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3-310001930087us-gaap:RetainedEarningsMembergcred:CommonClassSMember2025-01-012025-03-310001930087us-gaap:CommonStockMember2025-01-012025-03-310001930087us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001930087us-gaap:InterestRateSwapMember2024-10-012025-03-310001930087us-gaap:InterestRateSwapMember2023-10-012024-03-310001930087Bleriot US Bidco Inc, Senior secured2025-03-310001930087Element Materials Technology, Senior secured2025-03-310001930087LSF11 Trinity Bidco, Inc, Senior secured2025-03-310001930087Propulsion Newco LLC, Senior secured2025-03-310001930087Signia Aerospace, LLC, Senior secured 12025-03-310001930087Signia Aerospace, LLC, Senior secured 22025-03-310001930087SMX Technologies, Senior secured2025-03-310001930087Transdigm, Inc, Senior secured2025-03-310001930087gcred:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2025-03-310001930087RJW Group Holdings, Inc, One stop 12025-03-310001930087RJW Group Holdings, Inc, One stop 22025-03-310001930087gcred:AirFreightLogisticsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Accelya Lux Finco S.A.R.L., One stop2025-03-310001930087Brown Group Holding, LLC , Senior secured 12025-03-310001930087Brown Group Holding, LLC , Senior secured 22025-03-310001930087KKR Apple Bidco, LLC, Senior secured2025-03-310001930087gcred:AirlinesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Arnott, LLC, One stop 12025-03-310001930087Arnott, LLC, One stop 22025-03-310001930087Collision SP Subco, LLC, One stop 12025-03-310001930087Collision SP Subco, LLC, One stop 22025-03-310001930087Collision SP Subco, LLC, One stop 32025-03-310001930087OEConnection, LLC, One stop 12025-03-310001930087OEConnection, LLC, One stop 22025-03-310001930087OEConnection, LLC, One stop 32025-03-310001930087OEConnection, LLC, One stop 42025-03-310001930087RC Buyer, Inc, Senior secured2025-03-310001930087RealTruck Group, Inc, Senior secured2025-03-310001930087TI Automotive, Senior secured2025-03-310001930087Wand NewCo 3, Inc, Senior secured2025-03-310001930087gcred:AutoComponentsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087CAP-KSI Holdings, LLC, One stop 12025-03-310001930087CAP-KSI Holdings, LLC, One stop 22025-03-310001930087Denali Midco 2, LLC, Second lien2025-03-310001930087Denali Midco 2, LLC, One stop2025-03-310001930087Driven Holdings, LLC, Senior secured2025-03-310001930087High Bar Brands Operating, LLC, Senior secured 12025-03-310001930087High Bar Brands Operating, LLC, Senior secured 22025-03-310001930087High Bar Brands Operating, LLC, Senior secured 32025-03-310001930087High Bar Brands Operating, LLC, Senior secured 42025-03-310001930087JHCC Holdings LLC, One stop 12025-03-310001930087JHCC Holdings LLC, One stop 22025-03-310001930087JHCC Holdings LLC, One stop 32025-03-310001930087Mavis Tire Express Services Topco, Corp, Senior secured2025-03-310001930087Mister Car Wash Holdings, Inc, Senior secured2025-03-310001930087National Express Wash Parent Holdco, LLC, One stop 12025-03-310001930087National Express Wash Parent Holdco, LLC, One stop 22025-03-310001930087National Express Wash Parent Holdco, LLC, One stop 32025-03-310001930087National Express Wash Parent Holdco, LLC, One stop 42025-03-310001930087Paint Intermediate III, LLC, Senior secured2025-03-310001930087Quick Quack Car Wash Holdings, LLC, One stop 12025-03-310001930087Quick Quack Car Wash Holdings, LLC, One stop 22025-03-310001930087Quick Quack Car Wash Holdings, LLC, One stop 32025-03-310001930087TWAS Holdings, LLC, One stop2025-03-310001930087Yorkshire Parent, Inc, One stop 12025-03-310001930087Yorkshire Parent, Inc, One stop 22025-03-310001930087Yorkshire Parent, Inc, One stop 32025-03-310001930087Yorkshire Parent, Inc, One stop 42025-03-310001930087Yorkshire Parent, Inc, One stop 52025-03-310001930087gcred:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Empyrean Solutions, LLC, One stop 12025-03-310001930087Empyrean Solutions, LLC, One stop 22025-03-310001930087Empyrean Solutions, LLC, One stop 32025-03-310001930087OSP Hamilton Purchaser, LLC, One stop 12025-03-310001930087OSP Hamilton Purchaser, LLC, One stop 22025-03-310001930087OSP Hamilton Purchaser, LLC, One stop 32025-03-310001930087gcred:BanksSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Spindrift Beverage Co. Inc, One stop 12025-03-310001930087Spindrift Beverage Co. Inc, One stop 22025-03-310001930087Spindrift Beverage Co. Inc, One stop 32025-03-310001930087Winebow Holdings, Inc, One stop2025-03-310001930087gcred:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001930087BlueMatrix Holdings, LLC, One stop 12025-03-310001930087BlueMatrix Holdings, LLC, One stop 22025-03-310001930087BlueMatrix