false2024Q30001901606September 30http://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuehttp://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuehttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuehttp://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuehttp://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuehttp://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuehttp://fasb.org/us-gaap/2023#InvestmentOwnedAtFairValuexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregdlcu:componentiso4217:GBPiso4217:EUR00019016062023-10-012024-06-3000019016062024-08-0800019016062024-06-3000019016062023-09-3000019016062022-10-012023-09-3000019016062024-04-012024-06-3000019016062023-04-012023-06-3000019016062022-10-012023-06-300001901606us-gaap:CommonStockMember2022-09-300001901606us-gaap:AdditionalPaidInCapitalMember2022-09-300001901606us-gaap:RetainedEarningsMember2022-09-3000019016062022-09-300001901606us-gaap:CommonStockMember2022-10-012023-06-300001901606us-gaap:AdditionalPaidInCapitalMember2022-10-012023-06-300001901606us-gaap:RetainedEarningsMember2022-10-012023-06-300001901606us-gaap:CommonStockMember2023-06-300001901606us-gaap:AdditionalPaidInCapitalMember2023-06-300001901606us-gaap:RetainedEarningsMember2023-06-3000019016062023-06-300001901606us-gaap:CommonStockMember2023-03-310001901606us-gaap:AdditionalPaidInCapitalMember2023-03-310001901606us-gaap:RetainedEarningsMember2023-03-3100019016062023-03-310001901606us-gaap:CommonStockMember2023-04-012023-06-300001901606us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001901606us-gaap:RetainedEarningsMember2023-04-012023-06-300001901606us-gaap:CommonStockMember2023-09-300001901606us-gaap:AdditionalPaidInCapitalMember2023-09-300001901606us-gaap:RetainedEarningsMember2023-09-300001901606us-gaap:CommonStockMember2023-10-012024-06-300001901606us-gaap:AdditionalPaidInCapitalMember2023-10-012024-06-300001901606us-gaap:RetainedEarningsMember2023-10-012024-06-300001901606us-gaap:CommonStockMember2024-06-300001901606us-gaap:AdditionalPaidInCapitalMember2024-06-300001901606us-gaap:RetainedEarningsMember2024-06-300001901606us-gaap:CommonStockMember2024-03-310001901606us-gaap:AdditionalPaidInCapitalMember2024-03-310001901606us-gaap:RetainedEarningsMember2024-03-3100019016062024-03-310001901606us-gaap:CommonStockMember2024-04-012024-06-300001901606us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001901606us-gaap:RetainedEarningsMember2024-04-012024-06-300001901606PPW Aero Buyer, Inc., One stop 12024-06-300001901606PPW Aero Buyer, Inc., One stop 22024-06-300001901606PPW Aero Buyer, Inc., One stop 32024-06-300001901606gdlcu:AerospaceDefenseSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Collision SP Subco, LLC, One stop 12024-06-300001901606Collision SP Subco, LLC, One stop 22024-06-300001901606Collision SP Subco, LLC, One stop 32024-06-300001901606OEConnection LLC, One stop 12024-06-300001901606OEConnection LLC, One stop 22024-06-300001901606OEConnection LLC, One stop 32024-06-300001901606gdlcu:AutoComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606National Express Wash Parent Holdco, LLC, One stop 12024-06-300001901606National Express Wash Parent Holdco, LLC, One stop 22024-06-300001901606National Express Wash Parent Holdco, LLC, One stop 32024-06-300001901606Quick Quack Car Wash Holdings, LLC, One stop 12024-06-300001901606Quick Quack Car Wash Holdings, LLC, One stop 22024-06-300001901606Quick Quack Car Wash Holdings, LLC, One stop 32024-06-300001901606Spotless Brands, LLC, One stop 12024-06-300001901606Spotless Brands, LLC, One stop 22024-06-300001901606Spotless Brands, LLC, One stop 32024-06-300001901606Spotless Brands, LLC, One stop 42024-06-300001901606Yorkshire Parent, Inc., One stop 12024-06-300001901606Yorkshire Parent, Inc., One stop 22024-06-300001901606Yorkshire Parent, Inc., One stop 32024-06-300001901606gdlcu:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606OSP Hamilton Purchaser, LLC, One stop 12024-06-300001901606OSP Hamilton Purchaser, LLC, One stop 22024-06-300001901606OSP Hamilton Purchaser, LLC, One stop 32024-06-300001901606gdlcu:BanksSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Financial Information Technologies, LLC, One stop 12024-06-300001901606Financial Information Technologies, LLC, One stop 22024-06-300001901606Financial Information Technologies, LLC, One stop 32024-06-300001901606Financial Information Technologies, LLC, One stop 42024-06-300001901606Financial Information Technologies, LLC, One stop 52024-06-300001901606gdlcu:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606BlueMatrix Holdings, LLC, One stop 12024-06-300001901606BlueMatrix Holdings, LLC, One stop 22024-06-300001901606BlueMatrix Holdings, LLC, One stop 32024-06-300001901606gdlcu:CapitalMarketsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606BradyIFS Holdings, LLC, One stop 12024-06-300001901606BradyIFS Holdings, LLC, One stop 22024-06-300001901606BradyIFS Holdings, LLC, One stop 32024-06-300001901606Encore Holdings, LLC, One stop 12024-06-300001901606Encore Holdings, LLC, One stop 22024-06-300001901606Encore Holdings, LLC, One stop 32024-06-300001901606FR Vision Holdings, Inc., One stop 12024-06-300001901606FR Vision Holdings, Inc., One stop 22024-06-300001901606FR Vision Holdings, Inc., One stop 32024-06-300001901606Kleinfelder Intermediate, LLC, One stop 12024-06-300001901606Kleinfelder Intermediate, LLC, One stop 22024-06-300001901606Kleinfelder Intermediate, LLC, One stop 32024-06-300001901606PSC Parent, Inc., One stop 12024-06-300001901606PSC Parent, Inc., One stop 22024-06-300001901606PSC Parent, Inc., One stop 32024-06-300001901606PSC Parent, Inc., One stop 42024-06-300001901606gdlcu:CommercialServicesSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Consor Intermediate II, LLC, One stop 12024-06-300001901606Consor Intermediate II, LLC, One stop 22024-06-300001901606Consor Intermediate II, LLC, One stop 32024-06-300001901606gdlcu:ConstructionEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Any Hour, LLC, One stop 12024-06-300001901606Any Hour, LLC, One stop 22024-06-300001901606Any Hour, LLC, One stop 32024-06-300001901606Any Hour, LLC, One stop 42024-06-300001901606Apex Service Partners, LLC, One stop 12024-06-300001901606Apex Service Partners, LLC, One stop 22024-06-300001901606Apex Service Partners, LLC, One stop 32024-06-300001901606CHVAC Services Investment, LLC, One stop 12024-06-300001901606CHVAC Services Investment, LLC, One stop 22024-06-300001901606CHVAC Services Investment, LLC, One stop 32024-06-300001901606DP Flores Holdings, LLC, One stop 12024-06-300001901606DP Flores Holdings, LLC, One stop 22024-06-300001901606DP Flores Holdings, LLC, One stop 32024-06-300001901606DP Flores Holdings, LLC, One stop 42024-06-300001901606Entomo Brands Acquisitions, Inc., Senior secured 12024-06-300001901606Entomo Brands Acquisitions, Inc., Senior secured 22024-06-300001901606Entomo Brands Acquisitions, Inc., Senior secured 32024-06-300001901606HS Spa Holdings, Inc., One stop 12024-06-300001901606HS Spa Holdings, Inc., One stop 22024-06-300001901606HS Spa Holdings, Inc., One stop 32024-06-300001901606Litera Bidco, LLC, One stop 12024-06-300001901606Litera Bidco, LLC, One stop 22024-06-300001901606Litera Bidco, LLC, One stop 32024-06-300001901606Litera Bidco, LLC, One stop 42024-06-300001901606NSG Buyer, Inc., One stop 12024-06-300001901606NSG Buyer, Inc., One stop 22024-06-300001901606NSG Buyer, Inc., One stop 32024-06-300001901606NSG Buyer, Inc., One stop 42024-06-300001901606Virginia Green Acquisition, LLC, One stop 12024-06-300001901606Virginia Green Acquisition, LLC, One stop 22024-06-300001901606Virginia Green Acquisition, LLC, One stop 32024-06-300001901606gdlcu:DiversifiedConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Avalara, Inc., One stop 12024-06-300001901606Avalara, Inc., One stop 22024-06-300001901606Baker Tilly Advisory Group, LP, One stop 12024-06-300001901606Baker Tilly Advisory Group, LP, One stop 22024-06-300001901606Baker Tilly Advisory Group, LP, One stop 32024-06-300001901606Higginbotham Insurance Agency, Inc., One stop 12024-06-300001901606Higginbotham Insurance Agency, Inc., One stop 22024-06-300001901606gdlcu:DiversifiedFinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Power Grid Holdings, Inc., One stop 12024-06-300001901606Power Grid Holdings, Inc., One stop 22024-06-300001901606gdlcu:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606CST Holding Company, One stop 12024-06-300001901606CST Holding Company, One stop 22024-06-300001901606gdlcu:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Blast Bidco Inc., One stop 12024-06-300001901606Blast Bidco Inc., One stop 22024-06-300001901606gdlcu:FoodProductsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Belmont Instrument, LLC, One stop 12024-06-300001901606Belmont Instrument, LLC, One stop 22024-06-300001901606HuFriedy Group Acquisition, LLC, One stop 12024-06-300001901606HuFriedy Group Acquisition, LLC, One stop 22024-06-300001901606HuFriedy Group Acquisition, LLC, One stop 32024-06-300001901606TIDI Legacy Products, Inc., One stop 12024-06-300001901606TIDI Legacy Products, Inc., One stop 22024-06-300001901606TIDI Legacy Products, Inc., One stop 32024-06-300001901606YI, LLC, One stop 12024-06-300001901606YI, LLC, One stop 22024-06-300001901606YI, LLC, One stop 32024-06-300001901606gdlcu:HealthcareEquipmentSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Bamboo US Bidco LLC, One stop 12024-06-300001901606Bamboo US Bidco LLC, One stop 22024-06-300001901606Bamboo US Bidco LLC, One stop 32024-06-300001901606Bamboo US Bidco LLC, One stop 42024-06-300001901606Community Care Partners, LLC, One stop2024-06-300001901606Premise Health Holding Corp., One stop 12024-06-300001901606Premise Health Holding Corp., One stop 22024-06-300001901606gdlcu:HealthcareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Amberfield Acquisition Co., One stop 12024-06-300001901606Amberfield Acquisition Co., One stop 22024-06-300001901606Amberfield Acquisition Co., One stop 32024-06-300001901606Coding Solutions Acquisition, Inc., One stop 12024-06-300001901606Coding Solutions Acquisition, Inc., One stop 22024-06-300001901606Coding Solutions Acquisition, Inc., One stop 32024-06-300001901606Coding Solutions Acquisition, Inc., One stop 42024-06-300001901606Coding Solutions Acquisition, Inc., One stop 52024-06-300001901606Color Intermediate, LLC, One stop2024-06-300001901606Crow River Buyer, Inc., One stop 12024-06-300001901606Crow River Buyer, Inc., One stop 22024-06-300001901606Neptune Holdings, Inc., One stop 12024-06-300001901606Neptune Holdings, Inc., One stop 22024-06-300001901606Plasma Buyer LLC, One stop 12024-06-300001901606Plasma Buyer LLC, One stop 22024-06-300001901606Plasma Buyer LLC, One stop 32024-06-300001901606gdlcu:HealthcareTechnologySectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Barteca Restaurants, LLC, One stop 12024-06-300001901606Barteca Restaurants, LLC, One stop 22024-06-300001901606Barteca Restaurants, LLC, One stop 32024-06-300001901606Barteca Restaurants, LLC, One stop 42024-06-300001901606ESN Venture Holdings, LLC, One stop 12024-06-300001901606ESN Venture Holdings, LLC, One stop 22024-06-300001901606ESN Venture Holdings, LLC, One stop 32024-06-300001901606ESN Venture Holdings, LLC, One stop 42024-06-300001901606ESN Venture Holdings, LLC, One stop 52024-06-300001901606GFP Atlantic Holdco 2, LLC, One stop 12024-06-300001901606GFP Atlantic Holdco 2, LLC, One stop 22024-06-300001901606Health Buyer, LLC, Senior secured 12024-06-300001901606Health Buyer, LLC, Senior secured 22024-06-300001901606Health Buyer, LLC, Senior secured 32024-06-300001901606Health Buyer, LLC, Senior secured 42024-06-300001901606Health Buyer, LLC, Senior secured 52024-06-300001901606SDC Holdco, LLC, One stop 12024-06-300001901606SDC Holdco, LLC, One stop 22024-06-300001901606SDC Holdco, LLC, Second lien2024-06-300001901606Super REGO, LLC, Subordinated debt2024-06-300001901606YE Brands Holding, LLC, One stop 12024-06-300001901606YE Brands Holding, LLC, One stop 22024-06-300001901606YE Brands Holding, LLC, One stop 32024-06-300001901606gdlcu:HotelsRestaurantsLeisureSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Dwyer Instruments, Inc., One stop 12024-06-300001901606Dwyer Instruments, Inc., One stop 22024-06-300001901606Dwyer Instruments, Inc., One stop 32024-06-300001901606Dwyer Instruments, Inc., One stop 42024-06-300001901606Dwyer Instruments, Inc., One stop 52024-06-300001901606Essential Services Holdings Corporation, One stop 12024-06-300001901606Essential Services Holdings Corporation, One stop 22024-06-300001901606Essential Services Holdings Corporation, One stop 32024-06-300001901606Excelitas Technologies Corp., One stop 12024-06-300001901606Excelitas Technologies Corp., One stop 22024-06-300001901606Excelitas Technologies Corp., One stop 32024-06-300001901606Excelitas Technologies Corp., One stop 42024-06-300001901606Excelitas Technologies Corp., One stop 52024-06-300001901606gdlcu:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Captive Resources Midco, LLC, One stop 12024-06-300001901606Captive Resources Midco, LLC, One stop 22024-06-300001901606Disco Parent, Inc., One stop 12024-06-300001901606Disco Parent, Inc., One stop 22024-06-300001901606Doxa Insurance Holdings LLC, One stop 12024-06-300001901606Doxa Insurance Holdings LLC, One stop 22024-06-300001901606Doxa Insurance Holdings LLC, One stop 32024-06-300001901606Doxa Insurance Holdings LLC, One stop 42024-06-300001901606Integrated Specialty Coverages, LLC, One stop 12024-06-300001901606Integrated Specialty Coverages, LLC, One stop 22024-06-300001901606Integrated Specialty Coverages, LLC, One stop 32024-06-300001901606Integrity Marketing Acquisition, LLC, One stop 12024-06-300001901606Integrity Marketing Acquisition, LLC, One stop 22024-06-300001901606Oakbridge Insurance Agency LLC, One stop 12024-06-300001901606Oakbridge Insurance Agency LLC, One stop 22024-06-300001901606Oakbridge Insurance Agency LLC, One stop 32024-06-300001901606Pareto Health Intermediate Holdings, Inc., One stop 12024-06-300001901606Pareto Health Intermediate Holdings, Inc., One stop 22024-06-300001901606Pareto Health Intermediate Holdings, Inc., One stop 32024-06-300001901606us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Critical Start, Inc., One stop 12024-06-300001901606Critical Start, Inc., One stop 22024-06-300001901606Critical Start, Inc., One stop 32024-06-300001901606Goldcup 31018 AB, One stop 12024-06-300001901606Goldcup 31018 AB, One stop 22024-06-300001901606Goldcup 31018 AB, One stop 32024-06-300001901606Netwrix Corporation, One stop 12024-06-300001901606Netwrix Corporation, One stop 22024-06-300001901606Netwrix Corporation, One stop 32024-06-300001901606PDQ Intermediate, Inc., Subordinated debt2024-06-300001901606ReliaQuest Holdings, LLC, One stop 12024-06-300001901606ReliaQuest Holdings, LLC, One stop 22024-06-300001901606ReliaQuest Holdings, LLC, One stop 32024-06-300001901606WPEngine, Inc., One stop 12024-06-300001901606WPEngine, Inc., One stop 22024-06-300001901606Zarya Holdco, Inc., One stop 12024-06-300001901606Zarya Holdco, Inc., One stop 22024-06-300001901606Zarya Holdco, Inc., One stop 32024-06-300001901606gdlcu:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Movement Holdings, LLC, One stop 12024-06-300001901606Movement Holdings, LLC, One stop 22024-06-300001901606Movement Holdings, LLC, One stop 32024-06-300001901606gdlcu:LeisureProductsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Celerion Buyer, Inc., One stop 12024-06-300001901606Celerion Buyer, Inc., One stop 22024-06-300001901606Celerion Buyer, Inc., One stop 32024-06-300001901606Graphpad Software, LLC, One stop 12024-06-300001901606Graphpad Software, LLC, One stop 22024-06-300001901606Graphpad Software, LLC, One stop 32024-06-300001901606gdlcu:LifeSciencesToolsServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Blackbird Purchaser, Inc., One stop 12024-06-300001901606Blackbird Purchaser, Inc., One stop 22024-06-300001901606Blackbird Purchaser, Inc., One stop 32024-06-300001901606gdlcu:MachinerySectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Lotus Topco, Inc., One stop 12024-06-300001901606Lotus Topco, Inc., One stop 22024-06-300001901606Lotus Topco, Inc., One stop 32024-06-300001901606gdlcu:MediaSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Envernus, Inc., One stop 12024-06-300001901606Envernus, Inc., One stop 22024-06-300001901606Envernus, Inc., One stop 32024-06-300001901606gdlcu:OilGasConsumableFuelsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Caerus Midco 3 S.A.R.L., One stop 12024-06-300001901606Caerus Midco 3 S.A.R.L., One stop 22024-06-300001901606Caerus Midco 3 S.A.R.L., One stop 32024-06-300001901606gdlcu:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606ALKU Intermediate Holdings, LLC, One stop 12024-06-300001901606ALKU Intermediate Holdings, LLC, One stop 22024-06-300001901606bswift, LLC, One stop2024-06-300001901606Citrin Cooperman Advisors LLC, One stop 12024-06-300001901606Citrin Cooperman Advisors LLC, One stop 22024-06-300001901606Citrin Cooperman Advisors LLC, One stop 32024-06-300001901606Citrin Cooperman Advisors LLC, One stop 42024-06-300001901606Citrin Cooperman Advisors LLC, One stop 52024-06-300001901606DISA Holdings Corp., Senior secured 12024-06-300001901606DISA Holdings Corp., Subordinated debt2024-06-300001901606DISA Holdings Corp., Senior secured 22024-06-300001901606DISA Holdings Corp., One stop2024-06-300001901606DISA Holdings Corp., Senior secured 32024-06-300001901606DISA Holdings Corp., Senior secured 42024-06-300001901606DISA Holdings Corp., Senior secured 52024-06-300001901606gdlcu:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Anaplan, Inc., One stop 12024-06-300001901606Anaplan, Inc., One stop 22024-06-300001901606Anaplan, Inc., One stop 32024-06-300001901606Armstrong Bidco Limited, One stop 12024-06-300001901606Armstrong Bidco Limited, One stop 22024-06-300001901606Arrow Buyer, Inc., One stop 12024-06-300001901606Arrow Buyer, Inc., One stop 22024-06-300001901606Arrow Buyer, Inc., One stop 32024-06-300001901606Artifact Bidco, Inc., One stop 12024-06-300001901606Artifact Bidco, Inc., One stop 22024-06-300001901606Artifact Bidco, Inc., One stop 32024-06-300001901606Artifact Bidco, Inc., One stop 42024-06-300001901606Avetta, LLC, One stop 12024-06-300001901606Avetta, LLC, One stop 22024-06-300001901606Azurite Intermediate Holdings, Inc., One stop 12024-06-300001901606Azurite Intermediate Holdings, Inc., One stop 22024-06-300001901606Azurite Intermediate Holdings, Inc., One stop 32024-06-300001901606Baxter Planning Systems, LLC, One stop 12024-06-300001901606Baxter Planning Systems, LLC, One stop 22024-06-300001901606Baxter Planning Systems, LLC, One stop 32024-06-300001901606Bloomerang, LLC, One stop 12024-06-300001901606Bloomerang, LLC, One stop 22024-06-300001901606Bloomerang, LLC, One stop 32024-06-300001901606Coupa Holdings, LLC, One stop 12024-06-300001901606Coupa Holdings, LLC, One stop 22024-06-300001901606Coupa Holdings, LLC, One stop 32024-06-300001901606Crewline Buyer, Inc., One stop 12024-06-300001901606Crewline Buyer, Inc., One stop 22024-06-300001901606Evergreen IX Borrower 2023, LLC, One stop 12024-06-300001901606Evergreen IX Borrower 2023, LLC, One stop 22024-06-300001901606GTY Technology Holdings, Inc., One stop 12024-06-300001901606GTY Technology Holdings, Inc., One stop 22024-06-300001901606GTY Technology Holdings, Inc., One stop 32024-06-300001901606GTY Technology Holdings, Inc., One stop 42024-06-300001901606GTY Technology Holdings, Inc., One stop 52024-06-300001901606GTY Technology Holdings, Inc., One stop 62024-06-300001901606Hyland Software, Inc., One stop 12024-06-300001901606Hyland