gbdc4-20260630

TABLE OF CONTENTS

_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01504

Golub Capital BDC 4, Inc.

(Exact name of registrant as specified in its charter)


Maryland						88-1608711
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

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

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

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


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

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

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

As of August 6, 2026, the Registrant had 81,864,005.909 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of June 30, 2026 (unaudited) and September 30, 2025	3
	Consolidated Statements of Operations for the three and nine months ended June 30, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2026 (unaudited) and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and September 30, 2025	8
	Notes to Consolidated Financial Statements (unaudited)	53
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	87
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	115
Item 4.	Controls and Procedures	117
Part II. Other Information
Item 1.	Legal Proceedings	118
Item 1A.	Risk Factors	118
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	118
Item 3.	Defaults Upon Senior Securities	118
Item 4.	Mine Safety Disclosures	118
Item 5.	Other Information	118
Item 6.	Exhibits	119

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	June 30, 2026		September 30, 2025
	(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $2,674,753 and $2,176,447, respectively)	$	2,667,489	$	2,209,174
Cash	3,508		792
Cash equivalents	7,117		13,499
Foreign currencies (cost of $2,566 and $3,100, respectively)	2,551		3,529
Restricted cash	22,630		12,998
Restricted cash equivalents	32,833		32,542
Restricted foreign currencies (cost of $1,970 and $2,869, respectively)	2,094		2,947

Interest receivable	18,847		19,645


Receivable for investments	2,201		1,355
Capital call receivable	—		94

Unrealized appreciation on forward currency contracts	17		—
Other assets	804		840
Total Assets	$	2,760,091	$	2,297,415
Liabilities
Debt	$	1,496,929	$	1,189,555
Less unamortized debt issuance costs	(5,364)		(8,281)
Debt less unamortized debt issuance costs	1,491,565		1,181,274


Interest payable	14,979		18,244
Distributions payable	16,633		19,791

Management and income incentive fees payable	6,592		5,741
Payable for investments purchased	10		—
Unrealized depreciation on forward currency contracts	520		864
Accrued trustee fees	115		52
Accounts payable and other liabilities	1,716		2,894
Total Liabilities	1,532,130		1,228,860
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and September 30, 2025	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 81,864,005.909 and 71,236,992.933 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	82		71
Paid in capital in excess of par	1,227,504		1,068,109
Distributable earnings (losses)	375		375
Total Net Assets	1,227,961		1,068,555
Total Liabilities and Total Net Assets	$	2,760,091	$	2,297,415
Number of common shares outstanding	81,864,005.909		71,236,992.933
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended June 30,				Nine months ended June 30,
	2026		2025		2026		2025
Investment income
Interest income	$	54,760	$	42,211	$	159,345	$	116,401
Payment-in-kind interest income	4,120		2,449		11,471		7,020
Dividend income	230		181		865		456
Fee income	200		278		559		528






Total investment income	59,310		45,119		172,240		124,405
Expenses
Interest and other debt financing expenses	20,236		16,383		58,750		45,988
Base management fee	8,896		6,085		25,404		16,494
Incentive fee	6,850		4,936		18,615		14,149
Administrative service fee	895		577		2,416		1,540
Professional fees	564		370		1,650		1,126
General and administrative expenses	128		70		324		215
Total expenses	37,569		28,421		107,159		79,512
Base management fee waived (Note 4)	(5,661)		(3,872)		(16,166)		(10,495)
Incentive fee waived (Note 4)	(3,425)		(2,551)		(9,986)		(6,954)

Net expenses	28,483		21,998		81,007		62,063
Net investment income	30,827		23,121		91,233		62,342


Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	1,319		—		1,319		—
Foreign currency transactions	(139)		(214)		355		67
Net realized gain (loss) on investment transactions	1,180		(214)		1,674		67
Net change in unrealized appreciation (depreciation) from:
Investments	49		369		(35,756)		4,060
Forward currency contracts	62		(807)		361		(966)
Translation of assets and liabilities in foreign currencies	87		1,147		(606)		668
Net change in unrealized appreciation (depreciation) on investment transactions	198		709		(36,001)		3,762
Net gain (loss) on investment transactions	1,378		495		(34,327)		3,829
Net increase (decrease) in net assets resulting from operations	$	32,205	$	23,616	$	56,906	$	66,171
Per Common Share Data
Basic and diluted earnings (loss) per common share (Note 11)	$	0.39	$	0.40	$	0.73	$	1.29
Basic and diluted weighted average common shares outstanding (Note 11)	81,864,006		58,534,461		77,575,939		51,284,378

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)



	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount













Balance at September 30, 2024	43,346,830.170	$	43	$	649,853	$	306	$	650,202
Issuance of common stock	22,182,337.103	22		332,713		—		332,735

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		62,342		62,342
Net realized gain (loss) on investment transactions	—	—		—		67		67
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		3,762		3,762
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	868,603.934	1		13,029		—		13,030
Distributions from distributable earnings (losses)	—	—		—		(49,523)		(49,523)
Distributions declared and payable	—	—		—		(16,648)		(16,648)

Total increase (decrease) for the nine months ended June 30, 2025	23,050,941.037	23		345,742		—		345,765
Balance at June 30, 2025	66,397,771.207	$	66	$	995,595	$	306	$	995,967
Balance at March 31, 2025	55,703,115.572	$	56	$	835,184	$	306	$	835,546
Issuance of common stock	10,388,413.154	10		155,817		—		155,827

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		23,121		23,121
Net realized gain (loss) on investment transactions	—	—		—		(214)		(214)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		709		709
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	306,242.481	—		4,594		—		4,594
Distributions from distributable earnings (losses)	—	—		—		(6,968)		(6,968)
Distributions declared and payable	—	—		—		(16,648)		(16,648)

Total increase (decrease) for the three months ended June 30, 2025	10,694,655.635	10		160,411		—		160,421
Balance at June 30, 2025	66,397,771.207	$	66	$	995,595	$	306	$	995,967
Balance at September 30, 2025	71,236,992.933	$	71	$	1,068,109	$	375	$	1,068,555
Issuance of common stock	9,838,447.324	10		147,567		—		147,577

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		91,233		91,233
Net realized gain (loss) on investment transactions	—	—		—		1,674		1,674
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(36,001)		(36,001)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	788,565.652	1		11,828		—		11,829
Distributions from distributable earnings (losses)	—	—		—		(40,273)		(40,273)
Distributions declared and payable	—	—		—		(16,633)		(16,633)

Total increase (decrease) for the nine months ended June 30, 2026	10,627,012.976	11		159,395		—		159,406
Balance at June 30, 2026	81,864,005.909	$	82	$	1,227,504	$	375	$	1,227,961
Balance at March 31, 2026	81,864,005.909	$	82	$	1,227,504	$	(15,197)	$	1,212,389


Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		30,827		30,827
Net realized gain (loss) on investment transactions	—	—		—		1,180		1,180
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		198		198
Distributions to stockholders:


Distributions declared and payable	—	—		—		(16,633)		(16,633)

Total increase (decrease) for the three months ended June 30, 2026	—	—		—		15,572		15,572
Balance at June 30, 2026	81,864,005.909	$	82	$	1,227,504	$	375	$	1,227,961

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Nine months ended June 30,
	2026		2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	56,906	$	66,171
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	2,945		3,070
Amortization of deferred offering costs	—		68
Accretion of discounts and amortization of premiums	(5,171)		(3,722)
Net realized (gain) loss on investments	(1,319)		—
Net realized (gain) loss on foreign currency transactions	(355)		(67)
Net change in unrealized (appreciation) depreciation on investments	35,756		(4,060)
Net change in unrealized (appreciation) depreciation on forward currency contracts	(361)		966
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	606		(668)
Proceeds from (fundings of) revolving loans, net	(15,684)		(5,697)
Fundings of investments	(643,075)		(636,176)
Proceeds from principal payments and sales of portfolio investments	179,756		81,694
Payment-in-kind interest capitalized	(11,390)		(6,973)
Non-cash dividends capitalized	(711)		(387)
Proceeds from non-cash dividends	111		170
Changes in operating assets and liabilities:

Interest receivable	798		(978)


Receivable for investments	(846)		4,247
Other assets	36		(636)

Interest payable	(3,265)		(1,809)
Management and income incentive fees payable	851		1,121
Payable for investments purchased	10		—
Accrued trustee fees	63		5
Accounts payable and other liabilities	(1,178)		566
Net cash provided by (used in) operating activities	(405,517)		(503,095)



Cash flows from financing activities
Borrowings on debt	646,613		2,163,314
Repayments of debt	(336,378)		(1,667,345)


Capitalized debt issuance costs	(28)		(4,521)


Proceeds from issuance of common shares	147,671		332,667

Distributions paid	(48,235)		(51,995)
Net cash provided by (used in) financing activities	409,643		772,120
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies	4,126		269,025
Effect of foreign currency exchange rates	300		(995)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period	66,307		34,847
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period	$	70,733	$	302,877
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	59,070	$	44,727

Distributions declared for the period	56,906		66,171
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	(94)	$	68
Stock issued in connection with dividend reinvestment plan	11,829		13,030
Change in distributions payable	(3,158)		1,146

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

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

(In thousands)

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


	As of
	June 30, 2026		September 30, 2025
Cash	$	3,508	$	792
Cash equivalents	7,117		13,499
Foreign currencies (cost of $2,566 and $3,100, respectively)	2,551		3,529
Restricted cash	22,630		12,998
Restricted cash equivalents	32,833		32,542
Restricted foreign currencies (cost of $1,970 and $2,869, respectively)	2,094		2,947
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	70,733	$	66,307

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2026

(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
Advanced Cooling Technologies, Inc.#	One stop	SF +	4.50%	(i)	8.14%				05/2033	$	4,737	$	4,725	0.4	%	$	4,713
Advanced Cooling Technologies, Inc.(5)	One stop				N/A(6)				05/2033	—		(2)		—		(5)
API Holdings III, LLC#	One stop	SF +	5.50%	(j)	9.15%				06/2033	4,729		4,705		0.4		4,705
API Holdings III, LLC(5)	One stop				N/A(6)				06/2033	—		(3)		—		(3)
API Holdings III, LLC(5)	One stop				N/A(6)				06/2033	—		(3)		—		(3)
Jeppesen Holdings, LLC#^	One stop	SF +	4.75%	(j)	8.41%				11/2032	19,437		19,361		1.6		19,049
Jeppesen Holdings, LLC(5)	One stop				N/A(6)				11/2032	—		(4)		—		(20)
PPW Aero Buyer, Inc.^	One stop	SF +	5.00%	(j)	8.73%				09/2031	14,464		14,203		1.2		14,400
PPW Aero Buyer, Inc.	One stop	SF +	5.00%	(a)(j)	9.09%				09/2031	253		250		—		250
PPW Aero Buyer, Inc.	One stop	SF +	5.00%	(j)	8.73%				09/2031	79		78		—		79
PPW Aero Buyer, Inc.*^	One stop	SF +	5.00%	(j)	8.73%				09/2031	2,088		2,071		0.2		2,079
PPW Aero Buyer, Inc.^	One stop	SF +	5.00%	(j)	8.73%				09/2031	2,430		2,411		0.2		2,420
PPW Aero Buyer, Inc.#	One stop	SF +	5.00%	(j)	8.73%				09/2031	612		609		—		609
PPW Aero Buyer, Inc.	One stop	SF +	5.00%	(j)	8.73%				09/2031	223		214		—		214
Titan BW Borrower L.P.#(25)	One stop	SF +	5.38%	(j)	6.14%	cash/	2.88%	PIK	07/2032	7,788		7,719		0.6		7,696
Titan BW Borrower L.P.(5)	One stop				N/A(6)				07/2032	—		(12)		—		(12)
Titan BW Borrower L.P.	One stop	SF +	4.75%	(j)	8.41%				07/2032	386		382		—		381
										57,226		56,704		4.6		56,552
Air Freight & Logistics
RJW Group Holdings, Inc.^	One stop	SF +	5.00%	(j)	8.73%				11/2031	12,449		12,253		1.0		12,338
RJW Group Holdings, Inc.	One stop	SF +	5.00%	(j)	8.67%				11/2031	786		772		0.1		778
RJW Group Holdings, Inc.#^	One stop	SF +	5.00%	(j)	8.73%				11/2031	9,108		9,028		0.7		9,027
RJW Group Holdings, Inc.(5)	One stop				N/A(6)				11/2031	—		(7)		—		(14)
										22,343		22,046		1.8		22,129
Auto Components
Arnott, LLC^	One stop	SF +	4.75%	(k)	8.49%				11/2030	1,250		1,241		0.1		1,208
Arnott, LLC	One stop	SF +	4.75%	(i)	8.39%				11/2030	157		156		—		150
Collision SP Subco, LLC^	One stop	SF +	4.75%	(j)	8.41%				01/2030	9,866		9,749		0.8		9,866
Collision SP Subco, LLC^	One stop	SF +	4.75%	(j)	8.48%				01/2030	5,759		5,724		0.5		5,759
Collision SP Subco, LLC(5)	One stop				N/A(6)				01/2030	—		(20)		—		—
Collision SP Subco, LLC#	One stop	SF +	4.75%	(j)	8.41%				01/2030	70		69		—		70
Collision SP Subco, LLC	One stop	SF +	4.75%	(j)(k)	8.48%				01/2030	177		170		—		177
OEConnection, LLC*#^	One stop	SF +	4.50%	(i)	8.14%				12/2032	21,858		21,711		1.8		21,941
OEConnection, LLC(5)	One stop				N/A(6)				12/2032	—		(14)		—		8
OEConnection, LLC(5)	One stop				N/A(6)				12/2032	—		(7)		—		9
										39,137		38,779		3.2		39,188
Automobiles
Bolt Purchaser, LLC#	One stop	SF +	4.75%	(j)	8.48%				06/2033	29,353		29,206		2.4		29,206
Bolt Purchaser, LLC(5)	One stop				N/A(6)				06/2033	—		(15)		—		(15)
CAP-KSI Holdings, LLC	One stop	SF +	5.25%	(a)(j)	8.97%				06/2030	750		741		0.1		726
CAP-KSI Holdings, LLC*#^	One stop	SF +	5.25%	(j)	8.96%				06/2030	8,310		8,230		0.7		8,094
CG Group Holdings, LLC(5)	One stop				N/A(6)				01/2030	—		(8)		—		(8)
CG Group Holdings, LLC*	One stop	SF +	5.50%	(k)	9.25%				01/2030	6,450		6,355		0.5		6,402
High Bar Brands Operating, LLC^	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	790		780		0.1		781
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	165		163		—		163
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	67		64		—		64
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(j)	8.98%				12/2029	139		138		—		138
Lincoln Acq Buyer, LLC#	One stop	SF +	4.50%	(j)	8.23%				11/2032	1,938		1,929		0.2		1,938
Lincoln Acq Buyer, LLC(5)	One stop				N/A(6)				11/2032	—		(1)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Lincoln Acq Buyer, LLC	One stop	SF +	4.50%	(j)	8.16%				11/2032	$	78	$	74	—	%	$	78
Lincoln Acq Buyer, LLC	One stop	SF +	4.50%	(j)	8.17%				11/2032	233		231		—		233
Lincoln Acq Buyer, LLC	One stop	SF +	4.50%	(j)	8.17%				11/2032	78		77		—		78
Lincoln Acq Buyer, LLC	One stop	SF +	4.50%	(j)	8.18%				11/2032	48		48		—		48
Lincoln Acq Buyer, LLC	One stop	SF +	4.50%	(j)	8.16%				11/2032	126		125		—		126
National Express Wash Parent Holdco, LLC(5)	One stop				N/A(6)				07/2029	—		(2)		—		(3)
National Express Wash Parent Holdco, LLC^(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	07/2029	32,285		32,083		2.6		32,124
National Express Wash Parent Holdco, LLC(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	07/2029	462		450		—		450
National Express Wash Parent Holdco, LLC(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	07/2029	386		385		—		384
Quick Quack Car Wash Holdings, LLC	One stop	SF +	5.00%	(i)	8.65%				06/2031	579		576		—		579
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	5.00%	(i)	8.64%				06/2031	2,057		2,051		0.2		2,057
Quick Quack Car Wash Holdings, LLC*^	One stop	SF +	5.00%	(i)	8.64%				06/2031	28,118		27,952		2.3		28,118
Quick Quack Car Wash Holdings, LLC(5)	One stop				N/A(6)				06/2031	—		(15)		—		—
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	5.00%	(i)	8.64%				06/2031	1,579		1,561		0.1		1,579
Strickland's Enterprises, LLC#	Senior secured	SF +	4.50%	(i)(j)	8.16%				01/2031	2,424		2,414		0.2		2,424
Strickland's Enterprises, LLC(5)	Senior secured				N/A(6)				01/2031	—		(1)		—		—
Strickland's Enterprises, LLC(5)	Senior secured				N/A(6)				01/2031	—		(4)		—		—
TWAS Holdings, LLC#	One stop	SF +	4.75%	(i)	8.39%				12/2029	739		736		0.1		735
TWAS Holdings, LLC(5)	One stop				N/A(6)				12/2029	—		(11)		—		(13)
Yorkshire Parent, Inc.	Senior secured	SF +	4.50%	(j)	8.16%				12/2029	7		6		—		6
Yorkshire Parent, Inc.#	Senior secured	SF +	4.50%	(j)	8.16%				12/2029	42		42		—		42
Yorkshire Parent, Inc.^	Senior secured	SF +	4.50%	(j)	8.23%				12/2029	17,435		17,278		1.4		17,348
Yorkshire Parent, Inc.	Senior secured	SF +	4.50%	(a)(j)	8.69%				12/2029	2,271		2,237		0.2		2,248
Yorkshire Parent, Inc.^	Senior secured	SF +	4.50%	(j)	8.16%				12/2029	4,831		4,792		0.4		4,807
Yorkshire Parent, Inc.	Senior secured	SF +	4.50%	(j)	8.23%				12/2029	2		2		—		2
										141,742		140,669		11.5		140,939
Banks
Empyrean Solutions, LLC^	One stop	SF +	4.50%	(j)	8.23%				11/2031	1,484		1,478		0.1		1,447
Empyrean Solutions, LLC(5)	One stop				N/A(6)				11/2031	—		(1)		—		(6)
Empyrean Solutions, LLC(5)	One stop				N/A(6)				11/2031	—		(2)		—		(15)
OSP Hamilton Purchaser, LLC^	One stop	SF +	4.75%	(j)	8.41%				12/2029	3,840		3,812		0.3		3,764
OSP Hamilton Purchaser, LLC^	One stop	SF +	4.25%	(j)	7.91%				12/2029	3,674		3,647		0.3		3,600
OSP Hamilton Purchaser, LLC	One stop	SF +	4.25%	(j)	7.92%				12/2029	337		332		—		319
OSP Hamilton Purchaser, LLC	One stop	SF +	4.25%	(j)	8.04%				12/2029	3,223		3,210		0.3		3,157
										12,558		12,476		1.0		12,266
Beverages
Financial Information Technologies, LLC^	One stop	SF +	4.75%	(j)	8.48%				06/2030	6,362		6,290		0.5		6,298
Financial Information Technologies, LLC^	One stop	SF +	4.75%	(j)	8.48%				06/2030	2,593		2,572		0.2		2,567
Financial Information Technologies, LLC(5)	One stop				N/A(6)				06/2030	—		(4)		—		(18)
Financial Information Technologies, LLC#	One stop	SF +	4.75%	(j)	8.48%				06/2030	9,381		9,362		0.8		9,287
Spindrift Beverage Co., Inc.	One stop	SF +	5.00%	(j)	8.66%				02/2032	116		106		—		116
Spindrift Beverage Co., Inc.(5)	One stop				N/A(6)				02/2032	—		(2)		—		—
Spindrift Beverage Co., Inc.^	One stop	SF +	5.00%	(i)(j)	8.67%				02/2032	5,232		5,178		0.4		5,232
										23,684		23,502		1.9		23,482
Building Products
BECO Holding Company, Inc.*^	One stop	SF +	5.25%	(j)	9.13%				11/2028	1,023		1,020		0.1		1,022
BECO Holding Company, Inc.(5)	One stop				N/A(6)				11/2028	—		(8)		—		(5)
										1,023		1,012		0.1		1,017
Capital Markets
BlueMatrix Holdings, LLC^	One stop	SF +	4.75%	(j)	8.48%				01/2031	13,951		13,841		1.1		13,742

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
BlueMatrix Holdings, LLC	One stop	SF +	4.75%	(j)	8.48%	01/2031	$	2,526	$	2,504	0.2	%	$	2,478
BlueMatrix Holdings, LLC*	One stop	SF +	4.75%	(j)	8.48%	01/2031	4,693		4,656		0.4		4,623
BlueMatrix Holdings, LLC^	One stop	SF +	4.75%	(j)	8.48%	01/2031	1,707		1,697		0.1		1,682
BlueMatrix Holdings, LLC#	One stop	SF +	4.75%	(j)	8.48%	01/2031	2,039		2,033		0.2		2,009
							24,916		24,731		2.0		24,534
Chemicals
AP Adhesives Holdings, LLC(5)	One stop				N/A(6)	04/2032	—		(2)		—		(5)
AP Adhesives Holdings, LLC(5)	One stop				N/A(6)	04/2031	—		(1)		—		(2)
AP Adhesives Holdings, LLC^	One stop	SF +	4.75%	(j)	8.42%	04/2032	1,654		1,647		0.1		1,640
JSG II, Inc. and Checkers USA, Inc.#	One stop	SF +	4.50%	(i)	8.14%	09/2032	3,503		3,487		0.3		3,487
JSG II, Inc. and Checkers USA, Inc.(5)	One stop				N/A(6)	09/2032	—		(2)		—		(2)
JSG II, Inc. and Checkers USA, Inc.(5)	One stop				N/A(6)	09/2032	—		(2)		—		(4)
Krayden Holdings, Inc.^	Senior secured	SF +	4.75%	(j)	8.48%	03/2029	922		916		0.1		916
Krayden Holdings, Inc.	Senior secured	SF +	4.75%	(j)(k)	8.53%	03/2029	137		135		—		135
Krayden Holdings, Inc.	Senior secured	SF +	4.75%	(j)	8.48%	03/2029	287		283		—		281
							6,503		6,461		0.5		6,446
Commercial Services & Supplies
CHA Vision Holdings, Inc.^	One stop	SF +	5.00%	(j)	8.67%	01/2031	18,213		18,074		1.5		18,133
CHA Vision Holdings, Inc.*	One stop	SF +	5.00%	(j)	8.67%	01/2031	5,929		5,885		0.5		5,903
CHA Vision Holdings, Inc.	One stop	SF +	5.00%	(j)	8.67%	01/2030	152		141		—		146
CHA Vision Holdings, Inc.#	One stop	SF +	5.00%	(j)	8.67%	01/2031	934		930		0.1		930
CHA Vision Holdings, Inc.	One stop	SF +	5.00%	(j)	8.67%	01/2031	268		259		—		258
Dispatch Acquisition Holdings, LLC#	One stop	SF +	4.75%	(j)	8.48%	11/2032	20,230		20,137		1.6		20,137
Dispatch Acquisition Holdings, LLC	One stop	SF +	4.75%	(j)	8.48%	11/2032	1,451		1,435		0.1		1,435
Dispatch Acquisition Holdings, LLC(5)	One stop				N/A(6)	11/2032	—		—		—		(3)
Kleinfelder Intermediate, LLC(5)	One stop				N/A(6)	09/2030	—		(1)		—		(1)
Kleinfelder Intermediate, LLC^	One stop	SF +	4.50%	(j)	8.16%	09/2030	2,001		1,962		0.2		1,996
Kleinfelder Intermediate, LLC	One stop	P +	3.50%	(a)	10.25%	09/2028	20		18		—		20
Kleinfelder Intermediate, LLC	One stop	SF +	4.50%	(j)	8.16%	09/2030	217		216		—		217
Pearl Acquisition Buyer, Inc.	One stop	SF +	4.50%	(j)	8.24%	12/2032	79		78		—		78
Pearl Acquisition Buyer, Inc.#	One stop	SF +	4.50%	(j)	8.23%	12/2032	2,412		2,407		0.2		2,407
Pearl Acquisition Buyer, Inc.(5)	One stop				N/A(6)	12/2032	—		(2)		—		(2)
PSC Parent, Inc.^	One stop	SF +	5.25%	(i)	8.88%	04/2031	1,537		1,532		0.1		1,525
PSC Parent, Inc.^	One stop	SF +	5.25%	(i)	8.89%	04/2031	1,069		1,065		0.1		1,060
PSC Parent, Inc.	One stop	SF +	5.25%	(i)	8.89%	04/2030	588		581		—		580
PSC Parent, Inc.^	One stop	SF +	5.25%	(i)	8.89%	04/2031	6,411		6,367		0.5		6,363
Radwell Parent, LLC	One stop	SF +	4.75%	(j)	8.48%	04/2030	7		7		—		7
Radwell Parent, LLC	One stop	SF +	4.75%	(j)	8.48%	04/2030	45		37		—		25
Radwell Parent, LLC#	One stop	SF +	4.75%	(j)	8.48%	04/2030	1,076		1,073		0.1		1,062
Radwell Parent, LLC#	One stop	SF +	4.75%	(j)	8.48%	04/2030	588		587		0.1		581
Radwell Parent, LLC#	One stop	SF +	4.75%	(j)	8.48%	04/2030	137		137		—		135
Trinity Air Consultants Holdings Corporation(5)	One stop				N/A(6)	06/2029	—		(1)		—		(1)
Trinity Air Consultants Holdings Corporation	One stop	SF +	4.25%	(j)	8.01%	06/2029	142		142		—		141
Trinity Air Consultants Holdings Corporation	One stop	SF +	4.25%	(j)	8.01%	06/2029	424		423		—		420
Trinity Air Consultants Holdings Corporation#	One stop	SF +	4.25%	(j)	8.03%	06/2029	898		891		0.1		891