Holdings, LLC, One stop 32025-03-310001930087BlueMatrix Holdings, LLC, One stop 42025-03-310001930087Edelman Financial Center, LLC, Senior secured2025-03-310001930087gcred:CapitalMarketsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087INEOS US Finance LLC and INEOS Finance PLC, Senior secured2025-03-310001930087Inhance Technologies Holdings, LLC, One stop 12025-03-310001930087Inhance Technologies Holdings, LLC, One stop 22025-03-310001930087Innophos Holdings, Inc, Senior secured2025-03-310001930087Krayden Holdings, Inc, Senior secured 12025-03-310001930087Krayden Holdings, Inc, Senior secured 22025-03-310001930087Krayden Holdings, Inc, Senior secured 32025-03-310001930087W.R. Grace & Co, Senior secured2025-03-310001930087Windsor Holdings III, LLC, Senior secured2025-03-310001930087gcred:ChemicalsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087BradyIFS Holdings, LLC, One stop 12025-03-310001930087BradyIFS Holdings, LLC, One stop 22025-03-310001930087FR Vision Holdings, Inc, One stop 12025-03-310001930087CHA Vision Holdings, Inc., One stop 12025-03-310001930087CHA Vision Holdings, Inc, One stop 22025-03-310001930087CHA Vision Holdings, Inc, One stop 32025-03-310001930087Energize Holdco, LLC, Senior secured2025-03-310001930087Kleinfelder Intermediate, LLC, One stop 12025-03-310001930087Kleinfelder Intermediate, LLC, One stop 22025-03-310001930087Kleinfelder Intermediate, LLC, One stop 32025-03-310001930087OMNIA Partners, LLC, Senior secured2025-03-310001930087PSC Parent, Inc, One stop 12025-03-310001930087PSC Parent, Inc, One stop 22025-03-310001930087PSC Parent, Inc, One stop 32025-03-310001930087PSC Parent, Inc, One stop 42025-03-310001930087Radwell Parent, LLC, One stop 12025-03-310001930087Radwell Parent, LLC, One stop 22025-03-310001930087Thermostat Purchaser III, Inc, Senior secured2025-03-310001930087WRE Holding Corp, One stop 12025-03-310001930087WRE Holding Corp, One stop 22025-03-310001930087WRE Holding Corp, One stop 32025-03-310001930087gcred:CommercialServicesAndSuppliesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Belfor USA Group Inc, Senior secured2025-03-310001930087Consor Intermediate II, LLC, One stop 12025-03-310001930087Consor Intermediate II, LLC, One stop 22025-03-310001930087Consor Intermediate II, LLC, One stop 32025-03-310001930087Royal Holdco Corporation, One stop 12025-03-310001930087Royal Holdco Corporation, One stop 22025-03-310001930087Royal Holdco Corporation, One stop 32025-03-310001930087Service Logic Acquisition, Inc, Senior secured2025-03-310001930087gcred:ConstructionAndEngineeringMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Star Holding, LLC, Senior secured2025-03-310001930087Ascensus Group Holdings, Senior secured2025-03-310001930087AOT Packaging Products Acquisitionco, LLC, Senior secured2025-03-310001930087Chase Intermediate, One stop2025-03-310001930087Packaging Coordinators Midco, Inc, One stop 12025-03-310001930087Packaging Coordinators Midco, Inc, One stop 22025-03-310001930087Packaging Coordinators Midco, Inc, One stop 32025-03-310001930087Packaging Coordinators Midco, Inc, One stop 42025-03-310001930087Packaging Coordinators Midco, Inc, One stop 52025-03-310001930087Pegasus BidCo, Senior secured2025-03-310001930087Reynolds Group Holdings, Senior secured2025-03-310001930087Technimark, LLC, Senior secured2025-03-310001930087WP Deluxe Merger Sub, Senior secured2025-03-310001930087us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Any Hour, LLC, One stop 12025-03-310001930087Any Hour, LLC, One stop 22025-03-310001930087Any Hour, LLC, One stop 32025-03-310001930087Any Hour, LLC, One stop 42025-03-310001930087Apex Service Partners, LLC, One stop 12025-03-310001930087Apex Service Partners, LLC, One stop 22025-03-310001930087Apex Service Partners, LLC, One stop 32025-03-310001930087Apex Service Partners, LLC, One stop 42025-03-310001930087Certus Pest, Inc, One stop 12025-03-310001930087Certus Pest, Inc, One stop 22025-03-310001930087Certus Pest, Inc, One stop 32025-03-310001930087Certus Pest, Inc, One stop 42025-03-310001930087Certus Pest, Inc, One stop 52025-03-310001930087Certus Pest, Inc, One stop 62025-03-310001930087Certus Pest, Inc, One stop 72025-03-310001930087Certus Pest, Inc, One stop 82025-03-310001930087CHVAC Services Investment, LLC, One stop 12025-03-310001930087CHVAC Services Investment, LLC, One stop 22025-03-310001930087CHVAC Services Investment, LLC, One stop 32025-03-310001930087CHVAC Services Investment, LLC, One stop 42025-03-310001930087Entomo Brands Acquisitions, Inc, Senior secured 12025-03-310001930087Entomo Brands Acquisitions, Inc, Senior secured 22025-03-310001930087Entomo Brands Acquisitions, Inc, Senior secured 