Software, Inc., One stop 22024-06-300001901606Icefall Parent, Inc., One stop 12024-06-300001901606Icefall Parent, Inc., One stop 22024-06-300001901606ICIMS, Inc., One stop 12024-06-300001901606ICIMS, Inc., One stop 22024-06-300001901606ICIMS, Inc., One stop 32024-06-300001901606IQN Holding Corp., One stop 12024-06-300001901606IQN Holding Corp., One stop 22024-06-300001901606Island Bidco AB, One stop 12024-06-300001901606Island Bidco AB, One stop 22024-06-300001901606Island Bidco AB, One stop 32024-06-300001901606Island Bidco AB, One stop 42024-06-300001901606Island Bidco AB, One stop 52024-06-300001901606Kaseya Inc., One stop 12024-06-300001901606Kaseya Inc., One stop 22024-06-300001901606Kaseya Inc., One stop 32024-06-300001901606Kaseya Inc., One stop 42024-06-300001901606Navex TopCo, Inc., One stop 12024-06-300001901606Navex TopCo, Inc., One stop 22024-06-300001901606Panzura, LLC, One stop2024-06-300001901606PING Identity Holding Corp., One stop 12024-06-300001901606PING Identity Holding Corp., One stop 22024-06-300001901606Quant Buyer, Inc., One stop 12024-06-300001901606Quant Buyer, Inc., One stop 22024-06-300001901606Quant Buyer, Inc., One stop 32024-06-300001901606Quant Buyer, Inc., One stop 42024-06-300001901606Rainforest Bidco Limited, One stop 12024-06-300001901606Rainforest Bidco Limited, One stop 22024-06-300001901606Rainforest Bidco Limited, One stop 32024-06-300001901606SailPoint Technologies Holdings, Inc., One stop 12024-06-300001901606SailPoint Technologies Holdings, Inc., One stop 22024-06-300001901606Templafy APS and Templafy, LLC, One stop 12024-06-300001901606Templafy APS and Templafy, LLC, One stop 22024-06-300001901606Templafy APS and Templafy, LLC, One stop 32024-06-300001901606Togetherwork Holdings, LLC, One stop 12024-06-300001901606Togetherwork Holdings, LLC, One stop 22024-06-300001901606Togetherwork Holdings, LLC, One stop 32024-06-300001901606Zendesk, Inc., One stop 12024-06-300001901606Zendesk, Inc., One stop 22024-06-300001901606Zendesk, Inc., One stop 32024-06-300001901606gdlcu:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606Biscuit Parent, LLC, One stop 12024-06-300001901606Biscuit Parent, LLC, One stop 22024-06-300001901606Cavender Stores L.P., Senior secured2024-06-300001901606CVP Holdco, Inc., One stop 12024-06-300001901606CVP Holdco, Inc., One stop 22024-06-300001901606CVP Holdco, Inc., One stop 32024-06-300001901606PetVet Care Centers LLC, One stop 12024-06-300001901606PetVet Care Centers LLC, One stop 22024-06-300001901606PetVet Care Centers LLC, One stop 32024-06-300001901606PPV Intermediate Holdings, LLC, One stop 12024-06-300001901606PPV Intermediate Holdings, LLC, One stop 22024-06-300001901606PPV Intermediate Holdings, LLC, One stop 32024-06-300001901606PPV Intermediate Holdings, LLC, One stop 42024-06-300001901606PPV Intermediate Holdings, LLC, One stop 52024-06-300001901606PPV Intermediate Holdings, LLC, One stop 62024-06-300001901606PPV Intermediate Holdings, LLC, One stop 72024-06-300001901606Radiance Borrower, LLC, One stop 12024-06-300001901606 Radiance Borrower, LLC, One stop 22024-06-300001901606Salon Lofts Group, LLC, Senior secured 12024-06-300001901606Salon Lofts Group, LLC, Senior secured 22024-06-300001901606Salon Lofts Group, LLC, Senior secured 32024-06-300001901606Salon Lofts Group, LLC, Senior secured 42024-06-300001901606Salon Lofts Group, LLC, Second lien 12024-06-300001901606Salon Lofts Group, LLC, Senior secured 52024-06-300001901606Salon Lofts Group, LLC, Senior secured 62024-06-300001901606Salon Lofts Group, LLC, Senior secured 72024-06-300001901606Salon Lofts Group, LLC, Senior secured 82024-06-300001901606Salon Lofts Group, LLC, Senior secured 92024-06-300001901606Salon Lofts Group, LLC, Second lien 22024-06-300001901606Salon Lofts Group, LLC, Senior secured 102024-06-300001901606Salon Lofts Group, LLC, Senior secured 112024-06-300001901606Salon Lofts Group, LLC, Second lien 32024-06-300001901606Salon Lofts Group, LLC, Senior secured 122024-06-300001901606Salon Lofts Group, LLC, Second lien 42024-06-300001901606Salon Lofts Group, LLC, Second lien 52024-06-300001901606Salon Lofts Group, LLC, Senior secured 132024-06-300001901606Salon Lofts Group, LLC, Second lien 62024-06-300001901606gdlcu:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001901606us-gaap:DebtSecuritiesMember2024-06-300001901606PPW Aero Buyer, Inc., LP units2024-06-300001901606National Express Wash Parent Holdco, LLC, LP units2024-06-300001901606Quick Quack Car Wash Holdings, LLC, LP units2024-06-300001901606Quick Quack Car Wash Holdings, LLC, LLC units2024-06-300001901606Yorkshire Parent, Inc., LP units2024-06-300001901606gdlcu:AutomobilesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001901606FR Vision Holdings, Inc., LP units2024-06-300001901606CHVAC Services Investment, LLC, Common stock2024-06-300001901606DP Flores Holdings, LLC, LLC units2024-06-300001901606HS Spa Holdings, Inc., Common stock2024-06-300001901606NSG Buyer, Inc., LP units2024-06-300001901606Virginia Green Acquisition, LLC, LP units2024-06-300001901606gdlcu:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001901606Amberfield Acquisition Co., LLC units2024-06-300001901606Oakbridge Insurance Agency LLC, LP units2024-06-300001901606Critical Start, Inc., Common stock2024-06-300001901606Netwrix Corporation, LLC units2024-06-300001901606gdlcu:ITServicesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001901606Movement Holdings, LLC, LLC units2024-06-300001901606Celerion Buyer, Inc., LP units 12024-06-300001901606Celerion Buyer, Inc., LP units 22024-06-300001901606gdlcu:LifeSciencesToolsServicesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001901606Anaplan, Inc., LP Interest2024-06-300001901606Cynet Security Ltd., Preferred stock2024-06-300001901606GTY Technology Holdings, Inc., LP units2024-06-300001901606Kaseya Inc., Preferred stock2024-06-300001901606Kaseya Inc., LP interest2024-06-300001901606Onit, Inc., Preferred stock2024-06-300001901606Onit, Inc., Warrant2024-06-300001901606Panzura, LLC, LLC units2024-06-300001901606Templafy APS and Templafy, LLC, Warrant2024-06-300001901606Zendesk, Inc., LP units2024-06-300001901606gdlcu:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001901606Salon Lofts Group, LLC, LP units2024-06-300001901606us-gaap:EquitySecuritiesMember2024-06-300001901606Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)2024-06-300001901606gdlcu:AssetConcentrationRiskMembergdlcu:InvestmentsAtFairValueMembergdlcu:NonQualifyingAssetMember2023-10-012024-06-300001901606PPW Aero Buyer, Inc., One stop 12023-09-300001901606PPW Aero Buyer, Inc., One stop 22023-09-300001901606gdlcu:AerospaceDefenseSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606National Express Wash Parent Holdco, LLC, One stop 12023-09-300001901606National Express Wash Parent Holdco, LLC, One stop 22023-09-300001901606National Express Wash Parent Holdco, LLC, One stop 32023-09-300001901606Spotless Brands, LLC, One stop 12023-09-300001901606Spotless Brands, LLC, One stop 22023-09-300001901606Spotless Brands, LLC, One stop 32023-09-300001901606Spotless Brands, LLC, One stop 42023-09-300001901606gdlcu:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Financial Information Technologies, LLC, One stop 12023-09-300001901606Financial Information Technologies, LLC, One stop 22023-09-300001901606Financial Information Technologies, LLC, One stop 32023-09-300001901606gdlcu:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Kleinfelder Intermediate, LLC, One stop 12023-09-300001901606Kleinfelder Intermediate, LLC, One stop 22023-09-300001901606Kleinfelder Intermediate, LLC, One stop 32023-09-300001901606gdlcu:CommercialServicesSuppliesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606COP Exterminators Acquisitions, Inc., Senior secured 12023-09-300001901606COP Exterminators Acquisitions, Inc., Senior secured 22023-09-300001901606COP Exterminators Acquisitions, Inc., Senior secured 32023-09-300001901606DP Flores Holdings, LLC, One stop 12023-09-300001901606DP Flores Holdings, LLC, One stop 22023-09-300001901606DP Flores Holdings, LLC, One stop 32023-09-300001901606HS Spa Holdings, Inc., One stop 12023-09-300001901606HS Spa Holdings, Inc., One stop 22023-09-300001901606NSG Buyer, Inc., One stop 12023-09-300001901606NSG Buyer, Inc., One stop 22023-09-300001901606NSG Buyer, Inc., One stop 32023-09-300001901606gdlcu:DiversifiedConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Avalara, Inc., One stop 12023-09-300001901606Avalara, Inc., One stop 22023-09-300001901606Higginbotham Insurance Agency, Inc., One stop 12023-09-300001901606gdlcu:DiversifiedFinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606CST Holding Company, One stop 12023-09-300001901606CST Holding Company, One stop 22023-09-300001901606gdlcu:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Belmont Instrument, LLC, One stop 12023-09-300001901606Belmont Instrument, LLC, One stop 22023-09-300001901606gdlcu:HealthcareEquipmentSuppliesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Bamboo US Bidco LLC, One stop 12023-09-300001901606Bamboo US Bidco LLC, One stop 22023-09-300001901606Bamboo US Bidco LLC, One stop 32023-09-300001901606Bamboo US Bidco LLC, One stop 42023-09-300001901606Community Care Partners, LLC, One stop 12023-09-300001901606Community Care Partners, LLC, One stop 22023-09-300001901606gdlcu:HealthcareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Coding Solutions Acquisition, Inc., One stop 12023-09-300001901606Coding Solutions Acquisition, Inc., One stop 22023-09-300001901606Coding Solutions Acquisition, Inc., One stop 32023-09-300001901606Coding Solutions Acquisition, Inc., One stop 42023-09-300001901606Coding Solutions Acquisition, Inc., One stop 52023-09-300001901606Color Intermediate, LLC, One stop2023-09-300001901606Crow River Buyer, Inc., One stop 12023-09-300001901606Crow River Buyer, Inc., One stop 22023-09-300001901606Neptune Holdings, Inc., One stop 12023-09-300001901606Neptune Holdings, Inc., One stop 22023-09-300001901606Plasma Buyer LLC, One stop 12023-09-300001901606Plasma Buyer LLC, One stop 22023-09-300001901606Plasma Buyer LLC, One stop 32023-09-300001901606gdlcu:HealthcareTechnologySectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Barteca Restaurants, LLC, One stop 12023-09-300001901606Barteca Restaurants, LLC, One stop 22023-09-300001901606Barteca Restaurants, LLC, One stop 32023-09-300001901606ESN Venture Holdings, LLC, One stop 12023-09-300001901606ESN Venture Holdings, LLC, One stop 22023-09-300001901606ESN Venture Holdings, LLC, One stop 32023-09-300001901606Health Buyer, LLC, Senior secured 12023-09-300001901606Health Buyer, LLC, Senior secured 22023-09-300001901606Health Buyer, LLC, Senior secured 32023-09-300001901606Health Buyer, LLC, Senior secured 42023-09-300001901606YE Brands Holding, LLC, One stop 12023-09-300001901606YE Brands Holding, LLC, One stop 22023-09-300001901606gdlcu:HotelsRestaurantsLeisureSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Groundworks LLC, One stop 12023-09-300001901606Groundworks LLC, One stop 22023-09-300001901606Groundworks LLC, One stop 32023-09-300001901606gdlcu:HouseholdDurablesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Dwyer Instruments, Inc., One stop 12023-09-300001901606Dwyer Instruments, Inc., One stop 22023-09-300001901606Dwyer Instruments, Inc., One stop 32023-09-300001901606Excelitas Technologies Corp., One stop 12023-09-300001901606Excelitas Technologies Corp., One stop 22023-09-300001901606Excelitas Technologies Corp., One stop 32023-09-300001901606Excelitas Technologies Corp., One stop 42023-09-300001901606gdlcu:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Captive Resources Midco, LLC, One stop 12023-09-300001901606Captive Resources Midco, LLC, One stop 22023-09-300001901606Disco Parent, Inc., One stop 12023-09-300001901606Disco Parent, Inc., One stop 22023-09-300001901606Integrity Marketing Acquisition, LLC, One stop 12023-09-300001901606Integrity Marketing Acquisition, LLC, One stop 22023-09-300001901606Integrated Specialty Coverages, LLC, One stop 12023-09-300001901606Integrated Specialty Coverages, LLC, One stop 22023-09-300001901606Integrated Specialty Coverages, LLC, One stop 32023-09-300001901606Pareto Health Intermediate Holdings, Inc., One stop 12023-09-300001901606Pareto Health Intermediate Holdings, Inc., One stop 22023-09-300001901606Pareto Health Intermediate Holdings, Inc., One stop 32023-09-300001901606us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Critical Start, Inc., One stop 12023-09-300001901606Critical Start, Inc., One stop 22023-09-300001901606Critical Start, Inc., One stop 32023-09-300001901606Goldcup 31018 AB, One stop 12023-09-300001901606Goldcup 31018 AB, One stop 22023-09-300001901606Goldcup 31018 AB, One stop 32023-09-300001901606Netwrix Corporation, One stop 12023-09-300001901606Netwrix Corporation, One stop 22023-09-300001901606Netwrix Corporation, One stop 32023-09-300001901606ReliaQuest Holdings, LLC, One stop 12023-09-300001901606ReliaQuest Holdings, LLC, One stop 22023-09-300001901606ReliaQuest Holdings, LLC, One stop 32023-09-300001901606WPEngine, Inc., One stop 12023-09-300001901606WPEngine, Inc., One stop 22023-09-300001901606Zarya Holdco, Inc., One stop 12023-09-300001901606Zarya Holdco, Inc., One stop 22023-09-300001901606gdlcu:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Celerion Buyer, Inc., One stop 12023-09-300001901606Celerion Buyer, Inc., One stop 22023-09-300001901606Celerion Buyer, Inc., One stop 32023-09-300001901606gdlcu:LifeSciencesToolsServicesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Caerus Midco 3 S.A.R.L., One stop 12023-09-300001901606Caerus Midco 3 S.A.R.L., One stop 22023-09-300001901606Caerus Midco 3 S.A.R.L., One stop 32023-09-300001901606gdlcu:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606ALKU Intermediate Holdings, LLC, One stop2023-09-300001901606bswift, LLC, One stop2023-09-300001901606Citrin Cooperman Advisors LLC, One stop 12023-09-300001901606Citrin Cooperman Advisors LLC, One stop 22023-09-300001901606Citrin Cooperman Advisors LLC, One stop 32023-09-300001901606DISA Holdings Corp., Senior secured 12023-09-300001901606DISA Holdings Corp., Subordinated debt2023-09-300001901606DISA Holdings Corp., Senior secured 22023-09-300001901606DISA Holdings Corp., One stop2023-09-300001901606DISA Holdings Corp., Senior secured 32023-09-300001901606gdlcu:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606Anaplan, Inc., One stop 12023-09-300001901606Anaplan, Inc., One stop 22023-09-300001901606Armstrong Bidco Limited, One stop 12023-09-300001901606Armstrong Bidco Limited, One stop 22023-09-300001901606Arrow Buyer, Inc., One stop 12023-09-300001901606Arrow Buyer, Inc., One stop 22023-09-300001901606Coupa Holdings, LLC, One stop 12023-09-300001901606Coupa Holdings, LLC, One stop 22023-09-300001901606Coupa Holdings, LLC, One stop 32023-09-300001901606Evergreen IX Borrower 2023, LLC, One stop 12023-09-300001901606Evergreen IX Borrower 2023, LLC, One stop 22023-09-300001901606GTY Technology Holdings, Inc., One stop 12023-09-300001901606GTY Technology Holdings, Inc., One stop 22023-09-300001901606GTY Technology Holdings, Inc., One stop 32023-09-300001901606GTY Technology Holdings, Inc., One stop 42023-09-300001901606Hyland Software, Inc., One stop 12023-09-300001901606Hyland Software, Inc., One stop 22023-09-300001901606ICIMS, Inc., One stop 12023-09-300001901606ICIMS, Inc., One stop 22023-09-300001901606ICIMS, Inc., One stop 32023-09-300001901606IQN Holding Corp., One stop 12023-09-300001901606IQN Holding Corp., One stop 22023-09-300001901606IQN Holding Corp., One stop 32023-09-300001901606Island Bidco AB, One stop 12023-09-300001901606Island Bidco AB, One stop 22023-09-300001901606Island Bidco AB, One stop 32023-09-300001901606Island Bidco AB, One stop 42023-09-300001901606Kaseya Inc., One stop 12023-09-300001901606Kaseya Inc., One stop 22023-09-300001901606Kaseya Inc., One stop 32023-09-300001901606Panzura, LLC, One stop 12023-09-300001901606PING Identity Holding Corp., One stop 12023-09-300001901606PING Identity Holding Corp., One stop 22023-09-300001901606Quant Buyer, Inc., One stop 12023-09-300001901606Quant Buyer, Inc., One stop 22023-09-300001901606Quant Buyer, Inc., One stop 32023-09-300001901606Quant Buyer, Inc., One stop 42023-09-300001901606Rainforest Bidco Limited, One stop 12023-09-300001901606Rainforest Bidco Limited, One stop 22023-09-300001901606Rainforest Bidco Limited, One stop 32023-09-300001901606SailPoint Technologies Holdings, Inc., One stop 12023-09-300001901606SailPoint Technologies Holdings, Inc., One stop 22023-09-300001901606Templafy APS and Templafy, LLC, One stop 12023-09-300001901606Templafy APS and Templafy, LLC, One stop 22023-09-300001901606Templafy APS and Templafy, LLC, One stop 32023-09-300001901606Zendesk, Inc., One stop 12023-09-300001901606Zendesk, Inc., One stop 22023-09-300001901606Zendesk, Inc., One stop 32023-09-300001901606gdlcu:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606PPV Intermediate Holdings, LLC, One stop 12023-09-300001901606PPV Intermediate Holdings, LLC, One stop 22023-09-300001901606PPV Intermediate Holdings, LLC, One stop 32023-09-300001901606PPV Intermediate Holdings, LLC, One stop 42023-09-300001901606PPV Intermediate Holdings, LLC, One stop 52023-09-300001901606PPV Intermediate Holdings, LLC, One stop 62023-09-300001901606PPV Intermediate Holdings, LLC, One stop 72023-09-300001901606Salon Lofts Group, LLC, Senior secured 12023-09-300001901606Salon Lofts Group, LLC, Senior secured 22023-09-300001901606Salon Lofts Group, LLC, Senior secured 32023-09-300001901606Salon Lofts Group, LLC, Second lien 12023-09-300001901606Salon Lofts Group, LLC, Senior secured 42023-09-300001901606Salon Lofts Group, LLC, Senior secured 52023-09-300001901606Salon Lofts Group, LLC, Senior secured 62023-09-300001901606Salon Lofts Group, LLC, Senior secured 72023-09-300001901606Salon Lofts Group, LLC, Senior secured 82023-09-300001901606Salon Lofts Group, LLC, Senior secured 92023-09-300001901606Salon Lofts Group, LLC, Senior secured 102023-09-300001901606gdlcu:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001901606us-gaap:DebtSecuritiesMember2023-09-300001901606PPW Aero Buyer, Inc., LP units2023-09-300001901606National Express Wash Parent Holdco, LLC, LP units2023-09-300001901606DP Flores Holdings, LLC, LLC units2023-09-300001901606HS Spa Holdings, Inc., Common stock2023-09-300001901606NSG Buyer, Inc., LP units2023-09-300001901606gdlcu:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300001901606Critical Start, Inc., Common stock2023-09-300001901606Netwrix Corporation, LLC units2023-09-300001901606gdlcu:ITServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300001901606Celerion Buyer, Inc., LP units 12023-09-300001901606Celerion Buyer, Inc., LP units 22023-09-300001901606gdlcu:LifeSciencesToolsServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300001901606Anaplan, Inc., LP interest2023-09-300001901606Cynet Security Ltd., Preferred stock2023-09-300001901606GTY Technology Holdings, Inc., LP units2023-09-300001901606Kaseya Inc., Preferred stock2023-09-300001901606Kaseya Inc., LP interest2023-09-300001901606Onit, Inc., Preferred stock2023-09-300001901606Onit, Inc., Warrant2023-09-300001901606Panzura, LLC, LLC units2023-09-300001901606Templafy APS and Templafy, LLC, Warrant2023-09-300001901606Zendesk, Inc., LP units2023-09-300001901606gdlcu:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2023-09-300001901606Salon Lofts Group, LLC, LP units2023-09-300001901606us-gaap:EquitySecuritiesMember2023-09-300001901606Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 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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, 2024