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Trinity Air Consultants Holdings Corporation(5)	One stop				N/A(6)				06/2029	$	—	$	(1)	—	%	$	(2)
WRE Holding Corp.(5)	One stop				N/A(6)				07/2031	—		(12)		—		(36)
WRE Holding Corp.	One stop	SF +	5.00%	(k)	8.83%				07/2031	228		227		—		225
WRE Holding Corp.	One stop	SF +	5.00%	(k)	8.79%				07/2030	1,048		1,034		0.1		1,024
WRE Holding Corp.*^	One stop	SF +	5.00%	(k)	8.74%				07/2031	14,371		14,267		1.2		14,187
WRE Holding Corp.^	One stop	SF +	5.00%	(k)	8.84%				07/2031	1,577		1,572		0.1		1,557
WRE Holding Corp.^	One stop	SF +	5.00%	(k)	8.85%				07/2031	951		947		0.1		938
WRE Holding Corp.^	One stop	SF +	5.00%	(k)	8.85%				07/2031	739		737		0.1		730
WRE Holding Corp.	One stop	SF +	5.00%	(k)	8.85%				07/2031	259		258		—		255
WRE Holding Corp.	One stop	SF +	5.00%	(k)	8.85%				07/2031	265		264		—		261
WRE Holding Corp.	One stop	SF +	5.00%	(k)	8.85%				07/2031	164		164		—		162
										84,430		83,837		6.8		83,744
Construction & Engineering
Consor Intermediate II, LLC(5)	One stop				N/A(6)				05/2031	—		(17)		—		(38)
Consor Intermediate II, LLC	One stop	SF +	4.50%	(j)	8.23%				05/2031	618		609		0.1		599
Consor Intermediate II, LLC^	One stop	SF +	4.50%	(j)	8.23%				05/2031	13,941		13,892		1.1		13,833
DCCM, LLC^	One stop	SF +	4.75%	(i)	8.39%				06/2032	1,941		1,933		0.2		1,941
DCCM, LLC(5)	One stop				N/A(6)				06/2032	—		(2)		—		—
DCCM, LLC	One stop	SF +	4.75%	(i)	8.39%				06/2032	29		25		—		29
Royal Holdco Corporation	One stop	SF +	4.50%	(j)	8.20%				12/2030	128		127		—		127
Royal Holdco Corporation	One stop	SF +	4.50%	(j)	8.18%				12/2030	445		443		—		440
Royal Holdco Corporation^	One stop	SF +	4.50%	(j)	8.15%				12/2030	1,726		1,712		0.1		1,712
										18,828		18,722		1.5		18,643
Containers & Packaging
Packaging Coordinators Midco, Inc.^	One stop	SF +	5.00%	(j)	8.66%				07/2032	1,680		1,656		0.1		1,648
Packaging Coordinators Midco, Inc.(5)	One stop				N/A(6)				07/2032	—		(2)		—		(4)
Packaging Coordinators Midco, Inc.(5)	One stop				N/A(6)				07/2032	—		—		—		(5)
Packaging Coordinators Midco, Inc.	One stop	SF +	5.00%	(j)	8.66%				07/2032	32		32		—		31
Packaging Coordinators Midco, Inc.(5)	One stop				N/A(6)				07/2032	—		—		—		(1)
Packaging Coordinators Midco, Inc.(9)	One stop	SN +	5.00%	(g)	8.73%				07/2032	3,296		3,269		0.3		3,233
Packaging Coordinators Midco, Inc.(5)	One stop				N/A(6)				07/2032	—		(1)		—		(2)
										5,008		4,954		0.4		4,900
Diversified Consumer Services
ABC Legal Holdings, LLC#	One stop	SF +	4.25%	(j)	7.91%				08/2032	5,137		5,115		0.4		5,032
ABC Legal Holdings, LLC(5)	One stop				N/A(6)				08/2032	—		(4)		—		(21)
ABC Legal Holdings, LLC(5)	One stop				N/A(6)				08/2032	—		(7)		—		(32)
Action Termite Control, LLC	Senior secured	SF +	4.25%	(j)	7.98%				12/2032	20		18		—		20
Action Termite Control, LLC	Senior secured	SF +	4.25%	(j)	7.98%				12/2032	725		722		0.1		725
Action Termite Control, LLC(5)	Senior secured				N/A(6)				12/2032	—		(10)		—		—
Any Hour, LLC(25)	One stop	SF +	5.75%	(j)	6.23%	cash/	3.25%	PIK	05/2030	232		231		—		218
Any Hour, LLC(25)	One stop	N/A			13.00%	PIK			05/2031	3,249		3,215		0.2		2,404
Any Hour, LLC(25)	One stop	SF +	5.75%	(j)	6.22%	cash/	3.25%	PIK	05/2030	1,143		1,131		0.1		1,067
Any Hour, LLC*^(25)	One stop	SF +	5.75%	(j)	6.23%	cash/	3.25%	PIK	05/2030	8,184		8,107		0.6		7,693
Apex Service Partners, LLC#	One stop	SF +	5.00%	(j)	8.73%				10/2030	49		49		—		49
Apex Service Partners, LLC	One stop	SF +	5.00%	(j)	8.73%				10/2030	50		50		—		49
Apex Service Partners, LLC	One stop	SF +	5.00%	(j)	8.73%				10/2030	49		49		—		49
Apex Service Partners, LLC^	One stop	SF +	5.00%	(j)	8.73%				10/2030	5,617		5,519		0.5		5,550
Apex Service Partners, LLC	One stop	SF +	5.00%	(j)	8.73%				10/2029	845		815		0.1		825
Apex Service Partners, LLC^	One stop	SF +	5.00%	(j)	8.73%				10/2030	23,599		23,166		1.9		23,319
Aptive Environmental, LLC^	One stop	SF +	4.75%	(i)	8.39%				10/2032	12,536		12,423		1.0		12,536
Aptive Environmental, LLC	One stop	SF +	4.75%	(i)	8.39%				10/2032	176		166		—		176
Aptive Environmental, LLC(5)	One stop				N/A(6)				10/2032	—		(2)		—		—
CHVAC Services Investment, LLC^	One stop	SF +	4.75%	(j)	8.48%				05/2030	4,273		4,235		0.3		4,189
CHVAC Services Investment, LLC	One stop	SF +	4.75%	(i)(j)	8.41%				05/2030	587		577		0.1		560

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
CHVAC Services Investment, LLC^	One stop	SF +	4.75%	(j)	8.48%				05/2030	$	16,423	$	16,307	1.3	%	$	16,098
CHVAC Services Investment, LLC	One stop	SF +	4.75%	(j)	8.48%				05/2030	205		196		—		156
Entomo Brands Acquisitions, Inc.#^	Senior secured	SF +	5.25%	(j)	8.98%				07/2029	1,611		1,598		0.1		1,602
Entomo Brands Acquisitions, Inc.	Senior secured				N/A(6)				07/2029	—		—		—		—
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.25%	(j)	8.98%				07/2029	247		245		—		246
Entomo Brands Acquisitions, Inc.(5)	One stop				N/A(6)				07/2029	—		(5)		—		(5)
HS Spa Holdings, Inc.^	One stop	SF +	5.25%	(j)	8.92%				06/2029	1,130		1,120		0.1		1,130
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(a)(i)	9.41%				06/2028	30		30		—		30
HS Spa Holdings, Inc.	One stop	SF +	5.25%	(j)	8.91%				06/2029	600		598		0.1		600
Kodiak Buyer, LLC*	One stop	SF +	4.25%	(j)	7.98%				07/2032	2,025		2,017		0.2		2,025
Kodiak Buyer, LLC(5)	One stop				N/A(6)				07/2032	—		(2)		—		—
Kodiak Buyer, LLC	One stop	SF +	4.25%	(j)	7.90%				07/2032	64		61		—		64
Litera Bidco, LLC(5)	One stop				N/A(6)				05/2028	—		(1)		—		(8)
Litera Bidco, LLC	One stop	SF +	5.00%	(i)	8.64%				05/2028	2,993		2,989		0.2		2,944
Litera Bidco, LLC(5)	One stop				N/A(6)				05/2028	—		—		—		(15)
Litera Bidco, LLC^	One stop	SF +	5.00%	(i)	8.64%				05/2028	7,495		7,477		0.6		7,383
Mario Purchaser, LLC^(25)	One stop	SF +	6.00%	(j)	7.83%	cash/	2.00%	PIK	10/2029	656		650		0.1		610
Mario Purchaser, LLC^(25)	One stop	SF +	6.00%	(j)	7.83%	cash/	2.00%	PIK	10/2029	851		841		0.1		791
Mario Purchaser, LLC(25)	One stop	N/A			14.58%	PIK			04/2032	526		523		—		405
Mario Purchaser, LLC	One stop	SF +	5.75%	(j)	9.58%				10/2029	28		28		—		23
Mario Purchaser, LLC(25)	One stop	SF +	6.00%	(j)	7.83%	cash/	2.00%	PIK	10/2029	400		397		—		372
NSG Buyer, Inc. ^	One stop	SF +	5.00%	(j)	8.73%				11/2029	16,229		16,021		1.3		16,108
NSG Buyer, Inc.	One stop	SF +	5.00%	(j)	8.73%				11/2028	146		139		—		141
NSG Buyer, Inc. (5)	One stop				N/A(6)				11/2029	—		(3)		—		(7)
Salisbury House, LLC(5)	One stop				N/A(6)				08/2032	—		(6)		—		(12)
Salisbury House, LLC	One stop	SF +	4.75%	(i)	8.39%				08/2032	493		484		—		475
Salisbury House, LLC*	One stop	SF +	4.75%	(i)	8.39%				08/2032	10,173		10,128		0.8		10,081
Severin Acquisition, LLC^(25)	One stop	SF +	5.00%	(i)	6.39%	cash/	2.25%	PIK	10/2031	9,302		9,234		0.7		9,023
Severin Acquisition, LLC	One stop	SF +	4.75%	(i)	8.39%				10/2031	573		564		0.1		539
Severin Acquisition, LLC(25)	One stop	SF +	5.00%	(i)	6.39%	cash/	2.25%	PIK	10/2031	493		486		—		436
SCP CDH Buyer, Inc.#	One stop	SF +	4.50%	(j)	8.23%				12/2032	3,560		3,543		0.3		3,543
SCP CDH Buyer, Inc.(5)	One stop				N/A(6)				12/2032	—		(2)		—		(2)
SCP CDH Buyer, Inc.	One stop	SF +	4.50%	(j)	8.14%				12/2032	712		707		0.1		707
Stellar Brands, LLC^	Senior secured	SF +	4.50%	(i)	8.14%				02/2031	2,053		2,041		0.2		2,053
Stellar Brands, LLC(5)	Senior secured				N/A(6)				02/2031	—		(1)		—		—
Virginia Green Acquisition, LLC(5)	One stop				N/A(6)				12/2030	—		(12)		—		(12)
Virginia Green Acquisition, LLC^	One stop	SF +	5.25%	(k)	9.08%				12/2030	27,473		27,295		2.2		27,353
Virginia Green Acquisition, LLC(5)	One stop				N/A(6)				12/2029	—		(19)		—		(12)
										172,962		171,233		13.8		169,273
Diversified Financial Services
Baker Tilly Advisory Group, LP(5)	One stop				N/A(6)				06/2030	—		(10)		—		(5)
Baker Tilly Advisory Group, LP^	One stop	SF +	4.75%	(i)	8.39%				06/2031	5,135		5,085		0.4		5,186
Baker Tilly Advisory Group, LP^	One stop	SF +	4.25%	(i)	7.89%				06/2031	2,212		2,202		0.2		2,203
Baker Tilly Advisory Group, LP	One stop	SF +	4.25%	(i)	7.90%				06/2031	387		385		—		386
Banker's Toolbox, Inc.#	One stop	SF +	4.50%	(k)	8.35%				07/2029	2,358		2,349		0.2		2,347
Banker's Toolbox, Inc.(5)	One stop				N/A(6)				07/2029	—		(2)		—		(4)
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)	One stop	E +	5.25%	(c)	7.54%				07/2031	2,766		2,803		0.2		2,724
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(d)	10.15%	PIK			07/2032	920		871		0.1		883

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Ceres Groupe SAS & Ceres PikCo*(8)(9)(20)	One stop	E +	4.75%	(d)	6.90%				07/2031	$	1,360	$	1,279	0.1	%	$	1,340
Ceres Groupe SAS & Ceres PikCo(8)(9)(20)	One stop	E +	4.75%	(d)	7.21%				07/2031	193		185		—		190
Ceres Groupe SAS & Ceres PikCo(5)(8)(9)(20)	One stop				N/A(6)				07/2031	—		—		—		(3)
Corsair Blade IV S.A R.L.(8)(13)(25)	One stop	SF +	5.75%	(j)	9.15%	cash/	0.25%	PIK	12/2030	256		256		—		251
Corsair Blade IV S.A R.L.(8)(9)(13)(25)	One stop	SN +	5.75%	(g)	9.23%	cash/	0.25%	PIK	12/2030	81		66		—		41
Deerfield Dakota Holding, LLC	One stop	SF +	5.25%	(i)	8.90%				09/2032	533		520		—		520
Deerfield Dakota Holding, LLC#(25)	One stop	SF +	5.75%	(j)	6.73%	cash/	2.75%	PIK	09/2032	15,763		15,627		1.3		15,587
Equity Methods, LLC^	One stop	SF +	4.50%	(j)	8.23%				04/2032	7,549		7,518		0.6		7,442
Higginbotham Insurance Agency, Inc.^	One stop	SF +	4.50%	(i)	8.14%				06/2031	6,657		6,608		0.5		6,626
Higginbotham Insurance Agency, Inc.	One stop	SF +	4.50%	(i)	8.14%				06/2031	142		141		—		140
Higginbotham Insurance Agency, Inc.	Senior secured	SF +	4.50%	(i)	8.14%				06/2031	514		514		—		512
Equity Methods, LLC(5)	One stop				N/A(6)				04/2032	—		(6)		—		(19)
Equity Methods, LLC(5)	One stop				N/A(6)				04/2032	—		(7)		—		(24)
Medlar Bidco Limited#(8)(9)(21)	One stop	SN +	4.50%	(g)	8.23%				05/2032	9,282		9,251		0.8		9,223
Medlar Bidco Limited(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—		(18)		—		(19)
Medlar Bidco Limited#(8)(9)(21)	One stop	E +	4.50%	(c)	6.75%				05/2032	11,397		11,218		0.9		11,326
Wealth Enhancement Group, LLC	One stop	SF +	4.25%	(j)	7.94%				10/2028	106		105		—		105
Wealth Enhancement Group, LLC	One stop	SF +	4.25%	(j)	7.94%				10/2028	699		686		0.1		696
Wealth Enhancement Group, LLC	One stop	SF +	4.25%	(j)	7.94%				10/2028	473		472		—		471
Wealth Enhancement Group, LLC(5)	One stop				N/A(6)				10/2028	—		(1)		—		(1)
Wealth Enhancement Group, LLC^	One stop	SF +	4.25%	(j)	7.94%				10/2028	730		729		0.1		727
Wealth Enhancement Group, LLC^	One stop	SF +	4.25%	(j)	7.94%				10/2028	1,012		1,011		0.1		1,008
Wealth Enhancement Group, LLC	One stop	SF +	4.25%	(j)	7.92%				10/2028	3,075		3,047		0.3		3,061
Wealth Enhancement Group, LLC(5)	One stop				N/A(6)				10/2028	—		(3)		—		(6)
										73,600		72,881		5.9		72,914
Electric Utilities
Smart Energy Systems, Inc.(25)	One stop	SF +	7.50%	(j)	7.43%	cash/	3.75%	PIK	01/2030	195		194		—		195
Smart Energy Systems, Inc.#(25)	One stop	SF +	7.50%	(j)	7.43%	cash/	3.75%	PIK	01/2030	1,772		1,745		0.2		1,772
										1,967		1,939		0.2		1,967



Electronic Equipment, Instruments & Components
CST Holding Company^	One stop	SF +	5.00%	(i)	8.74%				11/2028	5,304		5,182		0.4		5,235
CST Holding Company(5)	One stop				N/A(6)				11/2028	—		(1)		—		(1)
										5,304		5,181		0.4		5,234
Food & Staples Retailing
GMF Parent, Inc.	One stop	SF +	4.50%	(j)	8.17%				12/2032	28		26		—		24
GMF Parent, Inc.#	One stop	SF +	4.50%	(j)	8.18%				12/2032	1,948		1,939		0.2		1,928
GMF Parent, Inc.(5)	One stop				N/A(6)				12/2032	—		(3)		—		(6)
										1,976		1,962		0.2		1,946
Food Products
Blast Bidco, Inc.^	One stop	SF +	6.00%	(j)	9.73%				10/2030	16,727		16,571		1.4		16,727
Blast Bidco, Inc.(5)	One stop				N/A(6)				10/2029	—		(16)		—		—
Eagle Family Foods Group, LLC^	One stop	SF +	4.75%	(j)	8.43%				08/2030	3,064		3,041		0.3		3,064
Eagle Family Foods Group, LLC(5)	One stop				N/A(6)				08/2030	—		(3)		—		—
Sphynx UK Bidco, Ltd.#(8)(9)(10)	One stop	A +	4.25%	(e)	8.71%				09/2032	1,745		1,635		0.1		1,745
Sphynx UK Bidco, Ltd.#(8)(9)(10)	One stop	E +	4.25%	(c)	6.54%				09/2032	1,594		1,616		0.1		1,594
Sphynx UK Bidco, Ltd.#(8)(9)(10)	One stop	SN +	4.25%	(g)	7.98%				09/2032	7,469		7,503		0.6		7,469
Zullas, L.C.	One stop	P +	3.75%	(a)	10.50%				06/2031	106		104		—		106
Zullas, L.C.^	One stop	SF +	4.75%	(j)	8.42%				06/2031	1,437		1,432		0.1		1,437
Zullas, L.C.	One stop	SF +	4.75%	(j)	8.42%				06/2031	236		230		—		236
										32,378		32,113		2.6		32,378
Healthcare Equipment & Supplies
Bayou Intermediate II, LLC	One stop	SF +	4.75%	(j)	8.45%				09/2032	398		394		—		390

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Bayou Intermediate II, LLC#	One stop	SF +	4.75%	(j)	8.48%				09/2032	$	5,607	$	5,582	0.5	%	$	5,556
Bayou Intermediate II, LLC	One stop	SF +	4.75%	(j)	8.48%				09/2032	1,193		1,186		0.1		1,179
Belmont Instrument, LLC^	One stop	SF +	5.25%	(j)	8.98%				08/2028	4,049		3,993		0.3		4,032
Belmont Instrument, LLC(5)	One stop				N/A(6)				08/2028	—		(1)		—		—
Blades Buyer, Inc.(5)	Senior secured				N/A(6)				03/2028	—		(1)		—		(2)
Blades Buyer, Inc.	Senior secured	SF +	4.75%	(j)	8.44%				03/2028	1,766		1,758		0.1		1,746
CCSL Holdings, LLC	One stop	SF +	5.75%	(i)	9.39%				12/2028	534		532		—		534
Centegix Intermediate II, LLC#(25)	One stop	SF +	6.00%	(j)	6.39%	cash/	3.25%	PIK	08/2032	12,655		12,601		1.0		12,594
Centegix Intermediate II, LLC	One stop	SF +	5.50%	(j)	9.17%				08/2032	1,162		1,153		0.1		1,153
Centegix Intermediate II, LLC(25)	One stop	SF +	6.00%	(j)	6.39%	cash/	3.25%	PIK	08/2032	1,827		1,819		0.2		1,818
Centegix Intermediate II, LLC#(25)	One stop	SF +	6.00%	(j)	6.39%	cash/	3.25%	PIK	08/2032	579		576		—		576
Centegix Intermediate II, LLC(5)	One stop				N/A(6)				08/2032	—		(14)		—		(14)
CMI Parent Inc.(5)	One stop				N/A(6)				01/2033	—		(6)		—		(12)
CMI Parent Inc.#	One stop	SF +	4.50%	(j)	8.23%				01/2033	23,499		23,444		1.9		23,387
CMI Parent Inc.(5)	One stop				N/A(6)				01/2033	—		(18)		—		(36)
HuFriedy Group Acquisition, LLC*^	One stop	SF +	5.50%	(j)	9.17%				06/2031	10,714		10,638		0.9		10,666
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(j)	9.23%				05/2030	107		99		—		102
HuFriedy Group Acquisition, LLC*	One stop	SF +	5.50%	(j)	9.22%				06/2031	2,346		2,316		0.2		2,336
HuFriedy Group Acquisition, LLC	One stop	SF +	5.50%	(j)	9.16%				06/2031	898		892		0.1		891
Isto Group, Inc.	One stop				N/A(6)				09/2032	—		—		—		—
Isto Group, Inc.#	One stop	SF +	4.75%	(j)	8.48%				09/2032	2,126		2,116		0.2		2,116
Isto Group, Inc.(5)	One stop				N/A(6)				09/2032	—		(5)		—		(5)
RTI Surgical, Inc.(5)	One stop				N/A(6)				09/2032	—		(9)		—		(9)
RTI Surgical, Inc.#	One stop	SF +	4.75%	(j)	8.41%				09/2032	9,957		9,913		0.8		9,912
TIDI Legacy Products, Inc.^	One stop	SF +	4.50%	(i)	8.14%				12/2029	2,153		2,146		0.2		2,139
TIDI Legacy Products, Inc.(5)	One stop				N/A(6)				12/2029	—		—		—		(4)
TIDI Legacy Products, Inc.	One stop	SF +	4.50%	(i)	8.14%				12/2029	577		572		—		573
YI, LLC^	One stop	SF +	5.75%	(i)	9.39%				12/2029	8,386		8,279		0.7		8,276
YI, LLC(5)	One stop				N/A(6)				12/2029	—		(9)		—		(21)
ZimVie, Inc.	One stop	SF +	4.75%	(j)	8.48%				10/2032	1,129		1,113		0.1		1,113
ZimVie, Inc.#	One stop	SF +	4.75%	(j)	8.48%				10/2032	21,061		20,966		1.7		20,965
ZimVie, Inc.(5)	One stop				N/A(6)				10/2032	—		(16)		—		(16)
										112,723		112,009		9.1		111,935
Healthcare Providers & Services
Active Day, Inc.#	One stop	SF +	5.00%	(i)	8.64%				05/2027	1,813		1,808		0.2		1,810
Active Day, Inc.(5)	One stop				N/A(6)				05/2027	—		(3)		—		(2)
Active Day, Inc.	One stop	SF +	5.00%	(i)	8.64%				05/2027	620		618		0.1		619
Acuity Eyecare Holdings, LLC	One stop	SF +	5.75%	(a)(j)	9.59%				03/2027	3,398		3,364		0.3		3,381
AVG Intermediate Holdings, LLC#	One stop	SF +	6.00%	(j)	9.76%				05/2028	1,159		1,153		0.1		1,152
Bamboo US Bidco, LLC#(9)	One stop	E +	5.25%	(c)	7.40%				09/2030	3,479		3,173		0.3		3,447
Bamboo US Bidco, LLC	One stop	SF +	5.25%	(j)	8.91%				09/2030	349		348		—		345
Bamboo US Bidco, LLC	One stop	SF +	5.25%	(j)	8.91%				09/2030	351		351		—		347
Bamboo US Bidco, LLC^	One stop	SF +	5.25%	(j)	8.91%				09/2030	749		747		0.1		742
Bamboo US Bidco, LLC	One stop	SF +	5.25%	(i)	8.89%				10/2029	351		334		—		343

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Bamboo US Bidco, LLC^	One stop	SF +	5.25%	(j)	8.91%				09/2030	$	4,896	$	4,809	0.4	%	$	4,850
Benefit Plan Administrators of Eau Claire, LLC^	One stop	SF +	4.75%	(j)	8.42%				11/2030	1,315		1,310		0.1		1,309
Benefit Plan Administrators of Eau Claire, LLC(5)	One stop				N/A(6)				11/2030	—		(1)		—		(1)
Benefit Plan Administrators of Eau Claire, LLC	One stop	SF +	4.75%	(j)	8.41%				11/2030	314		310		—		310
Benefit Plan Administrators of Eau Claire, LLC^	One stop	SF +	4.75%	(j)	8.42%				11/2030	7,950		7,912		0.6		7,910
BHG Holdings, LLC^	One stop	SF +	5.50%	(j)	9.16%				04/2032	15,821		15,706		1.3		15,700
BHG Holdings, LLC(5)	One stop				N/A(6)				04/2032	—		(15)		—		(15)
BHG Holdings, LLC(5)	One stop				N/A(6)				04/2032	—		(33)		—		(35)
Community Care Partners, LLC	One stop	SF +	6.00%	(i)	9.76%				09/2026	341		341		—		341
Datix Bidco Limited and RL Datix Holdings, Inc.#(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				04/2031	3,050		2,850		0.2		3,004
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)	One stop				N/A(6)				04/2031	—		(8)		—		(17)
Datix Bidco Limited and RL Datix Holdings, Inc.#(8)(10)	One stop	SF +	5.00%	(k)	8.73%				04/2031	4,967		4,899		0.4		4,893
Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)	One stop				N/A(6)				10/2030	—		(12)		—		(15)
FYI Optical Acquisitions, Inc.#(8)(9)(12)	One stop	CA +	5.25%	(l)	7.55%				09/2029	1,847		1,862		0.2		1,847
FYI Optical Acquisitions, Inc.(8)(9)(12)	One stop	CA +	5.25%	(l)	7.55%				09/2029	1,361		1,391		0.1		1,361
HP TLE Buyer, Inc.#	One stop	SF +	4.75%	(j)	8.48%				07/2032	15,988		15,920		1.3		15,988
HP TLE Buyer, Inc.(5)	One stop				N/A(6)				07/2032	—		(15)		—		—
Krueger-Gilbert Health Physics, LLC#	One stop	SF +	5.00%	(j)	8.73%				11/2026	2,731		2,729		0.2		2,729
LOV Acquisition, LLC^	Senior secured	SF +	4.25%	(i)	7.89%				11/2031	5,993		5,967		0.5		5,993
LOV Acquisition, LLC(5)	Senior secured				N/A(6)				11/2031	—		(3)		—		—
PPV Intermediate Holdings, LLC(25)	One stop	N/A			14.75%	PIK			08/2030	10,411		10,289		0.8		10,228
PPV Intermediate Holdings, LLC^	One stop	SF +	5.75%	(j)	9.42%				08/2029	6,480		6,428		0.5		6,350
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	1,067		1,058		0.1		1,016
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	246		245		—		235
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	45		45		—		43
PPV Intermediate Holdings, LLC(25)	One stop	N/A			13.75%	PIK			08/2030	45		43		—		42
PPV Intermediate Holdings, LLC	One stop	SF +	5.75%	(j)	9.40%				08/2029	136		132		—		128
PPV Intermediate Holdings, LLC	One stop	SF +	5.25%	(j)	8.92%				08/2029	857		847		0.1		829
Premise Health Holding Corp.#	One stop	SF +	4.75%	(j)	8.48%				11/2032	2,157		2,137		0.2		2,137
Premise Health Holding Corp.	One stop	SF +	4.75%	(j)	8.48%				11/2032	546		539		—		538
Premise Health Holding Corp.^	One stop	SF +	4.75%	(j)	8.48%				11/2032	18,663		18,430		1.5		18,492
Premise Health Holding Corp.(5)	One stop				N/A(6)				11/2031	—		(27)		—		(22)
Premise Health Holding Corp.#	One stop	SF +	4.75%	(j)	8.48%				11/2032	1,336		1,323		0.1		1,324
Signature MD, Inc.(5)	One stop				N/A(6)				02/2032	—		(1)		—		—
Signature MD, Inc.(5)	One stop				N/A(6)				02/2032	—		(5)		—		7
Signature MD, Inc.#	One stop	SF +	4.50%	(i)	8.14%				02/2032	2,051		2,041		0.2		2,064
										122,883		121,336		9.9		121,747
Healthcare Technology
Amberfield Acquisition Co.	One stop	SF +	5.00%	(j)	8.73%				05/2030	888		882		0.1		885
Amberfield Acquisition Co.	One stop	SF +	5.00%	(j)	8.73%				05/2030	278		275		—		276
Amberfield Acquisition Co.^	One stop	SF +	5.00%	(j)	8.73%				05/2030	8,227		8,174		0.7		8,201
Color Intermediate, LLC^	Senior secured	SF +	4.75%	(j)	8.58%				10/2029	2,312		2,290		0.2		2,289
Crow River Buyer, Inc.#	One stop	SF +	5.00%	(j)	8.66%				01/2029	996		987		0.1		976
Crow River Buyer, Inc.(5)	One stop				N/A(6)				01/2029	—		—		—		(1)
Crow River Buyer, Inc.#	One stop	SF +	5.00%	(i)	8.64%				01/2029	2,328		2,313		0.2		2,281
GHX Ultimate Parent Corporation^(25)	One stop	SF +	5.00%	(j)	6.23%	cash/	2.50%	PIK	02/2033	28,922		28,628		2.4		28,922
GHX Ultimate Parent Corporation(5)	One stop				N/A(6)				02/2033	—		(31)		—		—
GHX Ultimate Parent Corporation#(25)	One stop	SF +	5.00%	(j)	6.23%	cash/	2.50%	PIK	02/2033	3,616		3,607		0.3		3,616