32025-03-310001930087HS Spa Holdings, Inc, One stop 12025-03-310001930087HS Spa Holdings, Inc, One stop 22025-03-310001930087Knowledge Universe Education LLC, Senior secured2025-03-310001930087Liminex, Inc, One stop2025-03-310001930087Litera Bidco, LLC, One stop 12025-03-310001930087Litera Bidco, LLC, One stop 22025-03-310001930087Litera Bidco, LLC, One stop 32025-03-310001930087Litera Bidco, LLC, One stop 42025-03-310001930087McAfee, LLC, Senior secured2025-03-310001930087Project Alpha Intermediate Holdings, Inc, Senior secured2025-03-310001930087Provenance Buyer LLC, One stop 12025-03-310001930087Provenance Buyer LLC, One stop 22025-03-310001930087RW AM Holdco LLC, One stop2025-03-310001930087Severin Acquisition, LLC, One stop 12025-03-310001930087Severin Acquisition, LLC, One stop 22025-03-310001930087Severin Acquisition, LLC, One stop 32025-03-310001930087Stellar Brands, LLC, Senior secured 12025-03-310001930087Stellar Brands, LLC, Senior secured 22025-03-310001930087Virginia Green Acquisition, LLC, One stop 12025-03-310001930087Virginia Green Acquisition, LLC, One stop 22025-03-310001930087Virginia Green Acquisition, LLC, One stop 32025-03-310001930087gcred:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Apex Group Treasury, LLC, Senior secured2025-03-310001930087Avalara, Inc, Senior secured2025-03-310001930087Baker Tilly Advisory Group, LP, One stop 12025-03-310001930087Baker Tilly Advisory Group, LP, One stop 22025-03-310001930087Baker Tilly Advisory Group, LP, One stop 32025-03-310001930087BCPE Pequod Buyer, Senior secured2025-03-310001930087Ceres Groupe SAS & Ceres PikCo, One stop2025-03-310001930087Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-03-310001930087Ceres Groupe SAS & Ceres PikCo, One stop 12025-03-310001930087Ceres Groupe SAS & Ceres PikCo, One stop 22025-03-310001930087Corelogic, Inc, Senior secured2025-03-310001930087Corsair Blade IV S.A R.L, One stop 12025-03-310001930087Corsair Blade IV S.A R.L, One stop 22025-03-310001930087Evertec, Inc, Senior secured2025-03-310001930087Finastra USA, Inc, One stop 12025-03-310001930087Finastra USA, Inc, One stop 22025-03-310001930087Focus Financial Partners, LLC, Senior secured2025-03-310001930087GTCR Everest Borrower, LLC, Senior secured2025-03-310001930087Higginbotham Insurance Agency, Inc, One stop 12025-03-310001930087Higginbotham Insurance Agency, Inc, One stop 22025-03-310001930087Howden Group Holdings Limited, Senior secured2025-03-310001930087Mariner Wealth Advisors, LLC, Senior secured2025-03-310001930087Medlar Bidco Limited, One stop 12025-03-310001930087Medlar Bidco Limited, One stop 22025-03-310001930087Medlar Bidco Limited, One stop 32025-03-310001930087Orion Advisor Solutions, Senior secured2025-03-310001930087Wealth Enhancement Group, LLC, One stop 12025-03-310001930087Wealth Enhancement Group, LLC, One stop 22025-03-310001930087Wealth Enhancement Group, LLC, One stop 32025-03-310001930087Wealth Enhancement Group, LLC, One stop 42025-03-310001930087Zebra Buyer LLC, Senior secured2025-03-310001930087gcred:DiversifiedFinancialServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Smart Energy Systems, Inc, One stop 12025-03-310001930087Smart Energy Systems, Inc, One stop 22025-03-310001930087gcred:ElectricUtilitiesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Power Grid Holdings, Inc, One stop 12025-03-310001930087Power Grid Holdings, Inc, One stop 22025-03-310001930087Wildcat TopCo, Inc, One stop 12025-03-310001930087Wildcat TopCo, Inc, One stop 22025-03-310001930087Wildcat TopCo, Inc, One stop 32025-03-310001930087gcred:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Eagle Parent Corp, Senior secured2025-03-310001930087Inspire International, Inc, Senior secured2025-03-310001930087gcred:FoodAndStaplesRetailingMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Aspire Bakeries Holdings, LLC, Senior secured2025-03-310001930087Blast Bidco Inc, One stop 12025-03-310001930087Blast Bidco Inc, One stop 22025-03-310001930087Eagle Family Foods Group, LLC, One stop 12025-03-310001930087Eagle Family Foods Group, LLC, One stop 22025-03-310001930087Louisiana Fish Fry Products, Ltd, One stop2025-03-310001930087MIC GLEN LLC, Senior secured2025-03-310001930087gcred:FoodProductsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Blue River Pet Care, LLC, One stop 12025-03-310001930087Blue River Pet Care, LLC, One stop 22025-03-310001930087Blue River Pet Care, LLC, One stop 32025-03-310001930087Blue River Pet Care, LLC, One stop 42025-03-310001930087Blue River Pet Care, LLC, One stop 52025-03-310001930087Blue River Pet Care, LLC, One stop 62025-03-310001930087Blue River Pet Care, LLC, One stop 72025-03-310001930087Blue River Pet Care, LLC, One stop 