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01505

Golub Capital Direct Lending Unlevered Corporation

(Exact name of registrant as specified in its charter)

Maryland						88-1632039
(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			o			Accelerated filer			o
Non-accelerated filer			þ			Smaller reporting company			o
Emerging growth company			þ

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

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

As of August 8, 2024, the Registrant had 20,412,978.874 shares of common stock, $0.001 par value, outstanding.

1

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TABLE OF CONTENTS

Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Statements of Financial Condition as of June 30, 2024 (unaudited) and September 30, 2023			3
			Consolidated Statements of Operations for the three and nine months ended June 30, 2024 (unaudited) and 2023 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2024 (unaudited) and 2023 (unaudited)			5
			Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 (unaudited) and 2023 (unaudited)			6
			Consolidated Schedules of Investments as of June 30, 2024 (unaudited) and September 30, 2023			8
			Notes to Consolidated Financial Statements (unaudited)			27
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			53
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			72
Item 4.			Controls and Procedures			73
Part II. Other Information
Item 1.			Legal Proceedings			73
Item 1A.			Risk Factors			73
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			73
Item 3.			Defaults Upon Senior Securities			73
Item 4.			Mine Safety Disclosures			73
Item 5.			Other Information			73
Item 6.			Exhibits			74

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

			June 30, 2024						September 30, 2023
			(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $263,013 and $109,133, respectively)			$	266,576					$	109,905
Cash and cash equivalents			28,242						30,059
Foreign currencies (cost of $210 and $352, respectively)			194						337
Cash collateral for forward currency contracts			350						350
Interest receivable			2,703						918
Deferred offering costs			88						176
Other assets			281						151
Total Assets			$	298,434					$	141,896
Liabilities
Unrealized depreciation on forward currency contracts			$	47					$	194
Distributions payable			5,007						1,956
Payable for investments purchased			—						319
Capital calls received in advance			2,251						—
Management and incentive fees payable			1,342						417
Accrued trustee fees			43						26
Accounts payable and other liabilities			575						425
Total Liabilities			9,265						3,337
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, 2024 and September 30, 2023			—						—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 19,277,956.341 and 9,237,273.609 shares issued and outstanding as of June 30, 2024 and September 30, 2023, respectively			19						9
Paid in capital in excess of par			289,023						138,423
Distributable earnings			127						127
Total Net Assets			289,169						138,559
Total Liabilities and Total Net Assets			$	298,434					$	141,896
Number of common shares outstanding			19,277,956.341						9,237,273.609
Net asset value per common share			$	15.00					$	15.00

See Notes to Consolidated Financial Statements

3

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation 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,
			2024						2023						2024						2023
Investment income
Interest income			$	6,542					$	2,378					$	16,456					$	6,067
Payment-in-kind interest income			362						210						1,090						439
Dividend income			19						13						52						35
Fee income			22						5						56						14
Total investment income			6,945						2,606						17,654						6,555
Expenses
Base management fee			578						219						1,427						582
Incentive fee			742						258						1,882						624
Professional fees			190						178						595						539
Administrative service fee			75						29						173						69
General and administrative expenses			22						20						105						64
Total expenses			1,607						704						4,182						1,878
Base management fee waived (Note 4)			(193)						(146)						(759)						(509)
Incentive fee waived (Note 4)			—						—						—						(319)
Operating expenses reimbursement waived (Note 4)			—						—						—						(195)
Net expenses			1,414						558						3,423						855
Net investment income - before tax			5,531						2,048						14,231						5,700
Excise tax			—						—						28						40
Net investment income - after tax			5,531						2,048						14,203						5,660
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments			—						—						(3)						—
Forward currency contracts			—						—						(211)						—
Foreign currency transactions			1						(1)						8						7
Net realized gain (loss) on investment transactions			1						(1)						(206)						7
Net change in unrealized appreciation (depreciation) from:
Investments			1,132						260						2,713						551
Forward currency contracts			17						(40)						147						(290)
Translation of assets and liabilities in foreign currencies			(11)						56						76						314
Net change in unrealized appreciation (depreciation) on investment transactions			1,138						276						2,936						575
Net gain (loss) on investment transactions			1,139						275						2,730						582
Net increase (decrease) in net assets resulting from operations			$	6,670					$	2,323					$	16,933					$	6,242
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 11)			$	0.40					$	0.37					$	1.23					$	1.10
Basic and diluted weighted average common shares outstanding (Note 11)			16,619,869						6,301,927						13,766,511						5,699,765

See Notes to Consolidated Financial Statements

4

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation 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, 2022			4,571,826.354						$	4					$	68,573					$	—					$	68,577
Issuance of common stock			2,391,436.667						3						35,869						—						35,872
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						5,660						5,660
Net realized gain (loss) on investment transactions			—						—						—						7						7
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						575						575
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			24,517.522						—						368						—						368
Distributions from distributable earnings (losses)			—						—						—						(6,242)						(6,242)
Total increase (decrease) for the nine months ended June 30, 2023			2,415,954.189						3						36,237						—						36,240
Balance at June 30, 2023			6,987,780.543						$	7					$	104,810					$	—					$	104,817
Balance at March 31, 2023			6,258,653.053						$	6					$	93,874					$	—					$	93,880
Issuance of common stock			717,431.000						1						10,761						—						10,762
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						2,048						2,048
Net realized gain (loss) on investment transactions			—						—						—						(1)						(1)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						276						276
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			11,696.490						—						175						—						175
Distributions from distributable earnings (losses)			—						—						—						(2,323)						(2,323)
Total increase (decrease) for the three months ended June 30, 2023			729,127.490						1						10,936						—						10,937
Balance at June 30, 2023			6,987,780.543						$	7					$	104,810					$	—					$	104,817
Balance at September 30, 2023			9,237,273.609						$	9					$	138,423					$	127					$	138,559
Issuance of common stock			10,040,682.732						10						150,600						—						150,610
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						14,203						14,203
Net realized gain (loss) on investment transactions			—						—						—						(206)						(206)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						2,936						2,936
Distributions to stockholders:
Distributions from distributable earnings (losses)			—						—						—						(11,926)						(11,926)
Distributions declared and payable			—						—						—						(5,007)						(5,007)
Total increase (decrease) for the nine months ended June 30, 2024			10,040,682.732						10						150,600						—						150,610
Balance at June 30, 2024			19,277,956.341						$	19					$	289,023					$	127					$	289,169
Balance at March 31, 2024			14,611,752.608						$	14					$	219,035					$	127					$	219,176
Issuance of common stock			4,666,203.733						5						69,988						—						69,993
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						5,531						5,531
Net realized gain (loss) on investment transactions			—						—						—						1						1
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						1,138						1,138
Distributions to stockholders:
Distributions from distributable earnings			—						—						—						(1,663)						(1,663)
Distributions declared and payable			—						—						—						(5,007)						(5,007)
Total increase (decrease) for the three months ended June 30, 2024			4,666,203.733						5						69,988						—						69,993
Balance at June 30, 2024			19,277,956.341						$	19					$	289,023					$	127					$	289,169

See Notes to Consolidated Financial Statements

5

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

						Nine months ended June 30,
						2024						2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations						$	16,933					$	6,242
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred offering costs						88						77
Accretion of discounts and amortization of premiums						(432)						(192)
Net realized (gain) loss on investments						3						—
Net realized (gain) loss on forward currency contracts						211						—
Net realized (gain) loss on foreign currency transactions						(8)						(7)
Net change in unrealized (appreciation) depreciation on investments						(2,713)						(551)
Net change in unrealized (appreciation) depreciation on forward currency contracts						(147)						290
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies						(76)						(314)
Proceeds from (fundings of) revolving loans, net						(108)						(157)
Fundings of investments						(154,259)						(38,326)
Proceeds from principal payments and sales of portfolio investments						2,080						1,672
Funding of settlements of forward currency contracts						(211)						—
Payment-in-kind interest capitalized						(1,108)						(411)
Non-cash dividends capitalized						(52)						(34)
Changes in operating assets and liabilities:
Cash collateral for forward currency contracts						—						(350)
Interest receivable						(1,785)						(719)
Other assets						(130)						(131)
Payable for investments purchased						(319)						—
Management and incentive fees payable						925						331
Accrued trustee fees						17						81
Accounts payable and other liabilities						150						160
Net cash provided by (used in) operating activities						(140,941)						(32,339)
Cash flows from financing activities
Deferred offering costs						—						(106)
Capital calls received in advance						2,251						—
Proceeds from issuance of common shares						150,610						33,811
Distributions paid						(13,882)						(4,519)
Net cash provided by (used in) financing activities						138,979						29,186
Net change in cash and cash equivalents and foreign currencies						(1,962)						(3,153)
Effect of foreign currency exchange rates						2						6
Cash and cash equivalents and foreign currencies, beginning of period						30,396						14,629
Cash and cash equivalents and foreign currencies, end of period						$	28,436					$	11,482
Supplemental disclosure of cash flow information:
Distributions declared for the period						$	16,933					$	6,242
Supplemental disclosure of non-cash financing activity:
Change in capital call receivable						$	—					$	2,061
Stock issued in connection with dividend reinvestment plan						—						368
Change in distributions payable						3,051						1,355

See Notes to Consolidated Financial Statements

6

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Statements of Cash Flows

The following table provides a reconciliation of cash and cash equivalents and 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, 2024						September 30, 2023
Cash and cash equivalents						$	28,242					$	30,059
Foreign currencies (cost of $210 and $352, respectively)						194						337
Total cash and cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows						$	28,436					$	30,396

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

See Notes to Consolidated Financial Statements

7

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.			One stop						SF +			6.50%			(g)(h)						11.84%															02/2029						$	5,353					$	5,229					1.9			%			$	5,407
			PPW Aero Buyer, Inc.			One stop						SF +			6.50%			(g)						11.84%															02/2029						8						7						—						8
			PPW Aero Buyer, Inc.			One stop						SF +			5.50%			(h)						10.83%															02/2029						40						38						—						35
																																													5,401						5,274						1.9						5,450
			Auto Components
			Collision SP Subco, LLC			One stop						SF +			5.50%			(h)						10.83%															01/2030						1,709						1,677						0.6						1,709
			Collision SP Subco, LLC			One stop						SF +			5.50%			(i)						10.76%															01/2030						79						69						0.1						79
			Collision SP Subco, LLC			One stop						SF +			5.50%			(h)						10.83%															01/2030						42						37						—						42
			OEConnection, LLC(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(5)						—						(5)
			OEConnection, LLC			One stop						SF +			5.25%			(g)						10.59%															04/2031						4,446						4,403						1.5						4,402
			OEConnection, LLC(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(4)						—						(4)
																																													6,276						6,177						2.2						6,223
			Automobiles
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.50%			(i)						10.76%															07/2029						3,813						3,785						1.3						3,737
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.50%			(i)						10.79%															07/2029						88						87						—						85
			National Express Wash Parent Holdco, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2029						—						(14)						—						—
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(g)						10.09%															06/2031						4,750						4,709						1.6						4,714
			Quick Quack Car Wash Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(5)						—						(5)
			Quick Quack Car Wash Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(16)						—						(17)
			Spotless Brands, LLC			One stop						SF +			6.50%			(h)						11.97%															07/2028						756						744						0.3						756
			Spotless Brands, LLC			One stop						SF +			6.50%			(h)						11.98%															07/2028						82						81						—						82
			Spotless Brands, LLC			One stop						SF +			6.50%			(h)						11.97%															07/2028						61						60						—						61
			Spotless Brands, LLC			One stop						SF +			6.50%			(g)						11.93%															07/2028						7						7						—						7
			Yorkshire Parent, Inc.			One stop						SF +			6.00%			(h)						11.33%															12/2029						3,283						3,253						1.2						3,283
			Yorkshire Parent, Inc.(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(7)						—						—
			Yorkshire Parent, Inc.(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(15)						—						—
																																													12,840						12,669						4.4						12,703
			Banks
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.50%			(h)						10.93%															12/2029						718						709						0.3						718
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(g)						10.44%															12/2029						117						109						—						117
			OSP Hamilton Purchaser, LLC(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(1)						—						—
																																													835						817						0.3						835
			Beverages
			Financial Information Technologies, LLC(17)			One stop						N/A												14.00%			PIK												06/2031						2,069						2,021						0.7						2,069
			Financial Information Technologies, LLC			One stop						SF +			5.50%			(h)						10.83%															06/2030						1,498						1,475						0.6						1,498
			Financial Information Technologies, LLC			One stop						SF +			5.50%			(h)						10.83%															06/2030						628						621						0.2						628
			Financial Information Technologies, LLC(5)			One stop						SF +			5.50%									N/A(6)															06/2030						—						(2)						—						—
			Financial Information Technologies, LLC(5)			One stop						SF +			5.50%									N/A(6)															06/2030						—						(1)						—						—
																																													4,195						4,114						1.5						4,195
			Capital Markets
			BlueMatrix Holdings, LLC			One stop						SF +			5.25%			(h)						10.58%															01/2031						2,605						2,584						0.9						2,605
			BlueMatrix Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															01/2031						—						(4)						—						—
			BlueMatrix Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															01/2031						—						(7)						—						—
																																													2,605						2,573						0.9						2,605
			Commercial Services & Supplies
			BradyIFS Holdings, LLC			One stop						SF +			6.00%			(h)						11.33%															10/2029						3,835						3,767						1.3						3,835
			BradyIFS Holdings, LLC			One stop						SF +			6.00%			(h)						11.33%															10/2029						262						259						0.1						262
			BradyIFS Holdings, LLC(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(6)						—						—
			Encore Holdings, LLC			One stop						SF +			5.25%			(h)						10.67%															11/2028						2,960						2,911						1.0						2,975

See Notes to Consolidated Financial Statements

8

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Encore Holdings, LLC			One stop						SF +			5.25%			(h)						10.68%															11/2028						$	589					$	579					0.2			%			$	592
			Encore Holdings, LLC			One stop						SF +			5.00%			(g)(h)						10.34%															11/2028						722						707						0.3						722
			FR Vision Holdings, Inc.			One stop						SF +			5.50%			(h)						10.83%															01/2031						3,281						3,250						1.1						3,281
			FR Vision Holdings, Inc.			One stop						SF +			5.50%			(h)						10.83%															01/2031						276						266						0.1						276
			FR Vision Holdings, Inc.(5)			One stop						SF +			5.50%									N/A(6)															01/2030						—						(2)						—						—
			Kleinfelder Intermediate, LLC			One stop						SF +			6.25%			(g)						11.59%															09/2030						466						458						0.2						471
			Kleinfelder Intermediate, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2028						—						(1)						—						—
			Kleinfelder Intermediate, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2030						—						(1)						—						—
			PSC Parent, Inc.			One stop						SF +			5.25%			(g)						10.58%															04/2030						40						37						—						36
			PSC Parent, Inc.			One stop						SF +			5.25%			(g)						10.58%															04/2031						1,664						1,648						0.6						1,648
			PSC Parent, Inc.(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(2)						—						(2)
			PSC Parent, Inc.(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(1)						—						(1)
																																													14,095						13,869						4.9						14,095
			Construction & Engineering
			Consor Intermediate II, LLC			One stop						SF +			4.75%			(h)						10.08%															05/2031						2,470						2,457						0.8						2,457
			Consor Intermediate II, LLC(5)			One stop						SF +			4.75%									N/A(6)															05/2031						—						(3)						—						(3)
			Consor Intermediate II, LLC(5)			One stop						SF +			4.75%									N/A(6)															05/2031						—						(11)						—						(11)
																																													2,470						2,443						0.8						2,443
			Diversified Consumer Services
			Any Hour, LLC			One stop						SF +			5.00%			(h)						10.33%															05/2030						2,020						1,990						0.7						1,989
			Any Hour, LLC			One stop						SF +			5.00%			(h)						10.33%															05/2030						40						35						—						35
			Any Hour, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(4)						—						(4)
			Any Hour, LLC			One stop						N/A												13.00%															05/2031						610						598						0.2						598
			Apex Service Partners, LLC(17)			One stop						SF +			7.00%			(h)						10.33%			cash/			2.00%			PIK						10/2030						4,564						4,502						1.6						4,564
			Apex Service Partners, LLC(17)			One stop						SF +			7.00%			(h)						12.33%															10/2030						973						960						0.3						973
			Apex Service Partners, LLC			One stop						SF +			6.50%			(h)(i)						11.83%															10/2029						161						157						0.1						161
			CHVAC Services Investment, LLC			One stop						SF +			5.00%			(h)						10.33%															05/2030						1,968						1,952						0.7						1,951
			CHVAC Services Investment, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(3)						—						(3)
			CHVAC Services Investment, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(29)						—						(30)
			DP Flores Holdings, LLC			One stop						SF +			6.25%			(h)						11.58%															09/2028						1,829						1,806						0.6						1,829
			DP Flores Holdings, LLC			One stop						SF +			6.25%			(h)						11.58%															09/2028						284						281						0.1						284
			DP Flores Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2028						—						(1)						—						—
			DP Flores Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2028						—						(4)						—						—
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(h)						10.98%															07/2029						199						196						0.1						199
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%									N/A(6)															07/2029						—						—						—						—
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(h)						10.98%															07/2029						48						46						—						48
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(h)						10.60%															06/2029						473						466						0.2						473
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(a)(g)						11.29%															06/2028						16						15						—						16
			HS Spa Holdings, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(1)						—						—
			Litera Bidco, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2028						—						(1)						—						(1)
			Litera Bidco, LLC			One stop						SF +			4.75%			(g)						10.09%															05/2028						1,887						1,878						0.6						1,878
			Litera Bidco, LLC			One stop						SF +			4.75%			(g)						10.09%															05/2028						172						170						0.1						168
			Litera Bidco, LLC			One stop						SF +			5.00%									N/A(6)															05/2028						—						—						—						—
			NSG Buyer, Inc.			One stop						SF +			6.50%			(g)						11.94%															11/2029						4,882						4,806						1.7						4,931
			NSG Buyer, Inc. (5)			One stop						SF +			6.25%									N/A(6)															11/2028						—						(1)						—						—
			NSG Buyer, Inc. (5)			One stop						SF +			5.75%									N/A(6)															11/2029						—						(2)						—						—
			NSG Buyer, Inc.			One stop						SF +			5.75%			(g)						11.09%															11/2029						144						140						—						144
			Virginia Green Acquisition, LLC			One stop						SF +			5.25%			(i)						10.51%															12/2030						3,643						3,609						1.3						3,643
			Virginia Green Acquisition, LLC(5)			One stop						SF +			5.25%									N/A(6)															12/2029						—						(5)						—						—
			Virginia Green Acquisition, LLC			One stop						SF +			5.25%			(i)						10.51%															12/2030						150						137						—						150
																																													24,063						23,693						8.3						23,996

See Notes to Consolidated Financial Statements

9

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Financial Services
			Avalara, Inc.			One stop						SF +			7.25%			(h)						12.58%															10/2028						$	770					$	756					0.2			%			$	770
			Avalara, Inc.(5)			One stop						SF +			7.25%									N/A(6)															10/2028						—						(1)						—						—
			Baker Tilly Advisory Group, LP(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(3)						—						(4)
			Baker Tilly Advisory Group, LP			One stop						SF +			5.00%			(g)						10.34%															06/2031						1,074						1,058						0.4						1,058
			Baker Tilly Advisory Group, LP(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(2)						—						(3)
			Higginbotham Insurance Agency, Inc.			One stop						SF +			5.50%			(g)						10.94%															11/2028						1,661						1,651						0.6						1,661
			Higginbotham Insurance Agency, Inc.			One stop						SF +			4.75%			(g)						10.09%															11/2028						55						52						—						55
																																													3,560						3,511						1.2						3,537
			Electrical Equipment
			Power Grid Holdings, Inc.			One stop						SF +			4.75%			(g)						10.09%															12/2030						130						127						—						130
			Power Grid Holdings, Inc.(5)			One stop						SF +			4.75%									N/A(6)															12/2030						—						(1)						—						—
																																													130						126						—						130
			Electronic Equipment, Instruments & Components
			CST Holding Company			One stop						SF +			5.00%			(g)						10.44%															11/2028						1,570						1,505						0.5						1,570
			CST Holding Company			One stop						SF +			5.00%			(g)						10.44%															11/2028						5						3						—						5
																																													1,575						1,508						0.5						1,575
			Food Products
			Blast Bidco Inc.			One stop						SF +			6.00%			(h)						11.33%															10/2030						3,900						3,848						1.3						3,900
			Blast Bidco Inc.(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(6)						—						—
																																													3,900						3,842						1.3						3,900
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC			One stop						SF +			6.25%			(h)						11.58%															08/2028						1,286						1,277						0.5						1,286
			Belmont Instrument, LLC			One stop						SF +			6.25%			(h)						11.58%															08/2028						20						20						—						20
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(h)						10.85%															06/2031						2,698						2,671						0.9						2,671
			HuFriedy Group Acquisition, LLC(5)			One stop						SF +			5.50%									N/A(6)															05/2030						—						(3)						—						(3)
			HuFriedy Group Acquisition, LLC(5)			One stop						SF +			5.50%									N/A(6)															06/2031						—						(6)						—						(6)
			TIDI Legacy Products, Inc.			One stop						SF +			5.50%			(g)						10.84%															12/2029						402						400						0.1						402
			TIDI Legacy Products, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(1)						—						—
			TIDI Legacy Products, Inc.			One stop						SF +			5.50%									N/A(6)															12/2029						—						—						—						—
			YI, LLC			One stop						SF +			5.75%			(g)						11.08%															12/2029						1,567						1,539						0.6						1,567
			YI, LLC(5)			One stop						SF +			5.75%									N/A(6)															12/2029						—						(5)						—						—
			YI, LLC(5)			One stop						SF +			5.75%									N/A(6)															12/2029						—						(3)						—						—
																																													5,973						5,889						2.1						5,937
			Healthcare Providers & Services
			Bamboo US Bidco LLC(17)			One stop						SF +			6.75%			(h)						8.70%			cash/			3.38%			PIK						09/2030						491						478						0.2						491
			Bamboo US Bidco LLC(7)(8)(17)			One stop						E +			6.75%			(c)						7.24%			cash/			3.38%			PIK						09/2030						327						314						0.1						327
			Bamboo US Bidco LLC(5)			One stop						SF +			6.00%									N/A(6)															09/2029						—						(3)						—						—
			Bamboo US Bidco LLC(17)			One stop						SF +			6.75%			(h)						8.70%			cash/			3.38%			PIK						09/2030						14						13						—						14
			Community Care Partners, LLC			One stop						SF +			6.00%			(g)						11.46%															06/2026						143						142						0.1						138
			Premise Health Holding Corp.			One stop						SF +			5.50%			(i)						10.76%															03/2031						5,007						4,936						1.7						5,007
			Premise Health Holding Corp.(5)			One stop						SF +			5.50%									N/A(6)															03/2030						—						(8)						—						—
																																													5,982						5,872						2.1						5,977
			Healthcare Technology
			Amberfield Acquisition Co.(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(1)						—						(1)
			Amberfield Acquisition Co.			One stop						SF +			5.00%			(h)						10.33%															05/2030						1,384						1,371						0.5						1,370
			Amberfield Acquisition Co.(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(9)						—						(9)
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.50%			(g)						10.84%															05/2028						253						251						0.1						253
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.50%			(g)						10.84%															05/2028						77						76						—						77
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.75%			(g)						11.09%															05/2028						119						117						—						119
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.50%			(g)						10.84%															05/2028						13						13						—						13
			Coding Solutions Acquisition, Inc.(5)			One stop						SF +			5.75%									N/A(6)															05/2028						—						(1)						—						—
			Color Intermediate, LLC			One stop						SF +			5.50%			(h)						10.93%															10/2029						726						715						0.3						726
			Crow River Buyer, Inc.			One stop						SF +			7.75%			(h)						13.08%															01/2029						258						254						0.1						258