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Healthmark Holdings, L.P.(5)	One stop				N/A(6)				07/2032	$	—	$	(2)	—	%	$	(7)
Healthmark Holdings, L.P.(5)	One stop				N/A(6)				07/2032	—		(3)		—		(9)
Healthmark Holdings, L.P.#	One stop	SF +	4.50%	(j)	8.17%				07/2032	4,667		4,647		0.4		4,609
Kona Buyer, LLC(5)	One stop				N/A(6)				07/2031	—		(4)		—		(19)
Kona Buyer, LLC	One stop	SF +	4.50%	(j)	8.16%				07/2031	1,238		1,232		0.1		1,226
Kona Buyer, LLC	One stop	SF +	4.50%	(j)	8.16%				07/2031	276		275		—		274
Kona Buyer, LLC	One stop	SF +	4.50%	(j)	8.16%				07/2031	36		34		—		33
Kona Buyer, LLC^	One stop	SF +	4.50%	(j)	8.17%				07/2031	1,270		1,261		0.1		1,258
Kona Buyer, LLC	One stop	SF +	4.50%	(j)	8.17%				07/2031	75		75		—		74
Kona Buyer, LLC	One stop	SF +	4.50%	(j)	8.17%				07/2031	21		21		—		21
Lacker Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(g)	8.98%				02/2031	198		202		—		132
Lacker Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(g)	9.73%				02/2031	4,078		3,843		0.3		4,078
Lacker Bidco Limited(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—		(9)		—		—
Lacker Bidco Limited(8)(9)(10)(25)	One stop	SN +	6.00%	(g)	7.23%	cash/	2.50%	PIK	02/2031	5,502		5,467		0.4		5,502
Modernizing Medicine, Inc.#(25)	One stop	SF +	4.75%	(j)	6.23%	cash/	2.25%	PIK	04/2032	23,525		23,334		1.9		23,525
Modernizing Medicine, Inc.(5)	One stop				N/A(6)				04/2032	—		(18)		—		—
Neptune Holdings, Inc.^	One stop	SF +	4.50%	(j)	8.23%				09/2030	6,175		6,097		0.5		6,114
Neptune Holdings, Inc.(5)	One stop				N/A(6)				08/2029	—		—		—		(1)
Netsmart Technologies, Inc.#(25)	One stop	SF +	5.20%	(i)	6.14%	cash/	2.70%	PIK	08/2031	7,723		7,706		0.6		7,530
Netsmart Technologies, Inc.*#^(25)	One stop	SF +	5.20%	(i)	6.14%	cash/	2.70%	PIK	08/2031	23,945		23,805		1.9		23,346
Netsmart Technologies, Inc.(5)	One stop				N/A(6)				08/2031	—		(18)		—		(49)
Netsmart Technologies, Inc.(5)	One stop				N/A(6)				08/2031	—		(9)		—		(76)
Plasma Buyer, LLC(25)	One stop	SF +	6.25%	(j)	9.48%	cash/	0.50%	PIK	03/2027	12		12		—		12
Plasma Buyer, LLC(7)(25)	One stop	SF +	5.75%	(j)	9.48%	PIK			05/2029	525		472		—		247
Plasma Buyer, LLC(7)(25)	One stop	SF +	5.75%	(j)	9.48%	PIK			05/2028	60		54		—		28
Plasma Buyer, LLC(7)(25)	One stop	SF +	5.75%	(j)	9.48%	PIK			05/2029	20		18		—		9
QF Holdings, Inc.	One stop	SF +	4.50%	(j)	8.24%				12/2032	124		120		—		98
QF Holdings, Inc.#	One stop	SF +	4.50%	(j)	8.23%				12/2032	13,273		13,242		1.1		13,074
QF Holdings, Inc.(5)	One stop				N/A(6)				12/2032	—		(7)		—		(43)
Signant Finance One Limited	One stop	SF +	5.00%	(j)	8.73%				10/2031	171		166		—		166
Signant Finance One Limited#(25)	One stop	SF +	5.00%	(j)	8.73%				10/2031	6,659		6,603		0.5		6,600
Signant Finance One Limited(5)	One stop				N/A(6)				10/2031	—		(3)		—		(7)
										147,140		145,738		11.8		145,190
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC^	One stop	SF +	6.00%	(j)	9.88%				08/2028	1,421		1,416		0.1		1,421
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(j)	9.81%				08/2028	72		71		—		72
Barteca Restaurants, LLC	One stop	SF +	6.00%	(j)	9.85%				08/2028	100		100		—		100
Barteca Restaurants, LLC	One stop	SF +	6.00%	(j)	9.88%				08/2028	407		405		—		407
CB Sports Holdings Bidco, LLC(5)	One stop				N/A(6)				12/2032	—		(5)		—		(4)
CB Sports Holdings Bidco, LLC#	One stop	SF +	4.63%	(j)	8.36%				12/2032	1,255		1,251		0.1		1,249
CB Sports Holdings Bidco, LLC	One stop				N/A(6)				12/2032	—		—		—		—
CB Sports Holdings Bidco, LLC	One stop	SF +	4.63%	(j)	8.31%				12/2032	858		855		0.1		854
CB Sports Holdings Bidco, LLC	One stop	SF +	4.63%	(j)	8.31%				12/2032	386		385		—		384
CB Sports Holdings Bidco, LLC	One stop	SF +	4.63%	(j)	8.36%				12/2032	70		55		—		60
CB Sports Holdings Bidco, LLC	One stop	SF +	4.63%	(j)	8.28%				12/2032	579		577		0.1		576
CB Sports Holdings Bidco, LLC#	One stop	SF +	4.63%	(j)	8.27%				12/2032	762		756		0.1		758
CR Fitness Holdings, LLC	Senior secured	SF +	4.25%	(j)	7.98%				10/2031	281		275		—		281
CR Fitness Holdings, LLC#	Senior secured	SF +	4.25%	(j)	7.98%				10/2032	25,260		25,203		2.1		25,260
CR Fitness Holdings, LLC(5)	Senior secured				N/A(6)				10/2032	—		(13)		—		—
Crumbl Enterprises, LLC^	One stop	SF +	4.50%	(j)	8.24%				05/2032	17,698		17,624		1.4		17,698
Crumbl Enterprises, LLC(5)	One stop				N/A(6)				05/2032	—		(6)		—		—
ESN Venture Holdings, LLC(25)	One stop	SF +	6.25%	(j)	6.61%	cash/	3.38%	PIK	10/2029	850		847		0.1		850
ESN Venture Holdings, LLC#(25)	One stop	SF +	6.26%	(j)	6.61%	cash/	3.38%	PIK	10/2029	379		377		—		379

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
ESN Venture Holdings, LLC(25)	One stop	SF +	6.25%	(j)	6.60%	cash/	3.38%	PIK	10/2029	$	338	$	336	—	%	$	338
ESN Venture Holdings, LLC#(25)	One stop	SF +	6.26%	(j)	6.61%	cash/	3.38%	PIK	10/2029	322		319		—		322
ESN Venture Holdings, LLC^(25)	One stop	SF +	6.26%	(j)	6.61%	cash/	3.38%	PIK	10/2029	4,642		4,596		0.4		4,642
ESN Venture Holdings, LLC^(25)	One stop	SF +	6.26%	(j)	6.61%	cash/	3.38%	PIK	10/2029	701		695		0.1		701
ESN Venture Holdings, LLC(25)	One stop	SF +	6.26%	(j)	6.61%	cash/	3.38%	PIK	10/2029	157		156		—		157
ESN Venture Holdings, LLC(5)	One stop				N/A(6)				10/2029	—		(2)		—		—
ESN Venture Holdings, LLC(25)	One stop	SF +	6.25%	(j)	6.55%	cash/	3.38%	PIK	10/2029	136		133		—		136
ESN Venture Holdings, LLC^(25)	One stop	SF +	6.26%	(j)	6.61%	cash/	3.38%	PIK	10/2029	793		788		0.1		793
ESN Venture Holdings, LLC(25)	One stop	SF +	6.25%	(j)	6.57%	cash/	3.38%	PIK	10/2029	272		271		—		272
Excel Fitness Consolidator, LLC	Senior secured				N/A(6)				04/2030	—		—		—		—
Excel Fitness Consolidator, LLC	Senior secured	SF +	4.75%	(j)	8.48%				04/2030	468		466		—		468
Excel Fitness Consolidator, LLC#	Senior secured	SF +	4.75%	(j)	8.48%				04/2030	522		517		—		522
Olo Parent, Inc.(5)	One stop				N/A(6)				09/2032	—		(3)		—		(30)
Olo Parent, Inc.#	One stop	SF +	4.50%	(j)	8.17%				09/2032	16,095		16,059		1.3		15,773
Patriot Acquireco, LLC	One stop	SF +	4.50%	(j)	8.17%				09/2032	214		207		—		214
Patriot Acquireco, LLC*#	One stop	SF +	4.50%	(j)	8.17%				09/2032	14,868		14,803		1.2		14,868
PB Group Holdings, LLC^(25)	One stop	SF +	5.50%	(i)	6.39%	cash/	2.75%	PIK	08/2030	9,805		9,772		0.8		9,805
PB Group Holdings, LLC	One stop	SF +	5.00%	(i)	8.64%				08/2030	736		732		0.1		736
QSR Acquisition Co.*^	One stop	SF +	4.25%	(i)	7.89%				06/2032	27,857		27,767		2.2		27,160
QSR Acquisition Co.(5)	One stop				N/A(6)				06/2032	—		(8)		—		(62)
QSR Acquisition Co.(5)	One stop				N/A(6)				06/2032	—		(20)		—		(156)
Rooster BidCo Limited(8)(9)(10)	One stop	SN +	4.50%	(g)	8.23%				03/2032	68		68		—		68
Rooster BidCo Limited(5)(8)(9)(10)	One stop				N/A(6)				03/2032	—		(6)		—		—
Rooster BidCo Limited#(8)(9)(10)	One stop	SN +	4.50%	(g)	8.23%				03/2032	1,429		1,384		0.1		1,429
Saguaro Buyer, LLC^	One stop	SF +	4.50%	(j)	8.23%				07/2032	1,637		1,629		0.1		1,637
Saguaro Buyer, LLC(5)	One stop				N/A(6)				07/2032	—		(1)		—		—
Saguaro Buyer, LLC	One stop	SF +	4.50%	(j)	8.23%				07/2032	718		714		0.1		718
Saguaro Buyer, LLC	One stop	SF +	4.50%	(j)	8.23%				07/2032	252		249		—		252
SDC Holdco, LLC#	One stop	SF +	4.38%	(i)	8.02%				07/2032	1,341		1,335		0.1		1,335
SDC Holdco, LLC(5)	One stop				N/A(6)				07/2032	—		(5)		—		(6)
SDC Holdco, LLC*	One stop	SF +	4.38%	(i)	8.02%				07/2032	10,056		10,012		0.8		10,006
SSRG Holdings, LLC	One stop	SF +	4.75%	(j)	8.42%				11/2029	1,065		1,053		0.1		1,065
SSRG Holdings, LLC^	One stop	SF +	4.75%	(j)	8.48%				11/2029	2,219		2,210		0.2		2,219
YE Brands Holding, LLC	One stop	SF +	4.75%	(j)	8.48%				10/2027	992		988		0.1		992
YE Brands Holding, LLC^	One stop	SF +	4.75%	(j)	8.48%				10/2027	6,978		6,952		0.6		6,978
YE Brands Holding, LLC	One stop				N/A(6)				10/2027	—		—		—		—
										155,059		154,339		12.5		153,697
Household Durables
TLB Holdings I, LLC(5)	One stop				N/A(6)				10/2031	—		(2)		—		(3)
TLB Holdings I, LLC#	One stop	SF +	4.75%	(i)	8.39%				10/2031	2,025		2,016		0.2		2,015
TLB Holdings I, LLC(5)	One stop				N/A(6)				10/2031	—		(3)		—		(4)
										2,025		2,011		0.2		2,008
Household Products
WU Holdco, Inc.^	One stop	SF +	4.75%	(j)	8.48%				04/2032	2,723		2,712		0.2		2,696
WU Holdco, Inc.(5)	One stop				N/A(6)				04/2032	—		(1)		—		(2)
WU Holdco, Inc.(5)	One stop				N/A(6)				04/2032	—		(1)		—		(7)
										2,723		2,710		0.2		2,687
Industrial Conglomerates
Anova Buyer, Inc.#	One stop	SF +	4.75%	(k)	8.49%				01/2033	1,982		1,973		0.2		1,973
Anova Buyer, Inc.	One stop	SF +	4.75%	(j)	8.48%				01/2033	75		70		—		70
Anova Buyer, Inc.	One stop	SF +	4.75%	(j)	8.49%				01/2033	39		37		—		37
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(j)	8.48%				07/2029	569		565		0.1		565
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(j)	8.49%				07/2029	882		878		0.1		875

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Dwyer Instruments, Inc.#	One stop	SF +	4.75%	(j)	8.48%				07/2029	$	144	$	143	—	%	$	143
Dwyer Instruments, Inc.#	One stop	SF +	4.75%	(j)	8.48%				07/2029	73		72		—		72
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(j)	8.48%				07/2029	85		84		—		84
Dwyer Instruments, Inc.(5)(9)	One stop				N/A(6)				07/2029	—		(6)		—		—
Dwyer Instruments, Inc.#(9)	One stop	E +	5.00%	(c)	7.30%				07/2029	17,457		16,008		1.4		17,449
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(j)	8.48%				07/2029	2,178		2,161		0.2		2,162
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(j)	8.48%				07/2029	503		499		—		499
Essential Services Holdings Corporation*^(25)	One stop	SF +	5.76%	(j)	6.56%	cash/	2.88%	PIK	06/2031	10,242		10,170		0.8		9,959
Essential Services Holdings Corporation	One stop	SF +	5.25%	(j)	8.91%				06/2030	550		542		—		520
Excelitas Technologies Corp.^	One stop	SF +	5.25%	(i)	8.89%				08/2029	16,903		16,709		1.4		16,709
Excelitas Technologies Corp.#(9)	One stop	E +	5.25%	(b)	7.43%				08/2029	124		112		—		123
Excelitas Technologies Corp.(5)	One stop				N/A(6)				08/2028	—		—		—		(1)
										51,806		50,017		4.2		51,239
Insurance
Bellwether Buyer, LLC(5)	One stop				N/A(6)				04/2032	—		(1)		—		(1)
Bellwether Buyer, LLC#	One stop	SF +	4.50%	(i)	8.15%				04/2032	1,446		1,440		0.1		1,440
Bellwether Buyer, LLC	One stop	SF +	4.50%	(i)	8.15%				04/2032	105		104		—		102
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50%	(j)	9.16%				03/2028	2,486		2,465		0.2		2,474
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50%	(j)	9.17%				03/2028	1,672		1,672		0.1		1,664
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.50%	(j)	9.16%				03/2028	429		427		—		427
Ben Nevis Midco Limited^(8)(10)	One stop	SF +	5.50%	(j)	9.16%				03/2028	2,058		2,037		0.2		2,048
Captive Resources Midco, LLC^	One stop	SF +	4.50%	(j)	8.23%				07/2029	9,104		9,046		0.7		9,104
Captive Resources Midco, LLC(5)	One stop				N/A(6)				07/2028	—		(1)		—		—
Doxa Insurance Holdings, LLC^	One stop	SF +	4.50%	(j)	8.23%				12/2030	13,976		13,853		1.1		13,620
Doxa Insurance Holdings, LLC	One stop	SF +	4.50%	(j)	8.23%				12/2029	869		851		0.1		804
Doxa Insurance Holdings, LLC*	One stop	SF +	4.50%	(j)	8.23%				12/2030	13,293		13,208		1.1		12,955
Doxa Insurance Holdings, LLC(5)	One stop	SF +	4.63%	(j)	8.34%				12/2030	31		(6)		—		30
Doxa Insurance Holdings, LLC	One stop				N/A(6)				12/2030	—		—		—		—
Doxa Insurance Holdings, LLC(5)	One stop				N/A(6)				12/2030	—		(23)		—		(24)
Galway Borrower LLC#	One stop	SF +	4.50%	(j)	8.23%				09/2028	2,610		2,599		0.2		2,587
Galway Borrower LLC	One stop	SF +	4.50%	(j)	8.24%				09/2028	84		83		—		79
Galway Borrower LLC	One stop	SF +	4.50%	(j)	8.23%				09/2028	95		95		—		94
Galway Borrower LLC(5)	One stop				N/A(6)				09/2028	—		(2)		—		(3)
Galway Borrower LLC#	One stop	SF +	4.50%	(j)	8.23%				09/2028	136		135		—		135
Gimlet Bidco GMBH#(8)(9)(19)	One stop	E +	5.00%	(c)	7.15%				04/2031	7,450		6,859		0.6		7,386
Gimlet Bidco GMBH(8)(9)(19)	One stop	E +	5.00%	(c)	7.15%				04/2031	3,035		2,927		0.3		3,009
Gimlet Bidco GMBH(8)(9)(19)	One stop	E +	5.00%	(c)	7.16%				04/2031	752		766		0.1		733
Huskies Parent, Inc.	One stop	SF +	6.00%	(i)	9.74%				11/2029	1,577		1,564		0.1		1,513
Integrity Marketing Acquisition, LLC^	One stop	SF +	5.00%	(j)	8.67%				08/2028	11,490		11,433		0.9		11,478
Integrity Marketing Acquisition, LLC(5)	One stop				N/A(6)				08/2028	—		(1)		—		—
Integrity Marketing Acquisition, LLC(5)	One stop				N/A(6)				08/2028	—		(1)		—		(2)
Koala Investment Holdings, Inc.#	One stop	SF +	4.25%	(j)	7.99%				08/2032	12,469		12,414		1.0		12,357
Koala Investment Holdings, Inc.	One stop	SF +	4.25%	(j)	7.96%				08/2032	566		562		0.1		557
Koala Investment Holdings, Inc.(5)	One stop				N/A(6)				08/2032	—		(11)		—		(22)
Majesco(5)	One stop				N/A(6)				01/2033	—		(2)		—		(15)
Majesco#	One stop	SF +	4.50%	(j)	8.23%				01/2033	11,718		11,691		0.9		11,543
MRH Trowe Germany GMBH(5)(8)(9)(19)	One stop				N/A(6)				11/2031	—		(1)		—		(2)
MRH Trowe Germany GMBH#(8)(9)(19)	One stop	E +	5.00%	(d)	7.16%				05/2032	2,304		2,248		0.2		2,276
MRH Trowe Germany GMBH(8)(9)(19)	One stop	E +	5.00%	(c)(d)	7.31%				05/2032	427		435		—		417
Oakbridge Insurance Agency, LLC(5)	One stop				N/A(6)				11/2029	—		(11)		—		(22)
Oakbridge Insurance Agency, LLC	One stop	SF +	5.00%	(i)	8.64%				11/2029	3,107		3,087		0.3		3,101
Oakbridge Insurance Agency, LLC^	One stop	SF +	4.75%	(i)	8.39%				11/2029	9,036		8,965		0.7		8,957
Oakbridge Insurance Agency, LLC	One stop	SF +	4.75%	(i)	8.39%				11/2029	113		101		—		100

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Oakbridge Insurance Agency, LLC*	One stop	SF +	4.75%	(i)	8.39%				11/2029	$	4,363	$	4,330	0.4	%	$	4,325
Pareto Health Intermediate Holdings, Inc.^	One stop	SF +	5.00%	(j)	8.73%				06/2030	22,897		22,697		1.9		22,681
Pareto Health Intermediate Holdings, Inc.(5)	One stop				N/A(6)				06/2029	—		(15)		—		(12)
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	5.00%	(j)	8.73%				06/2030	19,084		18,906		1.5		18,904
People Corporation(5)(8)(9)(12)	One stop				N/A(6)				02/2031	—		(12)		—		9
Wasabi Lower Holdco, LLC(5)	Senior secured				N/A(6)				06/2032	—		(3)		—		(6)
Wasabi Lower Holdco, LLC	Senior secured	SF +	4.50%	(j)	8.17%				06/2032	990		979		0.1		967
World Insurance Associates, LLC	One stop	SF +	5.00%	(i)(j)	8.72%				04/2030	1,600		1,595		0.1		1,590
World Insurance Associates, LLC(5)	One stop				N/A(6)				04/2030	—		(1)		—		(1)
										161,372		159,483		13.0		159,356
IT Services
CivicPlus, LLC(5)	One stop				N/A(6)				08/2030	—		(1)		—		(5)
CivicPlus, LLC(5)	One stop				N/A(6)				08/2030	—		(11)		—		(38)
ContractPod Technologies, Ltd.#(8)(10)(25)	One stop	SF +	6.50%	(k)	7.10%	cash/	3.25%	PIK	07/2030	1,243		1,239		0.1		1,219
ContractPod Technologies, Ltd.(8)(10)(25)	One stop	SF +	6.50%	(k)	7.10%	cash/	3.25%	PIK	07/2030	610		608		0.1		598
ContractPod Technologies, Ltd.(8)(10)(25)	One stop	SF +	6.50%	(k)	7.09%	cash/	3.25%	PIK	07/2030	90		88		—		78
Critical Start, Inc.#(25)	One stop	SF +	6.75%	(j)	6.16%	cash/	4.25%	PIK	05/2028	558		557		—		530
Critical Start, Inc.#(25)	One stop	SF +	6.75%	(j)	6.16%	cash/	4.25%	PIK	05/2028	283		281		—		269
Critical Start, Inc.	One stop	SF +	6.25%	(j)	9.91%				05/2028	27		26		—		23
Delinea Inc.#	One stop	SF +	4.25%	(j)	7.98%				03/2030	6,951		6,935		0.6		6,882
Delinea Inc.(5)	One stop				N/A(6)				03/2030	—		(3)		—		(13)
Goldcup 31018 AB#(8)(9)(15)(25)	One stop	E +	6.37%	(d)	8.50%	PIK			07/2029	923		825		0.1		887
Goldcup 31018 AB(8)(9)(15)(25)	One stop	E +	6.38%	(d)	8.51%	PIK			07/2029	86		80		—		83
Goldcup 31018 AB(5)(8)(9)(15)	One stop				N/A(6)				01/2029	—		(1)		—		(5)
Netwrix Corporation^	One stop	SF +	4.75%	(i)	8.39%				06/2029	1,415		1,408		0.1		1,386
Netwrix Corporation*^	One stop	SF +	4.75%	(i)	8.39%				06/2029	12,388		12,353		1.0		12,142
Netwrix Corporation(5)	One stop				N/A(6)				06/2029	—		(1)		—		(4)
Netwrix Corporation	One stop	SF +	4.75%	(i)	8.39%				06/2029	621		594		—		504
PDQ.com Corporation(5)	One stop				N/A(6)				10/2032	—		—		—		(8)
PDQ.com Corporation#	One stop	SF +	4.50%	(j)	8.23%				10/2032	2,087		2,083		0.2		2,004
PDQ.com Corporation	One stop	SF +	4.50%	(j)	8.23%				10/2032	112		109		—		71
ReliaQuest Holdings, LLC#(25)	One stop	SF +	5.76%	(j)	6.29%	cash/	3.13%	PIK	04/2031	52		52		—		51
ReliaQuest Holdings, LLC(5)	One stop				N/A(6)				04/2031	—		(11)		—		(10)
ReliaQuest Holdings, LLC(5)	One stop				N/A(6)				04/2031	—		(5)		—		(5)
ReliaQuest Holdings, LLC*(25)	One stop	SF +	5.76%	(j)	6.29%	cash/	3.13%	PIK	04/2031	25,149		25,020		2.0		25,023
WPEngine, Inc.#	One stop	SF +	5.75%	(j)	9.43%				08/2029	1,069		1,058		0.1		1,058
WPEngine, Inc.	One stop				N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.^	One stop	SF +	6.50%	(j)	10.17%				07/2027	362		360		—		360
Zarya Holdco, Inc.^	One stop	SF +	6.50%	(j)	10.17%				07/2027	954		954		0.1		949
Zarya Holdco, Inc.	One stop	SF +	6.50%	(j)	10.16%				07/2027	20		20		—		20
										55,000		54,617		4.4		54,049
Leisure Products
Atlas Bidco Pty Ltd#(8)(9)(11)	One stop	A +	5.00%	(e)	9.51%				06/2033	1,440		1,449		0.1		1,429
Atlas Bidco Pty Ltd(5)(8)(9)(11)	One stop				N/A(6)				06/2033	—		(3)		—		(3)
Atlas Bidco Pty Ltd(5)(8)(9)(11)	One stop				N/A(6)				06/2033	—		(10)		—		(10)
Crunch Holdings, LLC*^	One stop	SF +	4.50%	(i)	8.14%				09/2031	29,075		29,013		2.4		29,075
Crunch Holdings, LLC(5)	One stop				N/A(6)				09/2031	—		(8)		—		—
Movement Holdings, LLC^(8)(10)	One stop	SF +	5.50%	(k)	9.24%				03/2030	6,944		6,900		0.6		6,944
Movement Holdings, LLC(5)(8)(10)	One stop				N/A(6)				03/2030	—		(7)		—		—
										37,459		37,334		3.1		37,435
Life Sciences Tools & Services
Cascade Acquiror, Inc.(5)	One stop				N/A(6)				05/2033	—		(18)		—		(36)
Cascade Acquiror, Inc.*#	One stop	SF +	5.00%	(j)	8.65%				05/2033	34,254		34,086		2.8		33,915