82025-03-310001930087Blue River Pet Care, LLC, One stop 92025-03-310001930087CCSL Holdings, LLC, One stop 12025-03-310001930087CCSL Holdings, LLC, One stop 22025-03-310001930087CCSL Holdings, LLC, One stop 32025-03-310001930087CMI Parent Inc, One stop 12025-03-310001930087CMI Parent Inc, One stop 22025-03-310001930087Confluent Medical Technologies, Inc, Senior secured2025-03-310001930087HuFriedy Group Acquisition, LLC, One stop 12025-03-310001930087HuFriedy Group Acquisition, LLC, One stop 22025-03-310001930087HuFriedy Group Acquisition, LLC, One stop 32025-03-310001930087Precision Medicine Group, LLC, Senior secured2025-03-310001930087Resonetics, LLC, Senior secured2025-03-310001930087TIDI Legacy Products, Inc, One stop 12025-03-310001930087TIDI Legacy Products, Inc, One stop 22025-03-310001930087TIDI Legacy Products, Inc, One stop 32025-03-310001930087YI, LLC, One stop12025-03-310001930087YI, LLC, One stop 22025-03-310001930087YI, LLC, One stop 32025-03-310001930087gcred:HealthcareEquipmentAndSuppliesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Agiliti Health, Inc, Senior secured2025-03-310001930087AHP Health Partners, Inc, Senior secured2025-03-310001930087AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop2025-03-310001930087Bamboo US Bidco LLC, One stop 12025-03-310001930087Bamboo US Bidco LLC, One stop 22025-03-310001930087Bamboo US Bidco LLC, One stop 32025-03-310001930087Bamboo US Bidco LLC, One stop 42025-03-310001930087Bamboo US Bidco LLC, One stop 52025-03-310001930087Bamboo US Bidco LLC, One stop 62025-03-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-03-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-03-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-03-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-03-310001930087Cotiviti, Senior secured2025-03-310001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 12025-03-310001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 22025-03-310001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 32025-03-310001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 42025-03-310001930087Electron BidCo, Inc, Senior secured2025-03-310001930087Hanger, Inc, Senior secured 12025-03-310001930087Hanger, Inc, Senior secured 22025-03-310001930087LOV Acquisition LLC, Senior secured 12025-03-310001930087LOV Acquisition LLC, Senior secured 22025-03-310001930087Mamba Purchaser, Inc, Senior secured2025-03-310001930087New Look Corporation and New Look Vision Group Inc, One stop2025-03-310001930087Pharmerica, Senior secured2025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 12025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 22025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 32025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 42025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 52025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 62025-03-310001930087Pinnacle Treatment Centers, Inc, One stop 72025-03-310001930087Premise Health Holding Corp, One stop 12025-03-310001930087Premise Health Holding Corp, One stop 22025-03-310001930087gcred:HealthcareProvidersAndServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Amberfield Acquisition Co, One stop 12025-03-310001930087Amberfield Acquisition Co, One stop 22025-03-310001930087Amberfield Acquisition Co, One stop 32025-03-310001930087Athenahealth, Inc, Senior secured2025-03-310001930087ESO Solution, Inc, One stop2025-03-310001930087GHX Ultimate Parent Corporation, One stop 12025-03-310001930087GHX Ultimate Parent Corporation, One stop 22025-03-310001930087HealthEdge Software, Inc, One stop 12025-03-310001930087HealthEdge Software, Inc, One stop 22025-03-310001930087HealthEdge Software, Inc, One stop 32025-03-310001930087Imprivata, Inc, Senior secured2025-03-310001930087Kona Buyer, LLC, One stop 12025-03-310001930087Kona Buyer, LLC, One stop 22025-03-310001930087Kona Buyer, LLC, One stop 32025-03-310001930087Kona Buyer, LLC, One stop 42025-03-310001930087Lacker Bidco Limited, One stop 12025-03-310001930087Lacker Bidco Limited, One stop 22025-03-310001930087Lacker Bidco Limited, One stop 32025-03-310001930087Mediware Information Systems, Inc, Senior secured2025-03-310001930087Neptune Holdings, Inc, One stop 12025-03-310001930087Neptune Holdings, Inc, One stop 22025-03-310001930087Netsmart Technologies, Inc, One stop 12025-03-310001930087Netsmart Technologies, Inc, One stop 22025-03-310001930087Netsmart Technologies, Inc, One stop 32025-03-310001930087PointClickCare Technologies, Inc, Senior secured2025-03-310001930087Stratose Intermediate Holdings II, LLC, Senior secured 12025-03-310001930087Stratose Intermediate Holdings II, LLC, Senior secured 22025-03-310001930087Tebra