See Notes to Consolidated Financial Statements

10

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Crow River Buyer, Inc.(5)			One stop						SF +			7.75%									N/A(6)															01/2029						$	—					$	(1)					—			%			$	—
			Neptune Holdings, Inc.			One stop						SF +			5.75%			(i)						11.04%															09/2030						1,441						1,422						0.5						1,441
			Neptune Holdings, Inc.(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(1)						—						—
			Plasma Buyer LLC			One stop						SF +			5.75%			(h)						11.08%															05/2029						260						256						0.1						247
			Plasma Buyer LLC			One stop						SF +			5.75%			(h)						11.09%															05/2028						16						16						—						15
			Plasma Buyer LLC			One stop						SF +			6.25%			(h)						11.59%															05/2029						4						4						—						3
																																													4,551						4,482						1.6						4,512
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(h)						11.50%															08/2028						564						560						0.2						558
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(h)						11.48%															08/2028						28						28						—						28
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(h)						11.48%															08/2028						13						12						—						12
			Barteca Restaurants, LLC(5)			One stop						SF +			6.00%									N/A(6)															08/2028						—						(9)						—						(9)
			ESN Venture Holdings, LLC			One stop						SF +			6.25%			(h)						11.58%															10/2028						1,421						1,406						0.5						1,410
			ESN Venture Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															10/2028						—						(6)						—						(3)
			ESN Venture Holdings, LLC			One stop						SF +			6.25%			(h)						11.58%															10/2028						20						19						—						19
			ESN Venture Holdings, LLC			One stop						SF +			6.25%			(h)						11.58%															10/2028						215						213						0.1						213
			ESN Venture Holdings, LLC			One stop						SF +			6.25%			(h)						11.58%															10/2028						99						98						—						98
			GFP Atlantic Holdco 2, LLC			One stop						SF +			6.00%			(h)						11.33%															11/2027						666						655						0.2						666
			GFP Atlantic Holdco 2, LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2027						—						(13)						—						—
			Health Buyer, LLC			Senior secured						SF +			5.25%			(h)						10.73%															04/2029						126						124						0.1						125
			Health Buyer, LLC			Senior secured						SF +			5.50%			(h)						10.83%															04/2029						64						63						—						64
			Health Buyer, LLC			Senior secured						SF +			5.25%									N/A(6)															04/2028						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(h)						10.83%															04/2029						26						25						—						26
			Health Buyer, LLC			Senior secured						SF +			5.50%									N/A(6)															04/2029						—						—						—						—
			SDC Holdco, LLC			One stop						SF +			5.00%			(h)						10.33%															06/2031						3,446						3,429						1.2						3,429
			SDC Holdco, LLC(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(2)						—						(2)
			SDC Holdco, LLC(17)			Second lien						SF +			8.50%			(h)						13.83%			PIK												06/2032						700						695						0.2						695
			Super REGO, LLC(17)			Subordinated debt						N/A												15.00%			PIK												03/2030						52						51						—						51
			YE Brands Holding, LLC			One stop						SF +			5.75%			(h)						11.18%															10/2027						1,628						1,615						0.6						1,628
			YE Brands Holding, LLC			One stop						SF +			5.50%									N/A(6)															10/2027						—						—						—						—
			YE Brands Holding, LLC			One stop						SF +			5.75%			(h)						11.18%															10/2027						167						164						0.1						167
																																													9,235						9,127						3.2						9,175
			Industrial Conglomerates
			Dwyer Instruments, Inc.			One stop						SF +			5.75%			(h)						11.18%															07/2027						238						235						0.1						238
			Dwyer Instruments, Inc.			One stop						SF +			5.75%									N/A(6)															07/2027						—						—						—						—
			Dwyer Instruments, Inc.			One stop						SF +			5.75%			(h)						11.18%															07/2027						60						60						—						60
			Dwyer Instruments, Inc.			One stop						SF +			5.75%			(h)						11.18%															07/2027						31						31						—						31
			Dwyer Instruments, Inc.			One stop						SF +			5.75%									N/A(6)															07/2027						—						—						—						—
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(g)						10.33%															06/2031						2,500						2,475						0.9						2,475
			Essential Services Holdings Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(3)						—						(3)
			Essential Services Holdings Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(2)						—						(2)
			Excelitas Technologies Corp.			One stop						SF +			5.25%			(h)						10.58%															08/2029						643						633						0.2						638
			Excelitas Technologies Corp.(7)(8)			One stop						E +			5.25%			(c)						8.97%															08/2029						119						113						—						118
			Excelitas Technologies Corp.			One stop						SF +			5.25%									N/A(6)															08/2028						—						—						—						—
			Excelitas Technologies Corp.			One stop						SF +			5.25%									N/A(6)															08/2029						—						—						—						—
			Excelitas Technologies Corp.(5)			One stop						SF +			5.25%									N/A(6)															08/2029						—						(32)						—						(33)
																																													3,591						3,510						1.2						3,522

See Notes to Consolidated Financial Statements

11

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Insurance
			Captive Resources Midco, LLC(17)			One stop						SF +			5.25%			(g)						10.59%															07/2029						$	4,111					$	4,056					1.4			%			$	4,111
			Captive Resources Midco, LLC(5)			One stop						SF +			5.25%									N/A(6)															07/2028						—						(2)						—						—
			Disco Parent, Inc.			One stop						SF +			7.50%			(h)						12.85%															03/2029						270						265						0.1						270
			Disco Parent, Inc.(5)			One stop						SF +			7.50%									N/A(6)															03/2029						—						(1)						—						—
			Doxa Insurance Holdings LLC			One stop						SF +			5.50%			(h)						10.84%															12/2030						2,594						2,570						0.9						2,607
			Doxa Insurance Holdings LLC(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(5)						—						—
			Doxa Insurance Holdings LLC			One stop						SF +			5.50%			(h)						10.84%															12/2030						1,962						1,939						0.7						1,974
			Doxa Insurance Holdings LLC			One stop						SF +			5.00%									N/A(6)															12/2030						—						—						—						—
			Integrated Specialty Coverages, LLC			One stop						SF +			6.00%			(g)(h)(i)						11.33%															07/2030						229						224						0.1						229
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2030						—						(1)						—						—
			Integrity Marketing Acquisition, LLC			One stop						SF +			6.50%									N/A(6)															08/2026						—						—						—						—
			Integrity Marketing Acquisition, LLC			One stop						SF +			6.00%			(h)						11.35%															08/2026						515						510						0.2						515
			Oakbridge Insurance Agency LLC			One stop						SF +			5.50%			(g)						10.83%															11/2029						1,688						1,673						0.6						1,688
			Oakbridge Insurance Agency LLC(5)			One stop						SF +			5.75%									N/A(6)															11/2029						—						(2)						—						—
			Oakbridge Insurance Agency LLC(5)			One stop						SF +			5.75%									N/A(6)															11/2029						—						(7)						—						—
			Pareto Health Intermediate Holdings, Inc.			One stop						SF +			6.25%			(h)						11.58%															05/2030						957						941						0.3						957
			Pareto Health Intermediate Holdings, Inc.			One stop						SF +			6.25%			(h)						11.58%															05/2030						319						313						0.1						319
			Pareto Health Intermediate Holdings, Inc.(5)			One stop						SF +			6.25%									N/A(6)															06/2029						—						(1)						—						—
																																													12,645						12,471						4.4						12,670
			IT Services
			Critical Start, Inc.(17)			One stop						SF +			6.75%			(h)						8.44%			cash/			3.63%			PIK						05/2028						213						211						0.1						210
			Critical Start, Inc.(17)			One stop						SF +			6.75%			(h)						8.44%			cash/			3.63%			PIK						05/2028						116						114						—						115
			Critical Start, Inc.			One stop						SF +			6.25%									N/A(6)															05/2028						—						—						—						—
			Goldcup 31018 AB(7)(8)(11)(17)			One stop						E +			6.50%			(d)						10.15%			cash/			0.25%			PIK						07/2029						827						777						0.3						827
			Goldcup 31018 AB(7)(8)(11)(17)			One stop						E +			6.50%			(d)						10.15%			cash/			0.25%			PIK						07/2029						77						76						—						77
			Goldcup 31018 AB(5)(7)(8)(11)			One stop						E +			6.25%									N/A(6)															01/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			5.00%			(h)						10.35%															06/2029						4,889						4,863						1.7						4,889
			Netwrix Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			5.25%			(h)						10.59%															06/2029						5						3						—						5
			PDQ Intermediate, Inc.(17)			Subordinated debt						N/A												13.75%			PIK												10/2031						55						54						—						55
			ReliaQuest Holdings, LLC(17)			One stop						SF +			6.75%			(h)						8.45%			cash/			3.63%			PIK						04/2031						5,689						5,661						2.0						5,660
			ReliaQuest Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															04/2031						—						(1)						—						(1)
			ReliaQuest Holdings, LLC(5)			One stop						SF +			6.75%									N/A(6)															04/2031						—						(2)						—						(2)
			WPEngine, Inc.			One stop						SF +			6.50%			(h)						11.82%															08/2029						244						240						0.1						244
			WPEngine, Inc.			One stop						SF +			6.50%									N/A(6)															08/2029						—						—						—						—
			Zarya Holdco, Inc.			One stop						SF +			6.50%			(h)						11.85%															07/2027						299						299						0.1						299
			Zarya Holdco, Inc.			One stop						SF +			6.50%									N/A(6)															07/2027						—						—						—						—
			Zarya Holdco, Inc.			One stop						SF +			6.50%			(h)						11.85%															07/2027						119						117						—						119
																																													12,533						12,410						4.3						12,497
			Leisure Products
			Movement Holdings, LLC			One stop						SF +			5.25%			(g)						10.59%															03/2030						1,807						1,790						0.6						1,807
			Movement Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(3)						—						—
			Movement Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(12)						—						—
																																													1,807						1,775						0.6						1,807

See Notes to Consolidated Financial Statements

12

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Life Sciences Tools & Services
			Celerion Buyer, Inc.			One stop						SF +			5.50%			(h)						10.84%															11/2029						$	4,210					$	4,120					1.5			%			$	4,210
			Celerion Buyer, Inc.(5)			One stop						SF +			5.50%									N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop						SF +			5.50%									N/A(6)															11/2029						—						(14)						—						—
			Graphpad Software, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(1)						—						(1)
			Graphpad Software, LLC			One stop						SF +			4.75%			(h)						10.08%															06/2031						1,926						1,916						0.6						1,916
			Graphpad Software, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(2)						—						(2)
																																													6,136						6,018						2.1						6,123
			Machinery
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(g)(h)						10.83%															12/2030						4,385						4,345						1.5						4,385
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(g)(h)						10.84%															12/2030						260						252						0.1						260
			Blackbird Purchaser, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(5)						—						—
																																													4,645						4,592						1.6						4,645
			Media
			Lotus Topco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(3)						—						(3)
			Lotus Topco, Inc.			One stop						SF +			4.75%			(h)						10.08%															06/2030						1,770						1,757						0.6						1,756
			Lotus Topco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(7)						—						(7)
																																													1,770						1,747						0.6						1,746
			Oil, Gas & Consumable Fuels
			Envernus, Inc.			One stop						SF +			5.50%			(g)						10.84%															12/2029						2,935						2,895						1.0						2,935
			Envernus, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(3)						—						—
			Envernus, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(1)						—						—
																																													2,935						2,891						1.0						2,935
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.00%			(h)						10.33%															05/2029						782						772						0.3						782
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.00%			(h)						10.33%															05/2029						53						52						—						53
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.00%			(g)						10.35%															05/2029						17						16						—						17
																																													852						840						0.3						852
			Professional Services
			ALKU Intermediate Holdings, LLC			One stop						SF +			6.25%			(g)						11.59%															05/2029						294						290						0.1						298
			ALKU Intermediate Holdings, LLC			One stop						SF +			5.50%			(g)						10.84%															05/2029						33						32						—						33
			bswift, LLC			One stop						SF +			6.38%			(h)						11.67%															11/2028						326						319						0.1						331
			Citrin Cooperman Advisors LLC			One stop						SF +			5.00%			(h)						10.40%															10/2027						261						259						0.1						261
			Citrin Cooperman Advisors LLC			One stop						SF +			5.00%			(h)						10.40%															10/2027						113						111						0.1						113
			Citrin Cooperman Advisors LLC			One stop						SF +			5.00%			(h)						10.40%															10/2027						34						33						—						34
			Citrin Cooperman Advisors LLC			One stop						SF +			5.25%			(h)						10.65%															10/2027						18						18						—						18
			Citrin Cooperman Advisors LLC			One stop						SF +			5.25%			(h)						10.66%															10/2027						37						36						—						37
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						10.35%															09/2028						224						221						0.1						224
			DISA Holdings Corp.(17)			Subordinated debt						SF +			8.50%			(h)						11.84%			cash/			2.00%			PIK						03/2029						51						50						—						51
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						10.35%															09/2028						25						25						—						25
			DISA Holdings Corp.			One stop						SF +			5.00%			(h)						10.35%															09/2028						31						31						—						32
			DISA Holdings Corp.(5)			Senior secured						SF +			5.00%									N/A(6)															09/2028						—						(2)						—						—
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						10.35%															09/2028						369						364						0.1						369
			DISA Holdings Corp.(5)			Senior secured						SF +			5.00%									N/A(6)															09/2028						—						(2)						—						—
																																													1,816						1,785						0.6						1,826
			Software
			Anaplan, Inc.			One stop						SF +			5.75%			(h)						11.08%															06/2029						9,257						9,192						3.2						9,257
			Anaplan, Inc.(5)			One stop						SF +			5.75%									N/A(6)															06/2028						—						(1)						—						—
			Anaplan, Inc.			One stop						SF +			5.75%			(h)						11.08%															06/2029						50						50						—						50
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(e)						10.45%															06/2029						647						612						0.2						647
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(e)						10.45%															06/2029						338						311						0.1						338
			Arrow Buyer, Inc.			One stop						SF +			5.75%			(h)						11.08%															07/2030						1,086						1,062						0.4						1,086
			Arrow Buyer, Inc.(5)			One stop						SF +			5.75%									N/A(6)															07/2030						—						(2)						—						—
			Arrow Buyer, Inc.			One stop						SF +			5.75%			(h)						11.08%															07/2030						71						71						—						71

See Notes to Consolidated Financial Statements

13

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Artifact Bidco, Inc.			One stop						SF +			4.50%									N/A(6)															05/2030						$	—					$	—					—			%			$	—
			Artifact Bidco, Inc.			One stop						SF +			4.50%									N/A(6)															05/2031						—						—						—						—
			Artifact Bidco, Inc.			One stop						SF +			4.50%									N/A(6)															05/2031						—						—						—						—
			Artifact Bidco, Inc.			One stop						SF +			4.50%									N/A(6)															05/2030						—						—						—						—
			Avetta, LLC			One stop						SF +			5.75%			(h)						11.10%															10/2030						3,120						3,057						1.1						3,120
			Avetta, LLC(5)			One stop						SF +			5.75%									N/A(6)															10/2029						—						(6)						—						—
			Azurite Intermediate Holdings, Inc.			One stop						SF +			6.50%			(g)						11.84%															03/2031						625						616						0.2						616
			Azurite Intermediate Holdings, Inc.			One stop						SF +			6.50%			(g)						11.84%															03/2031						910						893						0.3						888
			Azurite Intermediate Holdings, Inc.(5)			One stop						SF +			9.00%									N/A(6)															03/2031						—						(3)						—						(3)
			Baxter Planning Systems, LLC(17)			One stop						SF +			6.25%			(h)						8.20%			cash/			3.38%			PIK						05/2031						896						889						0.3						889
			Baxter Planning Systems, LLC(5)			One stop						SF +			5.75%									N/A(6)															05/2031						—						(1)						—						(1)
			Baxter Planning Systems, LLC(5)			One stop						SF +			6.25%									N/A(6)															05/2031						—						(1)						—						(1)
			Bloomerang, LLC			One stop						SF +			6.00%			(h)						11.33%															12/2029						2,477						2,454						0.9						2,477
			Bloomerang, LLC(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(5)						—						—
			Bloomerang, LLC(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(7)						—						—
			Coupa Holdings, LLC			One stop						SF +			5.50%			(h)						10.83%															02/2030						2,167						2,117						0.7						2,167
			Coupa Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															02/2030						—						(2)						—						—
			Crewline Buyer, Inc.			One stop						SF +			6.75%			(h)						12.08%															11/2030						6,163						6,079						2.1						6,163
			Crewline Buyer, Inc.(5)			One stop						SF +			6.75%									N/A(6)															11/2030						—						(9)						—						—
			Evergreen IX Borrower 2023, LLC			One stop						SF +			6.00%			(h)						11.33%															09/2030						3,026						2,958						1.1						3,026
			Evergreen IX Borrower 2023, LLC(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(7)						—						—
			GTY Technology Holdings, Inc.(17)			One stop						SF +			6.88%			(h)						7.91%			cash/			4.30%			PIK						07/2029						1,966						1,940						0.7						1,966
			GTY Technology Holdings, Inc.(17)			One stop						SF +			6.88%			(h)						7.92%			cash/			4.30%			PIK						07/2029						1,284						1,264						0.4						1,284
			GTY Technology Holdings, Inc.(17)			One stop						SF +			6.88%			(h)						7.91%			cash/			4.30%			PIK						07/2029						235						234						0.1						235
			GTY Technology Holdings, Inc.			One stop						P +			5.25%			(a)						13.75%															07/2029						30						29						—						30
			GTY Technology Holdings, Inc.(5)			One stop						SF +			7.13%									N/A(6)															07/2029						—						(8)						—						2
			GTY Technology Holdings, Inc.(17)			One stop						SF +			7.13%			(h)						8.01%			cash/			4.45%			PIK						07/2029						250						248						0.1						250
			Hyland Software, Inc.			One stop						SF +			6.00%			(g)						11.34%															09/2030						7,247						7,151						2.5						7,247
			Hyland Software, Inc.(5)			One stop						SF +			6.00%									N/A(6)															09/2029						—						(1)						—						(1)
			Icefall Parent, Inc.			One stop						SF +			6.50%			(h)						11.83%															01/2030						3,968						3,895						1.4						3,968
			Icefall Parent, Inc.(5)			One stop						SF +			6.50%									N/A(6)															01/2030						—						(7)						—						—
			ICIMS, Inc.(17)			One stop						SF +			7.25%			(h)						8.70%			cash/			3.88%			PIK						08/2028						3,270						3,233						1.1						3,205
			ICIMS, Inc.			One stop						SF +			6.75%			(h)						12.08%															08/2028						10						9						—						8
			ICIMS, Inc.(5)			One stop						SF +			7.25%									N/A(6)															08/2028						—						—						—						(12)
			IQN Holding Corp.			One stop						SF +			5.25%			(h)						10.60%															05/2029						800						794						0.3						800
			IQN Holding Corp.			One stop						SF +			5.25%			(h)						10.60%															05/2028						7						7						—						7
			Island Bidco AB(7)(11)			One stop						SF +			3.50%			(i)						8.76%															07/2028						761						757						0.3						761
			Island Bidco AB(7)(8)(11)(17)			One stop						E +			7.25%			(b)(d)						3.65%			cash/			7.25%			PIK						07/2028						415						403						0.2						415
			Island Bidco AB(7)(11)(17)			One stop						SF +			7.00%			(i)						8.76%			cash/			3.50%			PIK						07/2028						194						192						0.1						194
			Island Bidco AB(7)(11)			One stop						SF +			6.50%									N/A(6)															07/2028						—						—						—						—
			Island Bidco AB(7)(8)(11)			One stop						E +			6.50%			(d)						10.38%															07/2028						20						20						—						20
			Kaseya Inc.(17)			One stop						SF +			5.50%			(h)						10.83%															06/2029						1,823						1,803						0.6						1,823
			Kaseya Inc.(17)			One stop						SF +			5.50%			(h)						10.83%															06/2029						27						26						—						27
			Kaseya Inc.(17)			One stop						SF +			5.50%			(h)						10.82%															06/2029						5						4						—						5
			Kaseya Inc.			One stop						SF +			5.50%			(h)						10.83%															06/2029						7						6						—						7
			Navex TopCo, Inc.			One stop						SF +			5.50%			(g)						10.83%															11/2030						5,863						5,757						2.0						5,863
			Navex TopCo, Inc.(5)			One stop						SF +			5.75%									N/A(6)															11/2028						—						(9)						—						—
			Panzura, LLC(17)			One stop						N/A												4.00%			cash/			15.00%			PIK						08/2027						56						52						—						50
			PING Identity Holding Corp.			One stop						SF +			7.00%			(g)						12.34%															10/2029						642						634						0.2						642
			PING Identity Holding Corp.(5)			One stop						SF +			7.00%									N/A(6)															10/2028						—						(1)						—						—
			Quant Buyer, Inc.			One stop						SF +			5.25%			(h)						10.60%															06/2029						2,665						2,647						0.9						2,665
			Quant Buyer, Inc.			One stop						SF +			5.25%			(h)						10.60%															06/2029						2,246						2,230						0.8						2,246
			Quant Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(1)						—						—