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Diamondback Acquisition, Inc.#	One stop	SF +	4.50%	(i)	8.14%	09/2032	$	5,967	$	5,954	0.5	%	$	5,758
Diamondback Acquisition, Inc.(5)	One stop				N/A(6)	09/2032	—		(3)		—		(43)
Diamondback Acquisition, Inc.	One stop	SF +	4.50%	(a)(i)	9.04%	09/2032	269		268		—		241
PAS Parent Inc.(5)	One stop				N/A(6)	08/2031	—		(5)		—		—
PAS Parent Inc.#	One stop	SF +	4.50%	(i)	8.14%	08/2032	1,018		1,011		0.1		1,021
PAS Parent Inc.(5)	One stop				N/A(6)	08/2032	—		(7)		—		4
							41,508		41,286		3.4		40,860
Machinery
AI Titan Parent, Inc.^	One stop	SF +	4.50%	(i)	8.14%	08/2031	2,705		2,685		0.2		2,624
AI Titan Parent, Inc.	One stop	SF +	4.50%	(i)	8.11%	08/2031	122		120		—		105
AI Titan Parent, Inc.(5)	One stop				N/A(6)	08/2031	—		(2)		—		(10)
Blackbird Purchaser, Inc.*^	One stop	SF +	5.75%	(j)	9.48%	12/2030	25,845		25,696		2.1		25,660
Blackbird Purchaser, Inc.(5)	One stop				N/A(6)	12/2030	—		(10)		—		(12)
Blackbird Purchaser, Inc.	One stop	SF +	5.75%	(i)(j)	9.47%	12/2029	1,856		1,837		0.2		1,836
East Range Partners Intermediate 2, LLC	One stop	SF +	5.00%	(k)	8.64%	05/2032	1,331		1,322		0.1		1,322
East Range Partners Intermediate 2, LLC	One stop	SF +	5.00%	(k)	8.73%	05/2032	122		121		—		121
East Range Partners Intermediate 2, LLC	One stop	P +	4.00%	(a)	10.75%	05/2032	53		51		—		51
East Range Partners Intermediate 2, LLC(5)	One stop				N/A(6)	05/2032	—		(8)		—		(8)
Thermogenics, Inc.(8)(9)(12)	One stop	CA +	4.25%	(m)	6.54%	06/2032	235		242		—		234
Thermogenics, Inc.(8)(12)	One stop	SF +	4.25%	(j)	7.98%	06/2032	347		345		—		345
Thermogenics, Inc.#(8)(9)(12)	One stop	CA +	4.25%	(m)	6.54%	06/2032	446		461		—		444
Thermogenics, Inc.(5)(8)(12)	One stop				N/A(6)	06/2032	—		(2)		—		(2)
Thermogenics, Inc.#(8)(12)	One stop	SF +	4.25%	(j)	7.98%	06/2032	591		588		0.1		588
Thermogenics, Inc.(5)(8)(12)	One stop				N/A(6)	06/2032	—		(4)		—		(5)
Thermogenics, Inc.(8)(9)(12)	One stop	CA +	4.25%	(m)	6.54%	06/2032	46		47		—		45
Thermogenics, Inc.(8)(12)	One stop	SF +	4.25%	(j)	7.91%	06/2032	186		185		—		185
							33,885		33,674		2.7		33,523
Media
Lotus Topco, Inc.(5)	One stop				N/A(6)	06/2030	—		(7)		—		—
Lotus Topco, Inc.^	One stop	SF +	4.75%	(j)	8.48%	06/2030	9,693		9,640		0.8		9,693
Lotus Topco, Inc.(5)	One stop				N/A(6)	06/2030	—		(4)		—		—
Lotus Topco, Inc.#	One stop	SF +	4.75%	(j)	8.48%	06/2030	2,101		2,088		0.2		2,101
Shout! Factory, LLC*	One stop	SF +	5.25%	(j)	8.98%	06/2031	4,707		4,678		0.4		4,647
Shout! Factory, LLC	One stop	SF +	5.25%	(j)	8.90%	06/2031	156		153		—		149
							16,657		16,548		1.4		16,590
Oil, Gas & Consumable Fuels
Edition Holdings, Inc.#	One stop	SF +	4.50%	(i)	8.14%	12/2032	32,973		32,670		2.7		32,808
Edition Holdings, Inc.	One stop	SF +	4.50%	(i)	8.15%	12/2032	8		7		—		7
Edition Holdings, Inc.(5)	One stop				N/A(6)	12/2032	—		(1)		—		(3)
							32,981		32,676		2.7		32,812
Pharmaceuticals
ACP Ulysses Buyer, Inc.#	One stop	SF +	5.00%	(j)	8.73%	02/2030	927		894		0.1		919
ACP Ulysses Buyer, Inc.#	One stop	SF +	5.00%	(j)	8.73%	02/2030	6,706		6,649		0.5		6,649
Caerus Midco 3 S.A.R.L.^	One stop	SF +	5.00%	(j)	8.73%	05/2029	767		760		0.1		751
Caerus Midco 3 S.A.R.L.#	One stop	SF +	5.00%	(j)	8.73%	05/2029	137		136		—		134
Caerus Midco 3 S.A.R.L.	One stop	SF +	5.00%	(j)	8.73%	05/2029	117		116		—		115
Caerus Midco 3 S.A.R.L.	One stop	SF +	5.00%	(i)	8.65%	05/2029	71		70		—		69
Caerus Midco 3 S.A.R.L.	One stop	SF +	5.00%	(j)	8.73%	05/2029	20		20		—		20
Creek Parent, Inc.^	One stop	SF +	5.00%	(i)	8.64%	12/2031	20,030		19,753		1.6		19,733
Creek Parent, Inc.(5)	One stop				N/A(6)	12/2031	—		(35)		—		(43)
							28,775		28,363		2.3		28,347
Professional Services
ALKU Intermediate Holdings, LLC^	One stop	SF +	6.25%	(j)	9.98%	05/2029	1,243		1,234		0.1		1,227
ALKU Intermediate Holdings, LLC#	One stop	SF +	5.50%	(j)	9.23%	05/2029	137		136		—		133

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
bswift, LLC^	One stop	SF +	4.75%	(j)	8.42%				11/2028	$	1,103	$	1,089	0.1	%	$	1,086
bswift, LLC^	One stop	SF +	4.75%	(j)	8.42%				11/2028	7,928		7,901		0.6		7,809
bswift, LLC#	One stop	SF +	4.75%	(j)	8.42%				11/2028	1,513		1,506		0.1		1,490
Denali Intermediate Holdings, Inc.	One stop	SF +	5.50%	(i)	9.12%				08/2032	818		778		0.1		777
Denali Intermediate Holdings, Inc.*#	One stop	SF +	5.50%	(i)	9.15%				08/2032	45,227		44,830		3.6		44,821
DISA Holdings Corp.^	Senior secured	SF +	5.00%	(j)	8.69%				09/2028	1,417		1,407		0.1		1,405
DISA Holdings Corp.^	Senior secured	SF +	5.00%	(j)	8.69%				09/2028	1,040		1,032		0.1		1,032
DISA Holdings Corp.^	Senior secured	SF +	5.00%	(j)	8.69%				09/2028	700		695		0.1		694
DISA Holdings Corp.(25)	Subordinated debt	SF +	8.50%	(j)	10.18%	cash/	2.00%	PIK	03/2029	53		53		—		53
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(j)	8.69%				09/2028	80		80		—		80
DISA Holdings Corp.#	One stop	SF +	5.00%	(j)	8.69%				09/2028	95		94		—		94
DISA Holdings Corp.(5)	Senior secured				N/A(6)				09/2028	—		(3)		—		(3)
DISA Holdings Corp.	Senior secured	SF +	5.00%	(j)	8.67%				09/2028	181		180		—		178
Eclipse Buyer, Inc.(5)	One stop				N/A(6)				09/2031	—		(13)		—		(9)
Eclipse Buyer, Inc.^	One stop	SF +	4.50%	(j)	8.15%				09/2031	3,676		3,649		0.3		3,602
Eclipse Buyer, Inc.(5)	One stop				N/A(6)				09/2031	—		(2)		—		(12)
Teaching Company, The^	Senior secured	SF +	5.50%	(j)	9.17%				02/2031	1,052		1,037		0.1		1,037
Teaching Company, The(5)	Senior secured				N/A(6)				02/2031	—		(2)		—		(2)
Varicent Intermediate Holdings Corporation#(8)(12)(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	08/2031	5,464		5,440		0.4		5,218
Varicent Intermediate Holdings Corporation(5)(8)(12)	One stop				N/A(6)				08/2031	—		(5)		—		(47)
Varicent Intermediate Holdings Corporation#(8)(12)(25)	One stop	SF +	6.00%	(j)	6.48%	cash/	3.25%	PIK	08/2031	16,457		16,292		1.3		15,716
Varicent Intermediate Holdings Corporation(5)(8)(12)	One stop				N/A(6)				08/2031	—		(23)		—		(108)
Varicent Intermediate Holdings Corporation(5)(8)(12)	One stop				N/A(6)				08/2031	—		(8)		—		(69)
										88,184		87,377		7.0		86,202
Software
Anaplan, Inc.*^	One stop	SF +	4.50%	(j)	8.17%				06/2029	32,572		32,457		2.6		31,758
Anaplan, Inc.(5)	One stop				N/A(6)				06/2028	—		—		—		(7)
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(g)	8.98%				06/2029	678		617		0.1		668
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(g)	8.98%				06/2029	354		313		—		349
Arrow Buyer, Inc.^	One stop	SF +	5.00%	(j)	8.73%				07/2030	4,599		4,531		0.4		4,576
Arrow Buyer, Inc.	One stop	SF +	5.00%	(j)	8.73%				07/2030	292		291		—		290
Arrow Buyer, Inc.^	One stop	SF +	5.00%	(j)	8.73%				07/2030	301		300		—		300
Artifact Bidco, Inc.(5)	One stop				N/A(6)				05/2031	—		(1)		—		—
Artifact Bidco, Inc.(5)	One stop				N/A(6)				05/2030	—		(1)		—		—
Artifact Bidco, Inc.(5)	One stop				N/A(6)				05/2030	—		(1)		—		—
Artifact Bidco, Inc.^	One stop	SF +	4.15%	(j)	7.88%				07/2031	1,341		1,331		0.1		1,341
Azurite Intermediate Holdings, Inc.^	One stop	SF +	6.00%	(i)	9.64%				03/2031	2,446		2,421		0.2		2,409
Azurite Intermediate Holdings, Inc.^	One stop	SF +	6.00%	(i)	9.64%				03/2031	5,559		5,501		0.4		5,476
Azurite Intermediate Holdings, Inc.(5)	One stop				N/A(6)				03/2031	—		(9)		—		(13)
Baxter Planning Systems, LLC(5)	One stop				N/A(6)				05/2031	—		(4)		—		(34)
Baxter Planning Systems, LLC*(25)	One stop	SF +	6.25%	(j)	6.53%	cash/	3.38%	PIK	05/2031	3,880		3,861		0.3		3,705
BestPass, Inc.*^	One stop	SF +	4.75%	(i)	8.39%				08/2031	17,900		17,835		1.4		17,542
BestPass, Inc.(5)	One stop				N/A(6)				08/2031	—		(7)		—		(36)
BestPass, Inc.*	One stop	SF +	4.75%	(i)	8.39%				08/2031	2,377		2,369		0.2		2,330
Blinqx B.V.(8)(9)(18)	One stop	E +	5.00%	(c)	7.29%				11/2029	1,470		1,504		0.1		1,453
Blinqx B.V.(8)(9)(18)	One stop	E +	5.00%	(c)	7.29%				11/2029	3,099		2,879		0.3		3,068
Blinqx B.V.(5)(8)(9)(18)	One stop				N/A(6)				11/2029	—		(14)		—		(19)
Bloomerang, LLC#(25)	One stop	SF +	5.50%	(j)	6.23%	cash/	3.00%	PIK	12/2029	1,053		1,048		0.1		1,042
Bloomerang, LLC*#(25)	One stop	SF +	5.50%	(j)	6.23%	cash/	3.00%	PIK	12/2029	15,248		15,162		1.2		15,096
Bloomerang, LLC(5)	One stop				N/A(6)				12/2029	—		(18)		—		(30)
Bloomerang, LLC(5)(25)	One stop				N/A(6)				12/2029	—		(16)		—		(27)
Blue Bidco Limited#(8)(9)(10)	One stop	E +	5.00%	(c)	7.40%				06/2032	1,979		1,954		0.2		1,949

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Blue Bidco Limited#(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				06/2032	$	3,480	$	3,506	0.3	%	$	3,445
Blue Bidco Limited(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				06/2032	149		153		—		145
Blue Bidco Limited#(8)(10)	One stop	SF +	5.00%	(j)	8.66%				06/2032	510		507		—		502
Blue Bidco Limited(8)(10)	One stop	SF +	5.00%	(j)	8.66%				06/2032	1,282		1,282		0.1		1,263
Bynder BidCo, Inc.*(8)(18)	One stop	SF +	5.50%	(j)	9.17%				01/2029	954		941		0.1		930
Bynder BidCo, Inc.*(8)(18)	One stop	SF +	5.50%	(j)	9.17%				01/2029	364		359		—		355
Bynder BidCo, Inc.(8)(18)	One stop				N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.(5)(8)(18)	One stop				N/A(6)				01/2029	—		(1)		—		(1)
Camelia Bidco Limited#(8)(9)(10)	One stop	SN +	5.50%	(g)	9.23%				08/2030	679		644		0.1		669
Camelia Bidco Limited#(8)(9)(10)	One stop	A +	5.50%	(f)	10.28%				08/2030	44		41		—		43
Camelia Bidco Limited(8)(9)(10)	One stop	SN +	5.50%	(g)	9.23%				08/2030	133		126		—		129
Camelia Bidco Limited(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—		(19)		—		(55)
Clearwater Analytics Holdings, Inc.#	One stop	SF +	4.50%	(j)	8.23%				06/2033	13,196		13,130		1.1		13,130
Clearwater Analytics Holdings, Inc.(5)	One stop				N/A(6)				06/2033	—		(8)		—		(8)
Clearwater Analytics Holdings, Inc.(5)	One stop				N/A(6)				06/2033	—		(6)		—		(12)
Coupa Holdings, LLC^	One stop	SF +	5.25%	(j)	8.91%				02/2030	9,788		9,658		0.8		9,739
Coupa Holdings, LLC	One stop	SF +	5.25%	(j)	8.90%				02/2029	125		124		—		125
Coupa Holdings, LLC	One stop	SF +	5.25%	(j)	8.90%				02/2030	930		916		0.1		925
Crewline Buyer, Inc.*#	One stop	SF +	6.75%	(j)	10.41%				11/2030	28,293		28,030		2.3		27,727
Crewline Buyer, Inc.(5)	One stop				N/A(6)				11/2030	—		(28)		—		(59)
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	4.75%	(g)	8.48%				09/2031	7,234		7,140		0.6		7,162
Denali Bidco Limited#(8)(9)(10)	One stop	E +	4.75%	(c)	7.04%				09/2031	14,770		14,471		1.2		14,623
Denali Bidco Limited(5)(8)(9)(10)	One stop				N/A(6)				09/2031	—		(34)		—		(47)
Denali Bidco Limited(8)(9)(10)(25)	Subordinated debt	N/A			11.20%	PIK			09/2032	7,217		7,284		0.6		7,145
Denali Bidco Limited(8)(9)(10)(25)	Subordinated debt	N/A			9.80%	PIK			09/2032	10,677		10,855		0.9		10,517
Einstein Parent, Inc.#	One stop	SF +	5.25%	(j)	8.91%				01/2031	12,284		12,098		1.0		12,100
Einstein Parent, Inc.(5)	One stop				N/A(6)				01/2031	—		(19)		—		(19)
Espresso Bidco, Inc.(25)	One stop	SF +	5.75%	(j)	6.35%	cash/	3.13%	PIK	03/2032	1,337		1,321		0.1		1,308
Espresso Bidco, Inc.(5)	One stop				N/A(6)				03/2032	—		(8)		—		(13)
Espresso Bidco, Inc.#(25)	One stop	SF +	5.75%	(j)	6.35%	cash/	3.13%	PIK	03/2032	5,404		5,340		0.4		5,296
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75%	(j)	8.48%				09/2030	12,973		12,727		1.0		12,779
Evergreen IX Borrower 2023, LLC(5)	One stop				N/A(6)				10/2029	—		(25)		—		(15)
Evergreen IX Borrower 2023, LLC^	One stop	SF +	4.75%	(j)	8.48%				09/2030	1,134		1,126		0.1		1,117
Flexera Software, LLC#	One stop	SF +	4.50%	(j)	8.15%				08/2032	6,097		6,090		0.5		5,944
Flexera Software, LLC(5)	One stop				N/A(6)				08/2032	—		(1)		—		(12)
Flexera Software, LLC#(9)	One stop	E +	4.50%	(b)	6.71%				08/2032	2,102		2,151		0.2		2,049
Flexera Software, LLC#	One stop	SF +	4.50%	(j)	8.15%				08/2032	1,566		1,561		0.1		1,527
GTIV, LLC#	One stop	SF +	4.50%	(j)	8.16%				02/2031	7,245		7,230		0.6		7,136
GTY Technology Holdings, Inc.#(25)	One stop	SF +	6.63%	(j)	6.16%	cash/	4.13%	PIK	07/2029	8,898		8,810		0.7		8,632
GTY Technology Holdings, Inc.*(25)	One stop	SF +	6.63%	(j)	6.23%	cash/	4.13%	PIK	07/2029	4,568		4,534		0.4		4,431
GTY Technology Holdings, Inc.*(25)	One stop	SF +	6.63%	(j)	6.23%	cash/	4.13%	PIK	07/2029	2,986		2,961		0.2		2,897
GTY Technology Holdings, Inc.*(25)	One stop	SF +	6.63%	(j)	6.23%	cash/	4.13%	PIK	07/2029	547		545		—		530
GTY Technology Holdings, Inc.	One stop	SF +	6.00%	(j)	9.73%				07/2029	425		413		—		390
GTY Technology Holdings, Inc.(25)	One stop	SF +	6.63%	(j)	6.16%	cash/	4.13%	PIK	07/2029	1,681		1,658		0.1		1,631
GTY Technology Holdings, Inc.*(25)	One stop	SF +	6.63%	(j)	6.16%	cash/	4.13%	PIK	07/2029	718		715		0.1		697
Gurobi Optimization, LLC(5)	One stop				N/A(6)				09/2031	—		(8)		—		—
Gurobi Optimization, LLC^	One stop	SF +	4.50%	(j)	8.23%				09/2031	11,883		11,786		1.0		11,883
Hyland Software, Inc.*^	One stop	SF +	4.75%	(i)	8.39%				09/2030	24,278		24,056		1.9		23,670
Hyland Software, Inc.(5)	One stop				N/A(6)				09/2029	—		(1)		—		(3)
Icefall Parent, Inc.#	One stop	SF +	4.50%	(j)	8.23%				01/2030	24,603		24,309		1.9		23,866
Icefall Parent, Inc.(5)	One stop				N/A(6)				01/2030	—		(28)		—		(72)
ICIMS, Inc.^	One stop	SF +	5.75%	(j)	9.42%				08/2028	5,814		5,781		0.4		5,437
ICIMS, Inc.	One stop	SF +	5.75%	(j)	9.41%				08/2028	46		46		—		36
IQN Holding Corp. ^(25)	One stop	SF +	5.25%	(j)	8.98%				05/2029	1,594		1,582		0.1		1,562

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IQN Holding Corp. ^(25)	One stop	SF +	5.25%	(j)	8.98%	PIK			05/2029	$	1,498	$	1,492	0.1	%	$	1,468
IQN Holding Corp.	One stop	SF +	5.25%	(j)	8.99%				05/2028	66		66		—		65
Island Bidco AB#(8)(9)(15)(25)	One stop	E +	7.25%	(d)	2.60%	cash/	7.25%	PIK	07/2028	813		749		0.1		797
Island Bidco AB#(8)(15)(25)	One stop	SF +	7.00%	(k)	7.35%	cash/	3.50%	PIK	07/2028	332		331		—		324
Island Bidco AB(8)(15)	One stop	SF +	6.50%	(k)	10.19%				07/2028	44		43		—		43
Island Bidco AB(8)(9)(15)	One stop	E +	6.50%	(d)	8.83%				07/2028	23		23		—		21
Island Bidco AB*(8)(15)(25)	One stop	SF +	7.00%	(k)	7.35%	cash/	3.50%	PIK	07/2028	3,328		3,314		0.3		3,244
Jawbreaker Parent, Inc.#	One stop	SF +	4.75%	(j)	8.48%				01/2033	2,696		2,684		0.2		2,670
Jawbreaker Parent, Inc.(5)	One stop				N/A(6)				01/2033	—		(2)		—		(4)
Jawbreaker Parent, Inc.(5)	One stop				N/A(6)				01/2033	—		(2)		—		(4)
Kairos Bidco Limited	One stop	SF +	4.75%	(j)	8.48%				07/2032	34		33		—		29
Kairos Bidco Limited#	One stop	SF +	4.75%	(j)	8.48%				07/2032	1,992		1,983		0.2		1,962
Kairos Bidco Limited(5)	One stop				N/A(6)				07/2032	—		(3)		—		(10)
Kairos Bidco Limited	One stop	SF +	4.75%	(j)	8.48%				07/2032	300		298		—		295
Lightcast Global, Inc.	One stop				N/A(6)				06/2028	—		—		—		—
Lightcast Global, Inc.#	One stop	SF +	4.50%	(j)	8.38%				06/2028	2,022		2,018		0.2		2,022
LogicMonitor, Inc.(5)	One stop				N/A(6)				11/2031	—		(6)		—		(16)
LogicMonitor, Inc.(5)	One stop				N/A(6)				11/2031	—		(9)		—		(27)
LogicMonitor, Inc.#	One stop	SF +	5.50%	(j)	9.16%				11/2031	16,498		16,417		1.3		16,251
Lumen Bidco 1 Limited#(8)(9)(10)	One stop	E +	4.50%	(c)	6.81%				06/2033	29,666		29,406		2.4		29,370
Lumen Bidco 1 Limited(5)(8)(9)(10)	One stop				N/A(6)				06/2033	—		—		—		(28)
Lumen Bidco 1 Limited(5)(8)(9)(10)	One stop				N/A(6)				06/2033	—		—		—		(28)
Matrix42 Holding GMBH(8)(9)(19)	One stop	E +	6.25%	(c)	8.45%				12/2029	5,819		5,882		0.5		5,673
Metatiedot Bidco Oy & Metatiedot US, LLC#(8)(14)	One stop	SF +	5.00%	(j)	8.67%				11/2031	2,931		2,897		0.2		2,813
Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(14)	One stop	E +	5.00%	(b)	7.41%				11/2030	90		82		—		54
Metatiedot Bidco Oy & Metatiedot US, LLC#(8)(9)(14)	One stop	E +	5.00%	(c)	7.23%				11/2031	4,470		4,087		0.3		4,291
Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(14)	One stop	E +	5.00%	(b)	7.39%				11/2031	399		403		—		383
MS Buyer, Inc.	One stop	SF +	5.25%	(j)	8.99%				07/2031	167		154		—		140
MS Buyer, Inc.*#^	One stop	SF +	5.25%	(j)	8.98%				07/2031	18,335		18,209		1.5		18,060
MS Buyer, Inc.*	One stop	SF +	5.25%	(j)	8.98%				07/2031	3,044		3,013		0.2		2,998
MYOB Invest Co Pty Ltd#(8)(9)(11)(25)	One stop	A +	5.25%	(e)	6.98%	cash/	2.75%	PIK	06/2030	27,635		25,775		2.2		26,944
Navex Global Holdings Corporation(5)	One stop				N/A(6)				10/2031	—		(6)		—		(51)
Navex Global Holdings Corporation(5)	One stop				N/A(6)				10/2032	—		(2)		—		(16)
Navex Global Holdings Corporation#^	One stop	SF +	5.00%	(i)	8.64%				10/2032	29,690		29,249		2.4		29,096
Obelix Parent, Inc.#	One stop	SF +	5.00%	(j)	8.73%				02/2033	10,090		10,042		0.8		10,090
Obelix Parent, Inc.(5)	One stop				N/A(6)				02/2033	—		(8)		—		—
Onit, Inc.^	One stop	SF +	4.75%	(j)	8.41%				01/2032	1,445		1,433		0.1		1,408
Onit, Inc.(5)	One stop				N/A(6)				01/2032	—		(2)		—		(5)
Onit, Inc.(5)	One stop				N/A(6)				01/2032	—		(2)		—		(16)
Onit, Inc.#	One stop	SF +	4.50%	(j)	8.16%				01/2032	560		559		—		540
Onward Acquireco, Inc.#(25)	One stop	SF +	5.05%	(i)	6.01%	cash/	2.68%	PIK	04/2033	2,130		2,114		0.2		2,119
Onward Acquireco, Inc.(5)	One stop				N/A(6)				04/2033	—		(3)		—		(2)
Onward Acquireco, Inc.(5)	One stop				N/A(6)				04/2033	—		(3)		—		(5)
Panzura, LLC(7)(25)	One stop	N/A			9.00%	cash/	8.00%	PIK	08/2027	75		64		—		63
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.38%				01/2031	7,141		6,705		0.6		6,927
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.37%				01/2031	490		457		—		475
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.37%				01/2031	2,213		2,059		0.2		2,147
Pineapple German Bidco GMBH(5)(8)(9)(19)	One stop				N/A(6)				01/2031	—		(18)		—		(110)
Pineapple German Bidco GMBH(8)(19)(25)	One stop	SF +	5.25%	(j)	8.91%				01/2031	1,073		1,065		0.1		1,041

