91		%													10/2029						8,043						8,064						0.2						8,053
			Spark Bidco Limited^(8)(9)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Telesoft Holdings LLC*			One stop						SF +			5.75		%	(g)						10.01		%													12/2026						5,627						5,613						0.1						5,627

See Notes to Consolidated Financial Statements

30

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Togetherwork Holdings, LLC&^			One stop						SF +			5.25		%	(g)						9.41		%													05/2031						$	44,428					$	44,114					1.1			%			$	43,984
			Togetherwork Holdings, LLC^			One stop						SF +			5.25		%	(g)						9.41		%													05/2031						1,114						1,067						—						1,039
			Togetherwork Holdings, LLC^(5)			One stop																		N/A(6)															05/2031						—						(32)						—						(53)
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.75		%	(h)						10.53		%													01/2031						14,863						14,598						0.4						14,863
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.75		%	(h)						10.53		%													01/2031						7,874						7,785						0.2						7,874
			Transform Bidco Limited^(8)(9)(10)(25)			One stop						A +			6.75		%	(e)						7.62		%	cash/			2.75		%	PIK						01/2031						2,647						2,588						0.1						2,647
			Transform Bidco Limited^(8)(9)(10)(25)			One stop						SN +			6.75		%	(f)						7.97		%	cash/			2.75		%	PIK						01/2031						420						396						—						420
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															06/2030						—						(34)						—						—
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(47)						—						—
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(113)						—						—
			Tricentis Operations Holdings, Inc.^(25)			One stop						SF +			6.25		%	(h)						5.61		%	cash/			4.88		%	PIK						02/2032						63,398						63,117						1.6						63,398
			Tricentis Operations Holdings, Inc.^(5)			One stop																		N/A(6)															02/2032						—						(35)						—						—
			Tricentis Operations Holdings, Inc.^(5)			One stop																		N/A(6)															02/2032						—						(56)						—						—
			Vantage Bidco GMBH^(8)(9)(16)(25)			One stop						E +			6.25		%	(c)						8.25		%	PIK												04/2031						21,781						19,571						0.5						21,781
			Vantage Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															10/2030						—						(40)						—						—
			Varinem German Midco GMBH^(8)(9)(16)			One stop						E +			5.50		%	(d)						7.57		%													07/2031						27,619						25,454						0.7						27,688
			Varinem German Midco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(d)						6.82		%													07/2031						10,743						9,943						0.3						10,743
			Viper Bidco, Inc.&^			One stop						SF +			4.75		%	(h)						8.75		%													11/2031						50,364						50,144						1.2						50,491
			Viper Bidco, Inc.^(9)			One stop						SN +			4.75		%	(f)						8.72		%													11/2031						24,797						23,115						0.6						24,859
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(22)						—						—
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(28)						—						—
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(22)						—						(44)
			Zendesk, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													11/2028						10,160						10,160						0.3						10,160
																																													1,718,108						1,681,375						42.3						1,715,947
			Specialized Finance
			AGL CLO 20 Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.45		%							8.78		%													10/2037						1,500						1,508						—						1,509
			Apidos CLO LIII(8)(20)(27)			Structured Finance Note						SF +			3.50		%							7.78		%													07/2038						2,000						2,000						0.1						2,037
			Apidos CLO LIII(8)(20)(27)			Structured Finance Note						SF +			4.80		%							9.08		%													07/2038						2,375						2,375						0.1						2,417
			Apidos CLO XXVIII(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.35		%													10/2038						4,500						4,500						0.1						4,552
			Ares LXIII CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.35		%							8.66		%													10/2038						3,500						3,500						0.1						3,538
			Bain Capital Credit CLO 2025-3, Limited(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.33		%													07/2038						4,000						4,000						0.1						4,039
			Bain Capital Credit CLO 2025-4, Limited(8)(20)			Structured Finance Note						SF +			3.65		%							7.65		%													01/2039						2,000						2,000						0.1						2,000
			Ballyrock CLO 30, Ltd.(8)(20)			Structured Finance Note						SF +			4.05		%							8.36		%													10/2038						3,000						3,000						0.1						3,030
			Carlyle US CLO 2023-3, Ltd.(8)(20)			Structured Finance Note						SF +			3.75		%							7.75		%													10/2040						5,000						5,000						0.1						5,000
			Carlyle US CLO 2025-2, Ltd.(8)(20)(27)			Structured Finance Note						SF +			3.35		%							7.65		%													07/2038						9,000						9,000						0.2						9,157
			CBAMR 2018-5, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.15		%							8.35		%													10/2038						4,000						4,000						0.1						4,045
			CIFC Funding 2018-III, Ltd.(8)(20)			Structured Finance Note						SF +			3.90		%							8.10		%													10/2038						3,500						3,500						0.1						3,512
			CIFC Funding 2019-II, Ltd.(8)(20)			Structured Finance Note						SF +			3.85		%							8.02		%													10/2038						5,000						5,000						0.1						5,058
			CIFC Funding 2019-V, Ltd.(8)(20)			Structured Finance Note						SF +			3.95		%							8.15		%													10/2038						3,000						3,000						0.1						3,034
			CIFC Funding 2025-IV, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.10		%							8.45		%													10/2038						2,500						2,500						0.1						2,525
			CIFC Funding 2025-V, Ltd.(8)(20)			Structured Finance Note						SF +			4.00		%							8.30		%													10/2038						5,000						5,000						0.1						5,048
			Davis Park CLO, Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.35		%							8.63		%													07/2038						5,000						5,000						0.1						5,031
			Dryden 40 Senior Loan Fund(8)(20)(27)			Structured Finance Note						SF +			3.10		%							7.57		%													08/2031						5,500						5,498						0.1						5,528
			Eaton Vance CLO 2013-1, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.15		%							8.46		%													10/2038						5,000						5,000						0.1						5,057

See Notes to Consolidated Financial Statements

31

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Elmwood CLO 19, Ltd.(8)(20)			Structured Finance Note						SF +			3.75		%							7.75		%													10/2038						$	2,000					$	2,000					0.1			%			$	2,000
			GoldenTree Loan Management US CLO 17, Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.00		%							8.33		%													01/2039						1,500						1,500						—						1,526
			Green Lakes Park CLO, LLC(8)(27)			Structured Finance Note						SF +			3.70		%							8.02		%													01/2038						3,350						3,350						0.1						3,368
			Higley Park CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.00		%							8.32		%													07/2038						3,750						3,750						0.1						3,791
			Hook Park CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.75		%							9.01		%													07/2038						3,000						3,000						0.1						3,016
			Ivy Hill Middle Market Credit Fund XX, Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.00		%							8.32		%													07/2037						4,500						4,500						0.1						4,521
			Madison Park Funding XVII, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.15		%							8.48		%													10/2037						5,700						5,710						0.1						5,730
			MCF CLO IV, LLC(8)			Structured Finance Note						SF +			5.00		%							9.00		%													10/2037						4,750						4,750						0.1						4,750
			Neuberger Berman CLO 32R, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.25		%							8.53		%													07/2039						5,500						5,500						0.1						5,555
			OCP CLO 2025-44, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.37		%													10/2038						4,000						4,000						0.1						4,043
			OHA Credit Funding 22, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.25		%							8.57		%													07/2038						2,500						2,500						0.1						2,527
			OHA Credit Partners VII, Ltd.(8)(20)(26)(27)			Structured Finance Note						SF +			3.50		%							7.70		%													02/2028						2,000						1,972						—						2,011
			Orion CLO 2025-5, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.25		%							8.57		%													07/2038						4,000						4,000						0.1						4,044
			Orion CLO 2025-6 Ltd.(8)(20)			Structured Finance Note						SF +			4.05		%							8.35		%													10/2038						4,000						4,000						0.1						4,039
			Palmer Square CLO 2019-1, Ltd.(8)(20)			Structured Finance Note						SF +			4.00		%							8.20		%													08/2038						3,000						3,000						0.1						3,017
			Palmer Square CLO 2021-3, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.35		%													10/2038						4,500						4,500						0.1						4,548
			Peace Park CLO, Ltd.(8)(20)			Structured Finance Note						SF +			3.85		%							8.05		%													10/2038						3,900						3,900						0.1						3,922
			Pikes Peak CLO 9(8)(20)(27)			Structured Finance Note						SF +			4.20		%							8.51		%													10/2038						5,000						5,000						0.1						5,048
			Rockland Park CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.20		%							8.51		%													07/2038						2,500						2,500						0.1						2,530
			Sixth Street CLO XIV, Ltd.(8)(20)(27)			Structured Finance Note						SF +			3.70		%							8.03		%													01/2038						2,000						1,974						0.1						2,011
			Sixth Street CLO XVIII, Ltd.(8)(20)			Structured Finance Note						SF +			3.85		%							8.05		%													10/2038						3,000						3,000						0.1						3,029
			Voya CLO 2020-2, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.00		%							8.33		%													01/2038						1,000						1,000						—						1,012
			Voya CLO 2025-2, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.85		%							9.15		%													07/2038						5,000						5,000						0.1						5,027
			Voya CLO 2025-4, Ltd.(8)(20)			Structured Finance Note						SF +			4.05		%							8.38		%													10/2038						5,700						5,700						0.1						5,761
																																													161,525						161,487						4.0						162,943
			Specialty Retail
			Ashco, LLC#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													01/2032						37,656						37,583						0.9						37,685
			Ave Holdings III, Corp*&			One stop						SF +			5.50		%	(i)						9.62		%													02/2028						13,445						13,238						0.3						12,976
			Biscuit Parent, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													02/2031						35,995						35,738						0.9						35,995
			Biscuit Parent, LLC^(5)			One stop																		N/A(6)															02/2031						—						(33)						—						—
			Biscuit Parent, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													02/2031						261						223						—						261
			Cavender Stores L.P.*&			Senior secured						SF +			5.00		%	(h)						9.00		%													10/2029						23,949						23,788						0.6						23,949
			Consilio Midco Limited^(8)(9)(10)(25)			Subordinated debt						E +			7.50		%	(d)						9.59		%													04/2033						4,253						4,090						0.1						4,253
			Consilio Midco Limited^(8)(9)(10)			Senior secured						E +			4.75		%	(c)						6.75		%													04/2032						38,032						36,669						1.0						38,032
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75		%	(h)						9.04		%													04/2032						30,962						30,818						0.8						30,962
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75		%	(h)						9.04		%													04/2032						19,084						18,995						0.5						19,084
			Consilio Midco Limited^(8)(10)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited^(8)(10)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited^(8)(10)(25)			Subordinated debt						SF +			7.50		%	(i)						11.64		%													04/2033						5,314						5,277						0.1						5,314
			Consilio Midco Limited^(8)(10)(25)			Subordinated debt						SF +			7.50		%	(h)						11.82		%	PIK												04/2033						3						3						—						3

See Notes to Consolidated Financial Statements

32

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			CVP Holdco, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						$	32,806					$	32,537					0.8			%			$	32,806
			CVP Holdco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(28)						—						—
			CVP Holdco, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						1,881						1,846						—						1,881
			Med Parentco, LP^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													04/2031						22,398						22,417						0.6						22,470
			Metal Supermarkets US Buyer, LLC&(8)(11)			One stop						SF +			4.75		%	(h)						8.75		%													12/2030						12,326						12,273						0.3						12,326
			Metal Supermarkets US Buyer, LLC^(8)(11)			One stop						SF +			4.75		%	(h)						8.75		%													12/2030						328						322						—						328
			PetVet Care Centers LLC^			One stop						SF +			6.00		%	(g)						10.16		%													11/2030						9,238						9,104						0.2						8,499
			PetVet Care Centers LLC^(5)			One stop																		N/A(6)															11/2029						—						(19)						—						(95)
			PetVet Care Centers LLC^(5)			One stop																		N/A(6)															11/2030						—						(9)						—						—
			Radiance Borrower, LLC&^(25)			One stop						SF +			5.75		%	(g)						7.16		%	cash/			2.75		%	PIK						06/2031						41,498						41,251						1.0						41,498
			Radiance Borrower, LLC^			One stop						SF +			5.25		%	(g)						9.41		%													06/2031						388						361						—						388
			VSG Acquisition Corp. and Sherrill, Inc.*^			One stop						SF +			5.00		%	(g)(h)						9.16		%													10/2029						31,077						30,651						0.8						30,921
			VSG Acquisition Corp. and Sherrill, Inc.^			One stop						SF +			5.00		%	(g)						9.16		%													10/2029						430						422						—						424
			VSG Acquisition Corp. and Sherrill, Inc.^(5)			One stop																		N/A(6)															10/2029						—						(10)						—						(11)
																																													361,324						357,507						8.9						359,949
			Trading Companies & Distributors
			Marcone Yellowstone Buyer Inc.^(25)			One stop						SF +			7.00		%	(h)						8.19		%	cash/			3.25		%	PIK						06/2028						11,900						11,582						0.3						10,769
			Marcone Yellowstone Buyer Inc.^(25)			One stop						SF +			7.00		%	(h)						8.19		%	cash/			3.25		%	PIK						06/2028						5,047						4,912						0.1						4,567
																																													16,947						16,494						0.4						15,336
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC*^			One stop						SF +			5.00		%	(g)						9.16		%													02/2032						54,753						54,442						1.3						54,207
			LDS Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															02/2032						—						(46)						—						(82)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													02/2032						10,842						10,781						0.3						10,734
			LDS Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															02/2032						—						(40)						—						(80)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													02/2032						800						796						—						792
			PODS, LLC#(26)			Senior secured						SF +			3.00		%							7.28		%													03/2028						2,992						2,925						0.1						2,936
																																													69,387						68,858						1.7						68,507
			Water Utilities
			Aegion Corporation^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													05/2028						12,349						12,294						0.3						12,380
			Aegion Corporation#(26)			Senior secured																		N/A(6)															05/2028						—						1						—						1
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75		%	(g)(i)						8.93		%													07/2031						15,577						15,448						0.4						15,577
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75		%	(g)(i)						8.89		%													07/2031						2,821						2,800						0.1						2,821
			Vessco Midco Holdings, LLC^(5)			One stop																		N/A(6)															07/2031						—						(14)						—						—
																																													30,747						30,529						0.8						30,779
			Total debt investments																																										8,521,763						8,418,294						209.2						8,490,414

See Notes to Consolidated Financial Statements

33

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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(22)(23)
			Air Freight & Logistics
			RJW Group Holdings, Inc.(24)			LLC units						N/A												N/A															11/2024						N/A						1,563						$	962					—			%			$	1,241
			Auto Components
			Arnott, LLC			LP units						N/A												N/A															12/2024						N/A						—						125						—						112
			Automobiles
			CAP-KSI Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						1,146						1,146						0.1						1,274
			CAP-KSI Holdings, LLC			Common stock						N/A												N/A															06/2024						N/A						1,146						—						—						296
			Quick Quack Car Wash Holdings, LLC			LLC units						N/A												N/A															06/2024						N/A						417						417						—						547
			Quick Quack Car Wash Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						83						83						—						104
			Yorkshire Parent, Inc.			LP interest						N/A												N/A															12/2023						N/A						—						94						—						110
																																																									1,740						0.1						2,331
			Beverages
			Spindrift Beverage Co. Inc.			LLC interest						N/A												N/A															02/2025						N/A						3						3,178						0.1						3,897
			Commercial Services & Supplies
			CHA Vision Holdings, Inc.			Warrant						N/A												N/A															01/2024						N/A						—						109						—						151
			Containers & Packaging
			Packaging Coordinators Midco, Inc.			LP units						N/A												N/A															09/2025						N/A						182						1,822						0.1						1,822
			Diversified Consumer Services
			CHVAC Services Investment, LLC			Preferred stock						N/A												N/A															05/2024						N/A						162						408						—						698
			Kodiak Buyer, LLC			LP interest						N/A												N/A															08/2025						N/A						4						448						—						448
			Virginia Green Acquisition, LLC			Preferred stock						N/A												N/A															12/2023						N/A						73						73						—						83
																																																									929						—						1,229
			Electric Utilities
			Smart Energy Systems, Inc.			Preferred stock						N/A												N/A															01/2025						N/A						7						36						—						174
			Electrical Equipment
			Wildcat TopCo, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						191						191						—						256
			Food Products
			Zullas, L.C.			Warrant						N/A												N/A															06/2025						N/A						2						1,726						—						1,726
			Healthcare Equipment & Supplies
			Centegix Intermediate II, LLC			Preferred stock						N/A												N/A															08/2025						N/A						3,652						3,652						0.1						3,651
			Isto Group, Inc.(9)			LP units						N/A												N/A															09/2025						N/A						18						2,189						—						2,166
																																																									5,841						0.1						5,817
			Healthcare Providers & Services
			HP TLE Buyer, Inc.			LP units						N/A												N/A															07/2025						N/A						743						743						—						743
			Healthcare Technology
			Amberfield Acquisition Co.			Preferred stock						N/A												N/A															05/2024						N/A						450						450						—						536
			Modernizing Medicine, Inc.(24)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						14						14,820						0.4						15,155
																																																									15,270						0.4						15,691

See Notes to Consolidated Financial Statements

34

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Hotels, Restaurants & Leisure
			Patriot Acquireco, LLC			LP units						N/A												N/A															09/2025						N/A						3,613						$	3,613					0.1			%			$	3,613
			PB Group Holdings, LLC			Preferred stock						N/A												N/A															08/2024						N/A						113						262						—						279
			Rooster BidCo Limited(8)(10)			LLC units						N/A												N/A															03/2025						N/A						1,601						1,656						0.1						2,450
			Saguaro Buyer, LLC			LP units						N/A												N/A															07/2025						N/A						4						3,798						0.1						4,038
																																																									9,329						0.3						10,380
			Insurance
			Oakbridge Insurance Agency LLC			Preferred stock						N/A												N/A															11/2023						N/A						4						70						—						89
			Leisure Products
			Movement Holdings, LLC(8)(10)			LP units						N/A												N/A															03/2024						N/A						—						661						—						385
			Pharmaceuticals
			Creek Parent, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						1,279						1,279						—						1,368
			Professional Services
			Eclipse Buyer, Inc.(24)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						3,773						0.1						3,833
			Software
			CB Buyer, Inc.			Preferred stock						N/A												N/A															07/2024						N/A						458						458						—						285
			Denali Bidco Limited(8)(10)			LP units						N/A												N/A															08/2023						N/A						75						46						—						128
			Energy Worldnet, LLC(24)			Preferred stock						N/A												N/A															02/2025						N/A						50						52						—						54
			Gurobi Optimization, LLC			LLC units						N/A												N/A															09/2024						N/A						—						209						—						229
			LogicMonitor, Inc.			LLC units						N/A												N/A															12/2024						N/A						250						250						—						277
			Menlo Ridgeview Co-Invest, LLC(8)			LLC units						N/A												N/A															05/2025						N/A						1,484						1,520						—						1,587
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			Pluralsight, LLC			Common stock						N/A												N/A															08/2024						N/A						597						1,100						—						1,055
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						676						3,599						0.1						3,745
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						545						2,384						0.1						2,445
			Transform Bidco Limited(8)(10)			LP units						N/A												N/A															04/2025						N/A						3,477						3,477						0.1						3,601
			Tricentis Operations Holdings, Inc.			Preferred stock						N/A												N/A															02/2025						N/A						40						40						—						44
																																																									13,139						0.3						13,450
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(8)(11)			LLC units						N/A												N/A															12/2024						N/A						1						124						—						132
			Metal Supermarkets US Buyer, LLC(8)(11)			Preferred stock						N/A												N/A															12/2024						N/A						—						—						—						10
																																																									124						—						142
			Total equity investments																																																						61,047						1.5						64,837
			Total investments																																																						8,479,341						210.7						8,555,251
			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%			(28)																														$	251,491					6.2			%			$	251,491
			JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Share Class (CUSIP 4812A0375)																					4.09%			(28)																														161,145						4.0						161,145
			Total money market funds																																																						412,636						10.2						412,636
			Total investments and money market funds																																																						$	8,891,977					220.9			%			$	8,967,887

See Notes to Consolidated Financial Statements

35

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 2025-R Debt Securitization (as defined in Note 7).
&						Denotes that all or a portion of the investment collateralizes the 2025 Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
#						Denotes that all or a portion of the investment collateralizes the BANA Credit Facility (as defined in Note 7).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 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 may 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 Prime, 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 the 30-day Term SOFR which was 4.13% as of September 30, 2025.

(h) 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.

(i) 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.

(j) 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 6. 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)Investment was on non-accrual status as of September 30, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(8)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 21.3% of the Company’s total assets calculated in accordance with the 1940 Act.

(9)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.

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

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

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

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

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

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

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

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

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

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

(20)The headquarters of this portfolio company is located in the Cayman Islands.

(21)The headquarters of this portfolio company is located in Lithuania.

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

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

See Notes to Consolidated Financial Statements

36

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

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

(25)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.

(26)The fair value of this investment was valued using Level 2 inputs. See Note 6.