See Notes to Consolidated Financial Statements

14

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Quant Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						$	—					$	(1)					—			%			$	—
			Rainforest Bidco Limited(7)(8)(9)(17)			One stop						SN +			6.05%			(e)						8.70%			cash/			2.55%			PIK						07/2029						725						670						0.2						703
			Rainforest Bidco Limited(7)(9)(17)			One stop						SF +			6.05%			(f)						8.81%			cash/			2.55%			PIK						07/2029						135						134						0.1						132
			Rainforest Bidco Limited(7)(8)(9)(17)			One stop						SN +			6.05%			(e)						8.70%			cash/			2.55%			PIK						07/2029						53						49						—						52
			SailPoint Technologies Holdings, Inc.			One stop						SF +			6.00%			(g)						11.33%															08/2029						3,894						3,836						1.4						3,894
			SailPoint Technologies Holdings, Inc.(5)			One stop						SF +			6.00%									N/A(6)															08/2028						—						(1)						—						—
			Templafy APS and Templafy, LLC(7)(13)			One stop						SF +			6.00%			(h)						11.48%															07/2028						552						542						0.2						552
			Templafy APS and Templafy, LLC(7)(13)			One stop						SF +			6.00%									N/A(6)															07/2028						—						—						—						—
			Templafy APS and Templafy, LLC(5)(7)(13)			One stop						SF +			6.00%									N/A(6)															07/2028						—						(2)						—						—
			Togetherwork Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															05/2031						—						(5)						—						(5)
			Togetherwork Holdings, LLC			One stop						SF +			5.25%			(g)						10.58%															05/2031						5,897						5,847						2.0						5,853
			Togetherwork Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															05/2031						—						(7)						—						(7)
			Zendesk, Inc.(17)			One stop						SF +			6.25%			(h)						11.60%															11/2028						4,063						4,005						1.4						4,063
			Zendesk, Inc.(5)			One stop						SF +			6.25%									N/A(6)															11/2028						—						(1)						—						—
			Zendesk, Inc.(5)			One stop						SF +			6.25%									N/A(6)															11/2028						—						(7)						—						—
																																													79,943						78,683						27.6						79,734
			Specialty Retail
			Biscuit Parent, LLC			One stop						SF +			4.75%			(h)						10.08%															02/2031						3,119						3,097						1.1						3,119
			Biscuit Parent, LLC(5)			One stop						SF +			4.75%									N/A(6)															02/2031						—						(7)						—						—
			Cavender Stores L.P.			Senior secured						SF +			5.00%			(h)						10.33%															10/2029						6,156						6,102						2.1						6,156
			CVP Holdco, Inc.(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(3)						—						(3)
			CVP Holdco, Inc.			One stop						SF +			5.00%			(h)						10.33%															06/2031						2,734						2,707						1.0						2,707
			CVP Holdco, Inc.(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(4)						—						(4)
			PetVet Care Centers LLC			One stop						SF +			6.00%			(g)						11.34%															11/2030						2,374						2,331						0.8						2,303
			PetVet Care Centers LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2029						—						(6)						—						(11)
			PetVet Care Centers LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2030						—						(3)						—						—
			PPV Intermediate Holdings, LLC			One stop						SF +			5.75%			(h)						11.10%															08/2029						3,762						3,713						1.3						3,724
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												14.75%			PIK												08/2030						1,550						1,514						0.5						1,558
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.75%			PIK												08/2030						463						456						0.2						450
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.75%			PIK												08/2030						107						106						—						104
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.75%			PIK												08/2030						20						20						—						19
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.75%			PIK												08/2030						19						18						—						19
			PPV Intermediate Holdings, LLC(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(4)						—						(2)
			Radiance Borrower, LLC(5)			One stop						SF +			5.25%									N/A(6)															06/2031						—						(3)						—						(3)
			Radiance Borrower, LLC(17)			One stop						SF +			5.75%			(g)						8.34%			cash/			2.75%			PIK						06/2031						3,381						3,355						1.2						3,355
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						2,523						2,499						0.9						2,523
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						167						165						0.1						167
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						165						163						0.1						165
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						130						129						—						130
			Salon Lofts Group, LLC			Second lien						SF +			9.00%			(i)						14.26%															09/2029						22						20						—						22
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						54						54						—						54
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(1)						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						41						41						—						41
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						38						38						—						38
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(4)						—						—

See Notes to Consolidated Financial Statements

15

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC(17)			Second lien						SF +			9.00%			(h)						14.33%															09/2029						$	132					$	130					—			%			$	131
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(4)						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.90%															08/2028						75						74						—						75
			Salon Lofts Group, LLC(17)			Second lien						SF +			9.00%			(h)(i)						14.11%															09/2029						68						67						—						67
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															08/2028						50						50						—						50
			Salon Lofts Group, LLC(17)			Second lien						SF +			9.00%			(h)						14.33%															09/2029						6						6						—						6
			Salon Lofts Group, LLC(5)			Second lien						SF +			9.00%									N/A(6)															09/2029						—						(9)						—						(9)
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(h)						11.08%															09/2029						259						257						0.1						259
			Salon Lofts Group, LLC			Second lien						SF +			9.00%			(i)						14.30%															09/2029						25						25						—						25
																																													27,440						27,089						9.4						27,235
			Total debt investments																																										263,799						259,797						90.9						262,880

See Notes to Consolidated Financial Statements

16

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments(14)(15)
			Aerospace & Defense
			PPW Aero Buyer, Inc.			LP units						N/A												N/A																					15						$	145					0.1			%			$	133
			Automobiles
			National Express Wash Parent Holdco, LLC			LP units						N/A												N/A																					—						44						—						54
			Quick Quack Car Wash Holdings, LLC			LP units						N/A												N/A																					751						751						0.3						751
			Quick Quack Car Wash Holdings, LLC			LLC units						N/A												N/A																					149						149						0.1						149
			Yorkshire Parent, Inc.			LP units						N/A												N/A																					—						24						—						24
																																																			968						0.4						978
			Commercial Services & Supplies
			FR Vision Holdings, Inc.			LP units						N/A												N/A																					—						19						—						20
			Diversified Consumer Services
			CHVAC Services Investment, LLC			Common stock						N/A												N/A																					23						59						—						59
			DP Flores Holdings, LLC			LLC units						N/A												N/A																					50						50						—						63
			HS Spa Holdings, Inc.			Common stock						N/A												N/A																					33						33						—						33
			NSG Buyer, Inc. (7)			LP units						N/A												N/A																					—						397						0.2						475
			Virginia Green Acquisition, LLC			LP units						N/A												N/A																					18						18						—						19
																																																			557						0.2						649
			Healthcare Technology
			Amberfield Acquisition Co.			LLC units						N/A												N/A																					100						100						—						100
			Insurance
			Oakbridge Insurance Agency LLC			LP units						N/A												N/A																					1						18						—						19
			IT Services
			Critical Start, Inc.			Common stock						N/A												N/A																					17						17						—						18
			Netwrix Corporation			LLC units						N/A												N/A																					4						9						—						13
																																																			26						—						31
			Leisure Products
			Movement Holdings, LLC			LLC units						N/A												N/A																					—						107						—						107
			Life Sciences Tools & Services
			Celerion Buyer, Inc.			LP units						N/A												N/A																					186						186						0.1						186
			Celerion Buyer, Inc.			LP units						N/A												N/A																					186						—						—						92
																																																			186						0.1						278
			Software
			Anaplan, Inc.			LP interest						N/A												N/A																					364						364						0.2						562
			Cynet Security Ltd.(7)(12)			Preferred stock						N/A												N/A																					9						31						—						41
			GTY Technology Holdings, Inc.			LP units						N/A												N/A																					28						28						—						47
			Kaseya Inc.(16)			Preferred stock						SF +			10.75%			(h)						16.08%			Non-Cash																		—						421						0.2						447
			Kaseya Inc.			LP interest						N/A												N/A																					20						20						—						20
			Onit, Inc.(16)			Preferred stock						N/A												15.00%			Non-Cash																		—						53						—						60
			Onit, Inc.			Warrant						N/A												N/A																					—						7						—						9
			Panzura, LLC			LLC units						N/A												N/A																					1						4						—						1
			Templafy APS and Templafy, LLC(7)(13)			Warrant						N/A												N/A																					—						8						—						12
			Zendesk, Inc.			LP units						N/A												N/A																					9						91						0.1						125
																																																			1,027						0.5						1,324

See Notes to Consolidated Financial Statements

17

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Specialty Retail
			Salon Lofts Group, LLC			LP units						N/A												N/A																					—						$	63					—			%			$	57
			Total equity investments																																																3,216						1.3						3,696
			Total investments																																																263,013						92.2						266,576
			Money market funds (included in cash and cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)																					5.1%			(18)																								$	24,828					8.6			%			$	24,828
			Total money market funds																																																24,828						8.6						24,828
			Total investments and money market funds																																																$	287,841					100.8			%			$	291,404

See Notes to Consolidated Financial Statements

18

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2024

(Dollar and share amounts in thousands)

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

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of June 30, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.63% as of June 30, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.71% as of June 30, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.68% as of June 30, 2024.

(e) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.20% as of June 30, 2024.

(f) Denotes that all or a portion of the contract was indexed to Daily SOFR which was 5.33% as of June 30, 2024.

(g) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.34% as of June 30, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.32% as of June 30, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.25% as of June 30, 2024.

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

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

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

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024, total non-qualifying assets at fair value represented 2.2% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

(17)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, 2024.

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

See Notes to Consolidated Financial Statements

19

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.			One stop						SF +			7.00%			(g)(i)						12.33%															02/2029						$	5,394					$	5,249					3.9			%			$	5,394
			PPW Aero Buyer, Inc.(5)			One stop						SF +			7.00%									N/A(6)															02/2029						—						(1)						—						—
																																													5,394						5,248						3.9						5,394
			Automobiles
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.50%			(h)(i)						10.89%															07/2029						3,574						3,544						2.5						3,431
			National Express Wash Parent Holdco, LLC(5)			One stop						SF +			5.50%									N/A(6)															07/2029						—						(2)						—						(11)
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.50%			(i)						10.96%															07/2029						66						65						—						61
			Spotless Brands, LLC			One stop						SF +			6.50%			(h)						12.00%															07/2028						761						749						0.6						754
			Spotless Brands, LLC			One stop						SF +			6.50%			(h)						12.02%															07/2028						83						82						0.1						82
			Spotless Brands, LLC			One stop						SF +			6.50%			(h)						11.99%															07/2028						61						61						—						61
			Spotless Brands, LLC			One stop						SF +			6.50%									N/A(6)															07/2028						—						—						—						—
																																													4,545						4,499						3.2						4,378
			Beverages
			Financial Information Technologies, LLC(17)			One stop						N/A												14.00%			PIK												06/2031						1,864						1,811						1.3						1,808
			Financial Information Technologies, LLC			One stop						SF +			6.50%			(h)						11.89%															06/2030						1,509						1,488						1.1						1,494
			Financial Information Technologies, LLC(5)			One stop						SF +			6.50%									N/A(6)															06/2030						—						—						—						(1)
																																													3,373						3,299						2.4						3,301
			Commercial Services & Supplies
			Kleinfelder Intermediate, LLC			One stop						SF +			6.25%			(h)						11.66%															09/2028						8						7						—						7
			Kleinfelder Intermediate, LLC			One stop						SF +			6.25%			(h)						11.66%															09/2030						470						461						0.3						461
			Kleinfelder Intermediate, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2030						—						(1)						—						(1)
																																													478						467						0.3						467
			Diversified Consumer Services
			COP Exterminators Acquisitions, Inc.			Senior secured						SF +			5.50%									N/A(6)															07/2029						—						—						—						—
			COP Exterminators Acquisitions, Inc.			Senior secured						SF +			5.50%			(h)						11.02%															07/2029						200						198						0.1						198
			COP Exterminators Acquisitions, Inc.(5)			Senior secured						SF +			5.50%									N/A(6)															07/2029						—						(2)						—						(1)
			DP Flores Holdings, LLC			One stop						SF +			6.25%			(i)						11.59%															09/2028						1,843						1,816						1.3						1,843
			DP Flores Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2028						—						(1)						—						—
			DP Flores Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															09/2028						—						(9)						—						—
			HS Spa Holdings, Inc.			One stop						SF +			5.75%			(i)						11.07%															06/2029						476						469						0.4						472
			HS Spa Holdings, Inc.			One stop						SF +			5.75%			(g)(h)						11.07%															06/2028						9						8						—						8
			NSG Buyer, Inc.			One stop						SF +			6.50%			(g)						11.92%															11/2029						4,131						4,051						3.0						4,131
			NSG Buyer, Inc. (5)			One stop						SF +			6.50%									N/A(6)															11/2029						—						(7)						—						—
			NSG Buyer, Inc.			One stop						SF +			6.50%									N/A(6)															11/2028						—						—						—						—
																																													6,659						6,523						4.8						6,651
			Diversified Financial Services
			Avalara, Inc.			One stop						SF +			7.25%			(h)						12.64%															10/2028						770						754						0.5						770
			Avalara, Inc.(5)			One stop						SF +			7.25%									N/A(6)															10/2028						—						(2)						—						—
			Higginbotham Insurance Agency, Inc.(5)			One stop						SF +			5.50%									N/A(6)															11/2028						—						(8)						—						(8)
																																													770						744						0.5						762
			Electronic Equipment, Instruments & Components
			CST Holding Company			One stop						SF +			6.50%			(g)						11.92%															11/2028						1,582						1,542						1.1						1,582
			CST Holding Company(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(1)						—						—
																																													1,582						1,541						1.1						1,582

See Notes to Consolidated Financial Statements.

20

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC			One stop						SF +			6.25%			(h)						11.64%															08/2028						$	1,296					$	1,285					0.9			%			$	1,296
			Belmont Instrument, LLC			One stop						SF +			6.25%			(h)						11.64%															08/2028						20						19						—						20
																																													1,316						1,304						0.9						1,316
			Healthcare Providers & Services
			Bamboo US Bidco LLC(7)(8)			One stop						E +			6.00%			(b)						9.86%															09/2030						319						309						0.2						309
			Bamboo US Bidco LLC			One stop						SF +			6.00%			(g)						11.32%															09/2030						485						470						0.4						470
			Bamboo US Bidco LLC(5)			One stop						SF +			6.00%									N/A(6)															09/2029						—						(3)						—						(3)
			Bamboo US Bidco LLC(5)			One stop						SF +			6.00%									N/A(6)															09/2030						—						(1)						—						(1)
			Community Care Partners, LLC			One stop						SF +			6.00%			(g)						11.43%															06/2026						144						143						0.1						135
			Community Care Partners, LLC			One stop						SF +			6.00%									N/A(6)															06/2026						—						—						—						—
																																													948						918						0.7						910
			Healthcare Technology
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.50%			(g)						10.82%															05/2028						255						253						0.2						246
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.50%			(g)						10.82%															05/2028						7						7						—						6
			Coding Solutions Acquisition, Inc.			One stop						SF +			5.50%			(g)						11.57%															05/2028						77						76						0.1						74
			Coding Solutions Acquisition, Inc.(5)			One stop						SF +			6.00%									N/A(6)															05/2028						—						(2)						—						(2)
			Coding Solutions Acquisition, Inc.			One stop						SF +			6.00%			(h)						11.32%															05/2028						34						33						—						33
			Color Intermediate, LLC			One stop						SF +			5.50%			(h)						10.99%															10/2029						731						719						0.5						709
			Crow River Buyer, Inc.			One stop						SF +			7.75%			(h)						13.12%															01/2029						304						298						0.2						304
			Crow River Buyer, Inc.(5)			One stop						SF +			7.75%									N/A(6)															01/2029						—						(1)						—						—
			Neptune Holdings, Inc.(5)			One stop						SF +			6.00%									N/A(6)															08/2029						—						(1)						—						(1)
			Neptune Holdings, Inc.			One stop						SF +			6.00%			(i)						11.50%															09/2030						1,448						1,427						1.0						1,430
			Plasma Buyer LLC			One stop						SF +			5.75%			(h)						11.14%															05/2029						262						258						0.2						241
			Plasma Buyer LLC			One stop						SF +			5.75%			(h)						11.14%															05/2028						6						5						—						4
			Plasma Buyer LLC(5)			One stop						SF +			5.75%									N/A(6)															05/2029						—						(1)						—						—
																																													3,124						3,071						2.2						3,044
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(h)						11.57%															08/2028						470						466						0.4						470
			Barteca Restaurants, LLC(5)			One stop						SF +			6.00%									N/A(6)															08/2028						—						(1)						—						—
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(h)						11.57%															08/2028						32						31						—						32
			ESN Venture Holdings, LLC			One stop						SF +			6.00%			(h)						11.39%															10/2028						1,431						1,415						1.0						1,431
			ESN Venture Holdings, LLC			One stop						SF +			6.00%			(h)						11.39%															10/2028						10						9						—						10
			ESN Venture Holdings, LLC			One stop						SF +			6.00%			(h)(i)						11.27%															10/2028						66						56						—						66
			Health Buyer, LLC			Senior secured						SF +			5.25%			(a)(h)						10.80%															04/2029						126						125						0.1						122
			Health Buyer, LLC(5)			Senior secured						SF +			5.25%									N/A(6)															04/2028						—						—						—						(1)
			Health Buyer, LLC			Senior secured						SF +			5.50%									N/A(6)															04/2029						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(h)						10.89%															04/2029						65						63						0.1						63
			YE Brands Holding, LLC			One stop						SF +			5.50%									N/A(6)															10/2027						—						—						—						—
			YE Brands Holding, LLC			One stop						SF +			5.75%			(g)						11.18%															10/2027						1,641						1,624						1.2						1,624
																																													3,841						3,788						2.8						3,817
			Household Durables
			Groundworks LLC			One stop						SF +			6.50%			(h)						11.81%															03/2030						458						445						0.3						458
			Groundworks LLC(5)			One stop						SF +			6.50%									N/A(6)															03/2030						—						(1)						—						—
			Groundworks LLC(5)			One stop						SF +			6.50%									N/A(6)															03/2029						—						(1)						—						—
																																													458						443						0.3						458

See Notes to Consolidated Financial Statements

21

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Industrial Conglomerates
			Dwyer Instruments, Inc.			One stop						SF +			5.75%			(a)(h)						11.25%															07/2027						$	240					$	236					0.2			%			$	240
			Dwyer Instruments, Inc.			One stop						SF +			5.75%			(g)(h)						11.23%															07/2027						8						7						—						8
			Dwyer Instruments, Inc.			One stop						SF +			5.75%									N/A(6)															07/2027						—						—						—						—
			Excelitas Technologies Corp.			One stop						SF +			5.75%			(h)						11.21%															08/2029						722						710						0.5						715
			Excelitas Technologies Corp.(7)(8)			One stop						E +			5.75%			(c)						9.54%															08/2029						118						113						0.1						117
			Excelitas Technologies Corp.			One stop						SF +			5.75%			(h)						11.27%															08/2028						39						38						—						39
			Excelitas Technologies Corp.(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(1)						—						(1)
																																													1,127						1,103						0.8						1,118
			Insurance
			Captive Resources Midco, LLC(17)			One stop						SF +			5.25%			(g)						5.29%			cash/			5.78%			PIK						07/2029						4,003						3,940						2.9						4,003
			Captive Resources Midco, LLC(5)			One stop						SF +			5.25%									N/A(6)															07/2028						—						(2)						—						—
			Disco Parent, Inc.			One stop						SF +			7.50%			(h)						12.92%															03/2029						270						264						0.2						263
			Disco Parent, Inc.(5)			One stop						SF +			7.50%									N/A(6)															03/2029						—						(1)						—						(1)
			Integrity Marketing Acquisition, LLC			One stop						SF +			6.50%									N/A(6)															08/2026						—						—						—						—
			Integrity Marketing Acquisition, LLC(5)			One stop						SF +			6.00%									N/A(6)															08/2026						—						(7)						—						(15)
			Integrated Specialty Coverages, LLC			One stop						SF +			6.00%			(g)(h)(i)						11.38%															07/2030						230						224						0.2						224
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2029						—						(1)						—						(1)
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2030						—						(1)						—						(1)
			Pareto Health Intermediate Holdings, Inc.			One stop						SF +			6.50%			(i)						11.97%															05/2030						964						946						0.7						964
			Pareto Health Intermediate Holdings, Inc.			One stop						SF +			6.50%			(i)						11.97%															05/2030						321						315						0.2						321
			Pareto Health Intermediate Holdings, Inc.(5)			One stop						SF +			6.50%									N/A(6)															06/2029						—						(1)						—						—
																																													5,788						5,676						4.2						5,757
			IT Services
			Critical Start, Inc.(17)			One stop						SF +			6.75%			(h)						8.46%			cash/			3.63%			PIK						05/2028						207						205						0.1						205
			Critical Start, Inc.			One stop						SF +			6.75%									N/A(6)															05/2028						—						—						—						—
			Critical Start, Inc.(17)			One stop						SF +			6.75%			(h)						8.46%			cash/			3.63%			PIK						05/2028						113						111						0.1						112
			Goldcup 31018 AB(7)(8)(11)(17)			One stop						E +			6.50%			(d)						10.43%			PIK												07/2029						795						750						0.6						787
			Goldcup 31018 AB(5)(7)(8)(11)			One stop						E +			6.25%									N/A(6)															01/2029						—						(1)						—						(1)
			Goldcup 31018 AB(7)(8)(11)(17)			One stop						E +			6.50%			(d)						10.43%			PIK												07/2029						74						73						0.1						73
			Netwrix Corporation			One stop						SF +			5.00%			(h)(i)						10.37%															06/2029						3,854						3,828						2.7						3,777
			Netwrix Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2029						—						(6)						—						(22)
			Netwrix Corporation			One stop						SF +			5.00%			(i)						10.47%															06/2029						29						28						—						27
			ReliaQuest Holdings, LLC			One stop						SF +			10.75%			(h)						16.12%															10/2026						224						221						0.2						224
			ReliaQuest Holdings, LLC			One stop						SF +			10.75%			(h)						16.12%															10/2026						54						54						—						54
			ReliaQuest Holdings, LLC			One stop						SF +			10.75%			(h)						16.12%															10/2026						17						17						—						17
			WPEngine, Inc.			One stop						SF +			6.50%			(i)						11.92%															08/2029						244						239						0.2						241
			WPEngine, Inc.			One stop						SF +			6.50%									N/A(6)															08/2029						—						—						—						—
			Zarya Holdco, Inc.			One stop						SF +			6.50%			(h)						11.92%															07/2027						299						299						0.2						299
			Zarya Holdco, Inc.			One stop						SF +			6.50%			(h)						11.91%															07/2027						13						13						—						13
																																													5,923						5,831						4.2						5,806
			Life Sciences Tools & Services
			Celerion Buyer, Inc.			One stop						SF +			6.50%			(i)						11.93%															11/2029						4,242						4,150						3.1						4,242
			Celerion Buyer, Inc.(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop						SF +			6.50%									N/A(6)															11/2029						—						(15)						—						—
																																													4,242						4,134						3.1						4,242
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.50%			(h)						10.89%															05/2029						788						776						0.6						765
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.75%			(g)						11.07%															05/2029						22						21						—						20
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.75%			(i)						11.21%															05/2029						53						52						—						51
																																													863						849						0.6						836