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Pineapple German Bidco GMBH(8)(19)(25)	One stop	SF +	5.25%	(j)	8.94%				01/2031	$	495	$	487	—	%	$	480
Pineapple German Bidco GMBH(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.37%				01/2031	368		327		—		330
Quant Buyer, Inc.^	One stop	SF +	5.25%	(j)	8.92%				06/2029	4,324		4,263		0.3		4,194
Quant Buyer, Inc.^	One stop	SF +	5.25%	(j)	8.92%				06/2029	6,346		6,319		0.5		6,155
Quant Buyer, Inc.^	One stop	SF +	5.25%	(j)	8.91%				06/2029	8,853		8,805		0.7		8,587
Quant Buyer, Inc.	One stop	SF +	5.25%	(j)	8.92%				06/2029	115		114		—		111
Rainforest Bidco Limited#(8)(9)(10)(25)	One stop	SN +	5.43%	(g)	7.23%	cash/	1.93%	PIK	07/2029	796		709		0.1		780
Rainforest Bidco Limited#(8)(10)(25)	One stop	SF +	5.43%	(h)	7.13%	cash/	1.93%	PIK	07/2029	142		141		—		139
Rainforest Bidco Limited#(8)(9)(10)(25)	One stop	SN +	5.43%	(g)	7.23%	cash/	1.93%	PIK	07/2029	59		52		—		57
Rainforest Bidco Limited(8)(9)(10)(25)	One stop	SN +	5.43%	(g)	7.23%	cash/	1.93%	PIK	07/2029	7,315		7,074		0.6		7,169
Rainforest Bidco Limited(8)(10)(25)	One stop	SF +	5.43%	(h)	7.13%	cash/	1.93%	PIK	07/2029	1,846		1,846		0.1		1,810
Rainforest Bidco Limited(5)(8)(9)(10)	One stop				N/A(6)				07/2029	—		(19)		—		(65)
Rainforest Bidco Limited(8)(10)(25)	One stop	SF +	5.43%	(h)	7.13%	cash/	1.93%	PIK	07/2029	1,286		1,286		0.1		1,261
Sapphire Bidco Oy(8)(9)(14)	One stop	E +	4.75%	(c)	7.06%				07/2029	638		649		0.1		625
Spark Bidco Limited#(8)(10)	One stop	SF +	4.75%	(j)	8.43%				10/2032	16,238		16,139		1.3		15,670
Spark Bidco Limited(5)(8)(10)	One stop				N/A(6)				10/2032	—		(15)		—		(116)
Spark Bidco Limited#(8)(10)	One stop	SF +	4.75%	(j)	8.43%				10/2032	5,876		5,876		0.5		5,670
Spark Bidco Limited#(8)(9)(10)	One stop	A +	4.75%	(e)	9.07%				10/2032	3,484		3,301		0.3		3,362
Spartan Buyer Acquisition Co.#(25)	One stop	SF +	7.50%	(j)	10.24%	cash/	1.00%	PIK	06/2028	1,937		1,898		0.2		1,908
Striim, Inc.#(25)	One stop	N/A			14.00%	PIK			03/2031	1,737		1,680		0.1		1,728
Templafy APS and Templafy, LLC*(8)(17)	One stop	SF +	6.00%	(j)	9.88%				07/2028	543		538		—		535
Templafy APS and Templafy, LLC(5)(8)(17)	One stop				N/A(6)				07/2028	—		—		—		(1)
Togetherwork Holdings, LLC	One stop	SF +	5.25%	(i)	8.89%				05/2031	405		403		—		393
Togetherwork Holdings, LLC	One stop	SF +	5.25%	(i)	8.89%				05/2031	339		323		—		245
Togetherwork Holdings, LLC^	One stop	SF +	5.25%	(i)	8.89%				05/2031	25,140		24,986		2.0		24,386
Togetherwork Holdings, LLC	One stop	SF +	5.25%	(i)	8.89%				05/2031	630		627		0.1		611
Transform Bidco Limited(8)(10)	One stop	SF +	6.50%	(i)	10.15%				06/2030	902		891		0.1		871
Transform Bidco Limited#(8)(10)(25)	One stop	SF +	6.50%	(j)	10.18%	PIK			01/2031	9,366		9,259		0.7		9,038
Transform Bidco Limited(5)(8)(10)	One stop				N/A(6)				01/2031	—		(12)		—		(47)
Transform Bidco Limited#(8)(10)(25)	One stop	SF +	7.00%	(j)	7.68%	cash/	3.00%	PIK	01/2031	1,289		1,270		0.1		1,244
Transform Bidco Limited(5)(8)(10)	One stop				N/A(6)				01/2031	—		(8)		—		(44)
Transform Bidco Limited(8)(9)(10)(25)	One stop	A +	6.50%	(e)	11.02%				01/2031	820		768		0.1		792
Transform Bidco Limited(8)(9)(10)(25)	One stop	SN +	6.50%	(g)	10.23%				01/2031	123		117		—		118
Tricentis Operations Holdings, Inc.(5)	One stop				N/A(6)				02/2032	—		(8)		—		(51)
Tricentis Operations Holdings, Inc.#(25)	One stop	SF +	6.00%	(j)	6.39%	cash/	3.25%	PIK	02/2032	17,262		17,197		1.4		16,830
Tricentis Operations Holdings, Inc.(5)	One stop				N/A(6)				02/2032	—		(13)		—		(81)
Trintech, Inc.#	One stop	SF +	4.75%	(i)	8.39%				01/2033	6,605		6,543		0.5		6,341
Trintech, Inc.(5)	One stop				N/A(6)				01/2033	—		(5)		—		(44)
Trintech, Inc.(5)	One stop				N/A(6)				01/2033	—		(8)		—		(33)
Vanco Payment Solutions, LLC(5)	One stop				N/A(6)				12/2031	—		(1)		—		(4)
Vanco Payment Solutions, LLC#	One stop	SF +	4.75%	(j)	8.48%				12/2031	3,044		3,017		0.2		2,953
Vantage Bidco GMBH*(8)(9)(19)	One stop	E +	6.25%	(c)	8.54%				04/2031	7,916		7,320		0.6		7,599
Vantage Bidco GMBH(5)(8)(9)(19)	One stop				N/A(6)				10/2030	—		(13)		—		(54)
Varinem German Midco GMBH*(8)(9)(19)	One stop	E +	5.50%	(d)	7.63%				07/2031	6,698		6,350		0.5		6,698
Varinem German Midco GMBH(8)(9)(19)	One stop	E +	4.75%	(d)	6.88%				07/2031	2,118		2,037		0.2		2,013
Viper Bidco, Inc.(5)	One stop				N/A(6)				11/2031	—		(7)		—		(83)
Viper Bidco, Inc.*^	One stop	SF +	4.50%	(j)	8.23%				11/2031	21,498		21,413		1.7		21,175
Viper Bidco, Inc.(5)	One stop				N/A(6)				11/2031	—		(8)		—		(31)
Viper Bidco, Inc.(5)	One stop				N/A(6)				11/2031	—		(4)		—		(17)
Viper Bidco, Inc.#(9)	One stop	SN +	4.50%	(g)	8.23%				11/2031	9,747		9,218		0.8		9,600
Zendesk, Inc.	One stop	SF +	5.00%	(j)	8.73%				11/2028	816		809		0.1		796
Zendesk, Inc.	One stop	SF +	5.00%	(j)	8.73%				11/2028	1,554		1,544		0.1		1,516

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Zendesk, Inc.(5)	One stop				N/A(6)		11/2028	$	—	$	—	—	%	$	(1)
Zendesk, Inc.^	One stop	SF +	5.00%	(j)	8.73%		11/2028	9,642		9,566		0.8		9,401
								698,577		688,205		55.6		682,382
Specialty Retail
Biscuit Parent, LLC^	One stop	SF +	4.75%	(j)	8.48%		02/2031	17,400		17,311		1.4		17,400
Biscuit Parent, LLC(5)	One stop				N/A(6)		02/2031	—		(27)		—		—
Biscuit Parent, LLC	One stop				N/A(6)		02/2031	—		—		—		—
Cavender Stores L.P.^	Senior secured	SF +	4.50%	(j)	8.16%		10/2029	24,438		24,303		2.0		24,438
Consilio Midco Limited(8)(9)(10)(25)	Subordinated debt	E +	7.25%	(c)(d)	9.72%	PIK	04/2033	1,449		1,438		0.1		1,413
Consilio Midco Limited#(8)(9)(10)	Senior secured	E +	4.75%	(c)	7.04%		04/2032	4,707		4,666		0.4		4,590
Consilio Midco Limited#(8)(10)	Senior secured	SF +	4.75%	(j)	8.48%		04/2032	3,938		3,921		0.3		3,839
Consilio Midco Limited#(8)(10)	Senior secured	SF +	4.75%	(j)	8.48%		04/2032	2,427		2,417		0.2		2,366
Consilio Midco Limited(8)(10)	Senior secured	SF +	4.75%	(j)	8.48%		04/2032	183		177		—		149
Consilio Midco Limited(5)(8)(10)	Senior secured				N/A(6)		04/2032	—		—		—		(23)
Consilio Midco Limited(8)(10)(25)	Subordinated debt	SF +	7.50%	(k)	10.94%	PIK	04/2033	1,893		1,882		0.2		1,845
Consilio Midco Limited(5)(8)(10)(25)	Subordinated debt	SF +	7.50%	(j)	11.18%	PIK	04/2033	4		4		—		(15)
CVP Holdco, Inc.(5)	One stop				N/A(6)		06/2030	—		(8)		—		(9)
CVP Holdco, Inc.*^	One stop	SF +	4.75%	(i)	8.39%		06/2031	11,953		11,868		1.0		11,846
CVP Holdco, Inc.	One stop	SF +	4.75%	(i)	8.39%		06/2031	1,803		1,796		0.2		1,787
Metal Supermarkets US Buyer, LLC^(8)(12)	One stop	SF +	4.50%	(j)	8.23%		12/2030	3,053		3,042		0.3		3,053
Metal Supermarkets US Buyer, LLC(5)(8)(12)	One stop				N/A(6)		12/2030	—		(1)		—		—
PetVet Care Centers, LLC^	One stop	SF +	6.00%	(i)	9.64%		11/2030	12,706		12,552		0.9		11,181
PetVet Care Centers, LLC	One stop	SF +	6.00%	(i)	9.62%		11/2029	583		561		—		393
Radiance Borrower, LLC	One stop	SF +	5.25%	(i)	8.89%		06/2031	182		171		—		182
Radiance Borrower, LLC^(25)	One stop	SF +	5.25%	(i)	8.89%		06/2031	19,345		19,244		1.6		19,345
Salon Lofts Group, LLC(5)	Senior secured				N/A(6)		08/2028	—		(5)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	203		202		—		203
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	1,529		1,521		0.1		1,529
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	679		675		0.1		679
Salon Lofts Group, LLC	Senior secured	SF +	5.25%	(j)	8.98%		08/2028	635		633		0.1		635
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	4,334		4,312		0.4		4,334
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	752		748		0.1		752
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	292		291		—		292
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	283		282		—		283
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	195		191		—		195
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	224		223		—		224
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	93		93		—		93
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	318		316		—		318
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	71		70		—		71
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	66		65		—		66
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	414		411		—		414
Salon Lofts Group, LLC	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	518		515		—		518
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	399		397		—		399
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	128		127		—		128
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	87		86		—		87
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	37		37		—		37
Salon Lofts Group, LLC^	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	446		444		—		446
Salon Lofts Group, LLC(25)	Second lien	SF +	9.00%	(j)	12.73%	PIK	09/2029	145		144		—		145
Salon Lofts Group, LLC#	Senior secured	SF +	5.75%	(j)	9.48%		08/2028	140		140		—		140
Surewerx Purchaser III, Inc.^	One stop	SF +	5.25%	(j)	8.98%		12/2029	1,872		1,857		0.2		1,863
Surewerx Purchaser III, Inc.	One stop	SF +	5.25%	(j)	8.89%		12/2028	62		58		—		58
Surewerx Purchaser III, Inc.(5)	One stop				N/A(6)		12/2029	—		(3)		—		—
Surewerx Purchaser III, Inc.*(9)	One stop	CA +	5.25%	(m)	7.54%		12/2029	6,817		7,011		0.6		6,781

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
VSG Acquisition Corp. and Sherrill, Inc.*	One stop	SF +	5.00%	(j)	8.66%	10/2029	$	2,838	$	2,819	0.2	%	$	2,827
VSG Acquisition Corp. and Sherrill, Inc.(5)	One stop				N/A(6)	10/2029	—		(3)		—		(2)
							129,641		128,974		10.4		127,295
Transportation Infrastructure
LDS Intermediate Holdings, LLC(5)	One stop				N/A(6)	02/2032	—		(10)		—		(17)
LDS Intermediate Holdings, LLC^	One stop	SF +	5.00%	(i)	8.64%	02/2032	13,153		13,087		1.1		13,037
LDS Intermediate Holdings, LLC^	One stop	SF +	5.00%	(i)	8.64%	02/2032	2,605		2,592		0.2		2,582
LDS Intermediate Holdings, LLC(5)	One stop				N/A(6)	02/2032	—		(11)		—		(23)
LDS Intermediate Holdings, LLC	One stop	SF +	5.00%	(i)	8.64%	02/2032	675		672		—		669
							16,433		16,330		1.3		16,248
Water Utilities
S.J. Electro Systems, LLC#	One stop	SF +	4.75%	(j)	8.56%	06/2028	1,549		1,543		0.1		1,543
S.J. Electro Systems, LLC(5)	One stop				N/A(6)	06/2028	—		(7)		—		(7)
Vessco Midco Holdings, LLC#	One stop	SF +	4.50%	(k)	8.19%	07/2031	1,673		1,666		0.1		1,666
Vessco Midco Holdings, LLC(5)	One stop				N/A(6)	07/2031	—		(4)		—		(7)
Vessco Midco Holdings, LLC^	One stop	SF +	4.50%	(i)(k)	8.14%	07/2031	1,523		1,512		0.1		1,516
Vessco Midco Holdings, LLC	One stop	P +	3.50%	(a)	10.25%	07/2031	7		6		—		6
Vessco Midco Holdings, LLC	One stop	SF +	4.50%	(i)(k)	8.17%	07/2031	499		497		—		497
							5,251		5,213		0.3		5,214

Total debt investments							2,665,667		2,637,442		213.9		2,626,368

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)

Aerospace & Defense

PPW Aero Buyer, Inc.

LP interest

N/A

02/2023

N/A

399

—

391

Air Freight & Logistics

RJW Group Holdings, Inc.

LP interest

N/A

11/2024

N/A

1,172

721

0.1

1,003

Auto Components

Arnott, LLC

LP interest

N/A

12/2024

N/A

—

Automobiles

Bolt Purchaser, LLC

LP interest

N/A

06/2026

N/A

1,778

0.2

1,778

CAP-KSI Holdings, LLC

LP interest

N/A

06/2024

N/A

571

—

CAP-KSI Holdings, LLC

LP interest

N/A

06/2024

N/A

571

—

478

CG Group Holdings, LLC

LP interest

N/A

06/2026

N/A

—

MOP GM Holding, LLC

Preferred stock

N/A

04/2026

N/A

—

National Express Wash Parent Holdco, LLC

LP interest

N/A

07/2022

N/A

—

180

POY Holdings, LLC

LLC interest

N/A

05/2026

N/A

—

Quick Quack Car Wash Holdings, LLC

LP interest

N/A

06/2024

N/A

3,673

0.4

5,032

Quick Quack Car Wash Holdings, LLC

LLC interest

N/A

06/2024

N/A

727

0.1

996

Yorkshire Parent, Inc.

LP interest

N/A

12/2023

N/A

—

131

—

139

7,012

0.7

8,663

Beverages

Spindrift Beverage Co., Inc.

LP interest

N/A

02/2025

N/A

2,164

0.2

2,454

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP interest

N/A

01/2024

N/A

—

110

—

111

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP interest

N/A

09/2025

N/A

312

—

270

Diversified Consumer Services

Action Termite Control, LLC

Preferred stock

N/A

12/2025

N/A

—

Action Termite Control, LLC

Common stock

N/A

12/2025

N/A

—

CHVAC Services Investment, LLC

LLC interest

N/A

05/2024

N/A

240

—

218

DP Flores Holdings, LLC

LLC interest

N/A

09/2022

N/A

—

139

HS Spa Holdings, Inc.

LP interest

N/A

05/2022

N/A

—

Kodiak Buyer, LLC

Common stock

N/A

08/2025

N/A

144

—

167

NSG Buyer, Inc.

LP interest

N/A

11/2022

N/A

953

0.1

1,515

SCP CDH Buyer, Inc.

Preferred stock

N/A

12/2025

N/A

—

126

—

132

SCP CDH Buyer, Inc.

Common stock

N/A

12/2025

N/A

—

Virginia Green Acquisition, LLC

LP interest

N/A

12/2023

N/A

—

137

1,773

0.1

2,452

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

01/2025

N/A

—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Food & Staples Retailing
GMF Parent, Inc.	LP interest	N/A	N/A		12/2025	N/A	—	$	323	—	%	$	285

Food Products
Zullas, L.C.	Common stock	N/A	N/A		06/2025	N/A	1	934		0.1		903

Healthcare Equipment & Supplies
Centegix Intermediate II, LLC	LLC interest	N/A	N/A		08/2025	N/A	664	664		0.1		719
Isto Group, Inc.(9)	LP interest	N/A	N/A		09/2025	N/A	3	389		—		430
ZimVie, Inc.	LP interest	N/A	N/A		10/2025	N/A	2	141		—		141
								1,194		0.1		1,290
Healthcare Providers & Services
HP TLE Buyer, Inc.	LP interest	N/A	N/A		07/2025	N/A	243	243		—		282
Signature MD, Inc.	Common stock	N/A	N/A		02/2026	N/A	—	112		—		122
								355		—		404
Healthcare Technology
Amberfield Acquisition Co.	LLC interest	N/A	N/A		05/2024	N/A	404	404		0.1		556
Modernizing Medicine, Inc.(24)	Preferred stock	N/A	13.00%	Non-Cash	04/2025	N/A	5	5,208		0.4		5,245
								5,612		0.5		5,801
Hotels, Restaurants & Leisure
Patriot Acquireco, LLC	Common stock	N/A	N/A		09/2025	N/A	641	656		0.1		662
PB Group Holdings, LLC	LP interest	N/A	N/A		08/2024	N/A	99	228		—		186
Rooster BidCo Limited(8)(10)	LP interest	N/A	N/A		03/2025	N/A	364	378		0.1		772
Saguaro Buyer, LLC	Common stock	N/A	N/A		07/2025	N/A	1	750		0.1		1,081
								2,012		0.3		2,701
Industrial Conglomerates
Anova Buyer, Inc.	Common stock	N/A	N/A		01/2026	N/A	—	308		—		333

Insurance
Oakbridge Insurance Agency, LLC	LP interest	N/A	N/A		11/2023	N/A	5	98		—		135

IT Services
Critical Start, Inc.	Common stock	N/A	N/A		05/2022	N/A	38	38		—		2
Netwrix Corporation	LLC interest	N/A	N/A		06/2022	N/A	11	21		—		13
								59		—		15
Leisure Products
Movement Holdings, LLC(8)(10)	LLC interest	N/A	N/A		03/2024	N/A	—	421		—		231

Machinery
East Range Partners Intermediate 2, LLC	LLC interest	N/A	N/A		05/2026	N/A	151	161		—		162

Pharmaceuticals
Creek Parent, Inc.	LP interest	N/A	N/A		12/2024	N/A	905	905		0.1		951

Professional Services
Eclipse Buyer, Inc.(24)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	1,255		0.1		1,266

Software
Anaplan, Inc.	LP interest	N/A	N/A		06/2022	N/A	890	891		0.1		1,418
Bridge Growth Partners Seasmoke, LP(8)(12)	LP interest	N/A	N/A		04/2026	N/A	21	2,255		0.2		2,222
Claroty, Ltd.(8)(16)	Preferred stock	N/A	N/A		01/2026	N/A	22	1,882		0.2		1,965

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(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)
Clearwater Analytics Holdings, Inc.	LP interest	N/A			N/A			06/2026	N/A	694	$	694	0.1	%	$	694
Cynet Security Ltd.(8)(16)	Preferred stock	N/A			N/A			08/2022	N/A	23	81		—		90
Denali Bidco Limited(8)(10)	LP interest	N/A			N/A			08/2023	N/A	85	51		—		180
Energy Worldnet, LLC(24)	LLC interest	N/A			N/A			02/2025	N/A	50	51		—		55
GTY Technology Holdings, Inc.	LP interest	N/A			N/A			07/2022	N/A	60	54		—		109
Gurobi Optimization, LLC	Common stock	N/A			N/A			09/2024	N/A	—	183		—		171
Kaseya Inc.(7)(24)	Preferred stock	SF +	10.75%	(j)	14.60%		Non-Cash	06/2022	N/A	—	759		0.1		567
Kaseya Inc.	LP interest	N/A			N/A			06/2022	N/A	50	50		—		29
LogicMonitor, Inc.	LP interest	N/A			N/A			12/2024	N/A	250	250		—		275
Navex Global Holdings Corporation	LP interest	N/A			N/A			10/2025	N/A	1	626		0.1		533
Menlo Ridgeview Co-Invest, LLC(8)	LLC interest	N/A			N/A			05/2025	N/A	359	371		—		379
MS Buyer, Inc.	LP interest	N/A			N/A			07/2024	N/A	228	228		—		151
Onit, Inc.	Common stock	N/A			N/A			09/2025	N/A	—	6		—		7
Panzura, LLC	LLC interest	N/A			N/A			03/2025	N/A	1	4		—		—
Striim, Inc.	Warrant	N/A			N/A			03/2026	N/A	48	51		—		53
Templafy APS and Templafy, LLC(8)(17)	Warrant	N/A			N/A			07/2022	N/A	—	8		—		4
Togetherwork Holdings, LLC	LP interest	N/A			N/A			07/2024	N/A	272	1,188		0.1		1,198
Transform Bidco Limited(8)(10)	LP interest	N/A			N/A			04/2025	N/A	895	908		0.1		621
Tricentis Operations Holdings, Inc.	LP interest	N/A			N/A			02/2025	N/A	40	40		—		39
Zendesk, Inc.	Common stock	N/A			N/A			11/2022	N/A	22	218		—		197
											10,849		1.0		10,957
Specialty Retail
Cycle Gear, Inc.	LLC interest	N/A			N/A			06/2026	N/A	5	5		—		5
Cycle Gear, Inc.	Warrant	N/A			N/A			06/2026	N/A	—	—		—		1
Metal Supermarkets US Buyer, LLC(8)(12)	LLC interest	N/A			N/A			12/2024	N/A	—	—		—		15
Metal Supermarkets US Buyer, LLC(8)(12)	LLC interest	N/A			N/A			12/2024	N/A	1	93		—		105
Salon Lofts Group, LLC	Common stock	N/A			N/A			08/2022	N/A	—	116		—		54
											214		—		180

Total equity investments											37,311		3.3		41,121

Total investments											$	2,674,753	217.2	%	$	2,667,489

Money market funds (included in cash equivalents and restricted cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					3.51	%	(26)				$	39,950	3.3	%	$	39,950
Total money market funds											39,950		3.3		39,950
Total investments and money market funds											$	2,714,703	220.5	%	$	2,707,439

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(Dollar and share amounts in thousands)


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

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or the Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, 2026. 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 June 30, 2026, 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 June 30, 2026, as the loan could have priced or repriced based on an index rate prior to June 30, 2026.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of June 30, 2026.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.20% as of June 30, 2026.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.32% as of June 30, 2026.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.57% as of June 30, 2026.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.46% as of June 30, 2026.

(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.80% as of June 30, 2026.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of June 30, 2026.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.68% as of June 30, 2026.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 3.65% as of June 30, 2026.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 3.73% as of June 30, 2026.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 3.85% as of June 30, 2026.

(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.34% as of June 30, 2026.

(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.29% as of June 30, 2026.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2026.

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

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

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

(6)The entire commitment was unfunded as of June 30, 2026. 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 June 30, 2026, 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 June 30, 2026, total non-qualifying assets at fair value represented 12.5% 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 Australia.

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2026

(Dollar and share amounts in thousands)

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

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

(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 nine months ended June 30, 2026.

(26)The rate shown is the annualized seven-day yield as of June 30, 2026.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

Household Products
WU Holdco, Inc.^	One stop	SF +	4.75%	(i)	8.75%				04/2032	2,744		2,731		0.3		2,744
WU Holdco, Inc.(5)	One stop				N/A(6)				04/2032	—		(1)		—		—
WU Holdco, Inc.(5)	One stop				N/A(6)				04/2032	—		(2)		—		—
										2,744		2,728		0.3		2,744
Industrial Conglomerates
Dwyer Instruments, Inc.^	One stop	SF +	4.75%	(i)	8.75%				07/2029	574		568		0.1		574
Dwyer Instruments, Inc.	One stop	SF +	4.75%	(i)	8.75%				07/2029	84		77		—		84

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

Total debt investments								2,179,985		2,146,908		203.6		2,174,044

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

Investment
Type

Spread

Above

Index(1)

Interest

Rate(2)

Acquisition
Date

Maturity
Date

Principal ($) /

Shares(3)

Amortized Cost

Percentage
of Net
Assets

Fair

Value (4)

Equity investments(21)(22)

Aerospace & Defense

PPW Aero Buyer, Inc.

Preferred stock

N/A

02/2023

N/A

399

—

288

Air Freight & Logistics

RJW Group Holdings, Inc.(23)

LLC units

N/A

11/2024

N/A

1,172

721

0.1

931

Auto Components

Arnott, LLC

LP units

N/A

12/2024

N/A

—

Automobiles

CAP-KSI Holdings, LLC

Common stock

N/A

06/2024

N/A

571

—

148

CAP-KSI Holdings, LLC

Preferred stock

N/A

06/2024

N/A

571

0.1

635

National Express Wash Parent Holdco, LLC

LLC units

N/A

07/2022

N/A

—

145

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

06/2024

N/A

3,673

0.4

4,810

Quick Quack Car Wash Holdings, LLC

Preferred stock

N/A

06/2024

N/A

727

0.1

915

Yorkshire Parent, Inc.

LP interest

N/A

12/2023

N/A

—

131

—

153

5,179

0.6

6,806

Beverages

Spindrift Beverage Co. Inc.

LLC interest

N/A

02/2025

N/A

2,164

0.2

2,654

Commercial Services & Supplies

CHA Vision Holdings, Inc.

Warrant

N/A

01/2024

N/A

—

110

—

153

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP units

N/A

09/2025

N/A

312

—

312

Diversified Consumer Services

CHVAC Services Investment, LLC

Preferred stock

N/A

05/2024

N/A

240

0.1

410

DP Flores Holdings, LLC

Preferred stock

N/A

09/2022

N/A

—

140

HS Spa Holdings, Inc.

Warrant

N/A

05/2022

N/A

—

Kodiak Buyer, LLC

LP interest

N/A

08/2025

N/A

144

—

144

NSG Buyer, Inc.

Preferred stock

N/A

11/2022

N/A

953

0.1

1,441

Virginia Green Acquisition, LLC

Preferred stock

N/A

12/2023

N/A

—

110

1,581

0.2

2,307

Electric Utilities

Smart Energy Systems, Inc.

Preferred stock

N/A

01/2025

N/A

—

123

Electrical Equipment

Wildcat TopCo, Inc.

Preferred stock

N/A

12/2024

N/A

135

—

181

Food Products

Zullas, L.C.