Technologies, Inc, One stop2025-03-310001930087gcred:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMember2025-03-310001930087BJH Holdings III Corp, One stop 12025-03-310001930087BJH Holdings III Corp, One stop 22025-03-310001930087Fertitta Entertainment, LLC, Senior secured2025-03-310001930087GFP Atlantic Holdco 2, LLC, One stop 12025-03-310001930087GFP Atlantic Holdco 2, LLC, One stop 22025-03-310001930087Health Buyer, LLC, Senior secured 12025-03-310001930087Health Buyer, LLC, Senior secured 22025-03-310001930087PB Group Holdings, LLC, One stop 12025-03-310001930087PB Group Holdings, LLC, One stop 22025-03-310001930087Rooster BidCo Limited, One stop 12025-03-310001930087Rooster BidCo Limited, One stop 22025-03-310001930087Rooster BidCo Limited, One stop 32025-03-310001930087Scientific Games Holdings LP, Senior secured2025-03-310001930087SDC Holdco, LLC, One stop 12025-03-310001930087SDC Holdco, LLC, Second lien2025-03-310001930087SDC Holdco, LLC, One stop 22025-03-310001930087SSRG Holdings, LLC, One stop 12025-03-310001930087SSRG Holdings, LLC, One stop 22025-03-310001930087SSRG Holdings, LLC, One stop 32025-03-310001930087Tacala LLC, Senior secured2025-03-310001930087Super REGO, LLC, Subordinated debt2025-03-310001930087YE Brands Holding, LLC, One stop 12025-03-310001930087YE Brands Holding, LLC, One stop 22025-03-310001930087YE Brands Holding, LLC, One stop 32025-03-310001930087gcred:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Groundworks, LLC, Senior secured 12025-03-310001930087Groundworks, LLC, Senior secured 22025-03-310001930087gcred:HouseholdDurablesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087WU Holdco, Inc, One stop 12025-03-310001930087WU Holdco, Inc, One stop 22025-03-310001930087WU Holdco, Inc, One stop 32025-03-310001930087WU Holdco, Inc, One stop 42025-03-310001930087gcred:HouseholdProductsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Arch Global CCT Holdings Corp, Senior secured 12025-03-310001930087Arch Global CCT Holdings Corp, Senior secured 22025-03-310001930087CPM Holdings, Inc, Senior secured2025-03-310001930087EAB Global, Inc, Senior secured2025-03-310001930087Essential Services Holdings Corporation, One stop 12025-03-310001930087Essential Services Holdings Corporation, One stop 22025-03-310001930087Essential Services Holdings Corporation, One stop 32025-03-310001930087Excelitas Technologies Corp, One stop 12025-03-310001930087Excelitas Technologies Corp, One stop 22025-03-310001930087Madison IAQ LLC, Senior secured2025-03-310001930087gcred:IndustrialConglomeratesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Acrisure, LLC, Senior secured2025-03-310001930087AMBA Buyer, Inc, One stop 12025-03-310001930087AMBA Buyer, Inc, One stop 22025-03-310001930087AMBA Buyer, Inc, One stop 32025-03-310001930087AssuredPartners Capital, Inc., Senior secured2025-03-310001930087Ben Nevis Midco Limited, One stop 12025-03-310001930087Ben Nevis Midco Limited, One stop 22025-03-310001930087Ben Nevis Midco Limited, One stop 32025-03-310001930087Ben Nevis Midco Limited, One stop 42025-03-310001930087Captive Resources Midco, LLC, One stop 12025-03-310001930087Captive Resources Midco, LLC, One stop 22025-03-310001930087Compass Investors, Inc, Senior secured2025-03-310001930087Doxa Insurance Holdings LLC, One stop 12025-03-310001930087Doxa Insurance Holdings LLC, One stop 22025-03-310001930087Doxa Insurance Holdings LLC, One stop 32025-03-310001930087Doxa Insurance Holdings LLC, One stop 42025-03-310001930087Galway Borrower LLC, One stop2025-03-310001930087Gimlet Bidco GMBH, One stop 12025-03-310001930087Gimlet Bidco GMBH, One stop 22025-03-310001930087Hub International Limited, Senior secured2025-03-310001930087Integrated Specialty Coverages, LLC, One stop 12025-03-310001930087Integrated Specialty Coverages, LLC, One stop 22025-03-310001930087Integrated Specialty Coverages, LLC, One stop 32025-03-310001930087Integrity Marketing Acquisition, LLC, One stop 4 2025-03-310001930087Integrity Marketing Acquisition, LLC, One stop 52025-03-310001930087Integrity Marketing Acquisition, LLC, One stop 62025-03-310001930087J.S. Held Holdings, LLC, One stop 12025-03-310001930087J.S. Held Holdings, LLC, One stop 22025-03-310001930087J.S. Held Holdings, LLC, One stop 32025-03-310001930087Majesco, One stop 12025-03-310001930087Majesco, One stop 22025-03-310001930087MRH Trowe Germany GMBH, One stop2025-03-310001930087Oakbridge Insurance Agency LLC, One stop 12025-03-310001930087Oakbridge Insurance Agency LLC, One stop 22025-03-310001930087Oakbridge Insurance Agency LLC, One stop 32025-03-310001930087OneDigital Borrower LLC, Senior secured2025-03-310001930087Truist Insurance Holdings, LLC, Senior