See Notes to Consolidated Financial Statements

22

---

TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Professional Services
			ALKU Intermediate Holdings, LLC			One stop						SF +			6.25%			(g)						11.57%															05/2029						$	296					$	292					0.2			%			$	293
			bswift, LLC			One stop						SF +			6.63%			(h)						11.91%															11/2028						329						320						0.2						329
			Citrin Cooperman Advisors LLC			One stop						SF +			5.75%			(h)						11.14%															10/2027						206						204						0.2						206
			Citrin Cooperman Advisors LLC			One stop						SF +			6.25%									N/A(6)															10/2027						—						—						—						—
			Citrin Cooperman Advisors LLC			One stop						SF +			6.25%			(i)						11.70%															10/2027						114						111						0.1						114
			DISA Holdings Corp.			Senior secured						SF +			5.50%			(g)						10.83%															09/2028						226						222						0.2						226
			DISA Holdings Corp.(17)			Subordinated debt						SF +			10.00%			(g)						13.33%			cash/			2.00%			PIK						03/2029						51						49						—						51
			DISA Holdings Corp.			Senior secured						SF +			5.50%			(g)						10.83%															09/2028						14						13						—						14
			DISA Holdings Corp.			One stop						SF +			5.50%			(g)						10.83%															09/2028						10						10						—						10
			DISA Holdings Corp.			Senior secured						SF +			5.50%			(g)						10.83%															09/2028						4						4						—						4
																																													1,250						1,225						0.9						1,247
			Software
			Anaplan, Inc.			One stop						SF +			6.50%			(g)						11.82%															06/2029						9,257						9,181						6.7						9,257
			Anaplan, Inc.(5)			One stop						SF +			6.50%									N/A(6)															06/2028						—						(2)						—						—
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.00%			(e)						10.19%															06/2029						624						611						0.4						593
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.00%			(e)						10.19%															06/2029						326						310						0.2						309
			Arrow Buyer, Inc.			One stop						SF +			6.50%			(h)						11.89%															06/2030						1,092						1,064						0.8						1,078
			Arrow Buyer, Inc.(5)			One stop						SF +			6.50%									N/A(6)															06/2030						—						(2)						—						(3)
			Coupa Holdings, LLC			One stop						SF +			7.50%			(g)						12.82%															02/2030						2,167						2,117						1.5						2,113
			Coupa Holdings, LLC(5)			One stop						SF +			7.50%									N/A(6)															02/2029						—						(1)						—						(1)
			Coupa Holdings, LLC(5)			One stop						SF +			7.50%									N/A(6)															02/2030						—						(2)						—						(5)
			Evergreen IX Borrower 2023, LLC(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(8)						—						(8)
			Evergreen IX Borrower 2023, LLC			One stop						SF +			6.00%			(h)						11.39%															09/2030						3,041						2,965						2.1						2,965
			GTY Technology Holdings, Inc.(17)			One stop						SF +			6.87%			(h)						7.97%			cash/			4.30%			PIK						07/2029						1,903						1,873						1.4						1,884
			GTY Technology Holdings, Inc.(17)			One stop						SF +			6.88%			(h)						7.97%			cash/			4.30%			PIK						07/2029						1,243						1,220						0.9						1,230
			GTY Technology Holdings, Inc.(17)			One stop						SF +			6.88%			(h)						7.97%			cash/			4.30%			PIK						07/2029						228						226						0.2						225
			GTY Technology Holdings, Inc.(5)			One stop						SF +			6.25%									N/A(6)															07/2029						—						(1)						—						(1)
			Hyland Software, Inc.			One stop						SF +			6.00%			(g)						11.32%															09/2030						7,284						7,175						5.2						7,174
			Hyland Software, Inc.(5)			One stop						SF +			6.00%									N/A(6)															09/2029						—						(1)						—						(2)
			ICIMS, Inc.(17)			One stop						SF +			7.25%			(h)						8.76%			cash/			3.88%			PIK						08/2028						3,175						3,132						2.2						3,112
			ICIMS, Inc.			One stop						SF +			6.75%			(h)						12.14%															08/2028						16						16						—						14
			ICIMS, Inc.(5)			One stop						SF +			7.25%									N/A(6)															08/2028						—						—						—						(15)
			IQN Holding Corp.			One stop						SF +			5.25%			(h)						10.67%															05/2029						806						800						0.6						790
			IQN Holding Corp. (5)			One stop						SF +			5.25%									N/A(6)															05/2029						—						(3)						—						(4)
			IQN Holding Corp. (5)			One stop						SF +			5.25%									N/A(6)															05/2028						—						—						—						(1)
			Island Bidco AB(7)(8)(11)(17)			One stop						E +			7.25%			(d)						3.93%			cash/			7.25%			PIK						07/2028						388						380						0.3						388
			Island Bidco AB(7)(11)(17)			One stop						SF +			7.00%			(i)						8.84%			cash/			3.50%			PIK						07/2028						189						187						0.1						189
			Island Bidco AB(7)(11)			One stop						SF +			6.50%									N/A(6)															07/2028						—						—						—						—
			Island Bidco AB(7)(8)(11)			One stop						E +			6.50%									N/A(6)															07/2028						—						—						—						—
			Kaseya Inc.(17)			One stop						SF +			6.25%			(h)						9.12%			cash/			2.50%			PIK						06/2029						1,789						1,766						1.3						1,771
			Kaseya Inc.(17)			One stop						SF +			6.25%			(g)						9.07%			cash/			2.50%			PIK						06/2029						27						26						—						26
			Kaseya Inc.(17)			One stop						SF +			6.25%			(h)						9.12%			cash/			2.50%			PIK						06/2029						7						6						—						6
			Panzura, LLC(17)			One stop						N/A												2.00%			cash/			13.00%			PIK						08/2027						50						44						—						44
			PING Identity Holding Corp.			One stop						SF +			7.00%			(g)						12.32%															10/2029						642						633						0.5						642
			PING Identity Holding Corp.(5)			One stop						SF +			7.00%									N/A(6)															10/2028						—						(1)						—						—
			Quant Buyer, Inc.			One stop						SF +			6.00%			(i)						11.30%															06/2029						2,686						2,664						1.9						2,625
			Quant Buyer, Inc.			One stop						SF +			6.00%			(i)						11.30%															06/2029						2,262						2,244						1.6						2,211
			Quant Buyer, Inc.(5)			One stop						SF +			6.00%									N/A(6)															06/2029						—						(1)						—						(2)
			Quant Buyer, Inc.(5)			One stop						SF +			6.50%									N/A(6)															06/2029						—						(2)						—						—
			Rainforest Bidco Limited(7)(8)(9)(17)			One stop						SN +			5.50%			(e)						8.69%			cash/			2.00%			PIK						07/2029						688						657						0.5						657
			Rainforest Bidco Limited(7)(9)(17)			One stop						SF +			5.50%			(f)						8.80%			cash/			2.00%			PIK						07/2029						133						132						0.1						127
			Rainforest Bidco Limited(7)(8)(9)(17)			One stop						SN +			5.50%			(e)						8.69%			cash/			2.00%			PIK						07/2029						51						48						—						48
			SailPoint Technologies Holdings, Inc.			One stop						SF +			6.25%			(g)						11.58%															08/2029						3,894						3,827						2.8						3,855

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			SailPoint Technologies Holdings, Inc.(5)			One stop						SF +			6.25%									N/A(6)															08/2028						$	—					$	(1)					—			%			$	(1)
			Templafy APS and Templafy, LLC(7)(13)			One stop						SF +			6.00%			(i)						11.68%															07/2028						552						540						0.4						552
			Templafy APS and Templafy, LLC(7)(13)			One stop						SF +			6.00%									N/A(6)															07/2028						—						—						—						—
			Templafy APS and Templafy, LLC(5)(7)(13)			One stop						SF +			6.00%									N/A(6)															07/2028						—						(2)						—						—
			Zendesk, Inc.(17)			One stop						SF +			6.75%			(h)						8.90%			cash/			3.25%			PIK						11/2028						4,030						3,962						2.9						4,030
			Zendesk, Inc.(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(1)						—						—
			Zendesk, Inc.(5)			One stop						SF +			6.50%									N/A(6)															11/2028						—						(8)						—						—
																																													48,550						47,770						34.6						47,872
			Specialty Retail
			PPV Intermediate Holdings, LLC			One stop						SF +			5.75%			(h)						11.17%															08/2029						3,762						3,706						2.7						3,706
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.50%			PIK												08/2030						418						410						0.3						393
			PPV Intermediate Holdings, LLC(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(4)						—						(4)
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.50%			PIK												08/2030						17						16						—						16
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.50%			PIK												08/2030						97						96						0.1						91
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												13.50%			PIK												08/2030						18						18						—						17
			PPV Intermediate Holdings, LLC(17)			One stop						N/A												14.25%			PIK												08/2030						1,389						1,349						1.0						1,348
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(i)						11.63%															08/2028						38						38						—						38
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(i)						11.68%															08/2028						171						170						0.1						170
			Salon Lofts Group, LLC(5)			Senior secured						SF +			6.25%									N/A(6)															08/2028						—						(4)						—						(4)
			Salon Lofts Group, LLC			Second lien						SF +			9.00%			(i)						14.45%															09/2029						63						58						0.1						59
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(i)						11.59%															08/2028						166						165						0.1						164
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(i)						11.59%															08/2028						2,542						2,521						1.8						2,516
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(h)						11.64%															08/2028						42						41						—						41
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(i)						11.60%															08/2028						46						45						—						45
			Salon Lofts Group, LLC(5)			Senior secured						SF +			6.25%									N/A(6)															08/2028						—						(6)						—						(7)
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(h)						11.64%															08/2028						131						130						0.1						130
			Salon Lofts Group, LLC			Senior secured						SF +			6.25%			(h)						11.64%															08/2028						55						54						—						54
																																													8,955						8,803						6.3						8,773
			Total debt investments																																										109,186						107,236						77.8						107,731

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments(14)(15)
			Aerospace & Defense
			PPW Aero Buyer, Inc.			LP units						N/A												N/A															N/A						15						$	145					0.1			%			$	152
			Automobiles
			National Express Wash Parent Holdco, LLC			LP units						N/A												N/A															N/A						—						44						—						50
			Diversified Consumer Services
			DP Flores Holdings, LLC			LLC units						N/A												N/A															N/A						50						50						—						57
			HS Spa Holdings, Inc.			Common stock						N/A												N/A															N/A						33						33						—						35
			NSG Buyer, Inc. (7)			LP units						N/A												N/A															N/A						—						372						0.3						362
																																																			455						0.3						454
			IT Services
			Critical Start, Inc.			Common stock						N/A												N/A															N/A						17						17						—						20
			Netwrix Corporation(16)			LLC units						N/A												N/A															N/A						4						9						—						15
																																																			26						—						35
			Life Sciences Tools & Services
			Celerion Buyer, Inc.			LP units						N/A												N/A															N/A						186						186						0.1						186
			Celerion Buyer, Inc.			LP units						N/A												N/A															N/A						186						—						0.1						57
																																																			186						0.2						243
			Software
			Anaplan, Inc.			LP Interest						N/A												N/A															N/A						364						364						0.4						517
			Cynet Security Ltd.(7)(12)			Preferred stock						N/A												N/A															N/A						9						31						—						38
			GTY Technology Holdings, Inc.			LP units						N/A												N/A															N/A						28						28						—						37
			Kaseya Inc.(16)			Preferred stock						N/A												11.75%			Non-Cash												N/A						—						376						0.3						382
			Kaseya Inc.			LP Interest						N/A												N/A															N/A						20						20						—						22
			Onit, Inc.(16)			Preferred stock						N/A												15.00%			Non-Cash												N/A						—						46						0.1						50
			Onit, Inc.			Warrant						N/A												N/A															N/A						—						7						—						7
			Panzura, LLC			LLC units						N/A												N/A															N/A						1						4						—						4
			Templafy APS and Templafy, LLC(7)(13)			Warrant						N/A												N/A															N/A						—						11						—						8
			Zendesk, Inc.			LP units						N/A												N/A															N/A						9						91						0.1						126
																																																			978						0.9						1,191
			Specialty Retail
			Salon Lofts Group, LLC			LP units						N/A												N/A															N/A						—						63						—						49
			Total equity investments																																																1,897						1.5						2,174
			Total investments																																																109,133						79.3						109,905
			Money market funds (included in cash and cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)																					5.2%			(18)																								8,682						6.3			%			8,682
			Total money market funds																																																8,682						6.3						8,682
			Total investments and money market funds																																																$	117,815					85.6			%			$	118,587

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’) or Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’), which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 3.9% 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. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation”.

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

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

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

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

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

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

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

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

(17)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2023.

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

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 1.    Organization

Golub Capital Direct Lending Unlevered Corporation (“GDLCU” 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 GDLCU’s common stock in private placements. In addition, for U.S. federal income tax purposes, GDLCU 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 use of “unlevered” in the Company’s name is intended to mean that the Company will be unlevered, except for borrowing funds on a short-term basis to fulfill working capital needs. The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, primarily U.S. middle-market companies. The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

Note 2.    Significant Accounting Policies and Recent Accounting Updates

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

The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

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

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 7. Fair Value Measurements.

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital Direct Lending Unlevered Corporation Holdings LLC and Golub Capital Direct Lending Unlevered Corporation Holdings Coinvest, Inc., in its consolidated financial statements.

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

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

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

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

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 contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, 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. Forward Currency Contracts 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.

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and nine months ended June 30, 2024, interest income included $166 and $432, respectively, of accretion of discounts and amortization of premiums. For the three and nine months ended June 30, 2023, interest income included $74 and $192, respectively, of accretion of discounts and amortization of premiums. For the three and nine months ended June 30, 2024, the Company received loan origination fees of $759 and $2,389, respectively. For the three and nine months ended June 30, 2023, the Company received loan origination fees of $134 and $880, respectively.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2024, investment income included $362 and $1,090, respectively, of PIK interest and the Company capitalized PIK interest of $335 and $1,108, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2023, investment income included $210 and $439, respectively, of PIK interest and the Company capitalized PIK interest of $189 and $411, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. For the three and nine months ended June 30, 2024, fee income included $1 from non-recurring prepayment premiums. For the three and nine months ended June 30, 2023, fee income included no prepayment premiums. All other income is recorded into income when earned.

For the three and nine months ended June 30, 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $5,237 and $14,295, respectively. For the three and nine months ended June 30, 2023, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $1,727 and $5,170, 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, 2024, the Company recognized PIK and non-cash dividend income of $19 and $52, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2024, the Company received no cash payments of accrued and capitalized preferred dividends. For the three and nine months ended June 30, 2023, the Company recognized PIK and non-cash dividend income of $12 and $34, respectively, which were capitalized into the cost basis of certain preferred equity

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

investments. For the three and nine months ended June 30, 2023, the Company received no cash payments of accrued and capitalized preferred dividends.

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

For the three and nine months ended June 30, 2024 and 2023, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash.

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

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

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended June 30, 2024, the Company did not record any U.S. federal excise tax. For the nine months ended June 30, 2024, the Company recorded $28 for U.S. federal excise tax expense. For the three months ended June 30, 2023, the Company did not record any U.S. federal excise tax. For the nine months ended June 30, 2023, the Company recorded $40 for U.S. federal excise tax expense.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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, 2024. The Company's tax returns for the 2022 through 2023 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

Deferred 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, 2024, the Company amortized $29 and $88, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations. For the three and nine months ended June 30, 2023, the Company amortized $29 and $77, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

Note 3. Stockholders’ Equity

GDLCU 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, GDLCU has entered into Subscription Agreements with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GDLCU’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GDLCU’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 GDLCU with a minimum of 10 calendar days prior notice.

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

			As of June 30, 2024												As of September 30, 2023
			Subscriptions						Contributions						Subscriptions						Contributions
GDLCU Stockholders			$	378,341					$	288,773					$	374,916					$	138,163

As of June 30, 2024 and September 30, 2023, the ratio of total contributed capital to total capital subscriptions was 76.3% and 36.9%, respectively, and the Company had uncalled capital commitments of $89,568 and $236,753, respectively.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The following table summarizes the shares of GDLCU common stock issued for the nine months ended June 30, 2024 and 2023:

			Date						Shares Issued						NAV ($) per share						Proceeds
Shares issued for the nine months ended June 30, 2023
Issuance of shares			11/14/22						717,431.000						$	15.00					$	10,762
Issuance of shares			02/07/23						956,574.667						15.00						14,348
Issuance of shares			06/26/23						717,431.000						15.00						10,762
Shares issued for capital drawdowns									2,391,436.667												$	35,872
Issuance of shares			11/23/22						1,664.799						$	15.00					$	25
Issuance of shares			12/29/22						4,782.751						15.00						72
Issuance of shares			03/01/23						2,895.367						15.00						44
Issuance of shares			03/22/23						3,478.115						15.00						52
Issuance of shares			05/24/23						8,465.003						15.00						127
Issuance of shares			06/22/23						3,231.487						15.00						48
Shares issued through DRIP									24,517.522												$	368
Shares issued for the nine months ended June 30, 2024
Issuance of shares			10/27/23						1,124,891.000						$	15.00					$	16,873
Issuance of shares			11/10/23						1,124,891.000						15.00						16,873
Issuance of shares			12/15/23						1,999,805.999						15.00						29,997
Issuance of shares			03/18/24						1,124,891.000						15.00						16,874
Issuance of shares			05/03/24						1,135,022.533						15.00						17,025
Issuance of shares			05/17/24						1,135,022.533						15.00						17,025
Issuance of shares			06/04/24						2,396,158.667						15.00						35,943
Shares issued for capital drawdowns									10,040,682.732												$	150,610

Note 4.    Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GDLCU. The Board most recently reapproved the Investment Advisory Agreement in May 2024. 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 1.00% 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, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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 the Company, 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. The Investment Adviser has agreed to certain waivers with respect to the base management fee for the periods following April 1, 2022, the initial closing date for the private placement of shares of the Company's common stock (the “Initial Closing”), and will irrevocably waive 100% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2022 to March 31, 2023; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2023 to March 31, 2024; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2024 to March 31, 2025.

For the three and nine months ended June 30, 2024, the base management fee incurred by the Company was $578 and $1,427, respectively, and the base management fee irrevocably waived by the Investment Adviser was $193 and $759, respectively.

For the three and nine months ended June 30, 2023, the base management fee incurred by the Company was $219 and $582, respectively, and the base management fee irrevocably waived by the Investment Adviser was $146 and $509, respectively.

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

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

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed ‘‘hurdle rate’’ of 1.0% 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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

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

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

•100% of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 10.0% 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

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

The 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, 2024, the Income Incentive Fee incurred was $628 and $1,609, respectively. For the three and nine months ended June 30, 2023, the Income Incentive Fee incurred was $231 and $597, respectively. For the nine months ended June 30, 2023, $319 of the Income Incentive Fee was irrevocably waived by the Investment Adviser in connection with the Operating Expenses Reimbursement Waiver as defined in the Other related party transactions section below.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 10.0% 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 (or, upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ended December 31, 2022, 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) unrealized capital depreciation on a cumulative basis, less (2) all 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 the date the Company elected to be a BDC.

•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, derivative contracts and any income tax related to cumulative aggregate realized gains and losses. The Capital Gain Incentive Fee is

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

calculated on a cumulative basis from April 1, 2022 through the end of each calendar year or the termination of the Investment Advisory Agreement.

As of June 30, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee 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, 2024.

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. 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% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. For the three and nine months ended June 30, 2024, the Company accrued a capital gain incentive fee under GAAP of $114 and $273, respectively. For both the three and nine months ended June 30, 2023, the Company accrued a capital gain incentive fee of $27 under GAAP.

As of June 30, 2024 and September 30, 2023, there was $329 and $56, respectively, accrued for the capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

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

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

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

Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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, 2024 and September 30, 2023, included in accounts payable and other liabilities is $74 and $33, 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 $56 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, 2024 and September 30, 2023, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $301.