Warrant

N/A

06/2025

N/A

564

0.1

564

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Equipment & Supplies
Centegix Intermediate II, LLC	Preferred stock	N/A	N/A		08/2025	N/A	648	$	648	0.1	%	$	648
Isto Group, Inc.(8)	LP units	N/A	N/A		09/2025	N/A	3	389		—		384
								1,037		0.1		1,032

Healthcare Providers & Services
HP TLE Buyer, Inc.	LP units	N/A	N/A		07/2025	N/A	243	243		—		243

Healthcare Technology
Amberfield Acquisition Co.	Preferred stock	N/A	N/A		05/2024	N/A	404	404		—		481
Modernizing Medicine, Inc.(23)	Preferred stock	N/A	13.00%	Non-Cash	04/2025	N/A	5	4,715		0.5		4,822
								5,119		0.5		5,303
Hotels, Restaurants & Leisure
Patriot Acquireco, LLC	LP units	N/A	N/A		09/2025	N/A	641	641		0.1		641
PB Group Holdings, LLC	Preferred stock	N/A	N/A		08/2024	N/A	99	228		—		244
Rooster BidCo Limited(7)(9)	LLC units	N/A	N/A		03/2025	N/A	364	376		—		557
Saguaro Buyer, LLC	LP units	N/A	N/A		07/2025	N/A	1	750		0.1		797
								1,995		0.2		2,239
Insurance
Oakbridge Insurance Agency LLC	Preferred stock	N/A	N/A		11/2023	N/A	5	98		—		124

IT Services
Critical Start, Inc.	LLC units	N/A	N/A		05/2022	N/A	38	38		—		17
Netwrix Corporation	Common stock	N/A	N/A		06/2022	N/A	11	21		—		27
								59		—		44
Leisure Products
Movement Holdings, LLC(7)(9)	LP units	N/A	N/A		03/2024	N/A	—	421		—		245

Life Sciences Tools & Services
Celerion Buyer, Inc.(23)	LLC interest	N/A	N/A		11/2022	N/A	446	373		—		249
Celerion Buyer, Inc.	Common stock	N/A	N/A		11/2022	N/A	446	—		0.1		1,295
								373		0.1		1,544
Pharmaceuticals
Creek Parent, Inc.	Preferred stock	N/A	N/A		12/2024	N/A	905	905		0.1		968

Professional Services
Eclipse Buyer, Inc.(23)	Preferred stock	N/A	12.50%	Non-Cash	09/2024	N/A	—	1,645		0.2		1,672

Software
Anaplan, Inc.	LLC units	N/A	N/A		06/2022	N/A	890	891		0.2		1,549
CB Buyer, Inc.	Preferred stock	N/A	N/A		07/2024	N/A	228	229		—		142
Cynet Security Ltd.(7)(15)	Preferred stock	N/A	N/A		08/2022	N/A	23	81		—		123
Denali Bidco Limited(7)(9)	LP units	N/A	N/A		08/2023	N/A	85	51		—		144
Energy Worldnet, LLC(23)	Preferred stock	N/A	N/A		02/2025	N/A	50	52		—		54
GTY Technology Holdings, Inc.	Common stock	N/A	N/A		07/2022	N/A	60	60		—		136
Gurobi Optimization, LLC	LLC units	N/A	N/A		09/2024	N/A	—	183		—		200

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)			Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kaseya Inc.(23)	Preferred stock	SF +	10.75%	(i)	14.92%		Non-Cash	06/2022	N/A	—	$	705	0.1	%	$	727
Kaseya Inc.	Common stock	N/A			N/A			06/2022	N/A	50	50		—		53
LogicMonitor, Inc.	LLC units	N/A			N/A			12/2024	N/A	250	250		—		277
Menlo Ridgeview Co-Invest, LLC(7)	LLC units	N/A			N/A			05/2025	N/A	359	368		0.1		384
Onit, Inc.(23)	Common stock	N/A			N/A			09/2025	N/A	—	7		—		7
Panzura, LLC	LLC units	N/A			N/A			03/2025	N/A	1	4		—		—
StrongDM, Inc.	Preferred stock	N/A			N/A			05/2025	N/A	164	871		0.1		906
Templafy APS and Templafy, LLC(7)(16)	Preferred stock	N/A			N/A			07/2022	N/A	—	8		—		2
Togetherwork Holdings, LLC	Preferred stock	N/A			N/A			07/2024	N/A	272	1,188		0.1		1,219
Transform Bidco Limited(7)(9)	LP units	N/A			N/A			04/2025	N/A	894	894		0.1		926
Tricentis Operations Holdings, Inc.	Preferred stock	N/A			N/A			02/2025	N/A	40	40		—		44
Zendesk, Inc.	LP units	N/A			N/A			11/2022	N/A	22	218		—		222
											6,150		0.7		7,115
Specialty Retail
Metal Supermarkets US Buyer, LLC(7)(11)	Preferred stock	N/A			N/A			12/2024	N/A	—	—		—		8
Metal Supermarkets US Buyer, LLC(7)(11)	LLC units	N/A			N/A			12/2024	N/A	1	93		—		99
Salon Lofts Group, LLC	Preferred stock	N/A			N/A			08/2022	N/A	—	116		—		91
											209		—		198

Total equity investments											29,539		3.1		35,130

Total investments											$	2,176,447	206.7	%	$	2,209,174

Money market funds (included in cash equivalents and restricted cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)					3.99	%	(25)				$	46,041	4.3	%	$	46,041
Total money market funds											46,041		4.3		46,041
Total investments and money market funds											$	2,222,488	211.0	%	$	2,255,215

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)


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

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

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

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

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

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

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

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

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

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

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

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

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

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2025.

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

(6)The entire commitment was unfunded as of September 30, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

(24)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2025.

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

Golub Capital BDC 4, Inc. (“GBDC 4” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on April 1, 2022. On April 1, 2022, the date of the commencement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GBDC 4’s common stock in private placements. In addition, for U.S. federal income tax purposes, GBDC 4 has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital 4 Holdings LLC, formerly Golub Capital BDC 4 Funding LLC (“GBDC 4 Funding”) prior to June 26, 2026, GBDC 4 Funding II LLC (“GBDC 4 Funding II”), GBDC 4 Funding III LLC (“GBDC 4 Funding III”), Golub Capital 4 Holdings Coinvest, Inc., Golub Capital BDC 4 CLO 1 LLC (“2025 Issuer”) and Golub Capital BDC 4 CLO 1 Depositor LLC (“GBDC 4 CLO 1 Depositor”) in its consolidated financial statements.

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

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

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Derivative instruments:

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

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

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

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

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and nine months ended June 30, 2026, the Company received Loan Origination Fees that were capitalized of $1,618 and $4,696, respectively. For the three and nine months ended June 30, 2025, the Company received Loan Origination Fees that were capitalized of $1,706 and $6,085, respectively. For the three and nine months ended June 30, 2026, interest income included $1,663 and $5,171, respectively, of Discount Amortization. For the three and nine months ended June 30, 2025, interest income included $1,285 and $3,722, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2026, investment income included $4,120 and $11,471, respectively, of PIK interest and the Company capitalized PIK interest of $4,047 and $11,390, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2025, investment income included $2,449 and $7,020, respectively, of PIK interest and the Company capitalized PIK interest of $2,412 and $6,973, 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 three and nine months ended June 30, 2026, fee income included $52 and $179, respectively, from non-recurring prepayment premiums. For the three and nine months ended June 30, 2025, fee income included $127 and $151 from non-recurring prepayment premiums, respectively. All other income is recorded into income when earned.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2026, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $49,755 and $155,530, respectively. For the three and nine months ended June 30, 2025, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $35,166 and $112,228, respectively.

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

For the three and nine months ended June 30, 2026, the Company recognized PIK and non-cash dividend income of $228 and $711, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2025, the Company recognized PIK and non-cash dividend income of $179 and $387, respectively, which were capitalized into the cost basis of certain preferred equity investments. For both the three and nine months ended June 30, 2026, the Company received $111 of cash payments of accrued and capitalized preferred dividends. For the three months ended June 30, 2025, the Company received no cash payments of accrued and capitalized preferred dividends. For the nine months ended June 30, 2025, the Company received $170 of cash payments of accrued and capitalized preferred dividends.

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

For the three and nine months ended June 30, 2026 , the Company recorded dividend income received in cash of $2 and $154, respectively. For the three months ended June 30, 2026, the Company recorded no return of capital distributions received in cash. For the nine months ended June 30, 2026, the Company recorded return of capital distributions received in cash of $32. For the three months ended June 30, 2025, the Company recorded dividend income received in cash of $2 and received less than $1 of return of capital distributions in cash. For the nine months ended June 30, 2025, the Company recorded dividend income received in cash of $69 and return of capital distributions received in cash of $91.

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 as of June 30, 2026 was $347. As of September 30, 2025, the Company had no portfolio company loans on non-accrual status.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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. As of June 30, 2026, there was one preferred equity security on non-accrual status with a fair value of $567. There were no preferred equity securities on non-accrual status as of September 30, 2025.

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For both the three and nine months ended June 30, 2026 and 2025, 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 June 30, 2026. The Company’s tax returns for the 2023 through 2025 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2026 and September 30, 2025, the Company had deferred debt issuance costs of $5,364 and $8,281, respectively. These amounts are amortized and included in “Interest and other debt financing expenses” in the Consolidated Statements of Operations over the estimated

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2026 was $983 and $2,945, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2025 was $1,149 and $3,070, respectively.

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are amortized on a straight-line basis over three years. For the three and nine months ended June 30, 2026, there was no amortization of deferred offering costs. For the three and nine months ended June 30, 2025, the Company amortized $0 and $68 of deferred offering costs, which are included in “Professional fees” on the Consolidated Statements of Operations.

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

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the senior executive committee that, as of June 30, 2026, includes the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Financial Condition as “Total assets” and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

Recent accounting updates: 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 No. 2024-03 is effective for annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.

Note 3. Stockholders’ Equity

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2026 and September 30, 2025, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:


	As of June 30, 2026				As of September 30, 2025
	Subscriptions		Contributions		Subscriptions		Contributions
GBDC 4 Stockholders	$	1,523,641	$	1,183,947	$	1,523,641	$	1,036,370

As of June 30, 2026 and September 30, 2025, the ratio of total contributed capital to total capital subscriptions was 77.7% and 68.0%, respectively, and the Company had uncalled capital commitments of $339,694 and $487,271, respectively.

The following table summarizes the shares of GBDC 4 common stock issued for the nine months ended June 30, 2026 and 2025:


	Date	Shares Issued	NAV per share		Proceeds
















Shares issued for the nine months ended June 30, 2025
Issuance of shares	12/23/2024	6,725,731.752	$	15.00	$	100,886
Issuance of shares	01/13/2025	502,802.331	15.00		7,542
Issuance of shares	03/25/2025	4,565,389.866	15.00		68,480
Issuance of shares	04/17/2025	1,529,106.000	15.00		22,937
Issuance of shares	06/16/2025	8,859,307.154	15.00		132,890

Shares issued for capital drawdowns		22,182,337.103			$	332,735
Issuance of shares	11/19/2024	204,508.932	$	15.00	$	3,068
Issuance of shares	12/18/2024	72,984.041	15.00		1,095
Issuance of shares	01/08/2025	85,661.548	15.00		1,285
Issuance of shares	02/18/2025	112,987.679	15.00		1,695
Issuance of shares	03/18/2025	86,219.253	15.00		1,293
Issuance of shares	05/21/2025	214,537.819	15.00		3,218
Issuance of shares	06/17/2025	91,704.662	15.00		1,376

Shares issued through DRIP		868,603.934			$	13,030

Shares issued for the nine months ended June 30, 2026
Issuance of shares	12/15/2025	6,337,944.133	$	15.00	$	95,069
Issuance of shares	03/26/2026	3,500,503.191	15.00		52,508




Shares issued for capital drawdowns		9,838,447.324			$	147,577
Issuance of shares	11/20/2025	259,908.674	$	15.00	$	3,899
Issuance of shares	12/17/2025	124,438.025	15.00		1,866
Issuance of shares	01/21/2026	132,771.619	15.00		1,992
Issuance of shares	02/18/2026	137,242.100	15.00		2,059
Issuance of shares	03/18/2026	134,205.234	15.00		2,013




Shares issued through DRIP		788,565.652			$	11,829

Note 4. Related Party Transactions

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. The Board most recently re-approved the Investment Advisory Agreement in May 2026. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

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

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

For the three and nine months ended June 30, 2026, the base management fee incurred by the Company was $8,896 and $25,404, respectively, and the base management fee irrevocably waived by the Investment Adviser was $5,661 and $16,166, respectively. For the three and nine months ended June 30, 2025, the base management fee incurred by the Company was $6,085 and $16,494, respectively, and the base management fee irrevocably waived by the Investment Adviser was $3,872 and $10,495, respectively.

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

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

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

•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 20.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply. This portion of Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the “catch-up” provision; and

•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

The sum of these calculations yields the Income Incentive Fee. This amount is appropriately adjusted for any share issuances or repurchases during the quarter.

For the three and nine months ended June 30, 2026, the Income Incentive Fee incurred was $6,850 and $19,972, respectively. For the three and nine months ended June 30, 2025, the Income Incentive Fee incurred was $5,101 and $13,908, respectively.

The Investment Adviser has agreed to irrevocably waive all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for periods ending prior to April 1, 2024 (the “Waiver Period”). For periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably waive that portion of the Income Incentive Fee calculated under the Investment Advisory Agreement in amounts in excess of the following amounts (computed on a quarterly basis, in arrears):

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

•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which the amount payable to the Investment Adviser pursuant to the Income Incentive Fee equal 10.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply; and

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

•10.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

For the three and nine months ended June 30, 2026, the Income Incentive Fee irrevocably waived by the Investment Adviser was $3,425 and $9,986, respectively. For the three and nine months ended June 30, 2025, the Income Incentive Fee irrevocably waived by the Investment Adviser was $2,551 and $6,954, respectively.

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

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital appreciation is calculated as the sum of the differences, if positive, between (a) the valuation of each investment in our portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

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

For the three and nine months ended June 30, 2026 and 2025, the Company did not accrue a Capital Gain Incentive Fee. As of both June 30, 2026 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to June 30, 2026.

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

For the three months ended June 30, 2026, the Company did not accrue a capital gain incentive fee under GAAP. For the nine months ended June 30, 2026, the Company recorded a reversal of the capital gain incentive fee under GAAP of $1,357. For the three months ended June 30, 2025, the Company recorded a reversal of the capital gain incentive fee under GAAP of $165. For the nine months ended June 30, 2025, the Company accrued a capital gain incentive fee under GAAP of $241. Changes in the accrual of the capital gain incentive fee under GAAP are included in “Incentive fee” in the Consolidated Statements of Operations. As of June 30, 2026, there was no cumulative accrual of capital gain incentive fees under GAAP included in “Accounts payable and other liabilities” on the Consolidated Statements of Financial Condition. As of September 30, 2025, there was $1,357 of cumulative accrual of capital gain incentive fees under GAAP included in “Accounts payable and other liabilities” on the Consolidated Statements of Financial Condition.

The third part of the Incentive Fee, the Subordinated Liquidation Incentive Fee, equals 10.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as calculated immediately prior to liquidation. For purposes of this calculation, (a) “liquidation” includes the sale of all or substantially all of the Company’s assets or the acquisition of all or substantially all of the shares of the Company’s common stock in a single or series of related transactions and (b) “adjusted capital” means the net asset value of the Company calculated immediately prior to liquidation in accordance with GAAP less unrealized capital appreciation that would have been subject to the Capital Gain Incentive Fee had capital gain been recognized on the transfer of such assets in the liquidation.

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

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

As of June 30, 2026 and September 30, 2025, included in accounts payable and other liabilities is $896 and $606, respectively, for accrued allocated shared services under the Administration Agreement.

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

The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700. Any costs in excess of $700 will be borne by the Investment Adviser. As of both June 30, 2026 and September 30, 2025, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $304.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2026 were $330 and $1,613, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2025 were $403 and $1,245, respectively. As of June 30, 2026 and September 30, 2025, included in accounts payable and other liabilities were $480 and $585, respectively, for reimbursable expenses that were paid by the Administrator on behalf of the Company.

On April 1, 2022, GGP Holdings LP, an affiliate of the Investment Adviser, acquired 700.000 shares of common stock of the Company as part of the Company's conversion to a Maryland corporation, in respect of GGP Holdings LP’s capital contribution to the Company prior to such date of $11. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P. LLC concurrently entered into a Subscription Agreement for $100,000. As of June 30, 2026, GGP Class B-P. LLC has an aggregate commitment of $100,011. As of June 30, 2026, the Company had issued 6,667,366.664 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $100,011 and has also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2026, permits the Company to borrow a maximum of $100,000 and expires on March 26, 2028. Refer to Note 8 for discussion of the Adviser Revolver.

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Investments

Investments as of June 30, 2026 and September 30, 2025 consisted of the following:


	As of June 30, 2026						As of September 30, 2025
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	120,696	$	119,922	$	120,063	$	77,389	$	76,691	$	77,408
One stop	2,519,022		2,491,420		2,480,728		2,069,014		2,037,002		2,063,173
Second lien	3,736		3,713		3,736		12,674		12,600		12,722
Subordinated debt	22,213		22,387		21,841		20,908		20,615		20,741
Equity	N/A		37,311		41,121		N/A		29,539		35,130
Total	$	2,665,667	$	2,674,753	$	2,667,489	$	2,179,985	$	2,176,447	$	2,209,174

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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


	As of June 30, 2026				As of September 30, 2025
Amortized Cost:
United States
Southeast	$	485,350	18.2	%	$	445,901	20.5	%
Midwest	473,431		17.7		395,386		18.2
Mid-Atlantic	434,279		16.3		285,602		13.1
West	404,742		15.1		369,906		17.0
Southwest	369,607		13.8		255,497		11.7
Northeast	166,438		6.2		144,153		6.6
United Kingdom	188,045		7.0		140,614		6.5
Germany	45,892		1.7		53,904		2.5
Canada	32,188		1.2		20,172		0.9
Australia	27,211		1.0		25,160		1.2
Jersey	20,451		0.8		20,433		1.0
Finland	8,118		0.3		6,987		0.3
Netherlands	5,668		0.2		4,250		0.2
Sweden	5,364		0.2		5,264		0.2
France	5,138		0.2		2,281		0.1
Israel	1,963		0.1		81		0.0	*
Denmark	546		0.0	*	544		0.0	*
Luxembourg	322		0.0	*	312		0.0	*
Total	$	2,674,753	100.0	%	$	2,176,447	100.0	%

Fair Value:
United States
Southeast	$	484,477	18.2	%	$	449,900	20.4	%
Midwest	473,127		17.7		401,851		18.2
Mid-Atlantic	433,386		16.2		288,569		13.1
West	403,920		15.1		374,368		16.9
Southwest	367,868		13.8		258,152		11.7
Northeast	163,430		6.1		145,343		6.6
United Kingdom	186,832		7.0		143,807		6.5
Germany	47,038		1.8		58,632		2.7
Canada	31,156		1.2		20,437		0.9
Australia	28,360		1.1		25,855		1.2
Jersey	20,530		0.8		21,123		1.0
Finland	8,166		0.3		7,561		0.3
Netherlands	5,786		0.2		4,621		0.2
Sweden	5,394		0.2		5,459		0.2
France	5,134		0.2		2,497		0.1
Israel	2,055		0.1		123		0.0	*
Denmark	538		0.0	*	545		0.0	*
Luxembourg	292		0.0	*	331		0.0	*
Total	$	2,667,489	100.0	%	$	2,209,174	100.0	%

* Represents an amount less than 0.1%

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of June 30, 2026 and September 30, 2025 were as follows:


	As of June 30, 2026				As of September 30, 2025
Amortized Cost:
Aerospace & Defense	$	57,103	2.1	%	$	24,586	1.1	%
Air Freight & Logistics	22,767		0.9		22,726		1.0
Auto Components	38,873		1.5		36,496		1.7
Automobiles	147,681		5.5		98,937		4.6
Banks	12,476		0.5		9,356		0.4
Beverages	25,666		1.0		25,503		1.2
Building Products	1,012		0.0	*	677		0.0	*
Capital Markets	24,731		0.9		22,977		1.1
Chemicals	6,461		0.2		6,453		0.3

Commercial Services & Supplies	83,947		3.1		95,995		4.4
Construction & Engineering	18,722		0.7		17,379		0.8
Containers & Packaging	5,266		0.2		1,715		0.1
Diversified Consumer Services	173,006		6.5		148,679		6.8
Diversified Financial Services	72,881		2.7		62,615		2.9
Electric Utilities	1,965		0.1		1,903		0.1
Electrical Equipment	—		—		7,028		0.3
Electronic Equipment, Instruments & Components	5,181		0.2		5,184		0.2
Food & Staples Retailing	2,285		0.1		—		—
Food Products	33,047		1.2		32,759		1.5
Healthcare Equipment & Supplies	113,203		4.2		51,101		2.3
Healthcare Providers & Services	121,691		4.6		106,401		4.9
Healthcare Technology	151,350		5.7		108,643		5.0
Hotels, Restaurants & Leisure	156,351		5.9		127,364		5.9
Household Durables	2,011		0.1		—		—
Household Products	2,710		0.1		2,728		0.1
Industrial Conglomerates	50,325		1.9		28,527		1.3
Insurance	159,581		6.0		117,345		5.4
IT Services	54,676		2.0		44,242		2.0
Leisure Products	37,755		1.4		36,537		1.7
Life Sciences Tools & Services	41,286		1.5		23,565		1.1
Machinery	33,835		1.3		31,475		1.4
Media	16,548		0.6		14,869		0.7
Oil, Gas & Consumable Fuels	32,676		1.2		25,311		1.2

Pharmaceuticals	29,268		1.1		21,811		1.0
Professional Services	88,632		3.3		79,954		3.7
Road & Rail	—		—		13,840		0.6
Software	699,054		26.1		577,485		26.5
Specialty Retail	129,188		4.8		126,438		5.8

Transportation Infrastructure	16,330		0.6		16,060		0.8
Water Utilities	5,213		0.2		1,783		0.1
Total	$	2,674,753	100.0	%	$	2,176,447	100.0	%

* Represents an amount less than 0.1%

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)


	As of June 30, 2026				As of September 30, 2025
Fair Value:
Aerospace & Defense	$	56,943	2.1	%	$	24,652	1.1	%
Air Freight & Logistics	23,132		0.9		23,033		1.0
Auto Components	39,252		1.5		36,957		1.7
Automobiles	149,602		5.6		101,466		4.6
Banks	12,266		0.5		9,456		0.4
Beverages	25,936		1.0		26,202		1.2
Building Products	1,017		0.0	*	693		0.0	*
Capital Markets	24,534		0.9		23,193		1.1
Chemicals	6,446		0.2		6,475		0.3
Commercial Services & Supplies	83,855		3.1		96,815		4.4
Construction & Engineering	18,643		0.7		17,502		0.8
Containers & Packaging	5,170		0.2		1,718		0.1

Diversified Consumer Services	171,725		6.4		150,189		6.8
Diversified Financial Services	72,914		2.7		63,719		2.9
Electric Utilities	2,066		0.1		1,997		0.1
Electrical Equipment	—		—		7,157		0.3
Electronic Equipment, Instruments & Components	5,234		0.2		5,345		0.2
Food & Staples Retailing	2,231		0.1		—		—
Food Products	33,281		1.3		33,072		1.5
Healthcare Equipment & Supplies	113,225		4.2		51,329		2.3
Healthcare Providers & Services	122,151		4.6		108,172		4.9
Healthcare Technology	150,991		5.7		109,991		5.0
Hotels, Restaurants & Leisure	156,398		5.9		128,251		5.8
Household Durables	2,008		0.1		—		—
Household Products	2,687		0.1		2,744		0.1
Industrial Conglomerates	51,572		1.9		30,631		1.4
Insurance	159,491		6.0		119,150		5.4
IT Services	54,064		2.0		44,632		2.0
Leisure Products	37,666		1.4		36,536		1.7
Life Sciences Tools & Services	40,860		1.5		24,992		1.1
Machinery	33,685		1.3		31,741		1.4
Media	16,590		0.6		14,886		0.7
Oil, Gas & Consumable Fuels	32,812		1.2		25,498		1.2

Pharmaceuticals	29,298		1.1		22,245		1.0
Professional Services	87,468		3.3		80,355		3.7
Road & Rail	—		—		13,930		0.6
Software	693,339		26.0		590,302		26.7
Specialty Retail	127,475		4.8		126,384		5.7

Transportation Infrastructure	16,248		0.6		15,965		0.7
Water Utilities	5,214		0.2		1,799		0.1
Total	$	2,667,489	100.0	%	$	2,209,174	100.0	%

* Represents an amount less than 0.1%

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 6. Derivatives

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

Forward Currency Contracts

The outstanding forward currency contracts as of June 30, 2026 and September 30, 2025 were as follows:


As of June 30, 2026
Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Macquarie Bank Limited	£	4,000	GBP	$	5,321	USD	10/28/2026	$	17	$	—
SMBC Capital Markets, Inc.	€	9,000	EUR	$	9,922	USD	5/28/2027	—		(490)
SMBC Capital Markets, Inc.	€	11,400	EUR	$	13,270	USD	12/29/2027	—		(64)
SMBC Capital Markets, Inc.	A$	2,750	AUD	$	1,922	USD	6/15/2028	34		—

								$	51	$	(554)

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





								$	—	$	(864)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2026 and 2025 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:


Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category	Three months ended June 30,				Nine months ended June 30,


	2026		2025		2026		2025
Foreign exchange	$	—	$	—	$	—	$	—

Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended June 30,				Nine months ended June 30,
	2026		2025		2026		2025
Foreign exchange	$	62	$	(807)	$	361	$	(966)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2026 and 2025:






Average U.S. Dollar notional outstanding	Three months ended June 30,				Nine months ended June 30,

	2026		2025		2026		2025
Forward currency contracts	$	16,457	$	9,922	$	15,141	$	9,922

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, 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 contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with each of the Counterparties permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from SMBC, if any, is included in the Consolidated Statements of Financial Condition as “Other assets” or “Accounts payable and other liabilities.” As of both June 30, 2026 and September 30, 2025, there was $660 of collateral pledged for derivatives, which is included in “Other assets” on the Consolidated Statements of Financial Condition. 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.

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the financial statements of the Company including: the location of those fair values on the Consolidated 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 June 30, 2026 and September 30, 2025:


As of June 30, 2026
Counterparty	Consolidated Statements 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)
SMBC Capital Markets Inc.	Unrealized depreciation on forward currency contracts	$	34	$	(554)	$	(520)	$	520	$	—
Macquarie Bank Limited	Unrealized appreciation on forward currency contracts	17		—		17		—		17
		$	51	$	(554)	$	(503)	$	520	$	17

As of September 30, 2025
Counterparty	Consolidated Statements 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)
SMBC Capital Markets Inc.	Unrealized depreciation on forward currency contracts	$	—	$	(864)	$	(864)	$	660	$	(204)
		$	—	$	(864)	$	(864)	$	660	$	(204)

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

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 7. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2026 and 2025. 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.

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation. For periods ending on or before December 31, 2025, at least every other quarter, the valuation for each portfolio investment prepared by the professionals of the Valuation Designee responsible for the valuation function, based on the fair value methodology in accordance with ASC Topic 820 described below (subject to a de minimis threshold) was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. For periods beginning after December 31, 2025, the valuation process is conducted on a monthly basis and this monthly valuation process begins with each portfolio investment being initially valued, based on the fair value methodology in accordance with ASC Topic 820 described below, either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) investment valuation firms that have been engaged to support the valuation of portfolio investments. The valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of the Company’s debt and equity investments without readily available market quotations (subject to a de minimis threshold), was either (i) performed by or (ii) reviewed by an independent valuation firm. All investments as of June 30, 2026 and September 30, 2025 were valued using Level 3 inputs. As of June 30, 2026 and September 30, 2025, all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly-traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. 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 independent 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 uses the midpoint of the independent third-party market “bid” and “ask” quotes to determine the value of our portfolio investments but may use another value if the Valuation Designee determines it better represents the investment’s fair value. 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.