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

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

See Notes to Consolidated Financial Statements

37

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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
			Bleriot US Bidco Inc.^(7)(20)			Senior secured						SF +			3.25		%	(g)						7.85		%													10/2030						$	13,266					$	13,329					0.8			%			$	13,299
			Dynasty Acquisition Co.^(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													08/2028						5,738						5,716						0.3						5,749
			Dynasty Acquisition Co.^(7)(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													08/2028						2,048						2,038						0.1						2,052
			Element Materials Technology^(7)(20)			Senior secured						SF +			3.75		%	(g)						8.35		%													06/2029						2,992						3,000						0.2						3,004
			LSF11 Trinity Bidco, Inc.^			Senior secured						SF +			3.50		%	(f)						8.42		%													06/2030						997						1,001						0.1						1,000
			Transdigm, Inc.^(7)(20)			Senior secured						SF +			2.75		%	(g)						7.35		%													03/2030						3,491						3,500						0.2						3,495
																																													28,532						28,584						1.7						28,599
			Airlines
			Accelya Lux Finco S.A.R.L.*(7)(11)(19)			One stop						SF +			7.00		%	(g)						7.70		%	cash/			4.00		%	PIK						12/2026						1,554						1,507						0.1						1,492
			Brown Group Holding, LLC ^(20)			Senior secured						SF +			2.75		%	(f)(g)						7.84		%													07/2031						2,977						2,977						0.2						2,975
			Brown Group Holding, LLC ^(20)			Senior secured						SF +			2.75		%	(f)						7.60		%													07/2031						1,809						1,810						0.1						1,808
			KKR Apple Bidco, LLC^(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													09/2028						9,162						9,192						0.5						9,193
																																													15,502						15,486						0.9						15,468
			Auto Components
			Collision SP Subco, LLC*			One stop						SF +			5.50		%	(g)						10.75		%													01/2030						9,575						9,405						0.6						9,575
			Collision SP Subco, LLC^			One stop						SF +			5.50		%	(f)(h)						10.36		%													01/2030						1,749						1,699						0.1						1,749
			Collision SP Subco, LLC^			One stop						SF +			5.50		%	(g)						10.75		%													01/2030						236						208						—						236
			OEConnection, LLC^			One stop						SF +			5.25		%	(f)						10.10		%													04/2031						40,851						40,469						2.4						40,851
			OEConnection, LLC^(5)			One stop																		N/A(6)															04/2031						—						(33)						—						—
			OEConnection, LLC^(5)			One stop																		N/A(6)															04/2031						—						(42)						—						—
			RC Buyer, Inc.^(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													07/2028						1,999						2,007						0.1						2,004
			RealTruck Group, Inc.^(7)(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													01/2028						7,289						7,218						0.4						7,183
			TI Automotive^(7)			Senior secured						SF +			3.25		%	(f)						8.21		%													12/2026						2,366						2,372						0.1						2,372
			Wand NewCo 3, Inc.^(7)(20)			Senior secured						SF +			3.25		%	(f)(g)						8.01		%													01/2031						9,875						9,896						0.6						9,875
																																													73,940						73,199						4.3						73,845
			Automobiles
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25		%	(g)						9.85		%													06/2030						23,403						23,065						1.4						23,403
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25		%	(f)						10.10		%													06/2030						645						594						—						645
			Denali Midco 2, LLC*^			One stop						SF +			6.00		%	(f)						10.95		%													12/2027						19,696						19,271						1.2						19,696
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.00		%	(g)						9.60		%													12/2029						604						594						—						604
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.00		%	(g)						9.60		%													12/2029						126						124						—						126
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.00		%	(g)						9.60		%													12/2029						107						103						—						107
			High Bar Brands Operating, LLC^(5)			Senior secured																		N/A(6)															12/2029						—						(3)						—						—
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(g)						9.85		%													09/2027						9,504						9,267						0.5						9,504
			JHCC Holdings LLC^			One stop						SF +			5.25		%	(g)						9.87		%													09/2027						1,390						1,380						0.1						1,390
			Mavis Tire Express Services Topco, Corp.^(7)(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													05/2028						7,451						7,464						0.4						7,456
			Mister Car Wash Holdings, Inc.^(7)(20)			Senior secured						SF +			3.00		%	(f)						7.85		%													03/2031						13,614						13,655						0.8						13,645
			National Express Wash Parent Holdco, LLC*^			One stop						SF +			5.50		%	(g)						10.74		%													07/2029						19,686						19,063						1.1						19,293
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(f)						9.60		%													06/2031						1,868						1,853						0.1						1,868
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(f)						9.60		%													06/2031						72						67						—						72
			Quick Quack Car Wash Holdings, LLC^(5)			One stop																		N/A(6)															06/2031						—						(2)						—						—
			TWAS Holdings, LLC*^			One stop						SF +			6.75		%	(f)						11.70		%													12/2026						22,944						22,650						1.3						22,944
			Yorkshire Parent, Inc.*^			One stop						SF +			6.00		%	(g)						10.60		%													12/2029						15,169						15,038						0.9						15,169
			Yorkshire Parent, Inc.^(5)			One stop																		N/A(6)															12/2029						—						(36)						—						—
			Yorkshire Parent, Inc.^(5)			One stop																		N/A(6)															12/2029						—						(28)						—						—
																																													136,279						134,119						7.8						135,922

See Notes to Consolidated Financial Statements

38

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Banks
			OSP Hamilton Purchaser, LLC*			One stop						SF +			5.00		%	(g)						10.25		%													12/2029						$	2,804					$	2,773					0.2			%			$	2,804
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(g)						10.26		%													12/2029						532						503						—						532
			OSP Hamilton Purchaser, LLC^(5)			One stop																		N/A(6)															12/2029						—						(4)						—						—
																																													3,336						3,272						0.2						3,336
			Beverages
			Winebow Holdings, Inc.*^			One stop						SF +			6.25		%	(f)						11.20		%													12/2027						15,474						15,399						0.8						14,700
			Capital Markets
			BlueMatrix Holdings, LLC*			One stop						SF +			5.25		%	(g)						9.85		%													01/2031						10,690						10,606						0.6						10,690
			BlueMatrix Holdings, LLC^(5)			One stop																		N/A(6)															01/2031						—						(15)						—						—
			BlueMatrix Holdings, LLC^(5)			One stop																		N/A(6)															01/2031						—						(28)						—						—
																																													10,690						10,563						0.6						10,690
			Chemicals
			INEOS US Finance LLC and INEOS Finance PLC^(7)(20)			Senior secured						SF +			3.25		%	(f)						8.10		%													02/2030						7,848						7,816						0.5						7,853
			Inhance Technologies Holdings, LLC*(19)			One stop						SF +			6.50		%	(g)						7.98		%	cash/			4.00		%	PIK						12/2024						10,229						10,229						0.5						8,286
			Inhance Technologies Holdings, LLC^(19)			One stop						SF +			6.50		%	(g)						7.98		%	cash/			4.00		%	PIK						12/2024						5,053						5,053						0.2						4,093
			Innophos Holdings, Inc.^(7)(20)			Senior secured						SF +			3.75		%	(f)						8.71		%													02/2027						3,417						3,424						0.2						3,432
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(f)						9.60		%													03/2029						8,711						8,625						0.5						8,623
			Krayden Holdings, Inc.^(5)			Senior secured																		N/A(6)															03/2029						—						(29)						—						(30)
			Krayden Holdings, Inc.^(5)			Senior secured																		N/A(6)															03/2029						—						(43)						—						(44)
			W.R. Grace & Co^(7)(20)			Senior secured						SF +			3.25		%	(g)						7.85		%													08/2028						6,979						6,988						0.4						7,005
			Windsor Holdings III, LLC^(7)(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													08/2030						8,948						8,981						0.5						9,001
																																													51,185						51,044						2.8						48,219
			Commercial Services & Supplies
			BradyIFS Holdings, LLC^			One stop						SF +			6.00		%	(g)						11.25		%													10/2029						14,987						14,733						0.9						14,987
			BradyIFS Holdings, LLC^			One stop						SF +			6.00		%	(f)(g)						11.18		%													10/2029						1,182						1,168						0.1						1,182
			BrightView Landscapes, LLC^(7)(20)			Senior secured						SF +			2.50		%	(g)						7.75		%													04/2029						2,500						2,500						0.1						2,500
			Encore Holdings, LLC^			One stop						SF +			5.25		%	(g)						10.11		%													11/2028						12,194						12,003						0.7						12,194
			Encore Holdings, LLC*			One stop						SF +			5.50		%	(g)						10.25		%													11/2028						11,542						11,360						0.7						11,570
			Encore Holdings, LLC*			One stop						SF +			5.50		%	(g)						10.20		%													11/2028						2,295						2,258						0.1						2,301
			FR Vision Holdings, Inc.*^			One stop						SF +			5.50		%	(g)						10.78		%													01/2031						18,378						18,213						1.1						18,378
			FR Vision Holdings, Inc.^			One stop						SF +			5.50		%	(g)						10.78		%													01/2031						1,547						1,494						0.1						1,547
			FR Vision Holdings, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(13)						—						—
			Kleinfelder Intermediate, LLC^			One stop						SF +			6.25		%	(g)						11.31		%													09/2030						1,819						1,770						0.1						1,819
			Kleinfelder Intermediate, LLC^			One stop						P +			4.00		%	(a)						12.00		%													09/2028						57						53						—						57
			Kleinfelder Intermediate, LLC^(5)			One stop																		N/A(6)															09/2030						—						(3)						—						—
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(f)						10.42		%													04/2031						1,454						1,440						0.1						1,454
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(f)						10.10		%													04/2031						242						241						—						242
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(a)(f)						10.36		%													04/2030						146						144						—						146
			PSC Parent, Inc.^(5)			One stop																		N/A(6)															04/2031						—						(2)						—						—
			Radwell Parent, LLC*			One stop						SF +			5.50		%	(g)						10.10		%													03/2029						15,758						15,758						0.9						15,601
			Radwell Parent, LLC^			One stop						SF +			5.50		%	(g)						10.10		%													03/2029						917						507						0.1						871
			WRE Holding Corp.^			One stop						SF +			5.00		%	(h)						9.25		%													07/2031						31,648						31,342						1.8						31,648
			WRE Holding Corp.^			One stop						SF +			5.00		%	(h)						9.81		%													07/2031						462						420						—						462
			WRE Holding Corp.^(5)			One stop																		N/A(6)															07/2030						—						(44)						—						—
																																													117,128						115,342						6.8						116,959
			Construction & Engineering
			Consor Intermediate II, LLC^			One stop						SF +			4.75		%	(g)						9.35		%													05/2031						1,209						1,203						0.1						1,209
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(5)						—						—
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Service Logic Acquisition, Inc.^			Senior secured						SF +			3.50		%	(f)(g)						8.31		%													10/2027						6,969						6,985						0.4						6,998
																																													8,178						8,182						0.5						8,207

See Notes to Consolidated Financial Statements

39

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Construction Materials
			Star Holding, LLC^(7)(20)			Senior secured						SF +			4.50		%	(f)						9.35		%													07/2031						$	7,500					$	7,416					0.4			%			$	7,343
			Consumer Finance
			Ascensus Group Holdings^(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													08/2028						13,902						13,939						0.8						13,919
			Containers & Packaging
			AOT Packaging Products Acquisitionco, LLC ^(20)			Senior secured						SF +			3.25		%	(f)						8.21		%													03/2028						3,135						3,104						0.2						3,079
			Chase Intermediate*^			One stop						SF +			4.75		%	(g)						10.00		%													10/2028						14,723						14,498						0.8						14,723
			Packaging Coordinators Midco, Inc.^(20)			Senior secured						SF +			3.25		%	(f)						8.10		%													11/2027						8,990						9,009						0.5						8,997
			Pegasus BidCo^(7)(12)(20)			Senior secured						SF +			3.75		%	(g)						8.87		%													07/2029						6,434						6,450						0.4						6,452
			Reynolds Group Holdings^(7)(20)			Senior secured						SF +			2.50		%	(f)						7.35		%													09/2028						5,176						5,183						0.3						5,181
			Technimark, LLC^			Senior secured						SF +			3.50		%	(f)						8.60		%													04/2031						7,844						7,810						0.5						7,844
			WP Deluxe Merger Sub^(20)			Senior secured						SF +			3.75		%	(g)						8.62		%													05/2028						5,440						5,416						0.3						5,465
																																													51,742						51,470						3.0						51,741
			Diversified Consumer Services
			Any Hour, LLC^			One stop						SF +			5.00		%	(g)						9.60		%													05/2030						30,591						30,159						1.8						30,285
			Any Hour, LLC^(19)			One stop						N/A												13.00		%	PIK												05/2031						4,844						4,756						0.3						4,796
			Any Hour, LLC^			One stop						SF +			5.00		%	(g)						9.90		%													05/2030						1,481						1,416						0.1						1,435
			Any Hour, LLC^			One stop						SF +			5.00		%	(g)						10.28		%													05/2030						866						803						—						777
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(f)						9.86		%													10/2030						18,070						17,611						1.0						17,890
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(f)						9.86		%													10/2030						4,301						4,197						0.3						4,258
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(f)						9.86		%													10/2030						1,477						1,411						0.1						1,344
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(f)						9.86		%													10/2029						640						594						—						630
			Certus Pest, Inc.^			One stop						SF +			5.75		%	(g)						10.50		%													02/2026						3,304						3,287						0.2						3,304
			Certus Pest, Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													02/2026						3,091						3,074						0.2						3,091
			Certus Pest, Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													02/2026						2,597						2,583						0.2						2,597
			Certus Pest, Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													02/2026						2,359						2,347						0.1						2,359
			Certus Pest, Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													02/2026						1,427						1,419						0.1						1,427
			Certus Pest, Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													02/2026						1,133						1,127						0.1						1,133
			CHVAC Services Investment, LLC^			One stop						SF +			5.00		%	(g)						9.60		%													05/2030						898						891						0.1						898
			CHVAC Services Investment, LLC^			One stop						SF +			5.00		%	(g)						9.60		%													05/2030						418						405						—						418
			CHVAC Services Investment, LLC^(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(g)						10.25		%													07/2029						772						764						—						772
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(g)						10.25		%													07/2029						222						216						—						222
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(g)						10.25		%													07/2029						15						14						—						15
			HS Spa Holdings, Inc.*^			One stop						SF +			5.25		%	(g)						10.31		%													06/2029						7,879						7,755						0.5						7,879
			HS Spa Holdings, Inc.^(5)			One stop																		N/A(6)															06/2029						—						(4)						—						—
			Liminex, Inc.^			One stop						SF +			7.25		%	(g)						12.46		%													11/2026						10,679						10,579						0.6						10,679
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(f)						9.85		%													05/2028						28,583						28,454						1.6						28,583
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(f)						9.85		%													05/2028						5,826						5,798						0.3						5,826
			Litera Bidco, LLC^(5)			One stop																		N/A(6)															05/2028						—						(9)						—						—
			Litera Bidco, LLC^			One stop																		N/A(6)															05/2028						—						—						—						—
			Project Alpha Intermediate Holdings, Inc.^(20)			Senior secured						SF +			3.75		%	(g)						9.00		%													10/2030						7,650						7,691						0.4						7,676
			Provenance Buyer LLC*			One stop						SF +			5.50		%	(f)						10.45		%													06/2027						7,484						7,484						0.4						7,110
			Provenance Buyer LLC*			One stop						SF +			5.50		%	(f)						10.45		%													06/2027						3,837						3,837						0.2						3,645
			RW AM Holdco LLC*			One stop						SF +			5.25		%	(g)						9.95		%													04/2028						11,275						10,941						0.6						10,485
			Virginia Green Acquisition, LLC*			One stop						SF +			5.25		%	(h)						9.50		%													12/2030						15,065						14,931						0.9						15,065
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25		%	(h)						9.50		%													12/2030						621						568						—						621
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2029						—						(21)						—						—
																																													177,405						175,077						10.1						175,220

See Notes to Consolidated Financial Statements

40

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Diversified Financial Services
			Apex Group Treasury, LLC^(7)(20)			Senior secured						SF +			3.75		%	(g)						8.78		%													07/2028						$	4,987					$	5,006					0.3			%			$	5,000
			Baker Tilly Advisory Group, LP^			One stop						SF +			5.00		%	(f)						9.85		%													06/2031						17,005						16,767						1.0						17,005
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2030						—						(51)						—						—
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2031						—						(18)						—						—
			BCPE Pequod Buyer^			Senior secured						SF +			3.50		%	(g)						8.10		%													11/2031						8,000						7,990						0.4						7,974
			Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)			One stop						E +			5.25		%	(c)						8.84		%													07/2031						13,516						13,006						0.8						13,389
			Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)(19)			Subordinated debt						E +			8.00		%	(c)						3.59		%	cash/			8.00		%	PIK						07/2032						3,683						3,542						0.2						3,647
			Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)			One stop																		N/A(6)															07/2031						—						—						—						—
			Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)			One stop																		N/A(6)															07/2031						—						—						—						—
			Finastra USA, Inc.^			One stop						SF +			7.25		%	(g)						12.18		%													09/2029						20,717						20,375						1.2						20,795
			Finastra USA, Inc.^			One stop						SF +			7.25		%	(g)						12.18		%													09/2029						23						22						—						23
			Focus Financial Partners, LLC^(20)			Senior secured						SF +			3.25		%	(f)						8.10		%													09/2031						8,127						8,127						0.5						8,112
			Focus Financial Partners, LLC^(5)(20)			Senior secured																		N/A(6)															09/2031						—						—						—						(2)
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50		%	(f)						9.35		%													11/2028						3,433						3,450						0.2						3,433
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.75		%	(f)						9.60		%													11/2028						1,056						1,029						0.1						1,056
			Howden Group Holdings Limited ^(7)(9)(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													02/2031						15,037						15,032						0.9						15,065
			Mariner Wealth Advisors, LLC^(20)			Senior secured						SF +			3.00		%	(g)						7.60		%													08/2028						12,793						12,764						0.7						12,827
			Orion Advisor Solutions^(20)			Senior secured						SF +			3.75		%	(g)						9.26		%													09/2027						9,310						9,303						0.5						9,309
			The Dun & Bradstreet Corporation^(7)(20)			Senior secured						SF +			2.75		%	(f)						7.61		%													01/2029						3,498						3,503						0.2						3,499
																																													121,185						119,847						7.0						121,132
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75		%	(g)						10.00		%													12/2030						509						500						—						509
			Power Grid Holdings, Inc.^(5)			One stop																		N/A(6)															12/2030						—						(2)						—						—
																																													509						498						—						509
			Food & Staples Retailing
			Eagle Parent Corp.^(20)			Senior secured						SF +			4.25		%	(g)						8.85		%													04/2029						7,435						7,346						0.4						7,070
			Inspire International, Inc.^(7)(20)			Senior secured						SF +			2.75		%	(f)						7.70		%													12/2027						2,992						2,998						0.2						2,992
																																													10,427						10,344						0.6						10,062
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00		%	(g)						10.60		%													10/2030						15,207						15,011						0.9						15,207
			Blast Bidco Inc.^(5)			One stop																		N/A(6)															10/2029						—						(22)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00		%	(g)						10.33		%													08/2030						11,032						10,924						0.6						10,922
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00		%	(g)						10.33		%													08/2030						165						153						—						153
			Louisiana Fish Fry Products, Ltd.^			One stop						SF +			6.25		%	(g)						11.00		%													07/2027						8,804						8,436						0.5						8,716
			MIC GLEN LLC^(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													07/2028						7,414						7,429						0.4						7,431
																																													42,622						41,931						2.4						42,429
			Healthcare Equipment & Supplies
			Blue River Pet Care, LLC*			One stop						SF +			5.00		%	(f)						9.95		%													07/2026						11,545						11,477						0.7						11,545
			Blue River Pet Care, LLC^			One stop						SF +			5.00		%	(f)						9.95		%													07/2026						7,791						7,732						0.4						7,791
			Blue River Pet Care, LLC*			One stop						SF +			5.00		%	(f)						9.95		%													07/2026						3,724						3,702						0.2						3,724
			Blue River Pet Care, LLC^(5)			One stop																		N/A(6)															07/2026						—						(153)						—						—
			CCSL Holdings, LLC*^(7)			One stop						SF +			5.75		%	(f)						10.60		%													12/2028						11,725						11,549						0.7						11,638
			CCSL Holdings, LLC^(5)(7)(8)			One stop																		N/A(6)															12/2028						—						—						—						(203)
			CCSL Holdings, LLC^(5)(7)(8)			One stop																		N/A(6)															12/2028						—						(38)						—						(40)
			CMI Parent Inc.*^			One stop						SF +			5.00		%	(f)						9.85		%													12/2026						18,402						18,317						1.1						18,310
			CMI Parent Inc.*			One stop						SF +			5.00		%	(f)						9.85		%													12/2026						6,757						6,749						0.4						6,723
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(g)						10.56		%													06/2031						40,858						40,469						2.3						40,449
			HuFriedy Group Acquisition, LLC^(5)			One stop																		N/A(6)															05/2030						—						(42)						—						(45)
			HuFriedy Group Acquisition, LLC^(5)			One stop																		N/A(6)															06/2031						—						(85)						—						(89)
			Precision Medicine Group, LLC^(20)			Senior secured						SF +			3.00		%	(g)						7.70		%													11/2027						7,558						7,538						0.4						7,539
			Resonetics, LLC^(20)			Senior secured						SF +			3.75		%	(f)						8.71		%													06/2031						6,593						6,610						0.3						6,610
			TIDI Legacy Products, Inc.^			One stop						SF +			5.50		%	(f)						10.35		%													12/2029						1,650						1,642						0.1						1,650

See Notes to Consolidated Financial Statements

41

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			TIDI Legacy Products, Inc.^(5)			One stop																		N/A(6)															12/2029						$	—					$	(2)					—			%			$	—
			TIDI Legacy Products, Inc.^(5)			One stop																		N/A(6)															12/2029						—						(1)						—						—
			YI, LLC*			One stop						SF +			5.75		%	(f)						10.87		%													12/2029						6,159						6,053						0.4						6,159
			YI, LLC^(5)			One stop																		N/A(6)															12/2029						—						(20)						—						—
			YI, LLC^(5)			One stop																		N/A(6)															12/2029						—						(11)						—						—
																																													122,762						121,486						7.0						121,761
			Healthcare Providers & Services
			Agiliti Health, Inc.^(20)			Senior secured						SF +			3.00		%	(g)						8.33		%													05/2030						6,970						6,960						0.4						6,787
			AHP Health Partners, Inc. ^(7)(20)			Senior secured						SF +			2.75		%	(f)						7.60		%													08/2028						7,117						7,146						0.4						7,121
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*^			One stop						SF +			6.00		%	(g)						11.16		%													03/2027						11,698						11,660						0.7						11,698
			Bamboo US Bidco LLC^(19)			One stop						SF +			6.75		%	(g)						8.62		%	cash/			3.38		%	PIK						09/2030						8,016						7,817						0.5						7,936
			Bamboo US Bidco LLC^(7)(8)(19)			One stop						E +			6.75		%	(b)						7.01		%	cash/			3.38		%	PIK						09/2030						5,554						5,144						0.3						5,498
			Bamboo US Bidco LLC^(19)			One stop						SF +			6.75		%	(g)						8.56		%	cash/			3.38		%	PIK						09/2030						594						578						—						582
			Bamboo US Bidco LLC^(5)			One stop																		N/A(6)															09/2029						—						(42)						—						(13)
			Cotiviti^(20)			Senior secured						SF +			3.25		%	(f)						8.45		%													05/2031						12,450						12,462						0.7						12,458
			Datix Bidco Limited and RL Datix Holdings, Inc.^(7)(9)			One stop						SF +			5.50		%	(h)						10.81		%													04/2031						23,296						22,859						1.3						23,063
			Datix Bidco Limited and RL Datix Holdings, Inc.^(7)(8)(9)			One stop						SN +			5.50		%	(e)						10.45		%													04/2031						14,430						13,298						0.8						14,285
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(7)(9)			One stop																		N/A(6)															04/2031						—						(49)						—						(53)
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(7)(9)			One stop																		N/A(6)															10/2030						—						(86)						—						(46)
			Mamba Purchaser, Inc.^(20)			Senior secured						SF +			3.25		%	(f)						8.35		%													10/2028						9,950						9,986						0.6						9,951
			Midwest Veterinary Partners, LLC^(20)			Senior secured						SF +			3.75		%	(f)						8.87		%													04/2028						11,046						11,020						0.6						11,061
			New Look (Delaware) Corporation and NL1 AcquireCo, Inc.^(7)(8)(10)(19)			One stop						CA +			6.00		%	(i)						8.25		%	cash/			2.00		%	PIK						05/2028						11,142						10,965						0.6						10,696
			Pharmerica^(20)			Senior secured						SF +			3.25		%	(f)						8.10		%													02/2031						12,435						12,354						0.7						12,415
			Pinnacle Treatment Centers, Inc.*^			One stop						SF +			5.50		%	(g)						10.56		%													01/2027						19,679						19,635						1.2						19,679
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.50		%	(g)						10.56		%													01/2027						17,336						17,193						1.0						17,336
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.50		%	(g)						10.56		%													01/2027						8,471						8,396						0.5						8,471
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.50		%	(g)						10.56		%													01/2027						1,767						1,752						0.1						1,767
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.50		%	(g)						10.56		%													01/2027						1,096						1,086						0.1						1,096
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.50		%	(g)						10.56		%													01/2027						829						822						—						829
			Pinnacle Treatment Centers, Inc.^			One stop						P +			4.25		%	(a)						12.25		%													01/2027						913						860						0.1						913
			Premise Health Holding Corp.^			One stop						SF +			5.50		%	(h)						10.76		%													03/2031						29,610						29,203						1.7						29,610
			Premise Health Holding Corp.^(5)			One stop																		N/A(6)															03/2030						—						(47)						—						—
																																													214,399						210,972						12.3						213,140
			Healthcare Technology
			Alegeus Technologies Holdings Corp.*^			Senior secured						SF +			8.25		%	(g)						13.46		%													09/2026						5,775						5,730						0.3						5,775
			Amberfield Acquisition Co.^			One stop						SF +			5.00		%	(g)						9.60		%													05/2030						1,487						1,473						0.1						1,487
			Amberfield Acquisition Co.^(5)			One stop																		N/A(6)															05/2030						—						(9)						—						—
			Amberfield Acquisition Co.^(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			Athenahealth, Inc.^(7)(20)			Senior secured						SF +			3.25		%	(f)						8.10		%													02/2029						2,992						2,974						0.2						2,979
			ESO Solution, Inc.^			One stop						SF +			7.00		%	(g)						12.06		%													05/2027						5,250						5,210						0.3						5,250
			GHX Ultimate Parent Corporation^(20)			Senior secured						SF +			4.00		%	(g)						9.13		%													06/2027						2,978						2,994						0.2						2,994
			HealthEdge Software, Inc.^			One stop						SF +			4.75		%	(f)						9.85		%													07/2031						14,299						14,160						0.8						14,156
			HealthEdge Software, Inc.^(5)			One stop																		N/A(6)															07/2031						—						(18)						—						(19)
			HealthEdge Software, Inc.^(5)			One stop																		N/A(6)															07/2031						—						(31)						—						(32)
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(g)						9.78		%													07/2031						13,190						13,061						0.7						13,058
			Kona Buyer, LLC^(5)			One stop																		N/A(6)															07/2031						—						(15)						—						(16)
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^(5)			One stop																		N/A(6)															07/2031						—						(19)						—						(19)
			Lacker Bidco Limited^(7)(8)(9)			One stop						SN +			5.25		%	(e)						10.20		%													02/2031						12,967						12,066						0.7						12,967
			Lacker Bidco Limited^(7)(8)(9)			One stop						SN +			5.25		%	(e)						10.20		%													02/2031						2,918						2,589						0.2						2,918
			Lacker Bidco Limited^(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(41)						—						—