secured2025-03-310001930087World Insurance Associates, LLC, One stop 12025-03-310001930087World Insurance Associates, LLC, One stop 22025-03-310001930087us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Acquia, Inc, One stop2025-03-310001930087CE Intermediate I, LLC, Senior secured2025-03-310001930087Dcert Buyer, Inc, Senior secured2025-03-310001930087Delinea Inc, One stop 12025-03-310001930087Delinea Inc, One stop 22025-03-310001930087Delinea Inc, One stop 32025-03-310001930087E2open, LLC, Senior secured2025-03-310001930087LEIA FINCO US, Senior secured2025-03-310001930087Maverick Bidco Inc, Senior secured2025-03-310001930087Netwrix Corporation, One stop2025-03-310001930087PDQ Intermediate, Inc, Subordinated debt2025-03-310001930087ReliaQuest Holdings, LLC, One stop 12025-03-310001930087ReliaQuest Holdings, LLC, One stop 22025-03-310001930087ReliaQuest Holdings, LLC, One stop 32025-03-310001930087Saturn Borrower Inc, One stop 12025-03-310001930087Saturn Borrower Inc, One stop 22025-03-310001930087UKG Inc, Senior secured2025-03-310001930087VS Buyer, LLC, Senior secured2025-03-310001930087WPEngine, Inc, One stop 12025-03-310001930087WPEngine, Inc, One stop 22025-03-310001930087gcred:ITServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Cast & Crew Payroll, LLC, Senior secured2025-03-310001930087Crunch Holdings, LLC, One stop 12025-03-310001930087Crunch Holdings, LLC, One stop 22025-03-310001930087EP Purchaser, LLC, Senior secured2025-03-310001930087Movement Holdings, LLC, One stop 12025-03-310001930087Movement Holdings, LLC, One stop 22025-03-310001930087Movement Holdings, LLC, One stop 32025-03-310001930087gcred:LeisureProductsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Graphpad Software, LLC, One stop 12025-03-310001930087Graphpad Software, LLC, One stop 22025-03-310001930087Graphpad Software, LLC, One stop 32025-03-310001930087PAS Parent Inc, One stop 12025-03-310001930087PAS Parent Inc, One stop 22025-03-310001930087gcred:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087AI Titan Parent, Inc, One stop 12025-03-310001930087AI Titan Parent, Inc, One stop 22025-03-310001930087AI Titan Parent, Inc, One stop 32025-03-310001930087Blackbird Purchaser, Inc, One stop 12025-03-310001930087Blackbird Purchaser, Inc, One stop 22025-03-310001930087Blackbird Purchaser, Inc, One stop 32025-03-310001930087Filtration Group Corp, Senior secured2025-03-310001930087Wireco Worldgroup Inc, Senior secured2025-03-310001930087gcred:MachineryMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Ascend Learning, LLC, Senior secured2025-03-310001930087Lotus Topco, Inc, One stop 12025-03-310001930087Lotus Topco, Inc, One stop 22025-03-310001930087Lotus Topco, Inc, One stop 32025-03-310001930087Triple Lift, Inc, One stop 12025-03-310001930087Triple Lift, Inc, One stop 22025-03-310001930087gcred:MediaMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Envernus, Inc, One stop 12025-03-310001930087Envernus, Inc, One stop 22025-03-310001930087Envernus, Inc, One stop 32025-03-310001930087gcred:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Knowlton Development Corporation, Inc, Senior secured2025-03-310001930087Caerus Midco 3 S.A.R.L, One stop2025-03-310001930087Certara Holdco, Inc. and Certara USA, Inc, Senior secured2025-03-310001930087Creek Parent, Inc, One stop 12025-03-310001930087Creek Parent, Inc, One stop 22025-03-310001930087gcred:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Citrin Cooperman Advisors LLC, Senior secured 12025-03-310001930087Citrin Cooperman Advisors LLC, Senior secured 22025-03-310001930087Eclipse Buyer, Inc, One stop 12025-03-310001930087Eclipse Buyer, Inc, One stop 22025-03-310001930087Eclipse Buyer, Inc, One stop 32025-03-310001930087Eliassen Group, LLC, One stop2025-03-310001930087Geosyntec Consultants, Inc, Senior secured2025-03-310001930087IG Investments Holdings, LLC, One stop2025-03-310001930087NBG Acquisition Corp. and NBG-P Acquisition Corp, One stop 12025-03-310001930087NBG Acquisition Corp. and NBG-P Acquisition Corp, One stop 22025-03-310001930087Outcomes Group Holdings, Inc, Senior secured2025-03-310001930087PGA Holdings, Inc, Senior secured2025-03-310001930087Varicent Intermediate Holdings Corporation, One stop 12025-03-310001930087Varicent Intermediate Holdings Corporation, One stop 22025-03-310001930087Varicent Intermediate Holdings Corporation, One stop 32025-03-310001930087gcred:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087RealPage, Inc, Senior secured2025-03-310001930087Kenan Advantage Group, Inc, Senior secured2025-03-310001930087Anaplan, Inc, One stop2025-03-310001930087Appfire Technologies, LLC, One stop 12025-03-310001930087Appfire Technologies, LLC, One stop 