The Administrator and Investment Adviser voluntarily agreed to irrevocably waive reimbursement from the Company for operating expenses, including but not limited to, audit fees, fees related to professional tax services, administrative fees payable under the Administration Agreement, trustee fees, and fees payable pursuant to the Investment Advisory Agreement, net of the base management fee waivers described above, until the aggregate amount of such waived expense reimbursements equals $1,000 (the “Operating Expenses Reimbursement Waiver”). From the commencement of operations through March 31, 2023, the total operating expenses and fees payable pursuant to the Investment Advisory Agreement and Administration Agreement waived under the Operating Expenses Reimbursement Waiver totaled $1,000. For the nine months ended June 30, 2023, the Administrator and Investment Adviser waived the reimbursement of $195 in operating expenses.

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, 2024 were $208 and $548, respectively. Total expenses reimbursed to the Administrator during both the three and nine months ended June 30, 2023 were $321. As of June 30, 2024 and September 30, 2023, there was $129 and $176, respectively, included in accounts payable and other liabilities 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 $25,000. On May 21, 2024, GGP Class B-P, LLC entered into agreements with existing stockholders to assume $15,000 of subscription commitments and purchase the 550,000 shares of common stock held by such stockholders. As of June 30, 2024, GGP Class B-P, LLC has an aggregate commitment of $40,011. As of June 30, 2024, the Company has issued 1,971,256.798 shares of its common stock, including 550,000 shares of its common stock purchased from other stockholders, to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $29,569 and has also issued 26,412.009 shares to GGP Class B-P, LLC through the DRIP.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The Company is party to an unsecured revolving credit facility with the Investment Adviser (the “Adviser Revolver”) which, as of June 30, 2024, permits the Company to borrow a maximum of $40,000 and expires on April 1, 2025. Refer to Note 8. Borrowings for discussion of the Adviser Revolver.

Note 5.    Investments

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

			As of June 30, 2024																		As of September 30, 2023
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	10,739					$	10,623					$	10,738					$	3,826					$	3,777					$	3,772
One stop			251,949						248,085						251,048						105,246						103,352						103,849
Second lien			953						934						937						63						58						59
Subordinated debt			158						155						157						51						49						51
Equity			N/A						3,216						3,696						N/A						1,897						2,174
Total			$	263,799					$	263,013					$	266,576					$	109,186					$	109,133					$	109,905

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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, 2024												As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic			$	34,321					13.0		%				$	14,718					13.5		%
Midwest			55,171						21.0						18,444						16.9
Northeast			38,302						14.6						21,957						20.1
Southeast			36,083						13.7						18,267						16.7
Southwest			32,523						12.4						8,190						7.5
West			61,194						23.3						22,983						21.1
United Kingdom			1,776						0.7						1,757						1.6
Luxembourg			840						0.3						848						0.8
Sweden			2,224						0.8						1,389						1.3
Israel			31						0.0		*				31						0.0		*
Denmark			548						0.2						549						0.5
Total			$	263,013					100.0		%				$	109,133					100.0		%
Fair Value:
United States
Mid-Atlantic			$	34,799					13.0		%				$	14,829					13.5		%
Midwest			55,860						21.0						18,561						16.9
Northeast			38,849						14.6						22,063						20.1
Southeast			36,548						13.7						18,351						16.7
Southwest			32,802						12.3						8,222						7.5
West			62,095						23.3						23,274						21.2
United Kingdom			1,872						0.7						1,735						1.6
Luxembourg			852						0.3						836						0.7
Sweden			2,294						0.9						1,436						1.3
Israel			41						0.0		*				38						0.0		*
Denmark			564						0.2						560						0.5
Total			$	266,576					100.0		%				$	109,905					100.0		%

*			Represents an amount less than 0.1%

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as of June 30, 2024 and September 30, 2023 were as follows:

			As of June 30, 2024												As of September 30, 2023
Amortized Cost:
Aerospace & Defense			$	5,419					2.1		%				$	5,393					4.9		%
Auto Components			6,177						2.4						—						—
Automobiles			13,637						5.2						4,543						4.2
Banks			817						0.3						—						—
Beverages			4,114						1.6						3,299						3.0
Capital Markets			2,573						1.0						—						—
Commercial Services & Supplies			13,888						5.3						467						0.4
Construction & Engineering			2,443						0.9						—						—
Diversified Consumer Services			24,250						9.2						6,978						6.4
Diversified Financial Services			3,511						1.3						744						0.7
Electrical Equipment			126						0.1						—						—
Electronic Equipment, Instruments & Components			1,508						0.6						1,541						1.4
Food Products			3,842						1.5						—						—
Healthcare Equipment & Supplies			5,889						2.2						1,304						1.2
Healthcare Providers & Services			5,872						2.2						918						0.8
Healthcare Technology			4,582						1.7						3,071						2.8
Hotels, Restaurants & Leisure			9,127						3.5						3,788						3.5
Household Durables			—						—						443						0.4
Industrial Conglomerates			3,510						1.3						1,103						1.0
Insurance			12,489						4.7						5,676						5.2
IT Services			12,436						4.7						5,857						5.4
Leisure Products			1,882						0.7						—						—
Life Sciences Tools & Services			6,204						2.4						4,320						4.0
Machinery			4,592						1.7						—						—
Media			1,747						0.7						—						—
Oil, Gas & Consumable Fuels			2,891						1.1						—						—
Pharmaceuticals			840						0.3						849						0.8
Professional Services			1,785						0.7						1,225						1.1
Software			79,710						30.3						48,748						44.7
Specialty Retail			27,152						10.3						8,866						8.1
Total			$	263,013					100.0		%				$	109,133					100.0		%

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

			As of June 30, 2024												As of September 30, 2023
Fair Value:
Aerospace & Defense			$	5,583					2.1		%				$	—					—		%
Auto Components			6,223						2.3						5,546						5.1
Automobiles			13,681						5.1						4,428						4.0
Banks			835						0.3						—						—
Beverages			4,195						1.6						3,301						3.0
Capital Markets			2,605						1.0						—						—
Commercial Services & Supplies			14,115						5.3						467						0.4
Construction & Engineering			2,443						0.9						—						—
Diversified Consumer Services			24,645						9.3						7,105						6.5
Diversified Financial Services			3,537						1.3						762						0.7
Electrical Equipment			130						0.0		*				—						—
Electronic Equipment, Instruments & Components			1,575						0.6						1,582						1.4
Food Products			3,900						1.5						—						—
Healthcare Equipment & Supplies			5,937						2.2						3,044						2.8
Healthcare Providers & Services			5,977						2.2						1,316						1.2
Healthcare Technology			4,612						1.7						910						0.8
Hotels, Restaurants & Leisure			9,175						3.5						3,817						3.5
Household Durables			—						—						458						0.4
Industrial Conglomerates			3,522						1.3						1,118						1.0
Insurance			12,689						4.8						5,757						5.3
IT Services			12,528						4.7						5,841						5.3
Leisure Products			1,914						0.7						—						—
Life Sciences Tools & Services			6,401						2.4						4,485						4.1
Machinery			4,645						1.8						—						—
Media			1,746						0.7						—						—
Oil, Gas & Consumable Fuels			2,935						1.1						—						—
Pharmaceuticals			852						0.3						836						0.8
Professional Services			1,826						0.7						1,247						1.1
Software			81,058						30.4						49,063						44.6
Specialty Retail			27,292						10.2						8,822						8.0
Total			$	266,576					100.0		%				$	109,905					100.0		%

*			Represents an amount less than 0.1%

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 6.    Forward Currency Contracts

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

The outstanding forward currency contracts as of June 30, 2024 and September 30, 2023 were as follows:

As of June 30, 2024
Counterparty						Currency to be sold									Currency to be purchased									Settlement Date						Unrealized appreciation ($)						Unrealized depreciation ($)
Macquarie Bank Limited						£	1,380		GBP						$	1,697		USD						10/14/2025						$	1					$	—
Macquarie Bank Limited						€	1,600		EUR						$	1,753		USD						10/14/2025						—						(48)
																														$	1					$	(48)

As of September 30, 2023
Counterparty						Currency to be sold									Currency to be purchased									Settlement Date						Unrealized appreciation ($)						Unrealized depreciation ($)
Macquarie Bank Limited						£	1,125		GBP						$	1,247		USD						10/13/2023						$	—					$	(126)
Macquarie Bank Limited						€	1,150		EUR						$	1,148		USD						10/13/2023						—						(68)
																														$	—					$	(194)

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held for forward currency contracts or cash collateral received for forward currency contracts. 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 forward currency contracts on the consolidated financial statements of the Company including: the fair value of derivatives by risk category, 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, 2024 and September 30, 2023.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

As of June 30, 2024
Counterparty						Risk exposure category						Unrealized appreciation on forward currency contracts						Unrealized depreciation on forward currency contracts						Net amounts presented in the Consolidated Statement of Financial Condition						Collateral (Received) Pledged (1)						Net Amount (2)
Macquarie Bank Limited						Foreign exchange						$	1					$	(48)					$	(47)					$	47					$	—

As of September 30, 2023
Counterparty						Risk exposure category						Unrealized appreciation on forward currency contracts						Unrealized depreciation on forward currency contracts						Net amounts presented in the Consolidated Statement of Financial Condition						Collateral (Received) Pledged (1)						Net Amount (2)
Macquarie Bank Limited						Foreign exchange						$	—					$	(194)					$	(194)					$	194					$	—

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

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

The impact of derivative transactions for the three and nine months ended June 30, 2024 and 2023 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category						Three months ended June 30,												Nine months ended June 30,
						2024						2023						2024						2023
Foreign exchange						$	—					$	—					$	(211)					$	—
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,
						2024						2023						2024						2023
Foreign exchange						$	17					$	(40)					$	147					$	(290)

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, 2024 and 2023:

Average U.S. Dollar notional outstanding						Three months ended June 30,												Nine months ended June 30,
						2024						2023						2024						2023
Forward currency contracts						$	3,450					$	2,395					$	3,438					$	2,307

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 may 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.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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 management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: 

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2024 and 2023. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

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

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

In addition, for certain debt investments, the Company bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment. Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded.

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

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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

As of June 30, 2024						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	262,880					$	262,880
Equity investments(1)						—						—						3,696						3,696
Money market funds(1)(2)						24,828						—						—						24,828
Forward currency contracts						—						1						—						1
Total assets, at fair value:						$	24,828					$	1					$	266,576					$	291,405
Liabilities, at fair value:
Forward currency contracts						$	—					$	48					$	—					$	48
Total liabilities, at fair value:						$	—					$	48					$	—					$	48
As of September 30, 2023						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	107,731					$	107,731
Equity investments(1)						—						—						2,174						2,174
Money market funds(1)(2)						8,682						—						—						$	8,682
Total assets, at fair value:						$	8,682					$	—					$	109,905					$	118,587
Liabilities, at fair value:
Forward currency contracts						$	—					$	194					$	—					$	194
Total liabilities, at fair value:						$	—					$	194					$	—					$	194

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

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

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2024, reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2024 was $1,125 and $2,788, respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2023, reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2023 was $322 and $882, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2024 and 2023:

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

			For the nine months ended June 30, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	107,731					$	2,174					$	109,905
Net change in unrealized appreciation (depreciation) on investments			2,510						203						2,713
Net translation of investments in foreign currencies			79						—						79
Realized gain (loss) on investments			—						(3)						(3)
Realized gain (loss) on translation of investments in foreign currencies			3						—						3
Fundings of (proceeds from) revolving loans, net			108						—						108
Fundings of investments			152,989						1,270						154,259
PIK interest and non-cash dividends			1,108						52						1,160
Proceeds from principal payments and sales of portfolio investments			(2,080)						—						(2,080)
Accretion of discounts and amortization of premiums			432						—						432
Fair value, end of period			$	262,880					$	3,696					$	266,576

			For the nine months ended June 30, 2023
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	52,962					$	1,028					$	53,990
Net change in unrealized appreciation (depreciation) on investments			421						130						551
Net translation of investments in foreign currencies			315						—						315
Fundings of (proceeds from) revolving loans, net			157						—						157
Fundings of investments			37,430						896						38,326
PIK interest and non-cash dividends			411						35						446
Proceeds from principal payments and sales of portfolio investments			(1,620)						(52)						(1,672)
Accretion of discounts and amortization of premiums			192						—						192
Fair value, end of period			$	90,268					$	2,037					$	92,305

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2024 and September 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of June 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets, at fair value:

Senior secured loans

$

10,738

Yield analysis

Market interest rate

9.3% - 10.0% (9.5%)

Market comparable companies

EBITDA multiples

6.5x - 16.0x (8.9x)

One stop loans(2)

$

243,802

Yield analysis

Market interest rate

7.0% - 19.3% (10.2%)

Market comparable companies

EBITDA multiples

6.8x - 39.0x (16.3x)

Market comparable companies

Revenue multiples

3.0x - 17.0x (10.5x)

7,246

Broker/ Dealer bids or quotes

Broker/ Dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

1,094

Yield analysis

Market interest rate

9.3% - 15.8% (10.9%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (11.3x)

Equity(3)

$

3,696

Market comparable companies

EBITDA multiples

9.0x - 23.0x (16.8x)

Revenue multiples

3.0x - 17.0x (14.2x)

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

(2)The Company valued $193,733 and $50,069 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $2,821 and $875 of equity investments using EBITDA and revenue multiples, respectively.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of September 30, 2023

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets, at fair value:

Senior secured loans

$

3,772

Yield analysis

Market interest rate

9.0% - 10.0% (9.9%)

Market comparable companies

EBITDA multiples

8.5x - 16.1x (11.5x)

One stop loans(2)

$

103,849

Yield analysis

Market interest rate

7.5% - 19.8% (10.3%)

Market comparable companies

EBITDA multiples

9.5x - 34.0x (18.6x)

Market comparable companies

Revenue multiples

5.5x - 27x (11.8x)

Subordinated debt and second lien loans

$

110

Yield analysis

Market interest rate

13.0% - 13.5% (13.2%)

Market comparable companies

EBITDA multiples

9.5x - 11.5x (10.6x)

Equity(3)

$

2,174

Market comparable companies

EBITDA multiples

11.5x - 26.0x (19.3x)

Revenue multiples

5.5x - 16.5x (13.7x)

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

(2)The Company valued $72,978 and $30,871 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $1,368 and $806 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. All assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity.

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. The Company has not sought or obtained any approval necessary to be subject to the reduced asset coverage requirements available to BDCs pursuant to Section 61(a)(2) of the 1940 Act, which permits a BDC to have asset coverage of 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, 2024 and September 30, 2023, the Company did not have any outstanding borrowings or senior securities representing indebtedness.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2024 and September 30, 2023, the Company was permitted to borrow up to $40,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of April 1, 2025. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of June 30, 2024 was 5.0%. For the three and nine months ended June 30, 2024 and 2023, the Company had no borrowings and made no repayments on the Adviser Revolver. As of June 30, 2024 and September 30, 2023, the Company did not have any outstanding borrowings under the Adviser Revolver.

Note 9. Commitments and Contingencies

Commitments: As of June 30, 2024, the Company had outstanding commitments to fund investments totaling $68,259, including $20,457 of commitments on undrawn revolvers. As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $16,132, including $3,472 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company 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. Forward Currency Contracts for outstanding forward currency contracts as of June 30, 2024 and September 30, 2023. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and in the future may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

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

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Golub Capital Direct Lending Unlevered Corporation 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)						2024						2023
Net asset value at beginning of period						$	15.00					$	15.00
Distributions declared:(2)
From net investment income - after tax						(1.21)						(1.08)
Net investment income - after tax						1.03						1.00
Net realized gain (loss) on investment transactions						(0.01)						0.00		^
Net change in unrealized appreciation (depreciation) on investment transactions(3)						0.19						0.08
Net asset value at end of period						$	15.00					$	15.00
Total return based on net asset value per share(4)						8.26		%				7.34		%
Number of common shares outstanding						19,277,956.341						6,987,780.543

						Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:						2024						2023
Ratio of net investment income - after tax to average net assets*(5)						9.21		%				8.88		%
Ratio of total expenses to average net assets*(5)						2.41		%				2.75		%
Ratio of management fee waiver to average net assets*						(0.49)		%				(0.80)		%
Ratio of incentive fee waiver to average net assets(5)						—		%				(0.37)		%
Ratio of operating expense waiver to average net assets(5)						—		%				(0.23)		%
Ratio of incentive fees to average net assets(5)						0.91		%				0.73		%
Ratio of excise tax to average net assets(5)						0.01		%				0.05		%
Ratio of net expenses to average net assets*(5)						1.92		%				1.35		%
Ratio of total expenses (without incentive fees) to average net assets*(5)						1.50		%				1.23		%
Total return based on average net asset value(6)						8.22		%				7.32		%
Total return based on average net asset value - annualized*(6)						10.98		%				9.79		%
Net assets at end of period						$	289,169					$	104,817
Average debt outstanding						$	—					$	—
Average debt outstanding per share						$	—					$	—
Portfolio Turnover*						1.51		%				2.92		%
Asset coverage ratio(7)						N/A						N/A
Asset coverage ratio per unit(8)						N/A						N/A
Average market value per unit(9):
Adviser Revolver						N/A						N/A

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

^ Represents an amount less than $0.01

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

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

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

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

(5)Incentive fees, excise tax, incentive fee waiver and operating expense waiver 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.

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The ratio is not applicable as there was no debt outstanding as of June 30, 2024 and June 30, 2023.

(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. The ratio is not applicable as there was no debt outstanding as of June 30, 2024 and June 30, 2023.

(9)Not applicable as the Adviser Revolver is 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, 2024 and 2023:

			Three months ended June 30,												Nine months ended June 30,
			2024						2023						2024						2023
Earnings available to stockholders			$	6,670					$	2,323					$	16,933					$	6,242
Basic and diluted weighted average shares outstanding			16,619,869						6,301,927						13,766,511						5,699,765
Basic and diluted earnings per share			$	0.40					$	0.37					$	1.23					$	1.10

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the nine months ended June 30, 2024 and 2023:

Date Declared						Record Date						Payment Date						Shares Outstanding						Amount Per Share						Total Dividends Declared
For the nine months ended June 30, 2024
08/03/2023						10/20/2023						12/28/2023						9,237,273.609						$	0.1143					$	1,056
11/17/2023						11/20/2023						12/28/2023						11,487,055.609						0.1247						1,432
11/17/2023						12/15/2023						02/21/2024						13,486,861.608						0.1139						1,536
11/17/2023						01/19/2024						03/20/2024						13,486,861.608						0.1206						1,625
02/02/2024						02/26/2024						05/22/2024						13,486,861.608						0.1434						1,934
02/02/2024						03/15/2024						05/22/2024						13,486,861.608						0.1987						2,680
02/02/2024						04/19/2024						06/17/2024						14,611,752.608						0.1138						1,663
05/03/2024						05/27/2024						08/21/2024						16,881,797.674						0.1632						2,755
05/03/2024						06/21/2024						08/21/2024						19,277,956.341						0.1168						2,252
Total dividends declared for the nine months ended June 30, 2024																														$	16,933
For the nine months ended June 30, 2023
08/05/2022						10/18/2022						12/29/2022						4,571,826.354						$	0.0980					$	447
11/18/2022						11/21/2022						12/29/2022						5,289,257.354						0.0964						510
11/18/2022						12/15/2022						03/01/2023						5,290,922.153						0.1096						580
11/18/2022						01/17/2023						03/22/2023						5,295,704.904						0.1301						690
02/07/2023						02/24/2023						05/24/2023						6,252,279.571						0.1148						718
02/07/2023						03/17/2023						05/24/2023						6,255,174.938						0.1558						974
02/07/2023						04/28/2023						06/22/2023						6,258,653.053						0.1023						640
05/05/2023						05/26/2023						08/23/2023						6,267,118.056						0.1106						693
05/05/2023						06/16/2023						08/23/2023						6,267,118.056						0.1579						990
Total dividends declared for the nine months ended June 30, 2023																														$	6,242

There were no distributions reinvested during the nine months ended June 30, 2024. The following table summarizes the Company’s distributions reinvested during the nine months ended June 30, 2023:

Payment Date						DRIP Shares Issued						NAV ($) Per Share						DRIP Shares Value
For the nine months ended June 30, 2023
November 23, 2022						1,664.799						$	15.00					$	25
December 29, 2022						4,782.751						15.00						72
March 1, 2023						2,895.367						15.00						44
March 22, 2023						3,478.115						15.00						52
May 24, 2023						8,465.003						15.00						127
June 22, 2023						3,231.487						15.00						48
						24,517.522												$	368

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:

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Golub Capital Direct Lending Unlevered Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

On June 21, 2024, the Company issued a capital call to stockholders that was due on July 3, 2024. The estimated shares and proceeds are summarized in the table below:

			Date						Shares Issued						NAV ($) per share						Proceeds
Issuance of Shares			07/03/2024						1,135,022.533						$	15.00					$	17,025

On May 3, 2024 and August 2, 2024, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

July 19, 2024

September 18, 2024

In an amount (if positive) such that the net asset value of the Company as of July 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period July 1, 2024 through July 31, 2024 and the payment of this distribution is $15.00 per share.

August 27, 2024

November 19, 2024

In an amount (if positive) such that the net asset value of the Company as of August 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period August 1, 2024 through August 31, 2024 and the payment of this distribution is $15.00 per share.

September 17, 2024

November 19, 2024

In an amount (if positive) such that the net asset value of the Company as of September 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period September 1, 2024 through September 30, 2024 and the payment of this distribution is $15.00 per share.

October 15, 2024

December 18, 2024

In an amount (if positive) such that the net asset value of the Company as of October 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2024 through October 31, 2024 and the payment of this distribution is $15.00 per share.

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

The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “GDLCU” refer to Golub Capital Direct Lending Unlevered Corporation and its consolidated subsidiaries.