See Notes to Consolidated Financial Statements

42

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Mediware Information Systems, Inc.^(20)			Senior secured						SF +			3.25		%	(f)						8.21		%													03/2028						$	8,010					$	8,003					0.5			%			$	8,008
			Mediware Information Systems, Inc.^(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													03/2028						2,985						2,982						0.2						2,988
			Neptune Holdings, Inc.^			One stop						SF +			5.75		%	(g)						10.35		%													09/2030						5,603						5,532						0.3						5,603
			Neptune Holdings, Inc.^(5)			One stop																		N/A(6)															08/2029						—						(1)						—						—
			Netsmart Technologies, Inc.^(19)			One stop						SF +			5.20		%	(f)						7.35		%	cash/			2.70		%	PIK						08/2031						56,931						56,372						3.3						56,362
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(76)						—						(77)
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(37)						—						(38)
			Stratose Intermediate Holdings II, LLC^(20)			Senior secured						SF +			2.75		%	(f)						7.60		%													09/2029						3,508						3,519						0.2						3,510
			Tebra Technologies, Inc.^(19)			One stop						SF +			8.00		%	(g)						9.25		%	cash/			3.50		%	PIK						06/2025						10,819						10,828						0.6						10,927
																																													149,712						147,245						8.6						148,781
			Hotels, Restaurants & Leisure
			BJH Holdings III Corp.*			One stop						SF +			4.50		%	(g)						9.97		%													08/2027						9,874						9,793						0.6						9,800
			Fertitta Entertainment, LLC^(20)			Senior secured						SF +			3.75		%	(f)						8.85		%													01/2029						8,856						8,846						0.5						8,842
			GFP Atlantic Holdco 2, LLC*			One stop						SF +			6.00		%	(g)						11.13		%													11/2027						2,620						2,579						0.2						2,620
			GFP Atlantic Holdco 2, LLC^(5)			One stop																		N/A(6)															11/2027						—						(46)						—						—
			Health Buyer, LLC*			Senior secured						SF +			5.25		%	(g)						9.85		%													04/2029						4,925						4,848						0.3						4,876
			Health Buyer, LLC^(5)			Senior secured																		N/A(6)															04/2029						—						(5)						—						—
			PB Group Holdings, LLC^(19)			One stop						SF +			5.50		%	(f)						7.60		%	cash/			2.75		%	PIK						08/2030						32,513						32,353						1.9						32,351
			PB Group Holdings, LLC^(5)			One stop																		N/A(6)															08/2030						—						(19)						—						(19)
			Scientific Games Holdings LP^(20)			Senior secured						SF +			3.00		%	(g)						8.32		%													04/2029						7,462						7,446						0.4						7,427
			SDC Holdco, LLC^			One stop						SF +			5.00		%	(g)						9.60		%													06/2031						41,351						41,152						2.4						41,351
			SDC Holdco, LLC^(19)			Second lien						SF +			8.50		%	(g)						13.10		%	PIK												06/2032						5,937						5,895						0.3						5,937
			SDC Holdco, LLC^			One stop						SF +			5.00		%	(g)						9.66		%													06/2031						365						347						—						365
			SSRG Holdings, LLC*^			One stop						SF +			5.00		%	(g)						9.60		%													11/2027						22,860						22,805						1.3						22,745
			SSRG Holdings, LLC^			One stop						SF +			5.00		%	(g)						10.25		%													11/2027						10,214						10,165						0.6						10,162
			SSRG Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.60		%													11/2027						630						620						—						619
			Super REGO, LLC^(19)			Subordinated debt						N/A												15.00		%	PIK												03/2030						54						53						—						54
			YE Brands Holding, LLC*			One stop						SF +			4.75		%	(g)						9.35		%													10/2027						6,332						6,278						0.4						6,332
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(g)						9.40		%													10/2027						706						695						—						706
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(g)						9.47		%													10/2027						27						27						—						27
																																													154,726						153,832						8.9						154,195
			Household Products
			WU Holdco, Inc.*			One stop						SF +			5.00		%	(g)						9.60		%													03/2027						4,012						3,904						0.3						4,012
			WU Holdco, Inc.^			One stop						SF +			5.00		%	(g)						9.60		%													03/2027						2,153						2,140						0.1						2,153
			WU Holdco, Inc.^			One stop						SF +			5.00		%	(g)						9.73		%													03/2027						137						133						—						137
			WU Holdco, Inc.*			One stop						SF +			5.00		%	(g)						9.60		%													03/2027						2,048						1,992						0.1						2,048
																																													8,350						8,169						0.5						8,350
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(g)						9.44		%													04/2026						6,725						6,652						0.4						6,590
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(g)						9.44		%													04/2026						4,371						4,324						0.2						4,284
			EAB Global, Inc. ^(20)			Senior secured						SF +			3.25		%	(f)						8.10		%													08/2028						12,296						12,286						0.7						12,267
			Essential Services Holdings Corporation^			One stop						SF +			5.00		%	(g)						10.29		%													06/2031						40,923						40,531						2.3						40,514
			Essential Services Holdings Corporation^(5)			One stop																		N/A(6)															06/2030						—						(48)						—						(50)
			Essential Services Holdings Corporation^(5)			One stop																		N/A(6)															06/2031						—						(38)						—						(80)
			Excelitas Technologies Corp.^(7)(8)			One stop						E +			5.25		%	(b)						8.60		%													08/2029						15,356						14,932						0.9						15,202
			Excelitas Technologies Corp.^(5)			One stop																		N/A(6)															08/2029						—						(18)						—						(26)
			Madison IAQ LLC^(7)(20)			Senior secured						SF +			2.75		%	(h)						7.89		%													06/2028						4,918						4,918						0.3						4,920
																																													84,589						83,539						4.8						83,621
			Insurance
			Acrisure, LLC^(20)			Senior secured						SF +			3.25		%	(f)						8.21		%													11/2030						14,927						14,874						0.9						14,945
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(g)						9.95		%													07/2027						7,760						7,706						0.4						7,760
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(g)						9.95		%													07/2027						3,524						3,500						0.2						3,524
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(g)						9.95		%													07/2027						3,110						3,089						0.2						3,110
			AssuredPartners Capital, Inc.^(7)(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													02/2031						13,942						14,003						0.8						13,945

See Notes to Consolidated Financial Statements

43

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50		%	(f)						10.35		%													03/2028						$	7,826					$	7,690					$	0.5		%			$	7,826
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50		%	(g)						10.56		%													03/2028						5,262						5,262						0.3						5,262
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50		%	(f)						10.36		%													03/2028						1,286						1,229						0.1						1,286
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50		%	(f)						10.34		%													03/2028						829						829						—						829
			Captive Resources Midco, LLC^(19)			One stop						SF +			5.25		%	(f)						10.10		%													07/2029						8,462						8,462						0.5						8,462
			Compass Investors, Inc. ^(20)			Senior secured						SF +			2.75		%	(g)						7.35		%													11/2029						4,948						4,955						0.3						4,939
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(g)						10.06		%													12/2030						10,729						10,634						0.6						10,756
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(g)						10.22		%													12/2030						8,867						8,776						0.5						8,892
			Doxa Insurance Holdings LLC^(5)			One stop																		N/A(6)															12/2029						—						(20)						—						—
			Doxa Insurance Holdings LLC^(5)			One stop																		N/A(6)															12/2030						—						(163)						—						—
			Galway Borrower LLC*			One stop						SF +			4.50		%	(g)						9.10		%													09/2028						4,914						4,802						0.3						4,890
			Gimlet Bidco GMBH^(7)(8)(14)			One stop						E +			5.75		%	(b)						9.39		%													04/2031						1,671						1,567						0.1						1,654
			Gimlet Bidco GMBH^(7)(8)(14)			One stop						E +			5.75		%	(b)						9.39		%													04/2031						124						111						—						117
			Hub International Limited^(7)(20)			Senior secured						SF +			3.00		%	(g)						8.23		%													06/2030						10,631						10,657						0.6						10,627
			Integrated Specialty Coverages, LLC^			One stop						SF +			6.00		%	(f)(g)(h)						10.98		%													07/2030						889						870						0.1						889
			Integrated Specialty Coverages, LLC^			One stop						SF +			6.00		%	(f)(g)(h)						10.88		%													07/2030						177						173						—						177
			Integrated Specialty Coverages, LLC^(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Integrity Marketing Acquisition, LLC^			One stop						SF +			5.00		%	(g)						10.07		%													08/2028						24,672						24,421						1.4						24,425
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(3)						—						(3)
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(12)						—						(31)
			J.S. Held Holdings, LLC*^			One stop						SF +			5.50		%	(g)						10.25		%													12/2026						19,857						19,705						1.1						19,657
			J.S. Held Holdings, LLC^(5)			One stop																		N/A(6)															12/2026						—						(2)						—						(2)
			Majesco*^			One stop						SF +			4.75		%	(g)						9.35		%													09/2028						44,966						44,915						2.6						44,966
			Majesco^(5)			One stop																		N/A(6)															09/2027						—						(3)						—						—
			MRH Trowe Germany GMBH^(7)(8)(14)			One stop						E +			6.00		%	(b)						9.49		%													02/2029						5,059						4,833						0.3						5,059
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.50		%	(f)						10.66		%													11/2029						6,596						6,540						0.4						6,596
			Oakbridge Insurance Agency LLC^			One stop						P +			4.50		%	(a)(f)						12.07		%													11/2029						330						321						—						330
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.50		%	(f)						10.66		%													11/2029						264						237						—						264
			Truist Insurance Holdings, LLC^(7)(20)			Senior secured						SF +			3.25		%	(g)						7.85		%													05/2031						8,000						8,008						0.5						8,001
																																													219,622						217,965						12.7						219,152
			IT Services
			Acquia, Inc.^			One stop						SF +			7.00		%	(g)						12.46		%													10/2025						9,956						9,949						0.6						9,956
			Dcert Buyer, Inc.^(20)			Senior secured						SF +			4.00		%	(f)						8.85		%													10/2026						2,961						2,964						0.2						2,881
			Delinea Inc.^			One stop						SF +			6.00		%	(g)						10.75		%													03/2028						33,003						32,715						1.9						33,003
			Delinea Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													03/2028						8,862						8,603						0.5						8,862
			Delinea Inc.*			One stop						SF +			5.75		%	(g)						10.50		%													03/2028						4,845						4,704						0.3						4,845
			E2open, LLC^(7)(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													02/2028						7,465						7,491						0.4						7,497
			LEIA FINCO US^(7)(9)(20)			Senior secured						SF +			3.25		%	(g)						7.85		%													06/2031						5,000						4,941						0.3						4,929
			Netwrix Corporation*			One stop						SF +			5.50		%	(g)						10.56		%													06/2029						8,710						8,573						0.5						8,710
			PDQ Intermediate, Inc.^(19)			Subordinated debt						N/A												13.75		%	PIK												10/2031						57						56						—						57
			ReliaQuest Holdings, LLC^(19)			One stop						SF +			6.75		%	(g)						8.37		%	cash/			3.63		%	PIK						04/2031						40,016						39,830						2.3						40,016
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(16)						—						—
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(7)						—						—
			Saturn Borrower Inc.*			One stop						SF +			6.50		%	(g)						11.25		%													09/2026						8,232						7,929						0.5						8,067
			Saturn Borrower Inc.^			One stop						SF +			6.50		%	(f)(g)						11.28		%													09/2026						870						858						—						852
			UKG Inc.^(20)			Senior secured						SF +			3.25		%	(g)						8.55		%													02/2031						12,520						12,523						0.7						12,535
			VS Buyer, LLC^(20)			Senior secured						SF +			3.25		%	(f)						8.35		%													04/2031						5,985						6,003						0.3						6,002
			WPEngine, Inc.^			One stop						SF +			6.50		%	(g)						11.62		%													08/2029						953						937						0.1						953
			WPEngine, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
																																													149,435						148,053						8.6						149,165
			Leisure Products
			AppLovin Corporation^(7)(20)			Senior secured						SF +			2.50		%	(f)						7.35		%													08/2030						1,116						1,118						0.1						1,116
			Cast & Crew Payroll, LLC^(20)			Senior secured						SF +			3.75		%	(f)						8.60		%													12/2028						5,482						5,503						0.3						5,499
			Crunch Holdings, LLC^			One stop						SF +			4.75		%	(f)						9.61		%													09/2031						55,161						54,886						3.1						54,885

See Notes to Consolidated Financial Statements

44

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Crunch Holdings, LLC^(5)			One stop																		N/A(6)															09/2031						$	—					$	(38)					$	—		%			$	(38)
			EP Purchaser, LLC^(20)			Senior secured						SF +			3.50		%	(g)						8.37		%													11/2028						4,952						4,925						0.3						4,970
			Movement Holdings, LLC*^			One stop						SF +			5.25		%	(f)						10.10		%													03/2030						22,247						22,044						1.3						22,247
			Movement Holdings, LLC^(5)			One stop																		N/A(6)															03/2030						—						(34)						—						—
			Movement Holdings, LLC^(5)			One stop																		N/A(6)															03/2030						—						(136)						—						—
																																													88,958						88,268						5.1						88,679
			Life Sciences Tools & Services
			Graphpad Software, LLC^			One stop						SF +			4.75		%	(g)						9.35		%													06/2031						31,524						31,372						1.9						31,524
			Graphpad Software, LLC^(5)			One stop																		N/A(6)															06/2031						—						(14)						—						—
			Graphpad Software, LLC^			One stop						SF +			4.75		%	(g)						9.35		%													06/2031						788						750						—						788
			PAS Parent Inc.*^			One stop						SF +			5.00		%	(f)						9.85		%													12/2028						19,650						19,347						1.1						19,454
			PAS Parent Inc.^(5)			One stop																		N/A(6)															12/2028						—						(66)						—						(140)
																																													51,962						51,389						3.0						51,626
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.75		%	(g)						9.81		%													08/2031						9,302						9,211						0.5						9,209
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(9)						—						(9)
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(11)						—						(12)
			Blackbird Purchaser, Inc.*^			One stop						SF +			5.50		%	(g)						10.10		%													12/2030						18,132						17,972						1.0						18,132
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50		%	(g)						10.10		%													12/2030						1,075						1,043						0.1						1,075
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50		%	(g)						10.10		%													12/2029						362						341						—						362
			Filtration Group Corp.^(20)			Senior secured						SF +			3.50		%	(f)						8.46		%													10/2028						7,881						7,899						0.5						7,892
			Wireco Worldgroup Inc.^			Senior secured						SF +			3.75		%	(g)						9.03		%													11/2028						6,278						6,293						0.4						6,121
																																													43,030						42,739						2.5						42,770
			Media
			Lotus Topco, Inc.^			One stop						SF +			4.75		%	(h)						9.00		%													06/2030						1,702						1,690						0.1						1,702
			Lotus Topco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(2)						—						—
			Lotus Topco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(6)						—						—
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(g)						10.71		%													05/2028						8,772						8,511						0.5						8,421
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(g)						10.71		%													05/2028						2,573						2,497						0.1						2,470
																																													13,047						12,690						0.7						12,593
			Oil, Gas & Consumable Fuels
			Envernus, Inc.^			One stop						SF +			5.50		%	(f)						10.35		%													12/2029						12,043						11,885						0.7						12,043
			Envernus, Inc.^			One stop						SF +			5.50		%	(f)						10.35		%													12/2029						63						50						—						63
			Envernus, Inc.^(5)			One stop																		N/A(6)															12/2029						—						(4)						—						—
			Project Power Buyer, LLC*			One stop						SF +			6.75		%	(g)						11.35		%													05/2026						14,733						14,733						0.8						14,733
																																													26,839						26,664						1.5						26,839
			Personal Products
			Knowlton Development Corporation, Inc.^(7)(10)(20)			Senior secured						SF +			4.50		%	(f)						9.36		%													08/2028						2,000						2,006						0.1						2,004
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.*(7)(11)			One stop						SF +			5.00		%	(g)						9.60		%													05/2029						19,698						19,233						1.1						19,502
			​
			Professional Services
			Eclipse Buyer, Inc.^			One stop						SF +			4.75		%	(g)						9.74		%													09/2031						12,644						12,518						0.7						12,517
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(61)						—						(16)
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(11)						—						(11)
			Eliassen Group, LLC*			One stop						SF +			5.75		%	(g)						10.35		%													04/2028						4,856						4,856						0.2						4,710
			IG Investments Holdings, LLC*			One stop						SF +			6.00		%	(g)						11.35		%													09/2028						15,756						15,756						0.9						15,756
			IG Investments Holdings, LLC*			One stop						SF +			6.00		%	(g)						11.35		%													09/2028						4,046						4,046						0.2						4,046
			NBG Acquisition Corp. and NBG-P Acquisition Corp.*^			One stop						SF +			5.25		%	(g)						10.65		%													11/2028						15,679						15,318						0.9						15,209
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^			One stop						SF +			5.25		%	(g)						10.72		%													11/2028						2,811						2,791						0.2						2,727
			PGA Holdings, Inc.^(20)			Senior secured						SF +			3.50		%	(f)						8.35		%													04/2031						12,012						12,006						0.7						12,001

See Notes to Consolidated Financial Statements

45

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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^(19)			One stop						SF +			6.00		%	(g)						7.35		%	cash/			3.25		%	PIK						08/2031						$	39,844					$	39,260					2.3			%			$	39,247
			Varicent Intermediate Holdings Corporation^(5)			One stop																		N/A(6)															08/2031						—						(78)						—						(79)
			Varicent Intermediate Holdings Corporation^(5)			One stop																		N/A(6)															08/2031						—						(75)						—						(76)
																																													107,648						106,326						6.1						106,031
			Real Estate Management & Development
			RealPage, Inc.^(20)			Senior secured						SF +			3.00		%	(f)						7.96		%													04/2028						4,962						4,946						0.3						4,823
			Road & Rail
			Kenan Advantage Group, Inc.^			Senior secured						SF +			3.25		%	(f)						8.10		%													01/2029						14,922						14,931						0.9						14,897
			Software
			Anaplan, Inc.^			One stop						SF +			5.25		%	(g)						9.85		%													06/2029						10,000						9,921						0.6						10,000
			Appfire Technologies, LLC*			One stop						SF +			4.75		%	(g)						9.35		%													03/2028						10,180						10,034						0.6						10,180
			Appfire Technologies, LLC^(5)			One stop																		N/A(6)															03/2028						—						(105)						—						—
			Apttus Corporation^(20)			Senior secured						SF +			3.50		%	(g)						8.56		%													05/2028						9,931						9,926						0.6						9,979
			AQA Acquisition Holding, Inc. ^(20)			Senior secured						SF +			4.25		%	(g)						9.76		%													03/2028						10,610						10,623						0.6						10,646
			Artifact Bidco, Inc.^			One stop						SF +			4.50		%	(g)						9.10		%													05/2031						5,024						4,975						0.3						4,974
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2031						—						(6)						—						(6)
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(3)						—						(3)
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(6)						—						(6)
			Axiom Merger Sub Inc.^(7)(8)			One stop						E +			4.75		%	(b)(c)						8.58		%													04/2026						5,998						5,849						0.3						5,953
			Azul Systems, Inc.*			Senior secured						SF +			4.50		%	(g)						9.25		%													04/2027						3,000						3,000						0.2						3,000
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.50		%	(f)						11.35		%													03/2031						11,226						11,025						0.6						11,226
			Azurite Intermediate Holdings, Inc.*			One stop						SF +			6.50		%	(f)						11.35		%													03/2031						7,718						7,611						0.4						7,718
			Azurite Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															03/2031						—						(39)						—						—
			Baxter Planning Systems, LLC^(19)			One stop						SF +			6.25		%	(g)						8.12		%	cash/			3.38		%	PIK						05/2031						11,632						11,550						0.7						11,632
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(15)						—						—
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(17)						—						—
			BestPass, Inc.^			One stop						SF +			5.25		%	(f)						10.10		%													08/2031						36,600						36,421						2.1						36,417
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(18)						—						(18)
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(23)						—						(24)
			Bloomerang, LLC^			One stop						SF +			6.00		%	(f)						10.85		%													12/2029						10,189						10,100						0.6						10,189
			Bloomerang, LLC^(5)			One stop																		N/A(6)															12/2029						—						(20)						—						—
			Bloomerang, LLC^(5)			One stop																		N/A(6)															12/2029						—						(27)						—						—
			Bottomline Technologies, Inc.*			One stop						SF +			5.25		%	(f)						10.10		%													05/2029						4,925						4,809						0.3						4,875
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(f)						9.85		%													10/2029						3,959						3,926						0.2						3,959
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(f)						9.85		%													10/2029						3,959						3,927						0.2						3,959
			Camelia Bidco Limited^(7)(8)(9)			One stop						SN +			5.50		%	(e)						10.45		%													08/2030						4,793						4,481						0.3						4,793
			Camelia Bidco Limited^(7)(8)(9)			One stop						SN +			5.50		%	(e)						10.45		%													08/2030						679						610						—						679
			Camelia Bidco Limited^(7)(8)(9)			One stop						A +			5.50		%	(d)						9.93		%													08/2030						307						282						—						307
			Camelia Bidco Limited^(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(20)						—						—
			CB Buyer, Inc.^			One stop						SF +			5.25		%	(g)						9.85		%													07/2031						32,269						31,958						1.9						32,269
			CB Buyer, Inc.^(5)			One stop																		N/A(6)															07/2031						—						(35)						—						—
			CB Buyer, Inc.^(5)			One stop																		N/A(6)															07/2031						—						(44)						—						—
			ConnectWise, LLC^(20)			Senior secured						SF +			3.50		%	(g)						8.37		%													10/2028						14,952						14,936						0.9						14,960
			Cornerstone OnDemand, Inc.^(7)(20)			Senior secured						SF +			3.75		%	(f)						8.71		%													10/2028						9,509						9,306						0.5						8,932
			Crewline Buyer, Inc.^			One stop						SF +			6.75		%	(g)						11.35		%													11/2030						24,193						23,877						1.4						24,193
			Crewline Buyer, Inc.^(5)			One stop																		N/A(6)															11/2030						—						(33)						—						—
			Daxko Acquisition Corporation*			One stop						SF +			5.00		%	(f)						9.85		%													10/2028						11,695						11,338						0.7						11,695
			Daxko Acquisition Corporation^			One stop						P +			4.00		%	(a)						12.00		%													10/2028						149						115						—						149
			Daxko Acquisition Corporation^(5)			One stop																		N/A(6)															10/2028						—						(70)						—						—
			Denali Bidco Limited^(7)(8)(9)			One stop						E +			5.50		%	(b)						8.85		%													08/2030						3,879						3,643						0.2						3,879
			Denali Bidco Limited^(7)(8)(9)			One stop						SN +			6.00		%	(e)						10.95		%													08/2030						2,321						2,148						0.1						2,332
			Denali Bidco Limited^(7)(8)(9)			One stop						E +			6.00		%	(b)						9.35		%													08/2030						784						733						—						788