22025-03-310001930087Apttus Corporation, Senior secured2025-03-310001930087AQA Acquisition Holding, Inc, Senior secured2025-03-310001930087Artifact Bidco, Inc, One stop 12025-03-310001930087Artifact Bidco, Inc, One stop 22025-03-310001930087Artifact Bidco, Inc, One stop 32025-03-310001930087Artifact Bidco, Inc, One stop 42025-03-310001930087Azul Systems, Inc, Senior secured2025-03-310001930087Azurite Intermediate Holdings, Inc, One stop 12025-03-310001930087Azurite Intermediate Holdings, Inc, One stop 22025-03-310001930087Azurite Intermediate Holdings, Inc, One stop 32025-03-310001930087Baxter Planning Systems, LLC, One stop 12025-03-310001930087Baxter Planning Systems, LLC, One stop 22025-03-310001930087Baxter Planning Systems, LLC, One stop 32025-03-310001930087BestPass, Inc, One stop 12025-03-310001930087BestPass, Inc, One stop 22025-03-310001930087BestPass, Inc, One stop 32025-03-310001930087Bloomerang, LLC, One stop 12025-03-310001930087Bloomerang, LLC, One stop 22025-03-310001930087Bloomerang, LLC, One stop 32025-03-310001930087Bottomline Technologies, Inc, One stop2025-03-310001930087Bullhorn, Inc, One stop 12025-03-310001930087Bullhorn, Inc, One stop 22025-03-310001930087Camelia Bidco Limited, One stop 12025-03-310001930087Camelia Bidco Limited, One stop 22025-03-310001930087Camelia Bidco Limited, One stop 32025-03-310001930087Camelia Bidco Limited, One stop 42025-03-310001930087Capstone Borrower, Senior secured2025-03-310001930087CB Buyer, Inc, One stop 12025-03-310001930087CB Buyer, Inc, One stop 22025-03-310001930087CB Buyer, Inc, One stop 32025-03-310001930087ConnectWise, LLC, Senior secured2025-03-310001930087Cornerstone OnDemand, Inc, Senior secured2025-03-310001930087Crewline Buyer, Inc, One stop 12025-03-310001930087Crewline Buyer, Inc, One stop 22025-03-310001930087Daxko Acquisition Corporation, One stop 12025-03-310001930087Daxko Acquisition Corporation, One stop 22025-03-310001930087Daxko Acquisition Corporation, One stop 32025-03-310001930087Denali Bidco Limited, One stop 12025-03-310001930087Denali Bidco Limited, One stop 22025-03-310001930087Denali Bidco Limited, One stop 32025-03-310001930087Denali Bidco Limited, One stop 42025-03-310001930087Denali Bidco Limited, One stop 52025-03-310001930087ECI Macola/Max Holding, LLC, Senior secured2025-03-310001930087Einstein Parent, Inc, One stop 12025-03-310001930087Einstein Parent, Inc, One stop 22025-03-310001930087Espresso Bidco, Inc, One stop 12025-03-310001930087Espresso Bidco, Inc, One stop 22025-03-310001930087Espresso Bidco, Inc, One stop 32025-03-310001930087EverCommerce Solutions, Inc, Senior secured2025-03-310001930087Evergreen IX Borrower 2023, LLC, One stop 12025-03-310001930087Evergreen IX Borrower 2023, LLC, One stop 22025-03-310001930087Evergreen IX Borrower 2023, LLC, One stop 32025-03-310001930087Gurobi Optimization, LLC, One stop 12025-03-310001930087Gurobi Optimization, LLC, One stop 22025-03-310001930087Hornet Security Holding GMBH, One stop 12025-03-310001930087Hornet Security Holding GMBH, One stop 22025-03-310001930087Hornet Security Holding GMBH, One stop 32025-03-310001930087Hornet Security Holding GMBH, One stop 42025-03-310001930087Hyland Software, Inc, One stop 12025-03-310001930087Hyland Software, Inc, One stop 22025-03-310001930087Icefall Parent, Inc, One stop 12025-03-310001930087Icefall Parent, Inc, One stop 22025-03-310001930087Instructure Holdings, Inc, Senior secured2025-03-310001930087iSolved, Inc, Senior secured2025-03-310001930087Javelin Buyer, Inc, Senior secured2025-03-310001930087Juvare, LLC, One stop2025-03-310001930087Kaseya Inc, Senior secured2025-03-310001930087LeadsOnline, LLC, One stop 12025-03-310001930087LeadsOnline, LLC, One stop 22025-03-310001930087LeadsOnline, LLC, One stop 32025-03-310001930087LeadsOnline, LLC, One stop 42025-03-310001930087Lighthouse Bidco GMBH, One stop 12025-03-310001930087Lighthouse Bidco GMBH, One stop 22025-03-310001930087Lighthouse Bidco GMBH, One stop 32025-03-310001930087LogicMonitor, Inc, One stop 12025-03-310001930087LogicMonitor, Inc, One stop 22025-03-310001930087Matrix42 Holding GMBH, One stop2025-03-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-03-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-03-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-03-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-03-310001930087Modena Buyer, LLC, Senior secured2025-03-310001930087Motus Group, LLC, Senior secured2025-03-310001930087Navex TopCo, Inc, One stop 12025-03-310001930087Navex TopCo, Inc, One stop 22025-03-310001930087Onit, Inc, One stop 12025-03-310001930087Onit, Inc, One stop 22025-03-310001930087Onit, Inc, One stop 32025-03-310001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V, One