Forward-Looking Statements

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

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

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

•our contractual arrangements and relationships with third parties;

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

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

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

•the adequacy of our financing sources and working capital;

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

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

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

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

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

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

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

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this

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quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2023.

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

Overview

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

The use of “unlevered” in our name is intended to mean that we will be unlevered, except for borrowings on a short term basis to fulfill working capital needs, and that we will not incur leverage to the same extent as is customary for other business development companies.

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 $70.0 billion in capital under management as of April 1, 2024, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2024. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $5.0 million to $30.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $30.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

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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 may increase our risk of losing part or all of our investment.

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

						As of June 30, 2024												As of September 30, 2023
Investment Type						Investments at  Fair Value  (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	10,738					4.0		%				$	3,772					3.4		%
One stop						251,048						94.1						103,849						94.5
Second lien						937						0.4						59						0.1
Subordinated debt						157						0.1						51						0.0		*
Equity						3,696						1.4						2,174						2.0
Total						$	266,576					100.0		%				$	109,905					100.0		%

* Represents an amount less than 0.1%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2024 and September 30, 2023, one stop loans included $50.1 million and $30.9 million, respectively, of recurring revenue loans at fair value.

As of June 30, 2024 and September 30, 2023, we had debt and equity investments in 115 and 66 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented 100% of our debt investments and certain preferred equity investments, as well as the annualized total return based on our average net asset value, in each case, and our net investment income - return on equity for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023:

			Three months ended												Nine months ended
			June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
Weighted average income yield(1)*			12.0%						12.4%												12.3%						11.2%
Weighted average investment income yield(2)*			12.3%						12.8%												12.6%						11.5%
Total return based on average net asset value(3)*			10.8%						12.3%												11.0%						9.8%
Net investment income - return on equity(4)*			8.9%						9.6%												9.2%						8.9%

* Annualized for periods less than one year.

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

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

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

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

As of June 30, 2024, GDLCU has earned an inception-to-date internal rate of return, or IRR, of 10.4% for stockholders taken as a whole. An individual stockholder’s IRR may vary based on the timing of their capital transactions. For the nine months ended June 30, 2024 and 2023, GDLCU earned a fiscal year-to-date IRR of 12.8% and 10.7%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the 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.

Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our short-term borrowings to the limited extent we incur such borrowings. 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;

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•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.

Recent Developments

On June 21, 2024, we issued a capital call to stockholders that was due on July 3, 2024. The estimated shares and proceeds are summarized in the table below:

Date

Shares Issued

NAV ($) per share

Proceeds

Issuance of Shares

07/03/2024

1,135,022.533

$

15.00

$17.0 million

On May 3, 2024 and August 2, 2024, our board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

July 19, 2024

September 18, 2024

In an amount (if positive) such that our net asset value as of July 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with generally accepted accounting principles in the United States of America, or GAAP for the period July 1, 2024 through July 31, 2024 and the payment of this distribution is $15.00 per share.

August 27, 2024

November 19, 2024

In an amount (if positive) such that our net asset value as of August 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period August 1, 2024 through August 31, 2024 and the payment of this distribution is $15.00 per share.

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Record Date

Payment Date

Amount Per Share

September 17, 2024

November 19, 2024

In an amount (if positive) such that our net asset value as of September 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period September 1, 2024 through September 30, 2024 and the payment of this distribution is $15.00 per share.

October 15, 2024

December 18, 2024

In an amount (if positive) such that our net asset value as of October 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period October 1, 2024 through October 31, 2024 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, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023 are as follows:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2024						March 31, 2024												June 30, 2024  vs. March 31, 2024												June 30, 2024						June 30, 2023						June 30, 2024  vs. June 30, 2023
			(In thousands)
Interest income			$	6,376					$	5,481											$	895											$	16,024					$	5,875					$	10,149
Payment-in-kind interest income			362						351												11												1,090						439						651
Accretion of discounts and amortization of premiums			166						157												9												432						192						240
Non-cash dividend income			19						19												—												52						35						17
Fee income			22						21												1												56						14						42
Total investment income			6,945						6,029												916												17,654						6,555						11,099
Net expenses			1,414						1,149												265												3,423						855						2,568
Net investment income - before tax			5,531						4,880												651												14,231						5,700						8,531
Excise tax			—						8												(8)												28						40						(12)
Net investment income - after tax			5,531						4,872												659												14,203						5,660						8,543
Net realized gain (loss) on investment transactions			1						3												(2)												(206)						7						(213)
Net change in unrealized appreciation (depreciation) on investment transactions			1,138						1,364												(226)												2,936						575						2,361
Net increase in net assets resulting from operations			$	6,670					$	6,239											$	431											$	16,933					$	6,242					$	10,691
Average earning debt investments, at fair value			$	226,164					$	189,429											$	36,735											$	186,244					$	75,513					$	110,731
Average earning preferred equity investments, at fair value			$	479					$	459											$	20											$	432					$	369					$	63

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.

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Investment Income

Investment income increased from the three months ended March 31, 2024 to the three months ended June 30, 2024 by $0.9 million, primarily due to an increase in interest income due to an increase in the average earning debt investments balance of $36.7 million, which offset the impact of spread compression.

Investment income increased from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 by $11.1 million, primarily due to an increase in interest and payment in kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $110.7 million coupled with higher interest base rates outstanding for the nine months ended June 30, 2024 as compared to the nine months ended June 30, 2023.

The annualized income yield by debt security type for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023 are as follows:

			Three months ended																		Nine months ended
			June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
Senior secured			11.0		%				11.2		%										11.1		%				10.8		%
One stop			11.7		%				11.9		%										11.9		%				11.1		%
Second lien			14.6		%				15.4		%										15.4		%				—
Subordinated debt			14.5		%				14.7		%										14.6		%				14.8		%

Income yields on senior secured loans decreased from the three months ended March 31, 2024 to the three months ended June 30, 2024 primarily due to the impact of spread compression on new investments, and, to a lesser extent, amendments to existing loans. Income yields on senior secured and one stop loans increased from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 primarily due to higher interest base rates outstanding for the nine months ended June 30, 2024 as compared to the nine months ended June 30, 2023. Our loan portfolio is partially insulated from a drop in floating interest rates, as 96.9% of our loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2024 and September 30, 2023, the weighted average base rate floor of our loans was 0.79% and 0.74%, respectively.

As of June 30, 2024, we have second lien investments in two portfolio companies and subordinated debt investments in three portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2024						March 31, 2024												June 30, 2024  vs. March 31, 2024												June 30, 2024						June 30, 2023						June 30, 2024  vs. June 30, 2023
			(In thousands)
Base management fee, net of waiver			$	385					$	161											$	224											$	668					$	73					$	595
Income incentive fee, net of waiver			628						556												72												1,609						278						1,331
Capital gain incentive fee accrued under GAAP			114						137												(23)												273						27						246
Professional fees			190						212												(22)												595						539						56
Administrative service fee			75						58												17												173						69						104
General and administrative expenses			22						25												(3)												105						64						41
Operating expenses reimbursement waived			—						—												—												—						(195)						195
Net expenses			$	1,414					$	1,149											$	265											$	3,423					$	855					$	2,568

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Management Fees

The base management fee, net of waiver, increased as a result of an increase in average adjusted gross assets for the three months ended March 31, 2024 to the three months ended June 30, 2024. The base management fee, net of waiver, increased for the nine months ended June 30, 2024 as compared to the nine months ended June 30, 2023 primarily as a result of an increase in average adjusted gross assets and certain waivers of the base management fee for certain periods following the initial closing date for the private placement of shares in our common stock where GC Advisors agreed to waive 66.7% of the base management fee for the three months ended March 31, 2023 and for the six months ended March 31, 2024, and 33.3% of the base management fee for the three months ended June 30, 2024.

Incentive Fees

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

The Income Incentive Fee increased by $0.1 million from the three months ended March 31, 2024 to the three months ended June 30, 2024 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 4. Related Party Transactions to our consolidated financial statements) and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee, net of waiver, increased by $1.3 million from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 as a result of a $0.3 million Income Incentive Fee waiver during the nine months ended June 30, 2023 in connection with the Operating Expenses Reimbursement Waiver (as described in Note 4. Related Party Transactions to our consolidated financial statements) coupled with an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth, the impact of rising interest base rates and an increase in accretion income. For each of the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023, we were fully through the catch up and the Income Incentive Fee was equal to 10% of Pre-Incentive Fee Net Investment Income.

As of June 30, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of June 30, 2024 and September 30, 2023, there was $0.3 million and less than $0.1 million, respectively, in capital gain incentive fee accrual under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. For the nine months ended June 30, 2024 and June 30, 2023, the accrual for a capital gain incentive fee under GAAP was $0.3 million and less than $0.1 million, respectively. 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, 2024 and September 30, 2023, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” section below.

Professional Fees, Administrative Service Fee, and General and Administrative Expenses

In total, professional fees, the administrative service fee and general and administrative expenses remained relatively flat from the three months ended March 31, 2024 to the three months ended June 30, 2024.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.2 million from the nine months ended June 30, 2023 to the nine months ended June 30, 2024 primarily due to $0.2 million of expense reimbursements waived during the nine months ended June 30, 2023 in connection with the Operating Expenses Reimbursement Waiver (as described in Note 4. Related Party Transactions to our consolidated financial statements).

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In general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth and increase as a percentage of our total assets during periods of asset declines.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during both the three months ended June 30, 2024 and March 31, 2024 were $0.2 million. Total expenses reimbursed to the Administrator during the nine months ended June 30, 2024 and June 30, 2023 were $0.5 million and $0.3 million, respectively.

As of June 30, 2024 and September 30, 2023, included in accounts payable and other liabilities were $0.1 million and $0.2 million, respectively, of expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2024						March 31, 2024												June 30, 2024  vs. March 31, 2024												June 30, 2024						June 30, 2023						June 30, 2024  vs. June 30, 2023
			(In thousands)
Net realized gain (loss) from investments			$	—					$	—											$	—											$	(3)					$	—					$	(3)
Net realized gain (loss) from forward currency contracts			—						—												—												(211)						—						(211)
Net realized gain (loss) from foreign currency transactions			1						3												(2)												8						7						1
Net realized gain (loss) from investment transactions			$	1					$	3											$	(2)											$	(206)					$	7					$	(213)
Unrealized appreciation from investments			$	1,382					$	1,464											$	(82)											$	2,854					$	981					$	1,873
Unrealized (depreciation) from investments			(250)						(105)												(145)												(141)						(430)						289
Unrealized appreciation (depreciation) from forward currency contracts			17						63												(46)												147						(290)						437
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies			(11)						(58)												47												76						314						(238)
Net change in unrealized appreciation (depreciation) on investment transactions			$	1,138					$	1,364											$	(226)											$	2,936					$	575					$	2,361

During the three months ended June 30, 2024, we had a net realized gain of $1,000 due to realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended March 31, 2024, we had a net realized gain of $3,000 due to realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the nine months ended June 30, 2024, we had a net realized loss of $0.2 million, primarily driven by the realized losses on the settlement of forward currency contracts.

During the nine months ended June 30, 2023, we had a net realized gain of $7,000 due to realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended June 30, 2024, we had $1.4 million in unrealized appreciation on 59 portfolio company investments, which was offset by $0.3 million in unrealized depreciation on 74 portfolio company investments. For the three months ended March 31, 2024, we had $1.5 million in unrealized appreciation on 61 portfolio company investments, which was offset by $0.1 million in unrealized depreciation on 50 portfolio company investments.

Unrealized appreciation for the three months ended June 30, 2024 and March 31, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized depreciation for the three months ended June 30, 2024 and March 31, 2024 primarily resulted from amortization of discounts during each quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

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For the nine months ended June 30, 2024, we had $2.9 million in unrealized appreciation on 93 portfolio company investments, which was offset by $0.1 million in unrealized depreciation on 40 portfolio company investments. Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized depreciation for the nine months ended June 30, 2024 primarily resulted from amortization of discounts during each quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

For the nine months ended June 30, 2023, we had $1.0 million in unrealized appreciation on 39 portfolio company investments, which was offset by $0.4 million in unrealized depreciation on 23 portfolio company investments. Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized depreciation for the nine months ended June 30, 2023 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to incremental wider credit spreads in the market during the first two quarters of the 2023 fiscal year and the amortization of discounts during the quarter on recently originated loans.

Liquidity and Capital Resources

For the nine months ended June 30, 2024, we experienced a net decrease in cash and cash equivalents and foreign currencies of $2.0 million. During the period, we used $140.9 million in operating activities, primarily as a result of fundings of portfolio investments of $154.3 million, partially offset by proceeds from principal payments and sales of portfolio investments of $2.1 million. During the same period, cash provided by financing activities was $139.0 million, primarily as a result of proceeds from the issuance of common shares of $150.6 million, offset by distributions paid of $13.9 million.

For the nine months ended June 30, 2023, we experienced a net decrease in cash and foreign currencies of $3.2 million. During the period, we used $32.3 million in operating activities, primarily as a result of fundings of portfolio investments of $38.3 million, partially offset by proceeds from principal payments and sales of portfolio investments of $1.7 million. During the same period, cash provided by financing activities was $29.2 million, primarily as a result of proceeds from the issuance of common shares of $33.8 million, offset by distributions paid of $4.5 million.

As of June 30, 2024 and September 30, 2023, we had $28.2 million and $30.1 million, respectively, of cash and cash equivalents and $0.2 million and $0.3 million, respectively, of foreign currencies. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions.

As of June 30, 2024 and September 30, 2023, we had investor capital subscriptions totaling $378.3 million and $374.9 million, respectively, of which $288.8 million and $138.2 million, respectively, had been called and contributed, leaving $89.6 million and $236.8 million, respectively, of uncalled investor capital subscriptions.

Revolving Debt Facility

Adviser Revolver - On April 1, 2022, we entered into the Adviser Revolver (as defined in Note 4 of our consolidated financial statements) with GC Advisors. As of June 30, 2024 and September 30, 2023, we were permitted to borrow up to $40.0 million at any one time outstanding under the Adviser Revolver. As of June 30, 2024 and September 30, 2023, we had no outstanding debt under the Adviser Revolver.

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. We have not sought or obtained approval to reduce our asset coverage ratio as permitted by and subject to the requirements of Section 61(a)(2) of the 1940 Act and, as a result, remain subject to the 200% asset coverage requirement under Section 61(a)(1) of the 1940 Act. As of June 30, 2024, we did not have any outstanding borrowings.

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As of June 30, 2024, we had outstanding commitments to fund investments totaling $68.3 million, including $20.5 million of unfunded commitments on revolvers. As of September 30, 2023, we had outstanding commitments to fund investments totaling $16.1 million, including $3.5 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 as of June 30, 2024 subject to the terms of each loan’s respective credit agreement. We did not have any other material contractual payment obligations as of June 30, 2024. As of June 30, 2024, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on cash balances that we maintain and uncalled investor capital subscriptions.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6. Forward Currency Contracts of our consolidated financial statements for outstanding forward currency contracts as of June 30, 2024 and September 30, 2023.

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 may realize a loss. We 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 short-term borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. 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, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy.

Portfolio Composition, Investment Activity and Yield

As of June 30, 2024 and September 30, 2023, we had investments in 115 and 66 portfolio companies, respectively, with a total fair value of $266.6 million and $109.9 million, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and 2023:

			Three months ended																								Nine months ended
			June 30, 2024												March 31, 2024																		June 30, 2024												June 30, 2023
			New Commitments (In thousands)						Percentage						New Commitments (In thousands)						Percentage																		New Commitments (In thousands)						Percentage						New Commitments (In thousands)			Percentage
Senior secured			$	145					0.2		%				$	743					2.2		%																$	7,075					3.4		%				$	93		0.3		%
One stop			83,441						96.7						33,505						97.3																		199,012						95.2						37,318			97.4
Second lien			1,622						1.9						—						—																		1,622						0.8						—			—
Subordinated debt			—						—						50						0.1																		100						0.0		*				50			0.1
Equity			1,059						1.2						127						0.4																		1,271						0.6						844			2.2
Total new investment commitments			$	86,267					100.0		%				$	34,425					100.0		%																$	209,080					100.0		%				$	38,305		100.0		%

* Represents an amount less than 0.1%

For the nine months ended June 30, 2024, we had approximately $2.1 million in proceeds from principal payments and sales of portfolio investments.

For the nine months ended June 30, 2023, we had approximately $1.7 million in proceeds from principal payments and sales of portfolio investments.

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

			As of June 30, 2024(1)																		As of September 30, 2023(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured			$	10,739					$	10,623					$	10,738					$	3,826					$	3,777					$	3,772
One stop			251,949						248,085						251,048						105,246						103,352						103,849
Second lien			953						934						937						63						58						59
Subordinated debt			158						155						157						51						49						51
Equity			N/A						3,216						3,696						N/A						1,897						2,174
Total			$	263,799					$	263,013					$	266,576					$	109,186					$	109,133					$	109,905

(1)As of June 30, 2024, $40.9 million and $41.3 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

(2)As of September 30, 2023, $22.5 million and $22.6 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

As of both June 30, 2024 and September 30, 2023, we had no loans on non-accrual status. As of June 30, 2024 and September 30, 2023, the fair value of our debt investments as a percentage of the outstanding principal value was 99.7% and 98.7%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2024 and March 31, 2024 and the nine months ended June 30, 2024 and June 30, 2023:

			Three months ended												Nine months ended
			June 30, 2024						March 31, 2024												June 30, 2024						June 30, 2023
Weighted average rate of new investment fundings			10.7%						10.9%												11.0%						11.5%
Weighted average spread over the applicable base rate of new floating rate investment fundings			5.3%						5.5%												5.6%						6.7%
Weighted average fees of new investment fundings			0.8%						1.2%												1.1%						1.8%
Weighted average rate of sales and payoffs of portfolio investments			11.8%						11.8%												11.8%						9.4%

As of June 30, 2024, 96.9% 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 September 30, 2023, 95.8% 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, 2024 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $85.7 million and $96.2 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 may 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, 2024 and September 30, 2023:

						As of June 30, 2024												As of September 30, 2023
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	3,451					1.3		%				$	—					—		%
4						262,936						98.6						109,525						99.7
3						188						0.1						380						0.3
2						1						0.0		*				—						—
1						—						—						—						—
Total						$	266,576					100.0		%				$	109,905					100.0		%

* Represents an amount less than 0.1%

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

						Weighted Average Price1
Category						As of June 30, 2024						As of September 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)						99.7%						98.7%
Internal Performance Rating 3 (Performing Below Expectations)						94.5						92.3
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						—						—
Total						99.7%						98.7%

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

Distributions

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

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

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

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

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

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Related Party Transactions

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

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

•GC Advisors has agreed to irrevocably waive 100.0% of the base management fee payable pursuant to the Investment Advisory Agreement for the period prior to the April 1, 2023; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2023 to March 31, 2024; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2024 to March 31, 2025, or the Base Management Fee Waivers.

•GC Advisors and the Administrator have agreed to irrevocably waive (1) reimbursement of all expenses pursuant to the Investment Advisory Agreement or Administration Agreement, as applicable, and (2) in the case of GC Advisors, fees payable pursuant to the Investment Advisory Agreement, net of the Base Management Fee Waivers until the aggregate amount of such waived fees and expense reimbursements equals $1.0 million. From the commencement of operations through March 31, 2023, the total expenses and fees payable pursuant to the Investment Advisory Agreement and Administration Agreement waived totaled $1.0 million.

•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 for $25.0 million. On May 21, 2024, GGP Class B-P, LLC entered into agreements with existing stockholders to assume $15.0 million of subscription commitments and purchase the 550,000 shares of common stock held by such stockholders. As of June 30, 2024, we have issued 1,971,256.798 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $29.6 million, and have also issued 26,412.009 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 BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, most of our officers and directors serve in similar capacities for GBDC, GDLC, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us,

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GBDC, GDLC, GBDC 4, GCRED, and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

Fair Value Measurements

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

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

Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination. With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

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

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

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2024 and 2023. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both June 30, 2024 and September 30, 2023 were valued using Level 3 inputs. As of both June 30, 2024 and September 30, 2023, all money market funds included in cash and 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, we may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA may include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, we will use the enterprise value analysis or a liquidation basis

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analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.

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

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

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

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

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

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

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

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not

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likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans and record these fees as fee income when earned. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs or LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

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

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

Income taxes:

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For both the three months ended June 30, 2024 and 2023, we did not record any U.S. federal excise tax. For the nine months ended June 30, 2024 and 2023, we recorded $28,000 and $40,000, respectively, for U.S. federal excise tax.

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2024 and September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.79% and 0.74%, respectively. The Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. We expect that other short-term borrowing 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, 2024 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

We will be unlevered, except for borrowing funds on a short-term basis to fulfill working capital needs. As a result, hypothetical base rate changes on liabilities are not meaningful and have not been presented below.

Change in interest rates						Increase (decrease) in interest income(1)
						(In thousands)
Down 200 basis points						$	(5,118)
Down 150 basis points						(3,839)
Down 100 basis points						(2,559)
Down 50 basis points						(1,280)
Up 50 basis points						1,280
Up 100 basis points						2,559
Up 150 basis points						3,839
Up 200 basis points						5,118

(1)Assumes applicable three-month base rate as of June 30, 2024, with the exception of SONIA and Prime that utilize the June 30, 2024 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2024, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Adviser Revolver or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

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Item 4. Controls and Procedures.

As of June 30, 2024 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

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

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

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

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

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Item 6: Exhibits.

EXHIBIT INDEX

Number						Description
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 Direct Lending Unlevered Corporation
Date: August 8, 2024			By			/s/ David B. Golub
						David B. Golub
						President and Chief Executive Officer
						(Principal Executive Officer)
Date: August 8, 2024			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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ATTACHMENTS / EXHIBITS

EX-31.1

EX-31.2

EX-32.1

XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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