See Notes to Consolidated Financial Statements

46

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Denali Bidco Limited^(7)(8)(9)			One stop						E +			6.00		%	(b)						9.35		%													08/2030						$	560					$	536					—			$			$	563
			Denali Bidco Limited^(5)(7)(8)(9)			One stop																		N/A(6)															08/2030						—						(37)						—						—
			EverCommerce Solutions, Inc.^(7)(20)			Senior secured						SF +			3.00		%	(f)						7.96		%													07/2028						8,143						8,164						0.5						8,163
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(g)						9.35		%													09/2030						11,795						11,485						0.7						11,677
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(g)						9.35		%													09/2030						3,682						3,646						0.2						3,645
			Evergreen IX Borrower 2023, LLC^(5)			One stop																		N/A(6)															10/2029						—						(34)						—						(10)
			Gurobi Optimization, LLC^			One stop						SF +			4.75		%	(f)(g)						9.47		%													09/2031						46,708						46,245						2.7						46,241
			Gurobi Optimization, LLC^(5)			One stop																		N/A(6)															09/2031						—						(39)						—						(39)
			Hornet Security Holding GMBH^(7)(8)(14)(19)			One stop						E +			7.00		%	(c)						5.91		%	cash/			4.50		%	PIK						02/2031						15,136						14,523						0.9						15,136
			Hornet Security Holding GMBH^(7)(8)(14)(19)			One stop						E +			7.00		%	(b)(c)						5.91		%	cash/			4.50		%	PIK						02/2031						10,088						9,680						0.6						10,088
			Hornet Security Holding GMBH^(7)(8)(14)			One stop																		N/A(6)															08/2030						—						—						—						—
			Hornet Security Holding GMBH^(5)(7)(8)(14)			One stop																		N/A(6)															02/2031						—						(55)						—						—
			Hyland Software, Inc.^			One stop						SF +			6.00		%	(f)						10.85		%													09/2030						28,473						28,110						1.6						28,473
			Hyland Software, Inc.^(5)			One stop																		N/A(6)															09/2029						—						(1)						—						(1)
			Icefall Parent, Inc.^			One stop						SF +			6.50		%	(f)						11.35		%													01/2030						22,333						21,937						1.3						22,333
			Icefall Parent, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(38)						—						—
			Juvare, LLC*^			One stop						SF +			6.25		%	(g)						11.46		%													10/2026						5,568						5,395						0.3						5,401
			Kaseya Inc.*(19)			One stop						SF +			5.50		%	(g)						10.75		%													06/2029						8,151						8,025						0.5						8,151
			LeadsOnline, LLC*			One stop						SF +			4.75		%	(g)						10.17		%													02/2028						4,418						4,324						0.3						4,418
			LeadsOnline, LLC*			One stop						SF +			4.75		%	(g)						9.45		%													02/2028						2,253						2,243						0.1						2,253
			LeadsOnline, LLC^			One stop						SF +			4.75		%	(g)						10.17		%													02/2028						780						763						—						780
			LeadsOnline, LLC^(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—
			Matrix42 Holding GMBH^(7)(8)(11)			One stop						E +			6.25		%	(c)						9.92		%													01/2030						182						175						—						182
			Modena Buyer, LLC^(20)			Senior secured						SF +			4.50		%	(g)						9.09		%													07/2031						10,000						9,704						0.6						9,597
			Motus Group, LLC^(20)			Senior secured						SF +			4.00		%	(g)						8.70		%													12/2028						7,972						8,003						0.5						7,992
			Navex TopCo, Inc.*^			One stop						SF +			5.50		%	(f)						10.60		%													11/2030						23,044						22,643						1.3						23,044
			Navex TopCo, Inc.^(5)			One stop																		N/A(6)															11/2028						—						(34)						—						—
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(5)(7)(8)(12)			One stop																		N/A(6)															11/2029						—						(112)						—						—
			Panzura, LLC^(19)			One stop						N/A												4.00		%	cash/			15.00		%	PIK						08/2027						59						54						—						49
			Personify, Inc.*			One stop						SF +			5.25		%	(g)						10.00		%													09/2025						7,473						7,460						0.4						7,473
			Pineapple German Bidco GMBH^(7)(8)(14)(19)			One stop						E +			7.00		%	(b)						10.51		%	PIK												01/2031						19,633						18,829						1.1						19,437
			Pineapple German Bidco GMBH^(7)(8)(14)(19)			One stop						E +			7.00		%	(b)						10.51		%	PIK												01/2031						4,669						4,432						0.3						4,593
			Pineapple German Bidco GMBH^(7)(8)(14)(19)			One stop						E +			7.00		%	(b)						10.51		%	PIK												01/2031						1,348						1,279						0.1						1,334
			Planview Parent, Inc.^(20)			Senior secured						SF +			3.75		%	(g)						8.35		%													12/2027						10,182						10,214						0.6						10,201
			Pluralsight, LLC^(19)			One stop						SF +			7.50		%	(g)						12.57		%	PIK												08/2029						1,791						1,721						0.1						1,719
			Pluralsight, LLC^(19)			One stop						SF +			4.50		%	(g)						8.12		%	cash/			1.50		%	PIK						08/2029						1,194						1,159						0.1						1,158
			Pluralsight, LLC^(19)			One stop						SF +			4.50		%	(g)						9.62		%	cash/			1.50		%	PIK						08/2029						597						597						—						579
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(9)
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(22)
			Proofpoint, Inc.^(20)			Senior secured						SF +			3.00		%	(f)						7.85		%													08/2028						13,126						13,137						0.8						13,134
			QAD, Inc.*			One stop						SF +			4.75		%	(f)						9.60		%													11/2027						9,848						9,848						0.6						9,848
			S2P Acquisition Borrower, Inc.^			Senior secured						SF +			4.00		%	(g)						9.16		%													08/2026						4,335						4,340						0.3						4,346
			SailPoint Technologies Holdings, Inc.^			One stop						SF +			6.00		%	(g)						11.10		%													08/2029						10,000						9,920						0.6						10,000
			Sapphire Bidco Oy^(7)(8)(13)			One stop						E +			5.50		%	(b)						9.20		%													07/2029						14,477						14,074						0.8						14,477
			Telesoft Holdings LLC*			One stop						SF +			5.75		%	(f)						10.70		%													12/2026						5,687						5,632						0.3						5,687
			Togetherwork Holdings, LLC^			One stop						SF +			5.25		%	(f)						10.10		%													05/2031						44,877						44,504						2.6						44,877
			Togetherwork Holdings, LLC^(5)			One stop																		N/A(6)															05/2031						—						(53)						—						—
			Togetherwork Holdings, LLC^(5)			One stop																		N/A(6)															05/2031						—						(38)						—						—
			Transform Bidco Limited^(7)(9)			One stop						SF +			7.00		%	(g)						12.31		%													01/2031						7,818						7,712						0.4						7,720
			Transform Bidco Limited^(5)(7)(9)			One stop																		N/A(6)															06/2030						—						(16)						—						(15)
			Transform Bidco Limited^(5)(7)(9)			One stop																		N/A(6)															01/2031						—						(93)						—						(95)
			Vantage Bidco GMBH^(7)(8)(14)(19)			One stop						E +			6.25		%	(b)						6.47		%	cash/			3.13		%	PIK						04/2031						20,638						19,508						1.2						20,432
			Vantage Bidco GMBH^(5)(7)(8)(14)			One stop																		N/A(6)															10/2030						—						(48)						—						(35)
			Varinem German Midco GMBH^(7)(8)(14)			One stop						E +			6.00		%	(c)						9.67		%													07/2031						26,204						25,417						1.5						25,942

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Varinem German Midco GMBH^(7)(8)(14)			One stop																		N/A(6)															07/2031						$	—					$	—					—			%			$	—
			Workforce Software, LLC^(19)			One stop						SF +			7.25		%	(g)						9.46		%	cash/			3.00		%	PIK						07/2025						9,427						9,355						0.5						9,427
			Zendesk, Inc.^			One stop						SF +			5.00		%	(g)						9.69		%													11/2028						10,260						10,260						0.6						10,260
																																													683,410						671,097						39.3						680,230
			Specialty Retail
			Ashco, LLC^(20)			Senior secured						SF +			3.75		%	(f)						8.71		%													03/2028						15,902						15,925						0.9						15,920
			Ave Holdings III, Corp*^			One stop						SF +			5.25		%	(h)						9.75		%													02/2028						13,585						13,288						0.8						13,585
			Biscuit Parent, LLC^			One stop						SF +			4.75		%	(g)						9.35		%													02/2031						18,321						18,195						1.1						18,321
			Biscuit Parent, LLC^(5)			One stop																		N/A(6)															02/2031						—						(39)						—						—
			Cavender Stores L.P.*^			Senior secured						SF +			5.00		%	(g)						9.60		%													10/2029						24,193						23,992						1.4						24,193
			CVP Holdco, Inc.^			One stop						SF +			5.00		%	(f)						9.85		%													06/2031						32,806						32,491						1.9						32,806
			CVP Holdco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(33)						—						—
			CVP Holdco, Inc.^(5)			One stop																		N/A(6)															06/2031						—						(42)						—						—
			Med Parentco, LP^(20)			Senior secured						SF +			4.00		%	(f)						8.85		%													04/2031						5,000						5,021						0.3						5,014
			PetVet Care Centers LLC*			One stop						SF +			6.00		%	(f)						10.85		%													11/2030						9,332						9,169						0.5						8,866
			PetVet Care Centers LLC^(5)			One stop																		N/A(6)															11/2029						—						(24)						—						(63)
			PetVet Care Centers LLC^(5)			One stop																		N/A(6)															11/2030						—						(11)						—						—
			PPV Intermediate Holdings, LLC*			One stop						SF +			5.75		%	(g)						10.81		%													08/2029						4,988						4,908						0.3						4,988
			PPV Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															08/2029						—						(55)						—						(57)
			Radiance Borrower, LLC^(19)			One stop						SF +			5.75		%	(f)						7.85		%	cash/			2.75		%	PIK						06/2031						40,757						40,465						2.3						40,757
			Radiance Borrower, LLC^			One stop						SF +			5.25		%	(f)						10.10		%													06/2031						776						744						—						776
			Southern Veterinary Partners, LLC^(20)			Senior secured						SF +			3.75		%	(g)						8.35		%													10/2027						7,725						7,710						0.4						7,750
			VSG Acquisition Corp. and Sherrill, Inc.*^			One stop						SF +			5.50		%	(g)						11.01		%													04/2028						24,373						24,014						1.4						23,642
																																													197,758						195,718						11.3						196,498
			Trading Companies & Distributors
			Marcone Yellowstone Buyer Inc.*			One stop						SF +			6.25		%	(g)						11.73		%													06/2028						11,640						11,205						0.6						10,389
			Marcone Yellowstone Buyer Inc.*			One stop						SF +			6.25		%	(g)						11.73		%													06/2028						4,924						4,740						0.3						4,395
																																													16,564						15,945						0.9						14,784
			Water Utilities
			Vessco Midco Holdings, LLC^			One stop						SF +			5.25		%	(f)(h)						10.22		%													07/2031						15,577						15,425						0.9						15,421
			Vessco Midco Holdings, LLC^			One stop						SF +			5.25		%	(h)						9.54		%													07/2031						762						736						—						710
			Vessco Midco Holdings, LLC^(5)			One stop																		N/A(6)															07/2031						—						(17)						—						(17)
																																													16,339						16,144						0.9						16,114
			Total debt investments																																										3,276,268						3,235,069						187.8						3,253,855

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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(16)(17)
			Automobiles
			CAP-KSI Holdings, LLC^			Preferred stock						N/A												N/A															06/2024						N/A						1,146						$	1,146					0.1			%			$	1,146
			CAP-KSI Holdings, LLC^			LP units						N/A												N/A															06/2024						N/A						1,146						—						—						—
			Quick Quack Car Wash Holdings, LLC^			LP units						N/A												N/A															06/2024						N/A						417						417						—						439
			Quick Quack Car Wash Holdings, LLC^			LLC units						N/A												N/A															06/2024						N/A						83						83						—						87
			Yorkshire Parent, Inc.^			LP units						N/A												N/A															12/2023						N/A						—						94						—						102
																																																									1,740						0.1						1,774
			Commercial Services & Supplies
			FR Vision Holdings, Inc.^			LP units						N/A												N/A															01/2024						N/A						—						109						—						117
			Diversified Consumer Services
			CHVAC Services Investment, LLC^			Common stock						N/A												N/A															05/2024						N/A						162						408						0.1						464
			Virginia Green Acquisition, LLC^			LP units						N/A												N/A															12/2023						N/A						73						73						—						83
																																																									481						0.1						547
			Healthcare Technology
			Amberfield Acquisition Co.^			LLC units						N/A												N/A															05/2024						N/A						450						450						—						452
			Hotels, Restaurants & Leisure
			PB Group Holdings, LLC^			LP units						N/A												N/A															08/2024						N/A						113						262						—						262
			Insurance
			Oakbridge Insurance Agency LLC^			LP units						N/A												N/A															11/2023						N/A						4						70						—						72
			Professional Services
			Eclipse Buyer, Inc.^(18)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						3,329						0.2						3,300
			Leisure Products
			Movement Holdings, LLC^			LLC units						N/A												N/A															03/2024						N/A						—						661						—						600
			Software
			CB Buyer, Inc.^			LP units						N/A												N/A															07/2024						N/A						458						458						—						458
			Denali Bidco Limited^(7)(9)			LP interest						N/A												N/A															08/2023						N/A						75						98						—						144
			Gurobi Optimization, LLC^			Common stock						N/A												N/A															09/2024						N/A						—						209						—						209
			Panzura, LLC^			LLC units						N/A												N/A															09/2023						N/A						1						4						—						—
			Pluralsight, LLC^			LLC units						N/A												N/A															08/2024						N/A						597						1,100						0.1						1,100
			Togetherwork Holdings, LLC^			Preferred stock						N/A												N/A															07/2024						N/A						545						2,384						0.2						2,408
																																																									4,253						0.3						4,319
			Total equity investments																																																						11,355						0.7						11,443
			Total investments																																																						3,246,424						188.5						3,265,298
			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)																														93,069						5.4						93,069
			Total money market funds																																																						93,069						5.4						93,069
			Total investments and money market funds																																																						$	3,339,493					193.9			%			$	3,358,367

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 2023 Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2024, as the loan may 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 Prime, which was 8.00% as of September 30, 2024.

(b) 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.

(c) 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.

(d) 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.

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

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

(g) 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.

(h) 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.

(i) 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 6. 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 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 14.8% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

(20)The fair value of this investment was valued using Level 2 inputs. See Note 6.

(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 Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 1. Organization

Golub Capital Private Credit Fund (“GCRED” or the “Company”) is a Delaware statutory trust formed on May 13, 2022. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company 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 commenced operations on June 30, 2023. The Company’s fiscal year end is September 30.

The Company’s investment objective is to generate current income and capital appreciation by investing primarily in privately originated and privately negotiated investments, predominantly through direct lending to U.S. private companies in the middle-market in the form of one stop and other senior secured loans. The Company could selectively invest in second lien and subordinated loans (including loans that rank senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) of private companies. The Company could also invest in liquid credit instruments, including secured floating rate syndicated loans, securitized products and corporate bonds, and the Company’s portfolio may, but will not necessarily, initially be comprised of a greater percentage of such instruments than it will as the Company’s investment program matures, though the exact allocation could vary from time to time depending on market conditions and available investment opportunities. The Company’s portfolio could also include other credit-related investments, including, without limitation, structured and synthetic debt investments and debt investments accompanied by equity securities, preferred equity and, to a limited extent, common equity investments not associated with a debt investment. 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, which is currently Golub Capital LLC (the “Administrator”).

The Company offers on a continuous basis up to $5.0 billion of common shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the “SEC”). The Company has received an exemptive order from the SEC that permits the Company to issue multiple share classes through Class S common shares (“Class S Shares”), Class D common shares (“Class D Shares”) and Class I common shares (“Class I Shares” and, together with Class S Shares and Class D Shares, the “Common Shares”) with, among others, different ongoing shareholder servicing and/or distribution fees (the “Public Offering”).

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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 board of trustees of the Company (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.

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 6.

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, GCRED Holdings LLC (“GCRED Holdings”), GCRED Holdings 2 LLC (“GCRED Holdings 2”), GCRED Funding LLC (“GCRED Funding”), Golub Capital Private Credit Fund CLO-R (“2025-R Issuer”), formerly Golub Capital Private Credit Fund CLO (the “2023 Issuer”) prior to September 25, 2025 and formerly GCP SG Warehouse 2022-1 (the “CLO Vehicle”) prior to September 21, 2023, Golub Capital Private Credit Fund CLO-R Depositor statutory trust (“2025-R CLO Depositor”), Golub Capital Private Credit Fund CLO 2 (“2025 Issuer”) and Golub Capital Private Credit Fund CLO 2 Depositor statutory trust (“2025 CLO Depositor”) in its consolidated financial statements.

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by the 2025-R Issuer and the 2025 Issuer, special purpose entities that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entity have received security interests in such assets and such assets are not intended to be available to the creditors of GCRED (or any affiliate of GCRED).

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

Restricted cash and cash equivalents: Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the 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.

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 derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments when a master netting agreement is in place, 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 5 for more information regarding the forward currency contracts.

Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments when a master netting agreement is in place, not taking into account collateral posted which is recorded separately, if applicable.

Refer to Note 5 for more information regarding the interest rate swaps.

Revenue recognition:

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

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company received Loan Origination Fees that were capitalized of $39,929, $25,444 and $2,432, respectively. For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, interest income included $14,034, $8,612 and $1,196, 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, investment income included $23,344, $6,844 and $601, respectively, of PIK interest and the Company capitalized PIK interest of $23,072, $6,773 and $513, 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 $425 and $33 of non-recurring prepayment premiums, respectively. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, fee income did not include any non-recurring prepayment premiums. All other income is recorded into income when earned.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amount of $435,763, $199,579 and $14,403, respectively.

Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. For the years ended September 30, 2025 and 2024, the Company recognized PIK and non-cash dividend income of $1,254 and $29, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not recognize any PIK and non-cash dividend income to be capitalized into the cost basis of certain preferred equity investments. For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not receive any 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 $100 and $653 of return of capital distributions in cash. For the year ended September 30, 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not recognize any dividend income received in cash and did not receive any return of capital distributions in cash.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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. The total fair value of non-accrual loans was $2,381 as of September 30, 2025. As of September 30, 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.

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 shareholders 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 shareholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its shareholders.

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 year ended September 30, 2024, $109 was recorded for U.S. federal excise tax expense. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not record any 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 2023 and 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. For the year ended September 30, 2025, the Company did not record any U.S. income tax. For the year ended September 30, 2024, the Company recorded an amount less than $1 for U.S. income tax. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not record any U.S. income tax.

Dividends and distributions: Dividends and distributions to common shareholders 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 distribution reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then shareholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional Common Shares, 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 offering price per share for such shares at the time the distribution is payable.

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 $38,246 and $18,999, 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023 was $8,057, $2,713 and $87, respectively.

Deferred offering costs: Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and amortized on a straight line basis. Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company amortized $2,043, $1,750 and $291, respectively, of deferred offering costs, which are included in “Professional fees” on the Consolidated Statements of Operations.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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. Agreements and Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, dated as of April 28, 2023 and as amended and restated on November 14, 2025, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee.

Base Management Fee

The base management fee is calculated at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable quarter adjusted for share issuances and repurchases and is payable quarterly in arrears. For purposes of the Investment Advisory Agreement, net assets means the Company’s assets less liabilities determined in accordance with GAAP. To the extent the Investment Adviser or an affiliate of the Investment Adviser provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the Company’s management fee shall be reduced by an amount equal to the product of (a) the total fees paid to the Investment Adviser by such subsidiary for such services and (b) the percentage of such subsidiary’s total equity that is owned, directly or indirectly, by the Company.

The base management fee incurred for the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023 was $34,076, $14,154 and $2,049, respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component could be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a percentage of the Company’s capital gains, each as described below.

(i)     Income based incentive fee (the “Income Incentive Fee”)

The Income Incentive Fee is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter, adjusted for share issuances and repurchases, from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company pays the Investment Adviser quarterly in arrears an Income Incentive Fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of Pre-Incentive Fee Net Investment Income Returns that exceeds the hurdle rate but is less than 1.43% is referred to as the “catch-up” provision; and

•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Investment Adviser.