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

been used had a ready market existed for such investments and could differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly-traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

The following tables present fair value measurements of the Company’s assets and liabilities recorded at fair value and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2026 and September 30, 2025:


As of June 30, 2026	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	2,626,368	$	2,626,368
Equity investments(1)	—		—		41,121		41,121
Money market funds(1)(2)	39,950		—		—		39,950
Forward currency contracts	—		51		—		51
Total assets, at fair value:	$	39,950	$	51	$	2,667,489	$	2,707,490
Liabilities, at fair value:
Forward currency contracts	$	—	$	(554)	$	—	$	(554)
Total liabilities, at fair value:	$	—	$	(554)	$	—	$	(554)

As of September 30, 2025	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	2,174,044	$	2,174,044
Equity investments(1)	—		—		35,130		35,130
Money market funds(1)(2)	46,041		—		—		46,041

Total assets, at fair value:	$	46,041	$	—	$	2,209,174	$	2,255,215
Liabilities, at fair value:
Forward currency contracts	$	—	$	(864)	$	—	$	(864)
Total liabilities, at fair value:	$	—	$	(864)	$	—	$	(864)

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2026 reported within the “Net change in unrealized appreciation (depreciation) from 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 $(481) and $(34,997), respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2025 reported within the “Net change in unrealized appreciation (depreciation) from 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 $19,418 and $23,207, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2026 and 2025:


	For the nine months ended June 30, 2026
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	2,174,044	$	35,130	$	2,209,174
Net change in unrealized appreciation (depreciation) on investments	(33,984)		(1,772)		(35,756)
Net translation of investments in foreign currencies	(4,225)		(10)		(4,235)
Realized gain (loss) on investments	64		1,255		1,319
Realized gain (loss) on translation of investments in foreign currencies	823		—		823
Fundings of (proceeds from) revolving loans, net	15,684		—		15,684
Fundings of investments	626,595		16,480		643,075
PIK interest and non-cash dividends	11,390		711		12,101
Proceeds from non-cash dividends	—		(111)		(111)
Proceeds from principal payments and sales of portfolio investments	(169,194)		(10,562)		(179,756)
Accretion of discounts and amortization of premiums	5,171		—		5,171
Fair value, end of period	$	2,626,368	$	41,121	$	2,667,489


	For the nine months ended June 30, 2025
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	1,294,931	$	16,070	$	1,311,001
Net change in unrealized appreciation (depreciation) on investments	1,803		2,257		4,060
Net translation of investments in foreign currencies	9,225		—		9,225

Realized gain (loss) on translation of investments in foreign currencies	105		—		105
Fundings of (proceeds from) revolving loans, net	5,697		—		5,697
Fundings of investments	623,803		12,373		636,176
PIK interest and non-cash dividends	6,973		387		7,360
Proceeds from non-cash dividends	—		(170)		(170)
Proceeds from principal payments and sales of portfolio investments	(81,345)		(349)		(81,694)
Accretion of discounts and amortization of premiums	3,722		—		3,722
Fair value, end of period	$	1,864,914	$	30,568	$	1,895,482

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and September 30, 2025:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of

June 30, 2026

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

120,063

Yield analysis

Market interest rate

8.5% - 10.3% (8.8%)

Market comparable companies

EBITDA multiples

5.5x - 20.5x (10.6x)

One stop loans(2)(3)

2,456,010

Yield analysis

Market interest rate

7.5% - 21.0% (9.5%)

Market comparable companies

EBITDA multiples

7.5x - 29.3x (14.7x)

Revenue multiples

1.3x - 14.0x (8.2x)

24,718

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

25,577

Yield analysis

Market interest rate

10.5% - 13.5% (11.5%)

Market comparable companies

EBITDA multiples

9.5x - 21.0x (18.4x)

Equity(4)

41,121

Market comparable companies

EBITDA multiples

5.5x - 26.0x (16.1x)

Revenue multiples

1.3x - 14.0x (9.9x)

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

(2)$2,274 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $2,173,599 and $282,411 of one stop loans using EBITDA and revenue multiples, respectively.

(4)The Company valued $33,790 and $7,331 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of September 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

77,408

Yield analysis

Market interest rate

7.3% - 9.0% (8.3%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (10.6x)

One stop loans(2)(3)

2,043,193

Yield analysis

Market interest rate

3.8% - 20.5% (8.6%)

Market comparable companies

EBITDA multiples

8.0x - 33.0x (15.8x)

Revenue multiples

2.0x - 15.0x (9.1x)

19,980

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans(4)

33,463

Yield analysis

Market interest rate

9.8% - 15.0% (11.1%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (17.8x)

Equity(5)

35,130

Market comparable companies

EBITDA multiples

8.0x - 28.0x (17.4x)

Revenue multiples

2.0x - 15.0x (11.3x)

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

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

(3)The Company valued $1,758,059 and $285,134 of one stop loans using EBITDA and revenue multiples, respectively.

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

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “Debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available. The fair value of the Company’s revolving credit facilities approximates their carrying value due to their variable interest rates based on selected short-term rates.

The following are the carrying values and fair values of the Company’s debt as of June 30, 2026 and September 30, 2025:


	As of June 30, 2026				As of September 30, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	1,496,929	$	1,496,929	$	1,189,555	$	1,189,555

Note 8. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On April 1, 2022, the Company’s sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of June 30, 2026, the Company’s asset coverage for borrowed amounts was 181.2%.

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Through June 20, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 Debt Securitization, allowing the Company to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are scheduled to mature on July 20, 2037. The Subordinated 2025 Notes are due in 2125. The Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are included in the June 30, 2026 Consolidated Statement of Financial Condition as “Debt” of the Company. As of June 30, 2026, the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation.

As of June 30, 2026 and September 30, 2025, there were 123 and 126 portfolio companies, respectively, with a total fair value of $1,125,962 and $1,139,381, respectively securing the 2025 Debt Securitization. The pool of loans in the 2025 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2025 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of June 30, 2026 based on the last interest rate reset was 3.7%.

For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2025 Debt Securitization were as follows:


	Three months ended June 30,						Nine months ended June 30,
	2026			2025			2026			2025
Stated interest expense	$	10,818		$	1,459		$	33,138		$	1,459

Amortization of debt issuance costs	191			23			571			23
Total interest and other debt financing expenses	$	11,009		$	1,482		$	33,709		$	1,482
Cash paid for interest expense	$	10,687		$	—		$	38,240		$	—
Annualized average stated interest rate	5.4		%	6.1		%	5.5		%	6.1		%
Average outstanding balance	$	799,250		$	96,613		$	799,250		$	32,204

As of June 30, 2026, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are as follows:

Description

Class A-1 2025 Notes

Class A-2 2025 Notes

Class B 2025 Notes

Type

Senior Secured Floating Rate

Amount Outstanding

$667,000

$40,250

$92,000

S&P Rating

“AAA”

“AA”

Interest Rate

SOFR + 1.63%

SOFR + 1.80%

SOFR + 2.00%

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

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

PNC Facility: On July 8, 2022, the Company entered into a Revolving Credit and Security Agreement (the “PNC Facility”) with PNC Bank, National Association, as administrative agent, collateral agent, and a lender, and PNC Capital Markets LLC, as structuring agent. On June 30, 2025, all amounts outstanding under the PNC Facility were repaid, following which the agreements governing the PNC Facility were terminated. Prior to termination, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $100,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025 as the Company exercised the option on May 27, 2025 pursuant to the documents governing the PNC Facility to decrease the borrowing capacity under the PNC Facility from $250,000 to $100,000, effective as of June 3, 2025.

Prior to termination, the PNC Facility bore interest, at the Company’s election and depending on the currency of the borrowing, of either CORRA, SONIA, €STR, Daily Simple SOFR, Term SOFR, or the Base Rate (each, as defined in the PNC Facility) plus a margin ranging from 2.15% to 2.45%, depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus the assets of GBDC 4 Funding securing the facility.

For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the PNC Facility were as follows:


	Three months ended June 30,					Nine months ended June 30,
	2026		2025			2026		2025
Stated interest expense	$	—	$	1,784		$	—	$	8,245
Facility fees	—		47			—		84
Amortization of debt issuance costs	—		335			—		1,004
Total interest and other debt financing expenses	$	—	$	2,166		$	—	$	9,333
Cash paid for interest expense	$	—	$	4,391		$	—	$	14,755
Annualized average stated interest rate(1)	N/A		6.5		%	N/A		6.7		%
Average outstanding balance	$	—	$	110,784		$	—	$	164,495

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

DB Credit Facility: On March 28, 2024 (the “DB Credit Facility Effective Date”), the Company and GBDC 4 Funding II entered into a loan financing and servicing agreement (as amended, the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank National Trust Company, as collateral agent and as collateral custodian. The period during which GBDC 4 Funding II may request drawdowns under the DB Credit Facility (the “DB Credit Facility Revolving Period”) commenced on the DB Credit Facility Effective Date and will continue through March 28, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on March 28, 2030, three years from the last day of the DB Credit Facility Revolving Period, unless terminated earlier in accordance with the DB Credit Facility. On June 13, 2025, the Company entered into an amendment to the DB Credit Facility that, among other things, reduced the applicable margin (a) effective during the DB Credit Facility Revolving Period from 2.35% to 1.75% and (b) effective after the DB Credit Facility Revolving Period from 2.85% to 2.25%. As of June 30, 2026, the DB Credit Facility allowed the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions.

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2026, the DB Credit Facility bears interest at the applicable base rate plus 1.75% per annum during the DB Credit Facility Revolving Period and 2.25% after the DB Credit Facility Revolving Period. The base rate under the DB Credit Facility is (i) the three-month CORRA plus an adjustment for a period of three months equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment for a period of three months equal to 0.1193%, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krone, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona and (x) the three-month term SOFR with respect to any other advances. Additionally, a syndication/agent fee is payable to the facility agent each quarter. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the DB Credit Facility Revolving Period, an additional fee based on unfunded commitments of the lenders could be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee may be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the DB Credit Facility Effective Date, respectively.

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

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

As of June 30, 2026 and September 30, 2025, the Company had $195,595 and $198,117, respectively, of outstanding debt under the DB Credit Facility.

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)


	Three months ended June 30,						Nine months ended June 30,
	2026			2025			2026			2025
Stated interest expense	$	1,784		$	3,183		$	6,825		$	12,350
Facility fees	537			254			1,091			673
Amortization of debt issuance costs	312			311			935			604
Total interest and other debt financing expenses	$	2,633		$	3,748		$	8,851		$	13,627
Cash paid for interest expense	$	2,605		$	4,055		$	8,666		$	14,887
Annualized average stated interest rate(1)	5.1		%	6.4		%	5.3		%	6.7		%
Average outstanding balance	$	139,611		$	198,687		$	173,219		$	246,132

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

BNP Credit Facility: On August 15, 2024 (the “BNP Credit Facility Effective Date”), the Company and GBDC 4 Funding III entered into a revolving credit and security agreement (the “BNP Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral agent. Under the BNP Credit Facility, the lenders have agreed to extend credit to GBDC 4 Funding III in an aggregate principal amount of up to $750,000 as of June 30, 2026. The period during which GBDC 4 Funding III may request drawdowns under the BNP Credit Facility (the “BNP Credit Facility Revolving Period”) commenced on the BNP Credit Facility Effective Date and will continue through August 15, 2027, unless there is an earlier termination due to an event of default. The BNP Credit Facility will mature on August 15, 2030, the first business day on or after the date that is the 36-month anniversary of the last day of the BNP Credit Facility Revolving Period, unless terminated earlier in accordance with the BNP Credit Facility. On November 26, 2025, the Company entered into an agreement to the documents governing the BNP Credit Facility that, among other things, reduced the applicable margin (a) effective during the BNP Credit Facility Reinvestment Period from 2.10% to 1.85% and (b) effective after the BNP Credit Facility Reinvestment Period from 2.35% to 2.10%.

As of June 30, 2026, borrowings under the BNP Credit Facility in United States Dollars will bear interest at the applicable base rate plus 1.85% per annum during the BNP Credit Facility Revolving Period, and 2.10% per annum after the BNP Credit Facility Revolving Period (the “BNP Credit Facility Applicable Margin”), and borrowings in eligible currencies other than United States Dollars will bear interest at the applicable base rate plus the BNP Credit Facility Applicable Margin. The base rate under the BNP Credit Facility is (i) term CORRA with respect to any advances denominated in Canadian dollars, (ii) the 3-month Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the 3-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the adjusted cumulative compound Sterling Overnight Index Average with respect to any advances denominated in U.K. pound sterling, (v) daily simple adjusted non-cumulative compound SARON with respect to any advances denominated in Swiss francs, (vi) 3-month Norwegian Interbank Offered Rate with respect to any advances denominated in Norwegian Krona, (vii) 3-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish Krona and (viii) the term SOFR with respect to advances denominated in United States Dollars and any other advances.

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2026 and September 30, 2025, the Company had $502,084 and $192,188, respectively, of outstanding debt under the BNP Credit Facility.


	Three months ended June 30,						Nine months ended June 30,
	2026			2025			2026			2025
Stated interest expense	$	6,114		$	8,367		$	14,751		$	19,966

Amortization of debt issuance costs	480			480			1,439			1,440
Total interest and other debt financing expenses	$	6,594		$	8,847		$	16,190		$	21,406
Cash paid for interest expense	$	5,000		$	8,202		$	12,037		$	15,085
Annualized average stated interest rate(1)	5.3		%	6.3		%	5.3		%	6.4		%
Average outstanding balance	$	458,874		$	531,137		$	371,566		$	414,351

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

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2026 and September 30, 2025, the Company was permitted to borrow up to $100,000 in U.S. dollars and certain agreed upon foreign currencies, with a maturity date of March 26, 2028. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of June 30, 2026 was 3.8%. As of June 30, 2026 and September 30, 2025, the Company had no outstanding debt under the Adviser Revolver.


	Three months ended June 30,					Nine months ended June 30,
	2026		2025			2026		2025

Stated interest expense	$	—	$	140		$	—	$	140



Cash paid for interest expense	—		—			127		—
Annualized average stated interest rate(1)	N/A		4.1		%	N/A		4.1		%
Average outstanding balance	$	—	$	13,673		$	—	$	4,559

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

For the three and nine months ended June 30, 2026, the average total debt outstanding was $1,397,735 and $1,344,035, respectively. For the three and nine months ended June 30, 2025, the average total debt outstanding was $950,894 and $861,741, respectively.

For both the three and nine months ended June 30, 2026, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company’s total debt was 5.8%. For the three and nine months ended June 30, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company’s total debt was 6.9% and 7.1%, respectively.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

A summary of the Company’s maturity requirements for borrowings as of June 30, 2026 is as follows:


	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years


DB Credit Facility	$	195,595	$	—	$	—	$	195,595	$	—
BNP Credit Facility	502,084		—		—		502,084		—
2025 Debt Securitization	799,250		—		—		—		799,250
Total borrowings	$	1,496,929	$	—	$	—	$	697,679	$	799,250

Note 9. Commitments and Contingencies

Commitments: As of June 30, 2026, the Company had outstanding commitments to fund investments totaling $419,510, including $198,857 of commitments on undrawn revolvers. As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $462,709, including $175,950 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 for outstanding forward currency contracts as of June 30, 2026 and September 30, 2025. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

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

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 10. Financial Highlights

The financial highlights for the Company are as follows:


	Nine months ended June 30,
Per share data:(1)	2026			2025


Net asset value at beginning of period	$	15.00		$	15.00
Distributions declared:(2)
From net investment income	(0.76)			(1.29)


Net investment income	1.18			1.22
Net realized gain (loss) on investment transactions	0.02			0.00		^
Net change in unrealized appreciation (depreciation) on investment transactions(3)	(0.44)			0.07
Net asset value at end of period	$	15.00		$	15.00
Total return based on net asset value per share(4)	5.11		%	8.86		%
Number of common shares outstanding	81,864,005.909			66,397,771.207


	Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:	2026			2025
Ratio of net investment income to average net assets*	10.53		%	10.87		%
Ratio of total expenses to average net assets*(5)	11.83		%	13.25		%
Ratio of management fee waiver to average net assets*	(1.87)		%	(1.83)		%
Ratio of incentive fee waiver to average net assets(5)	(0.86)		%	(0.91)		%

Ratio of incentive fees to average net assets(5)	1.61		%	1.85		%

Ratio of net expenses to average net assets*(5)	9.10		%	10.51		%
Ratio of total expenses (without incentive fees) to average net assets*(5)	10.22		%	11.40		%
Total return based on average net asset value(6)	4.91		%	8.63		%
Total return based on average net asset value - annualized*(6)	6.57		%	11.54		%
Net assets at end of period	$	1,227,961		$	995,967
Average debt outstanding	$	1,344,035		$	861,741
Average debt outstanding per share	$	16.42		$	12.98
Portfolio Turnover*	9.81		%	6.89		%
Asset coverage ratio(7)	181.22		%	182.58		%
Asset coverage ratio per unit(8)	$	1,812		$	1,826
Average market value per unit(9):
2025 Debt Securitization	N/A			N/A
Adviser Revolver	N/A			N/A
DB Credit Facility	N/A			N/A
BNP Credit Facility	N/A			N/A
PNC Facility	N/A			N/A

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

^ Represents an amount less than $0.01.

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

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

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

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

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

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

(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

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

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

Note 11. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2026 and 2025:


	Three months ended June 30,				Nine months ended June 30,

	2026		2025		2026		2025
Earnings available to stockholders	$	32,205	$	23,616	$	56,906	$	66,171
Basic and diluted weighted average shares outstanding	81,864,006		58,534,461		77,575,939		51,284,378
Basic and diluted earnings per share	$	0.39	$	0.40	$	0.73	$	1.29

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the nine months ended June 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share			Total Dividends Declared
For the nine months ended June 30, 2026
08/01/2025	10/15/2025	12/17/2025	71,236,992.933	$	0.1330		$	9,475
11/14/2025	11/14/2025	01/21/2026	71,236,992.933	0.1425			10,150
11/14/2025	12/12/2025	02/18/2026	71,496,901.607	0.1446			10,339
11/14/2025	01/16/2026	03/18/2026	77,959,283.765	0.1322			10,309
02/02/2026	02/25/2026	05/20/2026	78,229,297.484	—		(1)	—
02/02/2026	03/16/2026	05/20/2026	78,229,297.484	—		(2)	—
02/02/2026	04/17/2026	06/17/2026	81,864,005.909	—		(3)	—
05/01/2026	05/25/2026	08/19/2026	81,864,005.909	0.0882			7,220
05/01/2026	06/19/2026	08/19/2026	81,864,005.909	0.1150			9,413



Total dividends declared for the nine months ended June 30, 2026							$	56,906

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)


Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
For the nine months ended June 30, 2025
08/02/2024	10/15/2024	12/18/2024	43,346,830.170	$	0.1267	$	5,494
11/14/2024	11/15/2024	01/08/2025	43,346,830.170	0.1488		6,449
11/14/2024	12/13/2024	02/18/2025	43,551,339.102	0.1917		8,349
11/14/2024	01/17/2025	03/18/2025	50,938,518.774	0.1262		6,431
02/03/2025	02/26/2025	05/21/2025	51,051,506.453	0.1614		8,239
02/03/2025	03/17/2025	05/21/2025	51,051,506.453	0.1487		7,593
02/03/2025	04/18/2025	06/17/2025	57,232,221.572	0.1217		6,968
05/02/2025	05/26/2025	08/20/2025	57,446,759.391	0.1348		7,742
05/02/2025	06/20/2025	08/20/2025	66,397,771.207	0.1341		8,906



Total dividends declared for the nine months ended June 30, 2025						$	66,171

(1)On February 2, 2026, the Company’s board of directors declared a distribution in an amount (if positive) such that the Company’s net asset value as of February 28, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period February 1, 2026 through February 28, 2026 and the payment of this distribution is $15.00 per share. As the net asset value per share was $15.00 per share or lower, the distribution declared for the period was zero.

(2)On February 2, 2026, the Company’s board of directors declared a distribution in an amount (if positive) such that the Company’s net asset value as of March 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period March 1, 2026 through March 31, 2026 and the payment of this distribution is $15.00 per share. As the net asset value per share was $15.00 per share or lower, the distribution declared for the period was zero.

(3)On February 2, 2026, the Company’s board of directors declared a distribution in an amount (if positive) such that the Company’s net asset value as of April 30, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period April 1, 2026 through April 30, 2026 and the payment of this distribution is $15.00 per share. As the net asset value per share was $15.00 per share or lower, the distribution declared for the period was zero.

The following table summarizes the Company’s distributions reinvested during the nine months ended June 30, 2026 and 2025:


Payment Date	DRIP Shares Issued	NAV ($) Per Share		DRIP Shares Value
For the nine months ended June 30, 2026
November 20, 2025	259,908.674	$	15.00	$	3,899
December 17, 2025	124,438.025	15.00		1,866
January 21, 2026	132,771.619	15.00		1,992
February 18, 2026	137,242.100	15.00		2,059
March 18, 2026	134,205.234	15.00		2,013




	788,565.652			$	11,829

For the nine months ended June 30, 2025
November 19, 2024	204,508.932	$	15.00	$	3,068
December 18, 2024	72,984.041	15.00		1,095
January 8, 2025	85,661.548	15.00		1,285
February 18, 2025	112,987.679	15.00		1,695
March 18, 2025	86,219.253	15.00		1,293
May 21, 2025	214,537.819	15.00		3,218
June 17, 2025	91,704.662	15.00		1,376

	868,603.934			$	13,030

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 13. Subsequent Events

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

On May 1, 2026 and July 31, 2026, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

July 17, 2026

September 16, 2026

In an amount (if positive) such that the net asset value of the Company as of July 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period July 1, 2026 through July 31, 2026 and the payment of this distribution is $15.00 per share.

August 24, 2026

November 19, 2026

In an amount (if positive) such that the net asset value of the Company as of August 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period August 1, 2026 through August 31, 2026 and the payment of this distribution is $15.00 per share.

September 14, 2026

November 19, 2026

In an amount (if positive) such that the net asset value of the Company as of September 30, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period September 1, 2026 through September 30, 2026 and the payment of this distribution is $15.00 per share.

October 16, 2026

December 16, 2026

In an amount (if positive) such that the net asset value of the Company as of October 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2026 through October 31, 2026 and the payment of this distribution is $15.00 per share.

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

The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “GBDC 4” refer to Golub Capital BDC 4, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

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

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including, without limitation, those caused by global health pandemics or other large scale events;

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

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

•general economic and political trends and other external factors;

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

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

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

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

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

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

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Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2025.

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

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Overview

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $90.0 billion in capital under management(1) as of April 1, 2026, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2026. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $5.0 million to $35.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $35.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part or all of our investment.

(1) “Capital under management” is a gross measure of invested capital including leverage as of April 1, 2026.

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As of June 30, 2026 and September 30, 2025, our portfolio at fair value was comprised of the following:


	As of June 30, 2026				As of September 30, 2025
Investment Type	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	120,063	4.6	%	$	77,408	3.5	%
One stop	2,480,728		93.0		2,063,173		93.4
Second lien	3,736		0.1		12,722		0.6
Subordinated debt	21,841		0.8		20,741		0.9
Equity	41,121		1.5		35,130		1.6
Total	$	2,667,489	100.0	%	$	2,209,174	100.0	%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2026 and September 30, 2025, one stop loans included $241.7 million and $216.3 million, respectively, of recurring revenue loans at fair value.

As of June 30, 2026 and September 30, 2025, we had debt and equity investments in 265 and 218 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, as well as the annualized total return based on our average net asset value and our annualized net investment income - return on equity, in each case, for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025:


	Three months ended		Nine months ended
	June 30, 2026	March 31, 2026	June 30, 2026	June 30, 2025
Weighted average income yield*(1)	9.2%	9.1%	9.2%	10.3%
Weighted average investment income yield*(2)	9.4%	9.3%	9.5%	10.6%
Weighted average income yield of total investments*(3)	9.0%	9.0%	9.1%	10.2%
Weighted average investment income yield of total investments*(4)	9.3%	9.2%	9.4%	10.5%
Total return based on average net asset value(5)	2.6%	(0.4)%	4.9%	8.6%
Annualized total return based on average net asset value*(5)	10.6%	N/A	6.6%	11.5%


Net investment income - return on equity*(6)	10.1%	10.5%	10.5%	10.9%

*Annualized

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

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

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

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

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

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

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As of June 30, 2026, GBDC 4 has earned an inception-to-date internal rate of return, or IRR, of 11.4% for stockholders taken as a whole. An individual stockholder’s IRR could vary based on the timing of their capital transactions. For the nine months ended June 30, 2026 and 2025, GBDC 4 earned a fiscal year-to-date IRR of 6.7% and 12.0%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the dividend reinvestment plan, or DRIP), outflows (capital distributions), the stockholders’ net asset value, or NAV, at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan Origination Fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies - Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the “Net change in unrealized appreciation (depreciation) on investment transactions” in the Consolidated Statements of Operations.

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Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions including:

•reimbursement to GC Advisors of organizational and offering expenses up to an aggregate amount of $0.7 million;

•calculating our NAV (including the cost and expenses of any independent valuation firm);

•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses, except reimbursement amounts waived by GC Advisors;

•expenses related to unsuccessful portfolio acquisition efforts;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;

•transfer agent, dividend agent and custodial fees and expenses;

•U.S. federal and state registration and franchise fees;

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

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

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

•costs associated with individual or group stockholders;

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

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

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

•proxy voting expenses; and

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

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

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

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Recent Developments

On May 1, 2026 and July 31, 2026, our board of directors declared distributions to holders of record of our common stock as set forth in the table below:

Record Date

Payment Date

Amount Per Share

July 17, 2026

September 16, 2026

In an amount (if positive) such that our net asset value as of July 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with generally accepted accounting principles in the United States of America, or GAAP, for the period July 1, 2026 through July 31, 2026 and the payment of this distribution is $15.00 per share.

August 24, 2026

November 19, 2026

In an amount (if positive) such that our net asset value as of August 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period August 1, 2026 through August 31, 2026 and the payment of this distribution is $15.00 per share.

September 14, 2026

November 19, 2026

In an amount (if positive) such that our net asset value as of September 30, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period September 1, 2026 through September 30, 2026 and the payment of this distribution is $15.00 per share.

October 16, 2026

December 16, 2026

In an amount (if positive) such that our net asset value as of October 31, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period October 1, 2026 through October 31, 2026 and the payment of this distribution is $15.00 per share.

Consolidated Results of Operations

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

Consolidated operating results for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025 are as follows:


	Three months ended				Variances			Nine months ended			Variances
	June 30, 2026		March 31, 2026			June 30, 2026 vs. March 31, 2026			June 30, 2026		June 30, 2025		2026 vs. 2025
	(In thousands)
Interest income	$	53,097	$	50,229		$	2,868		$	154,174	$	112,679	$	41,495
Payment-in-kind interest income	4,120		3,583			537			11,471		7,020		4,451
Discount amortization	1,663		1,352			311			5,171		3,722		1,449
Non-cash dividend income	228		243			(15)			711		387		324
Dividend income	2		—			2			154		69		85
Fee income	200		134			66			559		528		31
Total investment income	59,310		55,541			3,769			172,240		124,405		47,835
Net expenses	28,483		25,211			3,272			81,007		62,063		18,944
Net investment income	30,827		30,330			497			91,233		62,342		28,891


Net realized gain (loss) on investment transactions	1,180		258			922			1,674		67		1,607
Net change in unrealized appreciation (depreciation) on investment transactions	198		(35,851)			36,049			(36,001)		3,762		(39,763)
Net increase (decrease) in net assets resulting from operations	$	32,205	$	(5,263)		$	37,468		$	56,906	$	66,171	$	(9,265)
Average earning debt investments, at fair value	$	2,516,701	$	2,413,117		$	103,584		$	2,420,154	$	1,563,212	$	856,942
Average earning preferred equity investments, at fair value	$	6,642	$	7,538		$	(896)		$	7,083	$	3,920	$	3,163

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

Investment Income

Investment income increased from the three months ended March 31, 2026 to the three months ended June 30, 2026 by $3.8 million, primarily due to an increase in interest income due to an increase in the average earning debt investments balance of $103.6 million.