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 and 2024, the Income Incentive Fee incurred was $34,005 and $16,592, respectively. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Investment Adviser agreed to irrevocably waive $340 of Income Incentive Fees payable pursuant to the Investment Advisory Agreement. After taking into account the waiver, the Income Incentive Fee incurred for the period from June 30, 2023 (commencement of operations) to September 30, 2023 was $2,034 rather than $2,374.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

(ii)     Capital gains based incentive fee (the “Capital Gain Incentive Fee”)

The second component of the incentive fee, the Capital Gain Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•12.5% of cumulative realized capital gains from July 1, 2023 through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gain Incentive Fee.

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. Each year, the fee paid for the Capital Gain Incentive Fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not accrue a Capital Gain Incentive Fee. As of 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.

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. There can be no assurance that any such unrealized capital appreciation will be realized in the future. For the years ended September 30, 2025 and 2024, the Company recorded an accrual of the capital gain incentive fee under GAAP of $2,741 and $757, respectively. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company recorded no accrual of the capital gain incentive fee under GAAP. As of September 30, 2025 and 2024, there was $3,498 and $757, respectively, of cumulative accrual for the capital gain incentive fee under GAAP included in “Accounts payable and other liabilities” on the Consolidated Statements of Financial Condition.

Administration Agreement: Under the Administration Agreement, dated as of April 28, 2023 and as amended and restated on November 14, 2025, the Administrator furnishes the Company with office facilities and equipment, provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”) and net offering price, preparing reports to shareholders and reports filed with the SEC, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to shareholders, managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third-party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

Included in accounts payable and other liabilities is $1,946 and $762, as of September 30, 2025 and 2024, respectively, for accrued allocated shared services under the Administration Agreement.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The Investment Advisory Agreement and Administration Agreement were most recently re-approved by the Board on May 2, 2025. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days’ written notice.

Managing Dealer Agreement: The Company has entered into a Managing Dealer Agreement (the “Managing Dealer Agreement”) with Arete Wealth Management, LLC (the “Managing Dealer”). Under the terms of the Managing Dealer Agreement, the Managing Dealer manages relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of the Company’s Class I Shares, Class D Shares and Class S Shares (referred to as “participating brokers”), and financial advisors. The Managing Dealer is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the aggregate NAV attributable to Class S Shares and Class D Shares, respectively. No shareholder servicing and/or distribution fees are paid with respect to Class I Shares. The shareholder servicing and/or distribution fees are payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers. In addition, pursuant to the Managing Dealer Agreement, the Company pays the Managing Dealer certain fees for its services as Managing Dealer, including, a $250 fixed managing dealer fee that was paid for the first 15 months of the Public Offering in five equal quarterly installments following effectiveness of the Public Offering and a two basis point variable managing dealer fee that is payable quarterly in arrears on any new capital raised in the Public Offering following the expiration of the initial 15-month period of the Public Offering. Such fees are borne by all shareholders of the Company. For the years ended September 30, 2025 and 2024, the Company incurred $524 and $150, respectively, of fees to the Managing Dealer. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not incur any fees paid to the Managing Dealer.

The Managing Dealer is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority (“FINRA”).

On May 2, 2025, the Managing Dealer Agreement was renewed and continued for an additional one-year period. The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not “interested persons”, as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution and servicing plan or the Managing Dealer Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Investment Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Distribution and Servicing Plan: On May 2, 2025, the Board re-approved a distribution and servicing plan (the “Distribution and Servicing Plan”) for an additional one-year period. The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S Shares, Class D Shares and Class I Shares on an annualized basis as a percentage of the Company’s NAV for such class. The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of each applicable quarter. The shareholder servicing and/or distribution fees are calculated and paid separately for each class.

Shareholder Servicing and/or Distribution Fee Rate as a % of NAV

Class S Shares

0.85%

Class D Shares

0.25%

Class I Shares

N/A

The shareholder servicing and/or distribution fees paid under the Distribution and Servicing Plan are used primarily to compensate the Managing Dealer for such services provided in connection with the offering and sale of shares of the Company, and/or to reimburse the Managing Dealer for related expenses incurred, including payments by the Managing Dealer to compensate or reimburse brokers, other financial institutions or other industry professionals, for distribution services and sales support services provided and related expenses.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Payments of the shareholder servicing and/or distribution fee are also used to compensate the Managing Dealer for personal services and/or the maintenance of shareholder accounts services provided to shareholders in the related share class and could be made without regard to expenses actually incurred.

Payments of the shareholder servicing and/or distribution fees on behalf of a particular share class must be in consideration of services rendered for or on behalf of such class. In addition to the shareholder servicing and/or distribution fees, the Company also pays the Managing Dealer certain additional fees for its services under the Distribution and Servicing Plan, which are borne indirectly by all shareholders of the Company. Any fees paid pursuant to the Distribution and Servicing Plan may not exceed the maximum amounts, if any, as may from time to time be permitted by FINRA rules.

For the years ended September 30, 2025 and 2024, the Company incurred shareholder servicing and/or distribution fees of $1,078 and $178, respectively, which were attributable to Class S Shares. For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Company did not incur any distribution and/or shareholder servicing fees.

Expense Support and Conditional Reimbursement Agreement: The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Investment Adviser. The Investment Adviser may elect to pay certain expenses on the Company’s behalf (each, an “Expense Support Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense or distribution and/or shareholder servicing fees of the Company. Any Expense Support Payment that the Investment Adviser has committed to pay must be paid by the Investment Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all Expense Support Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of the Company’s (i) net investment income calculated in accordance with GAAP, (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following tables present a summary of Expense Support Payments and the related Reimbursement Payments for the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023:

						Year ended September 30, 2025
						Expense Support Payments by Investment Adviser						Reimbursement Payments to Investment Adviser(1)						Unreimbursed Expense Support Payments
Total, beginning of year						$	1,924					$	885					$	1,039
December 31, 2024						—						—						—
March 31, 2025						—						—						—
June 30, 2025						—						—						—
September 30, 2025						—						—						—
Total, end of year(2)						$	1,924					$	885					$	1,039
						Year ended September 30, 2024
						Expense Support Payments by Investment Adviser						Reimbursement Payments to Investment Adviser(1)						Unreimbursed Expense Support Payments
Total, beginning of year						$	1,257					$	885					$	372
December 31, 2023						667						—						667
March 31, 2024						—						—						—
June 30, 2024						—						—						—
September 30, 2024						—						—						—
Total, end of year(2)						$	1,924					$	885					$	1,039
						Period from June 30, 2023 (commencement of operations) to September 30, 2023
						Expense Support Payments by Investment Adviser						Reimbursement Payments to Investment Adviser(1)						Unreimbursed Expense Support Payments
Total, beginning of period						$	—					$	—					$	—
June 30, 2023						1,257						885						372
September 30, 2023						—						—						—
Total, end of period(2)						$	1,257					$	885					$	372

(1) Reimbursement Payments to Investment Adviser are presented with associated Expense Support Payment and not in quarter of payment.

(2) Total includes cumulative Expense Support Payments and Reimbursement Payments since the Company’s commencement of operations.

Public Offering Escrow Agreement: The Company entered into an escrow agreement (the “Escrow Agreement”) with UMB Bank, N.A. The Company broke escrow on April 1, 2024 and June 30, 2023 for Class S Shares and Class I Shares, respectively. If the Company begins selling Class D Shares, it will accept purchase orders and hold investors' funds in an interest-bearing escrow account for Class D Shares until the Company receives purchase orders pursuant to the Public Offering for at least 100 investors in Class D Shares.

Other Related Party Transactions: On April 27, 2023, an affiliate of the Investment Adviser purchased 2,000 shares of the Company’s Class F common shares (the “Class F Shares”) at $25.00 per share. Following the completion of the separate private offering (the “Private Offering”) of Class F Shares to certain accredited investors (the “Private Offering Investors”) and prior to the commencement of the Public Offering, the Company’s Class F Shares were reclassified as Class I Shares.

On March 1, 2025 and May 1, 2024, affiliates of the Investment Adviser indirectly purchased $6,571 and $9,900, respectively, of Class I Shares through their ownership of a feeder vehicle.

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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator for the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023 were $12,698, $5,948 and $3,410, respectively. As of September 30, 2025 and 2024, $4,864 and $3,847, respectively (which includes $1,039 of unreimbursed Expense Support Payments as of both September 30, 2025 and 2024), of reimbursable expenses were paid by the Administrator on behalf of the Company, were included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.

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 $300,000 and expires on July 3, 2026. Refer to Note 7 for discussion of the Adviser Revolver.

Note 4. 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			$	2,288,864					$	2,283,507					$	2,285,901					$	728,440					$	727,390					$	726,380
One stop			5,978,203						5,881,309						5,948,840						2,538,097						2,498,133						2,517,780
Second lien			35,084						34,869						35,084						5,937						5,895						5,937
Subordinated debt			58,087						57,122						57,646						3,794						3,651						3,758
Structured finance note			161,525						161,487						162,943						—						—						—
Equity			N/A						61,047						64,837						N/A						11,355						11,443
Total			$	8,521,763					$	8,479,341					$	8,555,251					$	3,276,268					$	3,246,424					$	3,265,298

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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

			As of September 30, 2025												As of September 30, 2024
Amortized Cost:
United States
Southeast			$	1,698,394					20.0		%				$	534,585					16.5		%
Midwest			1,445,453						17.0						604,303						18.6
Mid-Atlantic			1,208,533						14.3						674,460						20.8
West			1,159,934						13.7						526,728						16.2
Southwest			1,050,633						12.4						383,689						11.8
Northeast			395,788						4.7						246,041						7.6
U.S. Territory			12,399						0.2						—						—
United Kingdom			676,804						8.0						105,696						3.3
Germany			241,578						2.8						100,076						3.1
Australia			162,334						1.9						—						—
Cayman Islands			140,879						1.7						—						—
Canada			101,412						1.2						12,971						0.4
Jersey			88,930						1.0						—						—
Finland			36,394						0.4						14,074						0.4
Netherlands			27,046						0.3						6,338						0.2
France			18,800						0.2						16,548						0.5
Lithuania			6,965						0.1						—						—
Luxembourg			5,505						0.1						20,915						0.6
Spain			1,560						0.0		*				—						—
Total			$	8,479,341					100.0		%				$	3,246,424					100.0		%
Fair Value:
United States
Southeast			$	1,704,931					19.9		%				$	535,988					16.4		%
Midwest			1,447,480						16.9						605,988						18.6
Mid-Atlantic			1,215,555						14.2						676,883						20.7
West			1,163,587						13.6						530,262						16.2
Southwest			1,060,849						12.4						383,001						11.7
Northeast			397,933						4.7						248,152						7.6
U.S. Territory			12,497						0.1						—						—
United Kingdom			686,479						8.0						109,426						3.4
Germany			260,620						3.0						103,757						3.2
Australia			166,823						2.0						—						—
Cayman Islands			142,238						1.7						—						—
Canada			101,943						1.2						12,700						0.4
Jersey			91,593						1.1						—						—
Finland			39,388						0.5						14,477						0.5
Netherlands			28,309						0.3						6,452						0.2
France			20,597						0.2						17,036						0.5
Lithuania			7,004						0.1						—						—
Luxembourg			5,839						0.1						21,176						0.6
Spain			1,586						0.0		*				—						—
Total			$	8,555,251					100.0		%				$	3,265,298					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			$	120,841					1.4		%				$	28,584					0.9		%
Air Freight & Logistics			105,489						1.2						—						—
Airlines			20,374						0.2						15,486						0.5
Auto Components			111,710						1.3						73,199						2.2
Automobiles			268,537						3.2						135,859						4.2
Banks			16,055						0.2						3,272						0.1
Beverages			81,503						1.0						15,399						0.5
Building Products			3,266						0.0		*				—						—
Capital Markets			66,357						0.8						10,563						0.3
Chemicals			143,213						1.7						51,044						1.6
Commercial Services & Supplies			156,518						1.8						115,451						3.6
Construction & Engineering			89,637						1.1						8,182						0.2
Construction Materials			17,046						0.2						7,416						0.2
Consumer Finance			26,096						0.3						13,939						0.4
Containers & Packaging			111,902						1.3						51,470						1.6
Diversified Consumer Services			379,377						4.5						175,558						5.4
Diversified Financial Services			506,912						6.0						119,847						3.7
Electric Utilities			6,440						0.1						—						—
Electrical Equipment			25,413						0.3						498						0.0		*
Food & Staples Retailing			13,666						0.2						10,344						0.3
Food Products			129,183						1.5						41,931						1.3
Healthcare Equipment & Supplies			365,741						4.3						121,486						3.7
Healthcare Providers & Services			531,512						6.3						210,972						6.5
Healthcare Technology			463,153						5.5						147,695						4.5
Hotels, Restaurants & Leisure			576,856						6.8						154,094						4.7
Household Durables			12,994						0.1						—						—
Household Products			21,453						0.2						8,169						0.3
Industrial Conglomerates			92,567						1.1						83,539						2.6
Insurance			490,870						5.8						218,035						6.7
IT Services			358,874						4.2						148,053						4.6
Leisure Products			50,301						0.6						88,929						2.7
Life Sciences Tools & Services			56,286						0.7						51,389						1.6
Machinery			61,988						0.7						42,739						1.3
Media			63,456						0.7						12,690						0.4
Oil, Gas & Consumable Fuels			19,054						0.2						26,664						0.8
Paper & Forest Products			5,966						0.1						—						—
Personal Products			12,000						0.1						2,006						0.1
Pharmaceuticals			109,522						1.3						19,233						0.6
Professional Services			354,344						4.2						109,655						3.4
Real Estate Management & Development			4,899						0.1						4,946						0.2
Road & Rail			98,457						1.2						14,931						0.5
Software			1,694,514						20.0						675,350						20.8
Specialized Finance			161,487						1.9						—						—
Specialty Retail			357,631						4.2						195,718						6.0
Trading Companies & Distributors			16,494						0.2						15,945						0.5
Transportation Infrastructure			68,858						0.8						—						—
Water Utilities			30,529						0.4						16,144						0.5
Total			$	8,479,341					100.0		%				$	3,246,424					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)

			As of September 30, 2025												As of September 30, 2024
Fair Value:
Aerospace & Defense			$	121,150					1.4		%				$	28,599					0.9		%
Air Freight & Logistics			106,153						1.2						—						—
Airlines			20,423						0.2						15,468						0.5
Auto Components			111,841						1.3						73,845						2.3
Automobiles			271,584						3.2						137,696						4.2
Banks			16,215						0.2						3,336						0.1
Beverages			81,036						0.9						14,700						0.4
Building Products			3,334						0.0		*				—						—
Capital Markets			66,686						0.8						10,690						0.3
Chemicals			143,537						1.7						48,219						1.5
Commercial Services & Supplies			157,756						1.8						117,076						3.6
Construction & Engineering			90,248						1.0						8,207						0.3
Construction Materials			17,103						0.2						7,343						0.2
Consumer Finance			26,116						0.3						13,919						0.4
Containers & Packaging			112,592						1.3						51,741						1.6
Diversified Consumer Services			376,480						4.4						175,767						5.4
Diversified Financial Services			513,068						6.0						121,132						3.7
Electric Utilities			6,525						0.1						—						—
Electrical Equipment			25,764						0.3						509						0.0		*
Food & Staples Retailing			13,746						0.2						10,062						0.3
Food Products			130,252						1.5						42,429						1.3
Healthcare Equipment & Supplies			369,814						4.3						121,761						3.7
Healthcare Providers & Services			535,199						6.3						213,140						6.5
Healthcare Technology			467,734						5.5						149,233						4.6
Hotels, Restaurants & Leisure			581,461						6.8						154,457						4.7
Household Durables			12,986						0.2						—						—
Household Products			21,573						0.3						8,350						0.3
Industrial Conglomerates			93,342						1.1						83,621						2.5
Insurance			496,022						5.8						219,224						6.7
IT Services			360,665						4.2						149,165						4.6
Leisure Products			49,611						0.6						89,279						2.7
Life Sciences Tools & Services			56,306						0.7						51,626						1.6
Machinery			62,202						0.7						42,770						1.3
Media			63,094						0.7						12,593						0.4
Oil, Gas & Consumable Fuels			19,194						0.2						26,839						0.8
Paper & Forest Products			5,985						0.1						—						—
Personal Products			12,014						0.1						2,004						0.1
Pharmaceuticals			111,458						1.3						19,502						0.6
Professional Services			354,331						4.1						109,331						3.3
Real Estate Management & Development			4,904						0.1						4,823						0.1
Road & Rail			98,694						1.2						14,897						0.5
Software			1,729,397						20.2						684,549						21.0
Specialized Finance			162,943						1.9						—						—
Specialty Retail			360,091						4.2						196,498						6.0
Trading Companies & Distributors			15,336						0.2						14,784						0.5
Transportation Infrastructure			68,507						0.8						—						—
Water Utilities			30,779						0.4						16,114						0.5
Total			$	8,555,251					100.0		%				$	3,265,298					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)

Note 5. Derivatives

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate 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
Macquarie Bank Limited						€	33,000		EUR						$	38,801		USD						4/19/2027						$	—					$	(853)
																														$	—					$	(853)
Morgan Stanley Capital Services LLC						€	14,700		EUR						$	16,580		USD						4/9/2027						$	—					$	(1,045)
Morgan Stanley Capital Services LLC						£	33,200		GBP						$	42,765		USD						4/15/2027						—						(1,590)
																														$	—					$	(2,635)
Regions Bank						£	3,500		GBP						$	4,426		USD						11/16/2026						$	—					$	(267)
Regions Bank						€	22,000		EUR						$	24,053		USD						12/16/2026						—						(2,288)
Regions Bank						€	6,400		EUR						$	6,936		USD						12/24/2026						—						(729)
Regions Bank						€	24,300		EUR						$	27,574		USD						4/14/2027						—						(1,637)
Regions Bank						€	37,000		EUR						$	43,453		USD						5/27/2027						—						(1,089)
Regions Bank						£	16,900		GBP						$	22,980		USD						6/16/2027						388						—
Regions Bank						€	11,200		EUR						$	13,483		USD						6/16/2027						—						(9)
																														$	388					$	(6,019)

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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 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						Period from June 30, 2023 (commencement of operations) to 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						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Foreign exchange																		$	(9,119)					$	—					$	—

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023:

Average U.S. Dollar notional outstanding																		Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Forward currency contracts																		$	130,070					$	—					$	—

Interest Rate Swaps

In connection with the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes (each as defined in Note 7), the Company entered into interest rate swap agreements with Macquarie Bank Limited (“Macquarie”), SMBC Capital Markets, Inc. (“SMBC”), Regions Bank (“Regions”) and Morgan Stanley Capital Services LLC (“Morgan Stanley”) to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. The Company designated these interest rate swaps and the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes. The outstanding interest rate swap contracts as of September 30, 2025 and 2024 were as follows:

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

As of September 30, 2025
Counterparty						Hedged Item						Company Receives						Company Pays									Maturity Date						Notional Amount						Unrealized Appreciation						Unrealized Depreciation
SMBC Capital Markets, Inc.						2027 Tranche A Notes						7.12%						3M SOFR+			2.5975%						9/18/2027						$	225,000					$	4,466					$	—
SMBC Capital Markets, Inc.						2028 Notes						5.45%						3M SOFR+			1.834%						8/15/2028						500,000						2,569						—
SMBC Capital Markets, Inc.						2030 Notes						5.875%						D SOFR+			1.727%						5/1/2030						350,000						10,267						—
																																							$	17,302					$	—
Macquarie Bank Limited						2027 Tranche A Notes						7.12%						3M SOFR+			2.644%						9/20/2027						$	75,000					$	1,425					$	—
Macquarie Bank Limited						2029 Notes						6.046%						3M SOFR+			2.770%						8/12/2029						150,000						—						(869)
																																							$	1,425					$	(869)
Regions Bank						2029 Notes						6.046%						3M SOFR+			2.7875%						8/12/2029						$	350,000					$	—					$	(2,252)
																																							$	—					$	(2,252)
Morgan Stanley Capital Services LLC						2030 Notes						5.875%						D SOFR+			1.745%						5/1/2030						$	150,000					$	4,286					$	—
																																							$	4,286					$	—
As of September 30, 2024
Counterparty						Hedged Item						Company Receives						Company Pays									Maturity Date						Notional Amount						Unrealized Appreciation						Unrealized Depreciation
SMBC Capital Markets, Inc.						2027 Tranche A Notes						7.12%						3M SOFR+			2.5975%						9/18/2027						$	225,000					$	10,520					$	—
																																							$	10,520					$	—
Macquarie Bank Limited						2027 Tranche A Notes						7.12%						3M SOFR+			2.644%						9/20/2027						$	75,000					$	2,351					$	—
Macquarie Bank Limited						2029 Notes						6.046%						3M SOFR+			2.770%						8/12/2029						150,000						—						(247)
																																							$	2,351					$	(247)
Regions Bank						2029 Notes						6.046%						3M SOFR+			2.7875%						8/12/2029						$	350,000					$	—					$	(1,963)
																																							$	—					$	(1,963)

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. For the years ended September 30, 2025 and 2024, the net unrealized gain/(loss) related to the fair value hedge was $(2,372) and $1,620, respectively, which is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. There were no derivatives designated in a qualifying hedge accounting relationship for the period from June 30, 2023 (commencement of operations) to September 30, 2023.

The table below presents the components of the net unrealized gain/(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes, from derivatives designated in a qualifying hedge accounting relationship for the years ended September 30, 2025 and 2024. There were no derivatives designated in a qualifying hedge accounting relationship for the period from June 30, 2023 (commencement of operations) to September 30, 2023.

												Year ended September 30,
																		2025						2024
Hedging instruments (Interest rate swaps)																		$	9,231					$	10,661
Hedged items (Unsecured notes)																		(11,603)						(9,041)
Fair market value adjustments for hedge accounting recognized in interest and other debt financing expenses																		$	(2,372)					$	1,620

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The table below presents the carrying value of the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes as of September 30, 2025 and 2024 that is designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:

						As of September 30, 2025												As of September 30, 2024
Description						Carrying Value						Cumulative Hedging Adjustment						Carrying Value						Cumulative Hedging Adjustment
2027 Tranche A Notes						$	305,326					$	5,326					$	308,872					$	8,872
2028 Notes						499,452						2,569						—						—
2029 Notes						494,058						(1,804)						494,984						169
2030 Notes						509,398						14,553						—						—

Offsetting Derivatives

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 each of its derivative counterparties, Macquarie, SMBC, Regions and Morgan Stanley (together with Macquarie, SMBC and Regions, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty that governs over-the-counter (“OTC”) derivatives, including forward currency contracts and interest rate swaps, 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 with SMBC permits 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 either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or accounts payable and other liabilities. There was no collateral pledged for derivatives included in other assets on the Consolidated Statements of Financial Condition as of both September 30, 2025 and 2024. 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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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 consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of September 30, 2025 and 2024:

As of September 30, 2025
Counterparty						Instrument						Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statements of Financial Condition						Collateral (Received) / Pledged (1)						Net Amounts(2)
Regions Bank						Interest rate swaps						Net unrealized depreciation on derivatives						$	—					$	(2,252)					$	(2,252)					$	—					$	(2,252)
Regions Bank						Foreign currency forward contracts						Net unrealized depreciation on derivatives						388						(6,019)						(5,631)						—						(5,631)
SMBC Capital Markets, Inc.						Interest rate swaps						Net unrealized appreciation on derivatives						17,302						—						17,302						—						17,302
Macquarie Bank Limited						Interest rate swaps						Net unrealized appreciation on derivatives						1,425						(869)						556						—						556
Macquarie Bank Limited						Foreign currency forward contracts						Net unrealized depreciation on derivatives						—						(853)						(853)						—						(853)
Morgan Stanley Capital Services LLC						Interest rate swaps						Net unrealized appreciation on derivatives						4,286						—						4,286						—						4,286
Morgan Stanley Capital Services LLC						Foreign currency forward contracts						Net unrealized depreciation on derivatives						—						(2,635)						(2,635)						—						(2,635)
As of September 30, 2024
Counterparty						Instrument						Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statements of Financial Condition						Collateral (Received) / Pledged (1)						Net Amounts(2)
Regions Bank						Interest rate swaps						Net unrealized depreciation on derivatives						$	—					$	(1,963)					$	(1,963)					$	—					$	(1,963)
SMBC Capital Markets, Inc.						Interest rate swaps						Net unrealized appreciation on derivatives						10,520						—						10,520						—						10,520
Macquarie Bank Limited						Interest rate swaps						Net unrealized appreciation on derivatives						2,351						(247)						2,104						—						2,104

(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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 6. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. 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. During the years ended September 30, 2025 and 2024, certain debt investments with a fair value of $9,979 and $6,456, respectively, transferred from Level 2 to Level 3 of the fair value hierarchy and certain debt investments with a fair value of $22,872 and $4,964, respectively, transferred from Level 3 to Level 2 of the fair value hierarchy. There were no transfers into or out of Level 3 of the fair value hierarchy during the period from June 30, 2023 (commencement of operations) to September 30, 2023. The transfers into or out of Level 3 were primarily due to decreased or increased transparency of the observable prices for both 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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of 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. As of September 30, 2025, $1,750,395 and $6,804,856 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2024, $615,715 and $2,649,583 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2025 and September 30, 2024, all interest rate swaps and forward currency contracts were valued using Level 2 inputs and all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs.

When determining fair value of Level 3 portfolio 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 or directly from brokers. 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 use the midpoint of the independent third-party market “bid” and “ask” quotes to determine the value of our portfolio investments. While market price quotes from third-party pricing sources may be available, the Valuation Designee has the discretion to seek and utilize independent quotes from independent broker dealers to determine the fair value of the applicable portfolio investment. The Valuation Designee may obtain and consider both “bid” and “ask” quotes from either independent third-party vendors or directly from independent brokers.

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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of September 30, 2025 and September 30, 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)						$	—					$	1,750,395					$	6,740,019					$	8,490,414
Equity investments(1)						—						—						64,837						64,837
Money market funds(1)(2)						412,636						—						—						412,636
Forward currency contracts						—						388						—						388
Interest rate swaps						—						23,013						—						23,013
Total assets, at fair value:						$	412,636					$	1,773,796					$	6,804,856					$	8,991,288
Liabilities, at fair value:
Forward currency contracts						$	—					$	(9,507)					$	—					$	(9,507)
Interest rate swaps						—						(3,121)						—						(3,121)
Total liabilities, at fair value:						$	—					$	(12,628)					$	—					$	(12,628)
As of September 30, 2024						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	615,715					$	2,638,140					$	3,253,855
Equity investments(1)						—						—						11,443						11,443
Money market funds(1)(2)						93,069						—						—						93,069
Interest rate swaps						—						12,871						—						12,871
Total assets, at fair value:						$	93,069					$	628,586					$	2,649,583					$	3,371,238
Liabilities, at fair value:
Interest rate swaps						$	—					$	(2,210)					$	—					$	(2,210)
Total liabilities, at fair value:						$	—					$	(2,210)					$	—					$	(2,210)

(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.

The net change in unrealized appreciation (depreciation) for the years ended September 30, 2025 and 2024, and the period from June 30, 2023 (commencement of operations) to September 30, 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 $57,862, $21,441 and $(986), respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

			For the year ended September 30, 2025
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	2,638,140					$	11,443					$	2,649,583
Net change in unrealized appreciation (depreciation) on investments			21,531						3,727						25,258
Net translation of investments in foreign currencies			31,390						(24)						31,366
Realized gain (loss) on investments			(3,375)						—						(3,375)
Realized gain (loss) on translation of investments in foreign currencies			7						—						7
Fundings of (proceeds from) revolving loans, net			17,541						—						17,541
Purchases and fundings of investments			4,412,906						54,826						4,467,732
PIK interest and non-cash dividends			23,054						1,254						24,308
Proceeds from principal payments and sales of portfolio investments			(401,601)						(6,389)						(407,990)
Accretion of discounts and amortization of premiums			13,319						—						13,319
Transfers into Level 3(1)			9,979						—						9,979
Transfers out of Level 3(1)			(22,872)						—						(22,872)
Fair value, end of period			$	6,740,019					$	64,837					$	6,804,856

			For the year ended September 30, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	1,038,605					$	94					$	1,038,699
Net change in unrealized appreciation (depreciation) on investments			12,662						88						12,750
Net translation of investments in foreign currencies			8,095						—						8,095
Realized gain (loss) on investments			(6,632)						—						(6,632)
Realized gain (loss) on translation of investments in foreign currencies			23						—						23
Fundings of (proceeds from) revolving loans, net			5,805						—						5,805
Purchases and fundings of investments			1,878,947						11,232						1,890,179
PIK interest and non-cash dividends			6,633						29						6,662
Proceeds from principal payments and sales of portfolio investments			(315,988)						—						(315,988)
Accretion of discounts and amortization of premiums			8,498						—						8,498
Transfers into Level 3(1)			6,456						—						6,456
Transfers out of Level 3(1)			(4,964)						—						(4,964)
Fair value, end of period			$	2,638,140					$	11,443					$	2,649,583

(1) Transfers between levels are recognized at the beginning of the period in which the transfers occur.

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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

$

358,580

Yield analysis

Market interest rate

7.3% - 12.5% (8.3%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (13.5x)

178,937

Broker quotes

Broker quotes

N/A

One stop loans(2)(3)

$

5,901,144

Yield analysis

Market interest rate

3.8% - 20.5% (8.6%)

Market comparable companies

EBITDA multiples

8.0x - 34.4x (15.9x)

Market comparable companies

Revenue multiples

1.8x - 15.0x (8.2x)

47,696

Broker quotes

Broker quotes

N/A

Subordinated debt and second lien loans(4)

$

92,730

Yield analysis

Market interest rate

8.8% - 15.0% (10.1%)

Market comparable companies

EBITDA multiples

12.5x - 24.0x (18.4x)

Structured finance note

$

147,182

Broker quotes

Broker quotes

N/A

13,750

Transactional value

Cost

N/A

Equity(5)

$

64,837

Market comparable companies

EBITDA multiples

8.0x - 25.5x (18.2x)

Revenue multiples

1.8x - 11.1x (9.3x)

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

(2)The Company valued $5,262,911 and $638,233 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)$11,327 of loans at fair value were valued using the market comparable companies approach only.

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

(5)The Company valued $50,649 and $14,188 of equity investments using EBITDA and revenue multiples, respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of  September 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

59,113

Yield analysis

Market interest rate

8.5% - 12.3% (9.4%)

Market comparable companies

EBITDA multiples

6.5x - 20.0x (10.3x)

51,552

Broker quotes

Broker quotes

N/A

One stop loans(2)

$

2,463,600

Yield analysis

Market interest rate

6.3% - 21.0% (9.3%)

Market comparable companies

EBITDA multiples

8.0x - 38.0x (16.1x)

Market comparable companies

Revenue multiples

1.5x - 16.5x (7.8x)

54,180

Broker quotes

Broker quotes

N/A

Subordinated debt and second lien loans

$

9,695

Yield analysis

Market interest rate

10.8% - 15.0% (11.7%)

Market comparable companies

EBITDA multiples

9.9x - 24.0x (14.3x)

Equity(3)

$

11,443

Market comparable companies

EBITDA multiples

9.0x - 22.7x (15.6x)

Revenue multiples

1.5x - 2.8x (1.5x)

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

(2)The Company valued $2,205,794 and $257,806 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 $10,343 and $1,100 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. 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 2029 Notes and 2030 Notes are based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following are the carrying values and fair values of the Company’s debt and other short-term borrowings 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)			$	4,699,707					$	4,729,387					$	1,588,492					$	1,594,735
Other short-term borrowings			74,178						74,178						—						—

(1)As of September 30, 2025, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes. As of September 30, 2024, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2027 Tranche A Notes and 2029 Notes. See Note 5 for additional information.

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On May 17, 2023, the Company’s sole shareholder 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 common shares. As a result of such approval, effective as of May 18, 2023, 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 184.7%.

2025-R Debt Securitization: On September 21, 2023, the Company completed a $693,620 term debt securitization (the “2023 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by the 2023 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. The 2023 Notes offered in the 2023 Debt Securitization consisted of $395,500 of AAA Class A-1 2023 Notes, which bore interest at three-month term SOFR plus 2.40%; $38,500 of AAA Class A-2 2023 Notes, which bore interest at three-month term SOFR plus 2.30%; and $259,620 of subordinated 2023 Notes. The Company indirectly retained all of the Subordinated 2023 Notes which were eliminated in consolidation. On September 9, 2024, the Company sold the previously retained Class A-2 2023 Notes to a third party, which resulted in a realized gain on the sale of debt of $1,274. The Class A-1 2023 Notes and Class A-2 2023 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. On September 25, 2025, the Company completed a $931,550 term debt securitization (the “2025-R Debt Securitization”), which redeemed all of the notes issued under the 2023 Debt Securitization. The redemption of the 2023 Notes resulted in a realized loss on the extinguishment of debt of $1,900 for the portion of the unamortized discounts and debt issuance costs on the 2023 Notes issued.

The notes offered in the 2025-R Debt Securitization (the “2025 Reset Notes”) were issued by the 2025-R Issuer, a subsidiary of 2025-R CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The Secured Notes offered in the 2025-R Debt Securitization consist of $500,000 of AAA Class A-1R Senior Secured Floating Rate 2025 Reset Notes, which bear interest at the three-month SOFR plus 1.45% and $76,200 of AAA Class A-2 Senior Secured Floating Rate 2025 Reset Notes, which bear interest at the three-month SOFR plus 1.65%. In partial consideration for the loans transferred to the 2025-R Issuer as part of the 2025-R Debt Securitization, the 2025-R CLO Depositor received and retained $20,200 of Class A-2 2025 Reset Notes, $69,700 of AA Class B-R Senior Secured Floating Rate 2025 Reset Notes and $285,650 of subordinated 2025 Reset Notes, which were eliminated in consolidation.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Through October 26, 2029, all principal collections received on the underlying collateral may be used by the 2025-R Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025-R Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025-R Debt Securitization, allowing the Company to maintain the initial leverage in the 2025-R Debt Securitization. The Secured 2025 Reset Notes are due on October 26, 2037. The Subordinated 2025 Reset Notes are due on September 25, 2125.

As of September 30, 2025 and 2024, there were 77 and 70 portfolio companies, respectively, with total fair value of $679,738 and $688,016, securing the 2025 Reset Notes and the 2023 Notes, respectively. The pool of loans in the 2025-R 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-R Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of September 30, 2025 based on the last interest rate reset was 4.9%.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the 2025-R Debt Securitization and the 2023 Debt Securitization were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	30,203					$	31,227					$	849
Accretion of discounts on notes issued															95						5						—
Amortization of debt issuance costs															562						450						11
Total interest and other debt financing expenses															$	30,860					$	31,682					860
Cash paid for interest expense															$	35,812					$	25,881					$	—
Average stated interest rate															6.9		%				7.9		%				7.8		%
Average outstanding balance															$	436,006					$	397,393					$	42,989

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

Description			Class A-1R 2025 Reset Notes						Class A-2R 2025 Reset Notes
Type			Senior Secured Floating Rate						Senior Secured Floating Rate
Amount Outstanding			$500,000						$56,000
S&P Rating			"AAA"						"AAA"
Fitch Rating			"AAA"						N/A
Interest Rate			SOFR + 1.45%						SOFR + 1.65%

The Investment Adviser serves as collateral manager to the 2025-R Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2025-R Issuer for rendering such collateral management services.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

2025 Debt Securitization: On September 18, 2025, the Company completed a $868,570 term debt securitization (the “2025 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2025 Debt Securitization (the “2025 Notes”) were issued by the 2025 Issuer, a subsidiary of 2025 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2025 Notes offered in the 2025 Debt Securitization consist of $430,000 of AAA Class A-1 Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.47%; $14,440 of AAA Class A-2 Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.65% and $59,650 of AA Class B Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.80%. In partial consideration for the loans transferred to the 2025 Issuer as part of the 2025 Debt Securitization, the 2025 CLO Depositor received and retained $60,340 of Class C Secured Deferrable Floating Rate 2025 Notes and $209,140 of subordinated 2025 Notes, which were eliminated in consolidation.

Additionally, the 2025 Issuer incurred certain loans as part of the 2025 Debt Securitization (the “2025 Loans”), consisting of $60,000 of AAA Class A-1L-1 Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.47%; $10,000 of AAA Class A-1L-2 Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.47%; $20,000 of AAA Class A-2L Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.65%; and $5,000 of AA Class B-L Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.80%.

Through October 18, 2030, 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, 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 Secured 2025 Notes are due on October 18, 2039. The Subordinated 2025 Notes are due on September 18, 2125. The Secured 2025 Loans mature on October 18, 2039.

As of September 30, 2025, there were 59 portfolio companies, respectively, with total fair value of $700,937, securing the 2025 Notes. 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 term SOFR. The three-month term SOFR in effect as of September 30, 2025 based on the last interest rate reset was 4.2%.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the 2025 Debt Securitization were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	1,226					$	—					$	—
Amortization of debt issuance costs															18						—						—
Total interest and other debt financing expenses															$	1,244					$	—					$	—
Cash paid for interest expense															$	—					$	—					$	—
Average stated interest rate															5.7		%				N/A						N/A
Average outstanding balance															$	21,337					$	—					$	—

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

Description

Class A-1 2025 Notes

Class A-2 2025 Notes

Class B 2025 Notes

Class A-1L-1 2025 Loans

Class A-1L-2 2025 Loans

Class A-2L 2025 Loans

Class B-L 2025 Loans

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$430,000

$14,440

$59,650

$60,000

$10,000

$20,000

$5,000

S&P Rating

"AAA"

"AAA"

"AA"

"AAA"

"AAA"

"AAA"

"AA"

Fitch Rating

"AAA"

"AAA"

"AA"

"AAA"

"AAA"

"AAA"

"AA"

Interest Rate

SOFR + 1.47%

SOFR + 1.65%

SOFR + 1.80%

SOFR + 1.47%

SOFR + 1.47%

SOFR + 1.65%

SOFR + 1.80%

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The Investment Adviser serves as collateral manager to the 2025 Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2025 Issuer for rendering such collateral management services.

SMBC Credit Facility: On September 6, 2023, the Company entered into a senior secured revolving credit facility (the “SMBC Credit Facility”) with the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. As of September 30, 2025, the SMBC Credit Facility allowed the Company to borrow up to $2,478,000 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions, which includes a term loan commitment of $87,500. Under the SMBC Credit Facility, the lenders have agreed to provide the Company with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide additional commitments up to $3,000,000. On November 22, 2024, the Company entered into the third amendment to the SMBC Credit Facility (the “Third SMBC Amendment”). The Third SMBC Amendment, among other things, (a) increased the total commitment facility amount from $1,115,000 to $1,240,000 through the addition of new lenders, (b) extended the maturity date to November 22, 2029, (c) reduced the applicable margin on borrowings under the SMBC Credit Facility to 0.875% for any ABR Loan (as defined in the SMBC Credit Facility) and 1.875% for any Term Benchmark Loan or RFR Loan (as defined in the SMBC Credit Facility) and (d) reduced the commitment fee on the daily unused portion of commitments to 0.35% per annum. On March 5, 2025, the Company entered into an agreement with new lenders to increase aggregate commitments under the SMBC Credit Facility from $1,240,000 to $1,440,000 through the accordion feature under the SMBC Credit Facility, which includes a term loan commitment that was increased from $37,500 to $50,000. On June 26, 2025, the Company entered into the fourth amendment to the SMBC Credit Facility (the “Fourth SMBC Amendment”). The Fourth SMBC Amendment, among other things, (a) increased the total commitment facility amount from $1,440,000 to $2,478,000 through the addition of a new lender and increased commitments from certain existing lenders, which includes a $37,500 term loan commitment and (b) increased the accordion feature, which allows the Company, under certain circumstances, to increase the total size of the facility to a total facility size of $3,000,000 from $2,000,000.

The SMBC Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $50,000, subject to increase or reduction from time to time pursuant to the terms of the SMBC Credit Facility.

The SMBC Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the SMBC Credit Facility bear interest at the applicable base rate plus a margin of either 0.875% or 1.875%. The applicable base rate under the SMBC Credit Facility is (i) SOFR with respect to any advances denominated in U.S. dollars plus an adjustment of 0.10%, (ii) SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment of 0.0326%, (iii) EURIBOR with respect to any advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars plus an adjustment of 0.29547% for one-month tenor loans and 0.32138% for three-month tenor loans, (v) the Bank Bill Swap Rate with respect to any advances denominated in Australian Dollars plus an adjustment of 0.20% and (vi) the relevant rate as defined in the SMBC Credit Facility for borrowings in other currencies.

The Company pays a commitment fee of 0.35% per annum on the daily unused portion of commitments under the SMBC Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the SMBC Credit Facility. The Company may request borrowings on the SMBC Credit Facility (the “Availability Period”) through November 22, 2028 (the “Commitment Termination Date”), and the SMBC Credit Facility requires mandatory prepayment of interest and principal upon certain events during the term-out period commencing on the Commitment Termination Date. The SMBC Credit Facility matures on November 22, 2029.

As of September 30, 2025 and September 30, 2024, the Company had outstanding debt of $1,297,041 and $223,854, respectively, and no letters of credit outstanding under the SMBC 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the SMBC Credit Facility were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	46,066					$	25,331					$	581
Facility fees															2,991						1,523						41
Amortization of debt issuance costs															3,361						1,566						76
Total interest and other debt financing expenses															$	52,418					$	28,420					$	698
Cash paid for interest expense															$	46,510					$	26,141					$	—
Average stated interest rate(1)															5.8		%				7.3		%				7.4		%
Average outstanding balance															$	788,414					$	348,433					$	31,041

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

BANA Credit Facility: On May 9, 2025, GCRED Funding, a direct wholly-owned subsidiary of the Company, entered into a revolving credit and security agreement (the “BANA Credit Facility”) with the Company, as servicer, Bank of America, N.A., as administrative agent and sole lender, and Computershare Trust Company, N.A., as collateral custodian. Under the BANA Credit Facility, the lenders have agreed to extend credit to GCRED Funding in an aggregate principal amount of up to $500,000 as of May 9, 2025. GCRED Funding may request drawdowns under the BANA Credit Facility through May 9, 2028 and the BANA Credit Facility will mature on May 9, 2031, the sixth anniversary of the closing date of the BANA Credit Facility.

Borrowings under the BANA Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin, which is based on the composition of the portfolio and ranges from a floor of 1.70% per annum to 1.95% per annum. Additionally, GCRED Funding pays a commitment fee on the unused portion of commitments of (i) 0.25% per annum through September 9, 2025 and (ii) either 0.50% or 1.75% per annum, based on the amount of the unfunded commitments. A reduction fee may be payable in the event of any permanent reduction in commitments of the BANA Credit Facility.

The BANA Credit Facility is secured by all of the assets held by GCRED Funding. GCRED Funding 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 BANA Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

As of September 30, 2025, the Company had $310,000 of outstanding debt under the BANA 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the BANA Credit Facility were as follows:

																		Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense																		$	5,241					$	—					$	—
Facility fees																		308						—						—
Amortization of debt issuance costs																		256						—						—
Total interest and other debt financing expenses																		$	5,805					$	—					$	—
Cash paid for interest expense																		$	2,717					$	—					$	—
Average stated interest rate																		6.1		%				N/A						N/A
Average outstanding balance																		$	86,110					$	—					$	—

2027 Notes: On May 22, 2024, the Company entered into a Master Note Purchase Agreement (the “Master Note Purchase Agreement”), governing the issuance of $300,000 aggregate principal amount of 7.12% Tranche A Series 2024A Senior Notes due November 18, 2027 (the “2027 Tranche A Notes”), $100,000 aggregate principal amount of Tranche B Floating Rate Series 2024A Senior Notes due November 18, 2027 (the “2027 Tranche B Notes”), and €25,000 aggregate principal amount of Tranche C Floating Rate Series 2024A Senior Notes due November 18, 2027 (the “2027 Tranche C Notes” and, together with the 2027 Tranche A Notes and 2027 Tranche B Notes, the “2027 Notes”), to qualified institutional investors in a private placement. The 2027 Tranche A Notes bear interest at a rate equal to 7.12% per annum that is payable semi-annually on February 5 and August 5 of each year. The 2027 Tranche B Notes bear interest at a rate equal to Term SOFR plus 2.63% that is payable quarterly on February 5, May 5, August 5 and November 5 of each year. The 2027 Tranche C Notes bear interest at a rate equal to EURIBOR plus 2.29% that is payable semi-annually on February 5 and August 5 of each year.

The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari-passu, or equal in right of payment, with all outstanding and future unsecured and unsubordinated indebtedness issued by the Company.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

On May 8, 2024, the Company entered into interest rate swap agreements on the 2027 Tranche A Notes with SMBC and Macquarie as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed interest rate of 7.12% and (ii) pays SMBC a floating interest rate of three-month Term SOFR plus 2.5975% on the first $225,000 of the 2027 Tranche A Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed interest rate of 7.12% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR plus 2.644% on the second $75,000 of the 2027 Tranche A Notes. The Company designated these interest rate swaps and the 2027 Tranche A Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the 2027 Notes were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	29,967					$	11,162					$	—
Net contractual interest rate swap expense															93						1,005						—
Net (gain)/loss related to fair value hedge															3,433						(3,999)						—
Amortization of debt issuance costs															1,750						636						—
Total interest and other debt financing expenses															$	35,243					$	8,804					$	—
Cash paid (received) for interest expense(1)															$	30,630					$	4,666					$	—
Average interest rate swap and stated interest rate(2)															7.0		%				7.9		%				N/A
Average outstanding balance															$	427,840					$	154,022					$	—

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

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

2028 Notes: On July 23, 2025, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of September 30, 2025, the outstanding aggregate principal amount of the 2028 Notes was $500,000. The 2028 Notes bear interest at a rate of 5.450% per year payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026. The 2028 Notes mature on July 15, 2028.