Investment income increased from the nine months ended June 30, 2025 to the nine months ended June 30, 2026 by $47.8 million, primarily due to (i) an increase in interest and payment-in-kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $856.9 million and (ii) increased discount amortization and prepayment fee income driven by increased loan repayments that were partially offset by the impact of declining interest base and spread rates.

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The annualized income yield by debt security type for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025 are as follows:


	Three months ended				Nine months ended
	June 30, 2026		March 31, 2026			June 30, 2026		June 30, 2025
Senior secured	8.6	%	8.6	%		8.7	%	9.6	%
One stop	9.1	%	9.0	%		9.1	%	10.2	%
Second lien	13.2	%	13.4	%		12.9	%	13.9	%
Subordinated debt	10.9	%	10.3	%		10.4	%	11.5	%

Income yields on senior secured and one stop loans remained relatively flat for the three months ended June 30, 2026 as compared to the three months ended March 31, 2026. Income yields on senior secured and one stop loans decreased for the nine months ended June 30, 2026 as compared to the nine months ended June 30, 2025, primarily due to declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments. Our loan portfolio is partially insulated from a drop in floating interest rates as 96.2% of our loan portfolio at fair value as of June 30, 2026 is subject to an interest rate floor. As of June 30, 2026 and September 30, 2025, the weighted average base rate floor of our loans was 0.70% and 0.75%, respectively.

As of June 30, 2026, we have second lien investments in one portfolio company and subordinated debt investments in four portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

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Expenses

The following table summarizes our expenses for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025:


	Three months ended				Variances			Nine months ended					Variances
	June 30, 2026		March 31, 2026			June 30, 2026 vs. March 31, 2026			June 30, 2026		June 30, 2025			2026 vs. 2025
	(In thousands)
Interest and facility fee expenses	$	19,253	$	17,950		$	1,303		$	55,805	$	42,918		$	12,887
Amortization of debt issuance costs	983		971			12			2,945		3,070			(125)
Base management fee, net of waiver	3,235		3,056			179			9,238		5,999			3,239
Income incentive fee, net of waiver	3,425		3,210			215			9,986		6,954			3,032
Capital gain incentive fee accrued (reversal) under GAAP	—		(1,440)			1,440			(1,357)		241			(1,598)
Administrative service fee	895		789			106			2,416		1,540			876
Professional fees	564		564			—			1,650		1,126			524
General and administrative expenses	128		111			17			324		215			109

Net expenses	$	28,483	$	25,211		$	3,272		$	81,007	$	62,063		$	18,944
Average debt outstanding	$	1,397,735	$	1,334,097		$	63,638		$	1,344,035	$	861,741		$	482,294

Interest Expense

Interest and other debt financing expenses, net of amortization of debt issuance costs, increased by $1.3 million from the three months ended March 31, 2026 to the three months ended June 30, 2026 primarily due to an increase in interest expense from the increase in our average debt outstanding of $63.6 million. Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $12.8 million from the nine months ended June 30, 2025 to the nine months ended June 30, 2026, primarily due to an increase in average debt outstanding of $482.3 million that was partially offset by lower interest base rates on our floating rate borrowings and reduced interest rate spreads resulting from (1) the June 2025 amendment to our DB Credit Facility (as defined in Note 8 of our consolidated financial statements) that reduced the interest rate spread to SOFR plus 1.75% from SOFR plus 2.35%, (2) the June 2025 issuance of our 2025 Debt Securitization (as defined in Note 8 of our consolidated financial statements) that bears interest at three-month SOFR plus a weighted average spread of 1.68% and (3) the November 2025 amendment to our BNP Credit Facility (as defined in Note 8 of our consolidated financial statements) that reduced the interest rate spread to SOFR plus 1.85% from SOFR plus 2.10%. For more information about our outstanding borrowings for the three and nine months ended June 30, 2026 and 2025, including the terms thereof, see Note 8 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For both the three months ended June 30, 2026 and March 31, 2026, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 5.8%. For the nine months ended June 30, 2026 and 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 5.8% and 7.1%, respectively.

The effective annualized average interest rate remained relatively flat from the three months ended March 31, 2026 to the three months ended June 30, 2026. The effective annualized average interest rate decreased from the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025 primarily due to decreased interest base rates and lower interest rate spreads on our DB Facility, BNP Facility and our 2025 Debt Securitization.

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Management Fee

The base management fee, net of waiver, increased as a result of an increase in average gross assets for the three months ended March 31, 2026 to the three months ended June 30, 2026. The base management fee, net of waiver, increased as a result of an increase in average gross assets for the nine months ended June 30, 2025 to the nine months ended June 30, 2026.

Incentive Fees

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

For the nine months ended June 30, 2026, we were fully through the catch-up provision of the Income Incentive Fee calculation and the Income Incentive Fee, as a percentage of Pre-Incentive Fee Net Investment Income was 20.0%. GC Advisors has agreed to irrevocably waive the portion of the Income Incentive Fee that exceeds 10.0% of Pre-Incentive Fee Net Investment Income for periods ending on or prior to the date of the closing of a Liquidity Event. The Income Incentive Fee, net of waiver, increased by $0.2 million from the three months ended March 31, 2026 to the three months ended June 30, 2026 primarily due to an increase in Pre-Incentive Fee Net Investment Income driven by net funds growth. The Income Incentive Fee, net of waiver, increased by $3.0 million from the nine months ended June 30, 2025 to the nine months ended June 30, 2026, primarily due to an increase in Pre-Incentive Fee Net Investment Income driven by net funds growth.

As of June 30, 2026 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of June 30, 2026 there was no capital gain incentive fee accrual under GAAP included in “Accounts payable and other liabilities” on the Consolidated Statements of Financial Condition. As of September 30, 2025, there was $1.4 million of capital gain incentive fee accrued under GAAP included in “Accounts payable and other liabilities” on the Consolidated Statements of Financial Condition. For the three months ended June 30, 2026, there was no accrual for the capital gain incentive fee under GAAP. For both the three months ended March 31, 2026 and the nine months ended June 30, 2026, we recorded a reversal of the capital gain incentive fee under GAAP of $1.4 million. For the nine months ended June 30, 2025, the accrual for the capital gain incentive fee under GAAP was $0.2 million.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of June 30, 2026 and September 30, 2025, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.1 million from the three months ended March 31, 2026 to the three months ended June 30, 2026 primarily due to higher administrative expenses associated with servicing a growing portfolio.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $1.5 million from the nine months ended June 30, 2025 to the nine months ended June 30, 2026 primarily due to higher administrative expenses and professional fees associated with servicing a growing portfolio.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended June 30, 2026 and March 31, 2026 were $0.3 million and $0.7 million, respectively. Total expenses reimbursed to the Administrator during the nine months ended June 30, 2026 and 2025 were $1.6 million and $1.2 million, respectively.

As of June 30, 2026 and September 30, 2025, included in accounts payable and other liabilities were $0.5 million and $0.6 million, respectively, of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025:


	Three months ended				Variances			Nine months ended					Variances
	June 30, 2026		March 31, 2026			June 30, 2026 vs. March 31, 2026			June 30, 2026		June 30, 2025			2026 vs. 2025
	(In thousands)
Net realized gain (loss) from investments	$	1,319	$	—		$	1,319		$	1,319	$	—		$	1,319
Net realized gain (loss) from foreign currency transactions	(139)		258			(397)			355		67			288
Net realized gain (loss) on investment transactions	$	1,180	$	258		$	922		$	1,674	$	67		$	1,607
Unrealized appreciation from investments	$	6,901	$	1,358		$	5,543		$	2,592	$	8,825		$	(6,233)
Unrealized (depreciation) from investments	(6,852)		(37,008)			30,156			(38,348)		(4,765)			(33,583)
Unrealized appreciation (depreciation) from forward currency contracts	62		309			(247)			361		(966)			1,327
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	87		(509)			596			(606)		668			(1,274)
Net change in unrealized appreciation (depreciation) on investment transactions	$	198	$	(35,850)		$	36,048		$	(36,001)	$	3,762		$	(39,763)

During the three months ended June 30, 2026, we had a net realized gain on investment transactions of $1.2 million driven by $1.3 million of realized gains recognized on the disposition of equity investments in multiple portfolio companies that was partially offset by net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended March 31, 2026, we had a net realized gain on investment transactions of $0.3 million driven by the translation of foreign currency amounts and transactions into U.S. dollars.

During the nine months ended June 30, 2026, we had a net realized gain on investment transactions of $1.7 million driven by (i) $1.3 million of realized gains recognized on the disposition of equity investments in multiple portfolio companies and (ii) net realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the nine months ended June 30, 2025, we had a net realized gain on investment transactions of $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended June 30, 2026, we had $6.9 million in unrealized appreciation on 160 portfolio company investments, which was offset by $6.9 million in unrealized depreciation on 124 portfolio company investments.

For the three months ended March 31, 2026, we had $1.4 million in unrealized appreciation on 53 portfolio company investments, which was offset by $37.0 million in unrealized depreciation on 215 portfolio company investments.

For the nine months ended June 30, 2026, we had $2.6 million in unrealized appreciation on 60 portfolio company investments, which was offset by $38.3 million in unrealized depreciation on 224 portfolio company investments.

For the nine months ended June 30, 2025, we had $8.8 million in unrealized appreciation on 89 portfolio company investments, which was offset by $4.8 million in unrealized depreciation on 107 portfolio company investments.

Unrealized appreciation for the three months ended June 30, 2026 was primarily due to the reversal of previously recognized unrealized depreciation related to fair value adjustments related to market wide credit spread widening recognized during the quarter ended March 31, 2026. Unrealized appreciation for three months ended March 31, 2026 primarily resulted from fair valuing recent originations up to or near par and an increase in fair values of certain portfolio company equity investments. Unrealized appreciation for the nine months ended June 30, 2026 and 2025 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value of certain portfolio company investments.

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Unrealized depreciation for the three months ended June 30, 2026 primarily resulted from (1) the reversal of previously recognized unrealized appreciation on the disposition of multiple portfolio company equity investments and (2) isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status as well as (ii) isolated deterioration in the credit performance of a small number of portfolio companies. Unrealized depreciation for the three months ended March 31, 2026 primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories, as defined below under the “Portfolio Composition, Investment Activity and Yield” section and (2) isolated deterioration in the performance of (i) debt investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the nine months ended June 30, 2026, primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories and (2) isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status as well as (ii) isolated deterioration in the credit performance of a small number of portfolio companies. Unrealized depreciation for the nine months ended June 30, 2025 primarily resulted from amortization of discounts on originated loans during the year and a modest decrease in market prices of certain portfolio company investments.

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Liquidity and Capital Resources

For the nine months ended June 30, 2026, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $4.1 million. During the period, cash used in operating activities was $405.5 million, primarily as a result of fundings of portfolio investments of $643.1 million, partially offset by proceeds from principal payments and sales of portfolio investments of $179.8 million. During the same period, cash provided by financing activities was $409.6 million, primarily driven by borrowings on debt of $646.6 million and proceeds from the issuance of common shares of $147.7 million, partially offset by repayments of debt of $336.4 million and distributions paid of $48.2 million.

For the nine months ended June 30, 2025, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $269.0 million. During the period, cash used in operating activities was $503.1 million, primarily as a result of fundings of portfolio investments of $636.2 million, partially offset by proceeds from principal payments and sales of portfolio investments of $81.7 million. During the same period, cash provided by financing activities was $772.1 million, primarily driven by borrowings on debt of $2,163.3 million and proceeds from the issuance of common shares of $332.7 million, partially offset by repayments of debt of $1,667.3 million and distributions paid of $52.0 million.

As of June 30, 2026 and September 30, 2025, we had cash, cash equivalents and foreign currencies totaling $13.2 million and $17.8 million, respectively, and restricted cash, restricted cash equivalents and restricted foreign currencies totaling $57.6 million and $48.5 million, respectively. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitization or credit facilities, as applicable.

As of June 30, 2026 and September 30, 2025, we had investor capital subscriptions totaling $1,523.6 million and $1,523.6 million, respectively, of which $1,183.9 million and $1,036.4 million, respectively, had been called and contributed, leaving $339.7 million and $487.3 million of uncalled investor capital subscriptions, respectively.

Revolving Debt Facilities

PNC Facility - Effective June 30, 2025, all amounts outstanding under the PNC Facility (as defined in Note 8 of our consolidated financial statements) were repaid, following which the agreements governing the PNC Facility were terminated. Prior to termination, the PNC Facility allowed the Company to borrow up to $100.0 million at any one time outstanding, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025 as the Company exercised the option on May 27, 2025 pursuant to the documents governing the PNC Facility to decrease the borrowing capacity under the PNC Facility from $250.0 million to $100.0 million, effective as of June 3, 2025.

DB Credit Facility - On March 28, 2024, we and GBDC 4 Funding II entered into the DB Credit Facility (as defined in Note 8 of our consolidated financial statements) with Deutsche Bank. As of June 30, 2026 and September 30, 2025, the DB Credit Facility, as amended, allowed GBDC 4 Funding II to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2026 and September 30, 2025, we had $195.6 million and $198.1 million, respectively, outstanding under the DB Credit Facility. As of June 30, 2026 and September 30, 2025, subject to leverage and borrowing base restrictions, we had approximately $104.4 million and $101.9 million of remaining commitments, respectively, and $9.2 million and $1.0 million, respectively, of availability on the DB Credit Facility.

BNP Credit Facility - On August 15, 2024, we and GBDC 4 Funding III entered into the BNP Credit Facility (as defined in Note 8 of our consolidated financial statements) with BNP Paribas. As of June 30, 2026 and September 30, 2025, the BNP Credit Facility allowed GBDC 4 Funding III to borrow up to $750.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2026 and September 30, 2025, we had outstanding debt of $502.1 million and $192.2 million, respectively, under the BNP Credit Facility. As of June 30, 2026 and September 30, 2025, subject to leverage and borrowing base restrictions, we had approximately $247.9 million and $557.8 million, respectively, of remaining commitments and $91.0 million and $134.2 million, respectively, of availability on the BNP Credit Facility.

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Adviser Revolver - As of June 30, 2026 and September 30, 2025, we were permitted to borrow up to $100.0 million at any one time outstanding under the Adviser Revolver. As of June 30, 2026 and September 30, 2025, we had $100.0 million of commitments and availability under the Adviser Revolver. As of June 30, 2026 and September 30, 2025, we had no outstanding debt under the Adviser Revolver.

Debt Securitizations

2025 Debt Securitization - On June 20, 2025, we completed the 2025 Debt Securitization (as defined in Note 8 of our consolidated financial statements). The Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes (each as defined in Note 8 of our consolidated financial statements) are included in the June 30, 2026 Consolidated Statements of Financial Condition as our “Debt,” and the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation. As of both June 30, 2026 and September 30, 2025, we had outstanding debt of $799.3 million under the 2025 Debt Securitization.

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On April 1, 2022, our sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined an offer by us to repurchase all our outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, our asset coverage requirement is reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2026, our asset coverage for borrowed amounts was 181.2%.

As of June 30, 2026, we had outstanding commitments to fund investments totaling $419.5 million, including $198.9 million of unfunded commitments on revolvers. As of September 30, 2025, we had outstanding commitments to fund investments totaling $462.7 million, including $176.0 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement as of June 30, 2026 and September 30, 2025, respectively. A summary of maturity requirements for our principal borrowings under the DB Credit Facility, BNP Credit Facility, the 2025 Debt Securitization and the Adviser Revolver as of June 30, 2026 are included in Note 8 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2026. As of June 30, 2026, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments and cash and restricted cash balances that we maintain, availability under our DB Credit Facility, BNP Credit Facility, 2025 Debt Securitization and Adviser Revolver, as well as ongoing principal repayments on debt investment assets and uncalled investor capital subscriptions.

In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 of our consolidated financial statements for outstanding forward currency contracts as of June 30, 2026 and September 30, 2025. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We seek to minimize market risk through monitoring our investments and borrowings.

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

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Portfolio Composition, Investment Activity and Yield

As of June 30, 2026 and September 30, 2025, we had investments in 265 and 218 portfolio companies, respectively, with a total fair value of $2,667.5 million and $2,209.2 million, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025:


	Three months ended								Nine months ended
	June 30, 2026				March 31, 2026					June 30, 2026	June 30, 2025
	(In thousands)		Percentage		(In thousands)		Percentage					(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	$	1,138	0.6	%	$	4,608	2.9	%				$	46,210	7.0	%	$	28,856	4.3	%
One stop	207,612		97.0		150,797		95.5					600,934		91.6		621,959		93.1

Subordinated debt	—		—		—		—					—		—		3,770		0.6
Equity	5,215		2.4		2,416		1.6					8,899		1.4		13,145		2.0
Total new investment commitments	$	213,965	100.0	%	$	157,821	100.0	%				$	656,043	100.0	%	$	667,730	100.0	%

For the nine months ended June 30, 2026 and 2025, we had approximately $179.8 million and $81.7 million, respectively, in proceeds from principal payments and sales of portfolio investments.

The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:


	As of June 30, 2026(1)						As of September 30, 2025(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured:
Performing	$	120,696	$	119,922	$	120,063	$	77,389	$	76,691	$	77,408
Non-accrual(3)	—		—		—		—		—		—
One stop:
Performing	2,518,342		2,490,812		2,480,381		2,069,014		2,037,002		2,063,173
Non-accrual(3)	680		608		347		—		—		—
Second lien:
Performing	3,736		3,713		3,736		12,674		12,600		12,722
Non-accrual(3)	—		—		—		—		—		—
Subordinated debt:
Performing	22,213		22,387		21,841		20,908		20,615		20,741
Non-accrual(3)	—		—		—		—		—		—
Equity
Performing	N/A		36,552		40,554		N/A		29,539		35,130
Non-accrual(3)	N/A		759		567		N/A		—		—
Total	$	2,665,667	$	2,674,753	$	2,667,489	$	2,179,985	$	2,176,447	$	2,209,174

(1)As of June 30, 2026, $469.8 million and $466.4 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loans to be PIK interest. As of June 30, 2026, $0.6 million and $0.3 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2025, $325.9 million and $330.8 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”

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As of June 30, 2026, we had loans in two portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 0.1% and less than 0.1%, respectively. As of September 30, 2025, we had no investments on non-accrual status.

As of June 30, 2026 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 98.5% and 99.7%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate, fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and 2025:


	Three months ended		Nine months ended
	June 30, 2026	March 31, 2026	June 30, 2026	June 30, 2025
Weighted average rate of new investment fundings	8.3%	8.5%	8.4%	9.3%
Weighted average spread over the applicable base rate of new floating rate investment fundings	4.8%	4.8%	4.8%	5.1%
Weighted average fees of new investment fundings	0.7%	0.5%	0.6%	0.8%
Weighted average rate of sales and payoffs of portfolio investments(1)	8.5%	9.2%	8.9%	9.6%

(1) Excludes the disposition of non-accrual assets, if any.

As of June 30, 2026, 96.1% and 96.2% of our debt portfolio at amortized cost and fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2025, 96.6% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans.

As of June 30, 2026 and September 30, 2025, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $89.9 million and $89.5 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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

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As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:



Internal Performance Ratings
Rating						Definition
5						Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4						Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3						Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2						Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1						Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2026 and September 30, 2025:


	As of June 30, 2026				As of September 30, 2025
Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)			Percentage of Total Investments
5	$	32,417	1.2	%	$	144,827		6.5	%
4	2,593,794		97.3		2,053,909			93.0
3	40,332		1.5		10,438			0.5
2	946		0.0	†	0		*	0.0	†
1	—		—		—			—
Total	$	2,667,489	100.0	%	$	2,209,174		100.0	%

* Represents an amount less than $1.

† Represents an amount less than 0.1%.

The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of June 30, 2026 and September 30, 2025:

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	Average Price(1)
Category	June 30, 2026	September 30, 2025
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	98.7%	99.8%
Internal Performance Rating 3 (Performing Below Expectations)	90.2	94.8
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	51.1	—
Total	98.5%	99.7%

(1)Includes only debt investments held as of June 30, 2026 and September 30, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

The following table shows the distribution of our investments in our software industry segment on the 1 to 5 internal performance rating scale at fair value as of June 30, 2026 and September 30, 2025:


	As of June 30, 2026				As of September 30, 2025
Internal Performance Rating	Software Investments at Fair Value (In thousands)		Percentage of Total Software Investments		Software Investments at Fair Value (In thousands)			Percentage of Total Software Investments
5	$	2,022	0.3	%	$	37,987		6.4	%
4	678,554		97.9		546,553			92.6
3	12,104		1.7		5,762			1.0
2	659		0.1		0		*	0.0	†
1	—		—		—			—
Total	$	693,339	100.0	%	$	590,302		100.0	%

* Represents an amount less than $1.

† Represents an amount less than 0.1%.

The table below details the fair value of our debt investments in our software industry segment as a percentage of the outstanding principal value by internal performance rating held as of June 30, 2026 and September 30, 2025:


	Average Price(1)
Category	June 30, 2026	September 30, 2025
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	97.7%	99.9%
Internal Performance Rating 3 (Performing Below Expectations)	94.6	94.9
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	84.0	—
Total	97.7%	99.9%

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Distributions

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

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

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

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

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

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Related Party Transactions

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

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, chief executive officer of GC Advisors and an interested director of Golub Capital BDC 4, and Mr. David Golub, our president, chief executive officer, and chairman, are managers of GC Advisors, and each of Messrs. Lawrence Golub and David Golub own an indirect pecuniary interest in GC Advisors.

•GC Advisors has agreed to irrevocably waive all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for the periods ending prior to April 1, 2024 (the “Waiver Period”). In addition, GC Advisors agreed during the Waiver Period to defer payment of any Capital Gain Incentive Fee until after the Waiver Period, if and to the extent a Capital Gain Incentive Fee becomes payable as of any date after the Waiver Period.

•Golub Capital LLC provides us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”

•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.

•On April 1, 2022, GGP Holdings LP, an affiliate of GC Advisors, acquired 700.000 shares of our common stock as part of our conversion to a Maryland corporation in respect of GGP Holdings LP's capital contribution prior to such date of $10,500. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock and its capital commitments to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a subscription agreement with us to purchase our common stock on the same terms and conditions as other investors for a capital subscription of $100.0 million. As of June 30, 2026, we have issued 6,667,366.664 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $100.0 million and have also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

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

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

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

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Critical Accounting Policies

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

Fair Value Measurements

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

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

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

Our Valuation Designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly-traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination. As part of the valuation process described below, the Valuation Designee discusses the valuation conclusions and determined the fair value of each portfolio investment in good faith.

For periods ending on or before December 31, 2025, with respect to investments that are not publicly-traded or whose market price is not otherwise (a) readily available or (b) provided by a third-party pricing service or other quote: Our quarterly valuation process began with each portfolio company investment being initially valued by the investment professionals of the Valuation Designee responsible for the valuation function, with preliminary valuation conclusions documented and discussed with senior management. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm.

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For periods beginning after December 31, 2025, with respect to investments that are not publicly-traded or whose market price is not otherwise (a) readily available or (b) provided via a third-party pricing service or other quote, our Valuation Designee undertakes a multi-step valuation process each month. This monthly valuation process begins with each portfolio investment being initially valued either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) independent valuation firms that have been engaged to support the valuation of portfolio investments. Preliminary valuation conclusions are then documented and discussed with senior management and, in the case of valuations prepared by independent valuation firms, the Valuation Designee. Each month the valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of our debt and equity investments without readily available market quotations (subject to a de minimis threshold) is either (i) performed by or (ii) reviewed by an independent valuation firm.

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

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

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

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

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Valuation Designee’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Valuation Designee 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. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2026 and 2025. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation in accordance with the multi-step valuation process described above in “ — Fair Value Measurements”. For periods ending on or before December 31, 2025, at least every other quarter, the valuation for each portfolio investment (subject to a de minimis threshold) was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. For periods beginning after December 31, 2025, the valuation process is conducted on a monthly basis and this monthly valuation process begins with each portfolio investment being initially valued, based on the fair value methodology in accordance with ASC Topic 820 described below, either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) investment valuation firms that have been engaged to support the valuation of portfolio investments. Each month the valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of our debt and equity investments without readily available market quotations (subject to a de minimis threshold) was either (i) performed by or (ii) reviewed by an independent valuation firm. All investments as of June 30, 2026 and September 30, 2025 were valued using Level 3 inputs. As of June 30, 2026 and September 30, 2025, all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

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

In addition, for certain debt investments, the Valuation Designee could base its valuation on indicative bid and ask prices provided by an independent third-party pricing service or directly from independent brokers. Bid prices reflect the highest price that we and others could be willing to pay. Ask prices represent the lowest price that we and others could be willing to accept. The Valuation Designee generally uses the midpoint of the independent third-party market “bid” and “ask” quotes to determine the value of our portfolio investments but may use another value if the Valuation Designee determines it better represents the investment’s fair value. 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.

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

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

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

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

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

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

Other Financial Assets and Liabilities

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Revenue Recognition

Our revenue recognition policies are as follows:

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

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

Non-accrual Investments: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $0.3 million as of June 30, 2026. As of September 30, 2025, we had no portfolio company loans on non-accrual status. We review 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. As of June 30, 2026, there was one preferred equity security on non-accrual status with a fair value of $0.6 million. There were no preferred equity securities on non-accrual status as of September 30, 2025.

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

Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For both the three and nine months ended June 30, 2026 and 2025, we did not record any U.S. federal excise tax.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including valuation risk and changes in interest rates.

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

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2026 and September 30, 2025, the weighted average floor on loans subject to floating interest rates was 0.70% and 0.75%, respectively. The DB Credit Facility has a floating interest rate provision based on the applicable base rate plus 1.75%. The BNP Credit Facility has a floating interest rate provision based on the applicable base rate plus 1.85%. The Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. The Class A-1, Class A-2, and Class B 2025 Notes issued in connection with the 2025 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of June 30, 2026 was to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.


Change in interest rates	Increase (decrease) in interest income(1)		Increase (decrease) in interest expense		Net increase (decrease) in investment income
	(In thousands)
Down 200 basis points	$	(52,326)	$	(29,939)	$	(22,387)
Down 150 basis points	(39,371)		(22,454)		(16,917)
Down 100 basis points	(26,261)		(14,969)		(11,292)
Down 50 basis points	(13,138)		(7,485)		(5,653)
Up 50 basis points	13,143		7,485		5,658
Up 100 basis points	26,286		14,969		11,317
Up 150 basis points	39,429		22,454		16,975
Up 200 basis points	52,571		29,939		22,632

(1) Assumes applicable three-month base rate as of June 30, 2026, with the exception of SONIA and Prime that utilize the June 30, 2026 rate.

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Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2026, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the 2025 Debt Securitization, DB Credit Facility, BNP Credit Facility and the Adviser Revolver or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We have and, could in the future, hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities could insulate us against adverse changes in interest rates, they could also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

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Item 4. Controls and Procedures.

As of June 30, 2026 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

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

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Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the nine months ended June 30, 2026 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2025.

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.


	EXHIBIT INDEX
Number	Description








31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	*

_________________

* Filed herewith

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SIGNATURES

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


	Golub Capital BDC 4, Inc.

Date: August 6, 2026	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: August 6, 2026	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Financial Officer)

Date: August 6, 2026	By	/s/ Paul Solini
		Paul Solini
		Chief Accounting Officer
		(Principal Accounting Officer)