The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2028 Notes. The 2028 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebted (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after June 15, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2028 Notes.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

On July 16, 2025, the Company entered into interest rate swap agreements on the 2028 Notes with SMBC as a counterparty. Under the agreement with SMBC, the Company (i) receives a fixed interest rate of 5.45% and (ii) pays SMBC a floating interest rate of three-month Term SOFR plus 1.834% on the $500,000 of the 2028 Notes. The Company designated these interest rate swap and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the 2028 Notes were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	5,147					$	—					$	—
Net contractual interest rate swap expense															857						—						—
Net (gain)/loss related to fair value hedge															—						—						—
Accretion of discounts on notes issued															207						—						—
Amortization of debt issuance costs															237						—						—
Total interest and other debt financing expenses															$	6,448					$	—					$	—
Cash paid (received) for interest expense(1)															$	1,975					$	—					$	—
Average interest rate swap and stated interest rate															6.3		%				N/A						N/A
Average outstanding balance															$	95,890					$	—					$	—

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

2029 Notes: On September 12, 2024, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2029 Notes”). As of September 30, 2025, the outstanding aggregate principal amount of the 2029 Notes was $500,000. The 2029 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 12 and September 12 of each year, commencing on March 12, 2025. The 2029 Notes mature on September 12, 2029.

The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2029 Notes. The 2029 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebted (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after August 12, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2029 Notes.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

On September 5, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with Regions and Macquarie as counterparties. Under the agreement with Regions, the Company (i) receives a fixed interest rate of 6.046% and (ii) pays Regions a floating interest rate of three-month Term SOFR plus 2.7875% on the first $350,000 of the 2029 Notes. Under the agreement with Macquarie, the Company (i) receives a fixed interest rate of 6.046% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR plus 2.770% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swaps and the 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the 2029 Notes were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	29,000					$	1,531					$	—
Net contractual interest rate swap expense															6,404						445						—
Net (gain)/loss related to fair value hedge															(1,061)						2,379						—
Accretion of discounts on notes issued															1,048						54						—
Amortization of debt issuance costs															1,153						61						—
Total interest and other debt financing expenses															$	36,544					$	4,470		—			$	—
Cash paid (received) for interest expense(1)															$	35,637					$	—					$	—
Average interest rate swap and stated interest rate															7.1		%				7.6		%				N/A
Average outstanding balance															$	500,000					$	25,957					$	—

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

2030 Notes: On February 24, 2025, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2030 Notes”). As of September 30, 2025, the outstanding aggregate principal amount of the 2030 Notes was $500,000. The 2030 Notes bear interest at a rate of 5.875% per year payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2025. The 2030 Notes mature on May 1, 2030.

The 2030 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2030 Notes. The 2030 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebted (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2030 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2030 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2030 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points less interest accrued to the date of redemption. If the Company redeems any 2030 Notes on or after April 1, 2030 (the date falling one month prior to the maturity date of the 2030 Notes), the redemption price for the 2030 Notes will be equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2030 Notes.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

On February 19, 2025, the Company entered into interest rate swap agreements with SMBC and Morgan Stanley as counterparties. Under the agreement with SMBC, the Company (i) receives a fixed interest rate of 5.875% and (ii) pays SMBC a floating interest rate of SOFR plus 1.727% on the first $350,000 of the 2030 Notes. Under the agreement with Morgan Stanley, the Company (i) receives a fixed interest rate of 5.875% and (ii) pays Morgan Stanley a floating interest rate of SOFR plus 1.745% on the second $150,000 of the 2030 Notes. The Company designated these interest rate swaps and the 2030 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the 2030 Notes were as follows:

															Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	17,711					$	—					$	—
Net contractual interest rate swap expense															779						—						—
Net (gain)/loss related to fair value hedge															—						—						—
Accretion of discounts on notes issued															674						—						—
Amortization of debt issuance costs															719						—						—
Total interest and other debt financing expenses															$	19,883					$	—					$	—
Cash paid (received) for interest expense(1)															$	13,340					$	—					$	—
Average interest rate swap and stated interest rate															6.2		%				N/A						N/A
Average outstanding balance															$	300,000					$	—					$	—

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of September 30, 2025, permitted the Company to borrow up to $300,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of July 3, 2026. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). As of September 30, 2025, the short-term AFR in effect on the Adviser Revolver based on the last interest rate reset 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 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						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	535					$	22					$	238
Cash paid for interest expense															535						22						238
Average stated interest rate															4.1		%				5.0		%				4.5		%
Average outstanding balance															$	13,040					$	438					$	21,086

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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

As of September 30, 2025, the Company had $74,178 of other short-term borrowings and the fair value of the loans associated with the short-term borrowings was $74,178. As of September 30, 2024, the Company had no short-term borrowings.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for short-term borrowings were as follows:

															Year ended September 30, 2025						Year ended September 30, 2025						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Stated interest expense															$	691					$	—					$	—
Cash paid for interest expense															486						—						—
Average stated interest rate															5.5		%				N/A						N/A
Average outstanding balance															$	12,532					$	—					$	—

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the average total debt outstanding was $2,681,170, $926,243 and $535,035, respectively.

For the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, the effective average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes, on the Company’s total debt was 7.0%, 8.1% and 7.9%, 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
2025 Debt Securitization(1)			$	599,090					$	—					$	—					$	—					$	599,090
2025-R Debt Securitization(1)			556,000						—						—						—						556,000
SMBC Credit Facility			1,297,041						—						—						1,297,041						—
BANA Credit Facility			310,000						—						—						—						310,000
2027 Notes(2)			434,668						—						434,668						—						—
2028 Notes(1)(2)			499,452						—						499,452						—						—
2029 Notes(1)(2)			494,059						—						—						494,059						—
2030 Notes(1)(2)			509,397						—						—						509,397						—
Other short-term borrowings			74,178						74,178						—						—						—
Total borrowings			$	4,773,885					$	74,178					$	934,120					$	2,300,497					$	1,465,090

(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 8. 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 shareholders, 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023:

			Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Increase (decrease) in Paid in Capital in Excess of Par			$	(2,043)					$	(1,430)					$	(291)
Increase (decrease) in Distributable Earnings (Losses)			2,043						1,430						291

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.

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

			Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Net increase in net assets resulting from operations			$	256,063					$	121,642					$	16,423
Net change in unrealized (appreciation) depreciation on investment transactions			(29,006)						(11,835)						587
Other income not currently taxable			(3,469)						(2,133)						(43)
Expenses not currently deductible			5,016						3,045						291
Other income for tax but not book			2,372						590						—
Other deductions/losses for tax not book			(81)						(208)						(74)
Other realized gain/loss differences			5,525						7,230						43
Taxable income before deductions for distributions			$	236,420					$	118,331					$	17,227

The tax character of distributions paid during the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023 were as follows:

			Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Ordinary Income			$	232,207					$	109,583					$	10,938
Long-Term Capital Gains			1,632						—						—

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023 were as follows:

			Year ended September 30, 2025						Year ended September 30, 2024						Period from June 30, 2023 (commencement of operations) to September 30, 2023
Undistributed ordinary income – tax basis			$	16,520					$	13,406					$	6,289
Undistributed realized gains – tax basis			1,100						1,632						—
Net unrealized appreciation (depreciation) on investments			30,973						3,942						(587)
Other temporary differences			(35,177)						(14,850)						(5,414)
Total accumulated earnings (loss) – book basis			$	13,416					$	4,130					$	288

Capital losses in excess of capital gains earned in a tax year may 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 may 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 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 shareholders in the tax year ended September 30, 2026. The amount carried forward to tax year ended September 30, 2026 is estimated to be approximately $16,520 of ordinary income and $1,100 of long-term capital gain, although these amounts 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 $8,488,622 resulting in estimated gross unrealized gains and losses of $96,442 and $29,814, respectively.

Note 9. Commitments and Contingencies

Commitments: As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $1,875,139, including $520,417 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $676,610, including $174,900 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 5 for outstanding forward currency contracts and interest rate swaps as of September 30, 2025 and 2024. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

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

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

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

Note 10. Financial Highlights

The financial highlights for the Company are as follows:

						Year ended September 30, 2025
						2025																		2024												2023*
Per share data:(1)						Class I						Class S^^												Class I						Class S^^						Class I
Net asset value at beginning of period						$	25.10					$	25.10											$	25.00					$	25.17					$	25.00
Distributions declared:(2)
From net investment income - after tax						(2.28)						(2.07)												(2.63)						(1.21)						(0.63)
From capital gains						(0.02)						(0.02)												—						—						—
Net investment income - after tax						2.16						2.16												2.55						1.26						0.65
Net realized gain (loss) on investment transactions						(0.05)						(0.05)												(0.14)						(0.13)						0.06
Net realized gain (loss) on sale/extinguishment of debt						(0.02)						(0.02)												0.03						0.03						(0.06)
Net change in unrealized appreciation (depreciation) on investment transactions(3)						0.27						0.27												0.29						0.09						(0.02)
Distribution and shareholder servicing fees						—						(0.21)												—						(0.11)						—
Net asset value at end of period						$	25.16					$	25.16											$	25.10					$	25.10					$	25.00
Total return based on net asset value per share(4)						9.96		%				8.76		%										11.34		%				4.51		%				2.54		%
Number of common shares outstanding						153,882,766.474						7,443,664.000												66,374,648.607						2,633,722.656						26,133,510.522

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

						Year ended September 30, 2025
						2025																		2024												2023*
Listed below are supplemental data and ratios to the financial highlights:						Class I						Class S												Class I						Class S^^						Class I
Ratio of net investment income - after tax to average net assets(5)						8.61		%				7.79		%										10.15		%				9.14		%				10.22		%
Ratio of total expenses to average net assets(5)(6)(7)						10.28		%				11.14		%										10.14		%				10.05		%				9.76		%
Ratio of incentive fee waiver to average net assets						—		%				—		%										—		%				—		%				(0.05)		%
Ratio of incentive fees to average net assets(6)						1.34		%				1.34		%										1.53		%				0.71		%				0.36		%
Ratio of excise and income taxes to average net assets(6)						—		%				—		%										0.01		%				0.00		% ^				—		%
Ratio of net expenses to average net assets(5)(6)(7)						10.28		%				11.14		%										10.14		%				10.05		%				9.71		%
Ratio of total expenses (without incentive fees) to average net assets(5)(7)						8.94		%				9.80		%										8.61		%				9.34		%				9.40		%
Total return based on average net asset value(5)(8)						9.41		%				8.57		%										10.75		%				4.58		%				2.52		%
Net assets at end of period						$	3,872,168					$	187,302											$	1,666,227					$	66,115					$	653,338
Average debt outstanding(9)						$	2,681,170					$	2,681,170											$	926,243					$	926,243					$	535,035
Average debt outstanding per share(9)						$	24.65					$	24.65											$	20.48					$	20.48					$	20.55
Portfolio Turnover(9)						10.80		%				10.80		%										19.55		%				19.55		%				7.90		%
Asset coverage ratio(9)(10)						184.68		%				184.68		%										208.33		%				208.33		%				213.87		%
Asset coverage ratio per unit(9)(11)						$	1,847					$	1,847											$	2,083					$	2,083					$	2,139
Average market value per unit(9)(12):
2025-R Debt Securitization						N/A						N/A												N/A						N/A						N/A
2025 Debt Securitization						N/A						N/A												N/A						N/A						N/A
SMBC Credit Facility						N/A						N/A												N/A						N/A						N/A
BANA Credit Facility						N/A						N/A												N/A						N/A						N/A
2027 Notes						N/A						N/A												N/A						N/A						N/A
2028 Notes						$	1,003					$	1,003											N/A						N/A						N/A
2029 Notes						$	993					$	993											N/A						N/A						N/A
2030 Notes						$	1,002					$	1,002											N/A						N/A						N/A
Adviser Revolver						N/A						N/A												N/A						N/A						N/A
Other Short-Term Borrowings						N/A						N/A												N/A						N/A						N/A

* For the period from June 30, 2023 (commencement of operations) to September 30, 2023

^ Represents an amount less than 0.01%.

^^ The date of the first sale of Class S Shares was April 1, 2024. See Note 12 for additional information.

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

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

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

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

(5)The Class S Shares calculation includes the impact of distribution and shareholder servicing fees. No distribution and shareholder servicing fees are paid with respect to Class I Shares.

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

(7)The calculation excludes the net effect of expense support and expense support recoupment, which represented 0.00%, 0.02% and (0.19)% of average net assets for the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023, respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

(8)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.

(9)Represents a fund level calculation applicable to both Class I Shares and Class S Shares.

(10)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.

(11)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.

(12)Not applicable because such senior securities are not registered for public trading, with the exception of the 2029 Notes and 2030 Notes. The average market value per unit calculated for the 2029 Notes and 2030 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

Note 11. 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, 2023						$	—					$	2,139					—						N/A
September 30, 2024						$	—					$	2,083					—						N/A
September 30, 2025						$	—					$	1,847					—						N/A
2023 Debt Securitization
September 30, 2023						$	395,500					$	2,139					—						N/A
September 30, 2024						$	432,942					$	2,083					—						N/A
2025-R Debt Securitization
September 30, 2025						$	556,000					$	1,847					—						N/A
2025 Debt Securitization
September 30, 2025						$	599,090					$	1,847					—						N/A
SMBC Credit Facility
September 30, 2023						$	176,770					$	2,139					—						N/A
September 30, 2024						$	223,854					$	2,083					—						N/A
September 30, 2025						$	1,297,041					$	1,847					—						N/A
BANA Credit Facility
September 30, 2025						$	310,000					$	1,847					—						N/A

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

2027 Notes(5)
September 30, 2024						$	436,712					$	2,083					—						N/A
September 30, 2025						$	434,668					$	1,847					—						N/A
2028 Notes(6)
September 30, 2025						$	499,452					$	1,847					—						N/A
2029 Notes(7)
September 30, 2024						$	494,984					$	2,083					—						$1,000
September 30, 2025						$	494,058					$	1,847					—						$993
2030 Notes(8)
September 30, 2025						$	509,398					$	1,847					—						N/A
Total Debt
September 30, 2023						$	572,270					$	2,139					—						N/A
September 30, 2024						$	1,588,492					$	2,083					—						N/A
September 30, 2025						$	4,699,707					$	1,847					—						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, with the exception of the 2029 Notes. The average market value per unit calculated for the 2029 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

(5)Represents $429,342 outstanding of 2027 Notes and an adjustment for the change in fair value of an effective hedge accounting relationship.

(6)Represents $500,000 outstanding of 2028 Notes and an adjustment for the change in fair value of an effective hedge accounting relationship.

(7)Represents $500,000 outstanding of 2029 Notes less the unamortized discount recognized upon origination and an adjustment for the change in fair value of an effective hedge accounting relationship.

(8)Represents $500,000 outstanding of 2030 Notes and an adjustment for the change in fair value of an effective hedge accounting relationship.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 12. Net Assets

Share Issuances

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.01 per share par value. The Company offers on a continuous basis up to $5.0 billion of Common Shares pursuant to the Public Offering. The Company has received an exemptive order from the SEC that permits the Company to issue multiple share classes through Class S Shares, Class D Shares and Class I Shares, with, among others, different ongoing shareholder servicing and/or distribution fees. The share classes have different ongoing distribution and/or shareholder servicing fees. As of April 1, 2024, the Company had received purchase orders from greater than 100 investors for Class S Shares, and the Board authorized the release of Class S proceeds from escrow. As of such date, the Company issued and sold 814,973.864 Class S Shares, and the escrow agent released net proceeds of $20,513 to the Company as payment for such Class S Shares. If the Company begins selling Class D Shares, we will accept purchase orders and hold investors' funds in an interest-bearing escrow account for Class D Shares until we receive purchase orders pursuant to the Public Offering for at least 100 investors in Class D Shares.

The following table summarizes the Common Shares issued and net proceeds from the Public Offering during the years ended September 30, 2025 and 2024. There were no proceeds from Public Offering during the period from June 30, 2023 (commencement of operations) to September 30, 2023.

						Class I
Subscriptions Effective						Shares Issued						Net Proceeds
Year ended September 30, 2025
October 1, 2024						3,715,048.849						$	93,248
November 1, 2024						3,559,514.265						89,201
December 1, 2024						4,109,876.708						103,076
January 1, 2025						3,649,429.106						91,747
February 1, 2025						5,145,177.451						129,247
March 1, 2025						6,030,716.003						151,371
April 1, 2025						8,959,075.895						224,425
May 1, 2025						6,848,522.938						171,418
June 1, 2025						5,795,241.067						145,518
July 1, 2025						21,727,593.499						547,101
August 1, 2025						12,174,554.126						306,677
September 1, 2025						5,819,126.543						146,525
						87,533,876.450						$	2,199,554
Year ended September 30, 2024
November 1, 2023						97,680.000						$	2,442
December 1, 2023						1,094,615.081						27,442
January 1, 2024						9,936,232.788						249,101
February 1, 2024						1,705,939.025						42,683
March 1, 2024						2,456,196.864						61,552
April 1, 2024						4,020,367.842						101,193
May 1, 2024						3,923,079.849						98,666
June 1, 2024						3,510,784.993						88,437
July 1, 2024						3,604,832.795						90,553
August 1, 2024						4,415,983.832						110,753
September 1, 2024						4,281,633.232						107,554
						39,047,346.301						$	980,376

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

						Class S
Subscriptions Effective						Shares Issued						Net Proceeds
Year ended September 30, 2025
October 1, 2024						362,866.736						$	9,108
November 1, 2024						223,271.196						5,595
December 1, 2024						198,547.367						4,980
January 1, 2025						419,296.357						10,541
February 1, 2025						300,705.861						7,553
March 1, 2025						627,888.448						15,760
April 1, 2025						581,309.743						14,562
May 1, 2025						197,193.372						4,936
June 1, 2025						437,176.431						10,978
July 1, 2025						397,867.358						10,018
August 1, 2025						702,552.598						17,698
September 1, 2025						312,986.499						7,881
						4,761,661.966						$	119,610
Year ended September 30, 2024
April 1, 2024						814,973.864						$	20,513
May 1, 2024						228,279.932						5,741
June 1, 2024						392,250.097						9,880
July 1, 2024						463,881.516						11,653
August 1, 2024						246,907.329						6,193
September 1, 2024						456,977.977						11,479
						2,603,270.715						$	65,459

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

In connection with the Public Offering, the Company sells shares at an offering price per share as determined in accordance with a share pricing policy. Under such policy, in connection with each monthly closing on the sale of Class S Shares, Class D Shares and Class I Shares, the Board has authorized the Investment Adviser to establish a net offering price that it believes reflects a price per share that is no less than the then-current NAV per share. The following table summarizes the net offering price per share of Common Shares in the Public Offering during the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023.

						Net Offering Price Per Share
For the Month Ended						Class I						Class S
Year ended September 30, 2025
October 31, 2024						$	25.06					$	25.06
November 30, 2024						25.08						25.08
December 31, 2024						25.14						25.14
January 31, 2025						25.12						25.12
February 28, 2025						25.10						25.10
March 31, 2025						25.05						25.05
April 30, 2025						25.03						25.03
May 31, 2025						25.11						25.11
June 30, 2025						25.18						25.18
July 31, 2025						25.19						25.19
August 31, 2025						25.18						25.18
September 30, 2025						25.16						25.16
Year ended September 30, 2024
October 31, 2023						$	25.00					$	—
November 30, 2023						25.07						—
December 31, 2023						25.07						—
January 31, 2024						25.02						—
February 29, 2024						25.06						—
March 31, 2024						25.17						—
April 30, 2024						25.15						25.15
May 31, 2024						25.19						25.19
June 30, 2024						25.12						25.12
July 31, 2024						25.08						25.08
August 31, 2024						25.12						25.12
September 30, 2024						25.10						25.10
Period from June 30, 2023 (commencement of operations) to September 30, 2023
July 31, 2023						$	25.00					$	—
August 31, 2023						25.05						—
September 30, 2023						25.00						—

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Distributions and Distribution Reinvestment

The Board authorizes and declares monthly distribution amounts per share that are recorded by the Company on the record date. The following tables summarize the Company’s dividend declarations and distributions with a record date during the years ended September 30, 2025 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023.

Class I
Date Declared						Record Date						Payment Date						Shares Outstanding						Regular Distribution Per Share						Special Distribution Per Share						Total Distribution Per Share						Total Dividends Declared
Year ended September 30, 2025
August 2, 2024						October 31, 2024						November 27, 2024						70,286,774.355						$	0.2200					$	—					$	0.2200					$	15,463
November 14, 2024						November 30, 2024						December 27, 2024						73,471,107.297						0.1875						—						0.1875						13,776
November 14, 2024						December 30, 2024						January 30, 2025						77,769,569.568						0.1875						0.0050						0.1925						14,971
November 14, 2024						January 31, 2025						February 27, 2025						81,622,147.624						0.1875						—						0.1875						15,305
February 3, 2025						February 28, 2025						March 28, 2025						86,802,913.346						0.1875						—						0.1875						16,276
February 3, 2025						March 31, 2025						April 29, 2025						93,061,716.578						0.1875						—						0.1875						17,449
February 3, 2025						April 30, 2025						May 30, 2025						102,268,310.265						0.1875						—						0.1875						19,175
May 2, 2025						May 31, 2025						June 27, 2025						108,654,328.393						0.1875						—						0.1875						20,372
May 2, 2025						June 30, 2025						July 30, 2025						114,728,035.032						0.1875						—						0.1875						21,511
May 2, 2025						July 31, 2025						August 29, 2025						136,747,312.141						0.1875						—						0.1875						25,641
August 1, 2025						August 31, 2025						September 29, 2025						147,724,409.363						0.1875						0.0125						0.2000						29,545
August 1, 2025						September 30, 2025						October 30, 2025						153,882,766.474						0.1875						—						0.1875						28,853
Total dividends declared for the year ended September 30, 2025																																										$	238,337
Year ended September 30, 2024
August 3, 2023						October 31, 2023						November 29, 2023						26,194,330.889						$	0.2100					$	—					$	0.2100					$	5,501
November 17, 2023						November 30, 2023						December 29, 2023						26,353,713.391						0.2200						—						0.2200						5,798
November 17, 2023						December 30, 2023						January 30, 2024						27,513,765.783						0.2200						—						0.2200						6,053
November 17, 2023						January 31, 2024						February 28, 2024						37,521,105.819						0.2200						—						0.2200						8,255
February 2, 2024						February 29, 2024						March 29, 2024						39,279,712.403						0.2200						—						0.2200						8,641
February 2, 2024						March 31, 2024						April 29, 2024						41,822,979.970						0.2200						—						0.2200						9,201
February 2, 2024						April 30, 2024						May 30, 2024						45,942,385.416						0.2200						—						0.2200						10,107
May 3, 2024						May 31, 2024						June 28, 2024						49,987,591.040						0.2200						—						0.2200						10,997
May 3, 2024						June 30, 2024						July 30, 2024						53,635,734.336						0.2200						—						0.2200						11,800
May 3, 2024						July 31, 2024						August 30, 2024						57,395,957.902						0.2200						—						0.2200						12,628
August 2, 2024						August 31, 2024						September 27, 2024						61,912,050.088						0.2200						—						0.2200						13,621
August 2, 2024						September 30, 2024						October 30, 2024						66,374,648.607						0.2200						—						0.2200						14,602
Total dividends declared for the year ended September 30, 2024																																										$	117,204
Period from June 30, 2023 (commencement of operations) to September 30, 2023
July 31, 2023						July 31, 2023						August 29, 2023						26,012,927.600						$	0.2100					$	—					$	0.2100					$	5,463
August 2, 2023						August 31, 2023						September 29, 2023						26,072,695.096						0.2100						—						0.2100						5,475
August 2, 2023						September 30, 2023						October 30, 2023						26,133,510.522						0.2100						—						0.2100						5,488
Total dividends declared for the period from June 30, 2023 (commencement of operations) to September 30, 2023																																										$	16,426

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Class S
Date Declared						Record Date						Payment Date						Shares Outstanding						Regular Distribution Per Share(1)						Special Distribution Per Share						Total Distribution Per Share						Total Dividends Declared
Year ended September 30, 2025
August 2, 2024						October 31, 2024						November 27, 2024						3,007,320.468						$	0.2022					$	—					$	0.2022					$	608
November 14, 2024						November 30, 2024						December 27, 2024						3,243,641.371						0.1697						—						0.1697						551
November 14, 2024						December 30, 2024						January 30, 2025						3,453,828.187						0.1697						0.0050						0.1747						603
November 14, 2024						January 31, 2025						February 27, 2025						3,886,006.125						0.1697						—						0.1697						660
February 3, 2025						February 28, 2025						March 28, 2025						4,196,829.365						0.1697						—						0.1697						712
February 3, 2025						March 31, 2025						April 29, 2025						4,840,168.159						0.1697						—						0.1697						822
February 3, 2025						April 30, 2025						May 30, 2025						5,439,734.002						0.1698						—						0.1698						923
May 2, 2025						May 31, 2025						June 27, 2025						5,538,806.682						0.1698						—						0.1698						940
May 2, 2025						June 30, 2025						July 30, 2025						5,997,598.867						0.1697						—						0.1697						1,018
May 2, 2025						July 31, 2025						August 29, 2025						6,418,843.101						0.1697						—						0.1697						1,089
August 1, 2025						August 31, 2025						September 29, 2025						7,103,815.717						0.1697						0.0125						0.1822						1,294
August 1, 2025						September 30, 2025						October 30, 2025						7,443,664.000						0.1697						—						0.1697						1,263
Total dividends declared for the year ended September 30, 2025																																										$	10,483
Year ended September 30, 2024
April 19, 2024						April 30, 2024						May 30, 2024						814,973.864						$	0.2022					$	—					$	0.2022					$	165
May 3, 2024						May 31, 2024						June 28, 2024						1,047,494.875						0.2022						—						0.2022						212
May 3, 2024						June 30, 2024						July 30, 2024						1,444,919.231						0.2022						—						0.2022						292
May 3, 2024						July 31, 2024						August 30, 2024						1,914,357.236						0.2022						—						0.2022						387
August 2, 2024						August 31, 2024						September 27, 2024						2,168,575.972						0.2022						—						0.2022						437
August 2, 2024						September 30, 2024						October 30, 2024						2,633,722.656						0.2022						—						0.2022						533
Total dividends declared for the year ended September 30, 2024																																										$	2,026

(1) Distribution per share is net of shareholder servicing and/or distribution fees.

The following table summarizes the Company’s distributions reinvested during the years ended September 30, 2025, 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023.

Class I
Payment Date						DRIP Shares Issued						Amount ($) per share						DRIP Shares Value (1)
Year ended September 30, 2025
October 30, 2024						197,076.899						$	25.10					$	4,946
November 27, 2024						216,447.740						25.06						5,424
December 27, 2024						188,585.563						25.08						4,730
January 30, 2025						203,148.950						25.14						5,107
February 27, 2025						208,604.546						25.12						5,240
March 28, 2025						228,087.229						25.10						5,725
April 29, 2025						247,571.209						25.05						6,202
May 30, 2025						264,308.663						25.03						6,616
June 27, 2025						278,358.696						25.11						6,990
July 30, 2025						291,683.610						25.18						7,344
August 29, 2025						303,122.896						25.19						7,636
September 29, 2025						339,230.568						25.18						8,542
						2,966,226.569												$	74,502

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Year ended September 30, 2024
October 30, 2023						60,820.367						$	25.00					$	1,521
November 29, 2023						61,702.502						25.00						1,543
December 29, 2023						65,437.311						25.07						1,640
January 30, 2024						71,107.248						25.07						1,782
February 28, 2024						79,967.559						25.02						2,001
March 29, 2024						87,070.703						25.06						2,182
April 29, 2024						99,037.604						25.17						2,493
May 30, 2024						122,125.775						25.15						3,071
June 28, 2024						137,358.303						25.19						3,460
July 30, 2024						155,390.771						25.12						3,904
August 30, 2024						165,834.688						25.08						4,159
September 27, 2024						180,965.287						25.12						4,546
						1,286,818.118												$	32,302
Period from June 30, 2023 (commencement of operations) to September 30, 2023
August 29, 2023						59,767.496						$	25.00					$	1,494
September 29, 2023						60,815.426						25.05						1,524
						120,582.922												$	3,018
Class S
Payment Date						DRIP Shares Issued						Amount ($) per share						DRIP Shares Value (1)
Year ended September 30, 2025
October 30, 2024						10,731.076						$	25.10					$	269
November 27, 2024						13,049.707						25.06						327
December 27, 2024						11,639.449						25.08						292
January 30, 2025						12,881.581						25.14						324
February 27, 2025						14,028.533						25.12						353
March 28, 2025						15,450.346						25.10						388
April 29, 2025						18,256.100						25.05						457
May 30, 2025						20,858.571						25.03						522
June 27, 2025						21,615.754						25.11						542
July 30, 2025						23,376.876						25.18						589
August 29, 2025						24,567.990						25.19						619
September 29, 2025						26,861.784						25.18						676
						213,317.767												$	5,358
Year ended September 30, 2024
May 30, 2024						4,241.079						$	25.15					$	107
June 28, 2024						5,174.259						25.19						130
July 30, 2024						5,556.489						25.12						140
August 30, 2024						7,311.407						25.08						183
September 27, 2024						8,168.707						25.12						205
						30,451.941												$	765

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

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Share Repurchase Program

At the discretion of the Board, the Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the NAV of the Company’s common shares outstanding as of the close of the calendar quarter prior to the applicable valuation date. The Board may amend, suspend or terminate the share repurchase program upon 30 days’ notice, if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of the first month of such quarter using a purchase price equal to the NAV per share as of the last calendar day of the prior quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents share repurchases completed under the share repurchase program during the years ended September 30, 2025 and 2024. There were no share repurchases completed under the share repurchase program during the period from June 30, 2023 (commencement of operations) to September 30, 2023.

Repurchase Deadline Request						Total Number of Shares Repurchased (all classes)						Percentage of Outstanding Shares Repurchased(1)						Price Paid Per Share						Repurchase Pricing Date						Amount Repurchased (all classes)(2)						Maximum number of shares that may yet be purchased under the Repurchase Program(3)
Year ended September 30, 2025
November 1, 2024						591,629.063						0.86		%				$	25.10					September 30, 2024						$	14,847					—
February 3, 2025						176,927.429						0.22		%				25.14						December 31, 2024						4,438						—
May 1, 2025						845,739.277						0.86		%				25.03						March 31, 2025						21,066						—
August 1, 2025						1,542,727.770						1.28		%				25.18						June 30, 2025						38,789						—
						3,157,023.539																								$	79,140					—
Year ended September 30, 2024
February 1, 2024						27,300.000						0.10		%				$	25.07					December 31, 2023						$	670					—
August 1, 2024						65,726.334						0.12		%				25.12						June 30, 2024						1,640						—
						93,026.334																								$	2,310					—

(1)Percentage is based on total shares as of the close of the repurchase pricing date.

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

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Golub Capital Private Credit Fund 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 and 2024 and the period from June 30, 2023 (commencement of operations) to September 30, 2023:

			Year ended September 30, 2025												Year ended September 30, 2024												Period from June 30, 2023 (commencement of operations) to September 30, 2023
			Class I						Class S						Class I						Class S						Class I
Earnings available to shareholders			$	245,230					$	10,833					$	119,726					$	1,916					$	16,423
Basic and diluted weighted average shares outstanding			103,755,744						5,033,036						44,385,411						1,666,686						26,035,443
Basic and diluted earnings per share			$	2.36					$	2.15					$	2.70					$	1.15					$	0.63

Note 14. 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:

The Company received proceeds from the issuance of Common Shares pursuant to the Public Offering as set forth in the table below:

Share Class						Net Proceeds
Subscriptions effective October 1, 2025
Class I						$153,415
Class S						$12,277
Approximate subscriptions effective November 1, 2025
Class I						$156,957
Class S						$13,583

On October 30, 2025, the Company issued 325,066 Class I Shares and 26,025 Class S Shares through the DRIP.

The Company repurchased 1,963,165 of its Class I Shares and 47,906 of its Class S Shares pursuant to the tender offer to repurchase up to 5% of its Class I Shares and Class S Shares outstanding as of June 30, 2025 that commenced on September 25, 2025 and closed on November 3, 2025.

The Board declared gross distributions to Class I and Class S shareholders of record as set forth in the table below:

Declaration Date

Record Date

Payment Date

Gross Distribution

Class I Distributions

August 1, 2025

October 31, 2025

November 26, 2025

$0.1875

November 14, 2025

November 30, 2025

December 30, 2025

$0.1875

November 14, 2025

December 31, 2025

January 29, 2026

$0.1875

November 14, 2025

January 31, 2026

February 26, 2026

$0.1875

Class S Distributions

August 1, 2025

October 31, 2025

November 26, 2025

$0.1875

November 14, 2025

November 30, 2025

December 30, 2025

$0.1875

November 14, 2025

December 31, 2025

January 29, 2026

$0.1875

November 14, 2025

January 31, 2026

February 26, 2026

$0.1875

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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 5
(2)			Financial Statement Schedules — None
(3)			Exhibits

EXHIBIT INDEX

Number						Description
3.1						Third Amended and Restated Declaration of Trust of the Company. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on February 7, 2024).
3.2						Bylaws of the Company. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on November 19, 2025).
4.1						Form of Subscription Agreement. (Incorporated by reference to Appendix A to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
4.2						Form of Subscription Agreement for Seed Capital, dated as of April 27, 2023, by and between the Registrant and GGP Class B-P, LLC. (Incorporated by reference to Exhibit (p) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
4.3						Description of securities (Incorporated by reference to Exhibit 4.3 filed with the Registrant’s Form 10-K (File No. 814-01555) filed on November 25, 2025).
4.4						Indenture, dated as of September 12, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as trustee. (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 13, 2024).
4.5						First Supplemental Indenture, dated as of September 12, 2024, relating to the 5.800% notes due 2029, by and between the Company and U.S. Bank Trust Company, National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 13, 2024).
4.6						Second Supplemental Indenture, dated as of February 24, 2025, relating to the 5.875% notes due 2030, by and between the Registrant and U.S. Bank Trust Company, National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on February 24, 2025).
4.7						Third Supplemental Indenture, dated as of July 23, 2025, by and between the Registrant and U.S. Bank Trust Company, National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 23, 2025).
4.8						Form of 5.800% notes due 2029 (Included in Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-01555), filed on September 13, 2024 and incorporated by reference).
4.9						Form of 5.800% notes due 2029 (Included in Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-01555), filed on September 13, 2024 and incorporated by reference).
4.10						Form of 5.875% notes due 2030 (Included in Exhibit 4.4 to the Registrant's Current Report on Form 8-K (File No. 814-01555), filed on February 24, 2025 and incorporated by reference).
4.11						Form of 5.875% notes due 2030 (Included in Exhibit 4.5 to the Registrant's Current Report on Form 8-K (File No. 814-01555), filed on February 24, 2025 and incorporated by reference).
4.12						Form of 5.450% notes due 2028 (Included in Exhibit 4.3 to the Registrant's Current Report on Form 8-K (File No. 814-01555), filed on July 23, 2025 and incorporated by reference).
4.13						Form of 5.450% notes due 2028 (Included in Exhibit 4.4 to the Registrant's Current Report on Form 8-K (File No. 814-01555), filed on July 23, 2025 and incorporated by reference).

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Number						Description
4.14						Registration Rights Agreement, dated as of September 12, 2024, by and among the Company and SMBC Nikko Securities America Inc., BNP Paribas Securities Corp., RBC Capital Markets, LLC and Wells Fargo Securities, LLC, as representatives of the Initial Purchasers. (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 13, 2024).
4.15						Registration Rights Agreement, dated as of February 24, 2025, by and among the Registrant and Wells Fargo Securities, LLC, Mizuho Securities USA LLC, Natixis Securities Americas LLC, and SMBC Nikko Securities America Inc., as representatives of the Initial Purchasers. (Incorporated by reference to Exhibit 4.5 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on February 24, 2025).
4.16						Registration Rights Agreement, dated as of July 23, 2025, by and among the Registrant and Wells Fargo Securities, LLC, BNP Paribas Securities Corp., RBC Capital Markets, LLC and Truist Securities, Inc., as representatives of the Initial Purchasers. (Incorporated by reference to Exhibit 4.5 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 23, 2025).
10.1						Second Amended and Restated Investment Advisory Agreement by and between the Registrant and GC Advisors LLC, dated November 14, 2025. (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Form 10-K (File No. 814-01555) filed on November 25, 2025).
10.2						Amended and Restated Administration Agreement, dated as of November 14, 2025, by and between the Registrant and Golub Capital LLC. (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Form 10-K (File No. 814-01555) filed on November 25, 2025).
10.3						Amended and Restated Loan Administration and Custodial Agreement, dated as of June 10, 2025 by and between the Registrant and Computershare Trust Company, N.A.. (Incorporated by reference to Exhibit (j)(1) to the Registration Statement on Form N-2 (File No. 333-290479), filed on September 23, 2025).
10.4						Trademark License Agreement, dated as of April 28, 2023, by and between Golub Capital LLC and the Registrant. (Incorporated by reference to Exhibit (k)(7) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
10.5						Distribution Reinvestment Plan of the Registrant, dated April 4, 2023. (Incorporated by reference to Exhibit (e) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
10.6						Manager Dealer Agreement, dated as of April 28, 2023, by and between the Registrant and Arete Wealth Management, LLC. (Incorporated by reference to Exhibit (h)(1) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
10.7						Form of Selected Intermediary Agreement. (Incorporated by reference to Exhibit (h)(2) to the Post-Effective Amendment No. 10 to the Registration Statement on Form N-2 (File No. 333-272674), filed on May 22, 2025).
10.8						Distribution and Servicing Plan of the Registrant. (Incorporated by reference to Exhibit (h)(3) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
10.9						Amended and Restated Distribution and Servicing Plan of the Registrant. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-01555), filed on May 15, 2024).
10.10						Form of Escrow Agreement. (Incorporated by reference to Exhibit (k)(2) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 30, 2023).
10.11						Services Agreement and Master Agreement by and between the Registrant and SS&C GIDS, Inc., dated May 5, 2023. (Incorporated by reference to Exhibit (k)(3) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
10.12						Multiple Class Plan of the Registrant, dated April 4, 2023. (Incorporated by reference to Exhibit (k)(4) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
10.13						Expense Support and Conditional Reimbursement Agreement by and between the Registrant and the Investment Adviser, dated April 28, 2023. (Incorporated by reference to Exhibit (k)(5) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).

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Number						Description
10.14						Share Purchase and Sale Agreement, dated as of July 1, 2023, by and among the Company, GCP HS Fund, GCP CLO Holdings Sub LP and GC Advisors LLC. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 6, 2023).
10.15						Syndicated Corporate Revolving Credit Facility, dated as of June 8, 2023, by and among GCP SG Warehouse 2022-1, as borrower, the Lenders party thereto from time to time, the Subordinated Noteholders party thereto from time to time, Société Générale, as administrative agent, and Wilmington Trust, National Association as collateral agent, collateral administrator, custodian and collateral custodian. (Incorporated by reference to Exhibit 10.2.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 6, 2023).
10.16						Amended and Restated Credit Agreement, dated as of July 1, 2023, by and among GCP SG Warehouse 2022-1, as borrower, Société Générale, as administrative agent, the Lenders and the Subordinated Noteholders party thereto from time to time, and Wilmington Trust, National Association as collateral agent, collateral administrator, custodian and collateral custodian. (Incorporated by reference to Exhibit 10.2.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 6, 2023).
10.17						Amended and Restated Collateral Management Agreement, dated as of July 1, 2023, by and among GCP SG Warehouse 2022-1, as borrower, and GC Advisors LLC, as collateral manager. (Incorporated by reference to Exhibit 10.2.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 6, 2023).
10.18						Revolving Loan Agreement, dated as of July 3, 2023, by and among the Company, as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on July 6, 2023).
10.19						First Amendment to Revolving Loan Agreement, dated as of December 19, 2023, by and among the Company, as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on December 20, 2023).
10.20						Second Amendment to Revolving Loan Agreement, dated as of March 21, 2024, by and between the Company, 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. 814-01555), filed on March 22, 2024).
10.21						Third Amendment to Revolving Loan Agreement, dated as of June 21, 2024, by and between the Company, as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01555), filed on June 26, 2024).
10.22						Senior Secured Revolving Credit Agreement, dated as of September 6, 2023, by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 12, 2023).
10.23						Response to Notice of Commitment Increase Request, dated as of December 15, 2023, by and among the Company, a Delaware statutory trust, Sumitomo Mitsui Banking Corporation, as administrative agent and an issuing bank, and the issuing banks party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on December 20, 2023).
10.24						Response to Notice of Commitment Increase Request, dated as of March 28, 2024, by and among the Company, a Delaware statutory trust, Sumitomo Mitsui Banking Corporation, as administrative agent and an issuing bank, and the issuing banks party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on April 3, 2024).
10.25						Response to Notice of Commitment Increase Request, dated as of March 5, 2025, by and among the Registrant, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and an issuing bank, and the issuing banks party thereto. (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on March 11, 2025).

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Number						Description
10.26						First Amendment to the SMBC Credit Facility, dated as of May 6, 2024, by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on May 10, 2024).
10.27						Second Amendment to the SMBC Credit Facility, dated as of September 6, 2023, and as amended by the First Amendment thereto, dated as of May 6, 2024, by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01555), filed on July 30, 2024).
10.28						Indenture, dated as of September 21, 2023, by and between Golub Capital Private Credit Fund CLO, as Issuer, and Wilmington Trust, National Association, as Trustee. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 26, 2023).
10.29						Note Purchase Agreement, dated as of September 21, 2023, by and between Golub Capital Private Credit Fund CLO, as Issuer and SG Americas Securities, LLC as Initial Purchaser. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 26, 2023).
10.30						Collateral Management Agreement, dated as of September 21, 2023, by and between Golub Capital Private Credit Fund CLO, 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. 814-01555), filed on September 26, 2023).
10.31						Master Loan Sale Agreement, dated as of September 21, 2023, by and among the Company, as the Seller, Golub Capital Private Credit Fund CLO Depositor, as Intermediate Seller and Golub Capital Private Credit Fund CLO, as Buyer. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 26, 2023).
10.32						Master Note Purchase Agreement, dated as of May 22, 2024, by and among the Company and the purchasers party thereto. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01555), filed on May 28, 2024).
10.33						Third Amendment to the SMBC Credit Facility, dated as of September 6, 2023, and as amended by the First Amendment thereto, dated as of May 6, 2024, and the Second Amendment thereto, dated as of July 24, 2024, by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on November 27, 2024).
10.34						Credit Agreement, dated May 9, 2025, by and among GCRED Funding, the Company, Bank of America, and Computershare Trust Company, N.A., as collateral custodian. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on May 15, 2025).
10.35						Fourth Amendment to the SMBC Credit Facility, dated as of September 6, 2023, and as amended by the First Amendment thereto, dated as of May 6, 2024, the Second Amendment thereto, dated as of July 24, 2024, and the Third Amendment thereto, dated as of November 22, 2024, by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on June 27, 2025).
10.36						Indenture, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Issuer, and Computershare Trust Company, N.A., as Collateral Trustee. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.37						Note Purchase Agreement, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Issuer and SG Americas Securities, LLC as Initial Purchaser. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).

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Number						Description
10.38						Class A-1L-1 Credit Agreement, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Borrower, Computershare Trust Company, N.A., as Loan Agent and Collateral Trustee and the Lenders party thereto. (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.39						Class A-1L-2 Credit Agreement, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Borrower, Computershare Trust Company, N.A., as Loan Agent and Collateral Trustee and the Lenders party thereto. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.40						Class A-2L Credit Agreement, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Borrower, Computershare Trust Company, N.A., as Loan Agent and Collateral Trustee and the Lenders party thereto. (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.41						Class B-L Credit Agreement, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Borrower, Computershare Trust Company, N.A., as Loan Agent and Collateral Trustee and the Lenders party thereto. (Incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.42						Collateral Management Agreement, dated as of September 18, 2025, by and between Golub Capital Private Credit Fund CLO 2, as Issuer and GC Advisors LLC, as Collateral Manager. (Incorporated by reference to Exhibit 10.7 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.43						Master Loan Sale Agreement, dated as of September 18, 2025, by and among the Company, as the Seller, Golub Capital Private Credit Fund CLO 2 Depositor, as Intermediate Seller and Golub Capital Private Credit Fund CLO 2, as Buyer. (Incorporated by reference to Exhibit 10.8 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 24, 2025).
10.44						Amended and Restated Indenture, dated as of September 25, 2025, by and between Golub Capital Private Credit Fund CLO-R, as Issuer, and Wilmington Trust, National Association, as Trustee. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 2025).
10.45						Note Purchase Agreement, dated as of September 25, 2025, by and between Golub Capital Private Credit Fund CLO-R, as Issuer and SG Americas Securities, LLC as Initial Purchaser. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 2025).
10.46						Amended and Restated Collateral Management Agreement, dated as of September 25, 2025, by and between Golub Capital Private Credit Fund CLO-R, 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. 814-01555), filed on October 3, 2025).
10.47						Amended and Restated Master Loan Sale Agreement, dated as of September 25, 2025, by and among the Company, as the Seller, Golub Capital Private Credit Fund CLO Depositor, as Intermediate Seller and Golub Capital Private Credit Fund CLO-R, as Buyer. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 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. 814-01555) filed on November 25, 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. 814-01555) filed on November 25, 2025).
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. 814-01555) filed on November 25, 2025).
21.1						List of subsidiaries (Incorporated by reference to Exhibit 21.1 filed with the Registrant’s Form 10-K (File No. 814-01555) filed on November 25, 2025).

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Number						Description
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. 814-01555) filed on November 25, 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.			*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.			*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.			*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.			*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).			*

_________________

* Filed herewith

SIGNATURES

Pursuant to the requirements of 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 Private Credit Fund
Date: July 2, 2026			By:			/s/ Christopher C. Ericson
						Name: Christopher C. Ericson
						Title: Chief Financial Officer

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