stop 12025-03-310001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V, One stop 22025-03-310001930087Panzura, LLC, One stop2025-03-310001930087Personify, Inc, One stop 12025-03-310001930087Personify, Inc, One stop 22025-03-310001930087Pineapple German Bidco GMBH, One stop 12025-03-310001930087Pineapple German Bidco GMBH, One stop 22025-03-310001930087Pineapple German Bidco GMBH, One stop 32025-03-310001930087Pineapple German Bidco GMBH, One stop 42025-03-310001930087Pineapple German Bidco GMBH, One stop 52025-03-310001930087Pineapple German Bidco GMBH, One stop2025-03-310001930087Planview Parent, Inc, Senior secured2025-03-310001930087Pluralsight, LLC, One stop 12025-03-310001930087Pluralsight, LLC, One stop 22025-03-310001930087Pluralsight, LLC, One stop 32025-03-310001930087Pluralsight, LLC, One stop 42025-03-310001930087Pluralsight, LLC, One stop 52025-03-310001930087Proofpoint, Inc, Senior secured2025-03-310001930087QAD, Inc, One stop2025-03-310001930087Sapphire Bidco Oy, One stop2025-03-310001930087Telesoft Holdings LLC, One stop2025-03-310001930087Togetherwork Holdings, LLC, One stop 12025-03-310001930087Togetherwork Holdings, LLC, One stop 22025-03-310001930087Togetherwork Holdings, LLC, One stop 32025-03-310001930087Transform Bidco Limited, One stop 12025-03-310001930087Transform Bidco Limited, One stop 22025-03-310001930087Transform Bidco Limited, One stop 32025-03-310001930087Transform Bidco Limited, One stop 42025-03-310001930087Transform Bidco Limited, One stop 52025-03-310001930087Transform Bidco Limited, One stop 62025-03-310001930087Transform Bidco Limited, One stop 72025-03-310001930087Tricentis Operations Holdings, Inc, One stop 12025-03-310001930087Tricentis Operations Holdings, Inc, One stop 22025-03-310001930087Tricentis Operations Holdings, Inc, One stop 32025-03-310001930087Vantage Bidco GMBH, One stop 12025-03-310001930087Vantage Bidco GMBH, One stop 22025-03-310001930087Varinem German Midco GMBH, One stop 12025-03-310001930087Varinem German Midco GMBH, One stop 22025-03-310001930087Viper Bidco, Inc, One stop 12025-03-310001930087Viper Bidco, Inc, One stop 22025-03-310001930087Viper Bidco, Inc, One stop 32025-03-310001930087Viper Bidco, Inc, One stop 42025-03-310001930087Zendesk, Inc, One stop2025-03-310001930087gcred:SoftwareMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Ashco, LLC, Senior secured2025-03-310001930087Ave Holdings III, Corp, One stop2025-03-310001930087Biscuit Parent, LLC, One stop 12025-03-310001930087Biscuit Parent, LLC, One stop 22025-03-310001930087Biscuit Parent, LLC, One stop 32025-03-310001930087Cavender Stores L.P, Senior secured2025-03-310001930087CVP Holdco, Inc, One stop 12025-03-310001930087CVP Holdco, Inc, One stop 22025-03-310001930087CVP Holdco, Inc, One stop 32025-03-310001930087Med Parentco, LP, Senior secured2025-03-310001930087Metal Supermarkets US Buyer, LLC, One stop 12025-03-310001930087Metal Supermarkets US Buyer, LLC, One stop 22025-03-310001930087PetVet Care Centers LLC, One stop 12025-03-310001930087PetVet Care Centers LLC, One stop 22025-03-310001930087PetVet Care Centers LLC, One stop 32025-03-310001930087PPV Intermediate Holdings, LLC, One stop 12025-03-310001930087PPV Intermediate Holdings, LLC, One stop 22025-03-310001930087Radiance Borrower, LLC, One stop 12025-03-310001930087Radiance Borrower, LLC, One stop 22025-03-310001930087Southern Veterinary Partners, LLC, Senior secured2025-03-310001930087VSG Acquisition Corp. and Sherrill, Inc, One stop 12025-03-310001930087VSG Acquisition Corp. and Sherrill, Inc, One stop 22025-03-310001930087gcred:SpecialtyRetailMemberus-gaap:DebtSecuritiesMember2025-03-310001930087LDS Intermediate Holdings, LLC, One stop 12025-03-310001930087LDS Intermediate Holdings, LLC, One stop 22025-03-310001930087LDS Intermediate Holdings, LLC, One stop 32025-03-310001930087Liquid Tech Solutions Holdings LLC, Senior secured2025-03-310001930087gcred:TransportationInfrastructureMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Marcone Yellowstone Buyer Inc, One stop 12025-03-310001930087Marcone Yellowstone Buyer Inc, One stop 22025-03-310001930087gcred:TradingCompaniesAndDistributorsMemberus-gaap:DebtSecuritiesMember2025-03-310001930087Aegion Corporation, Senior secured2025-03-310001930087Vessco Midco Holdings, LLC, One stop 12025-03-310001930087Vessco Midco Holdings, LLC, One stop 22025-03-310001930087Vessco Midco Holdings, LLC, One stop 32025-03-310001930087gcred:WaterUtilitiesMemberus-gaap:DebtSecuritiesMember2025-03-310001930087us-gaap:DebtSecuritiesMember2025-03-310001930087RJW Group Holdings, Inc, LP units2025-03-310001930087Arnott, LLC, LP units2025-03-310001930087CAP-KSI Holdings, LLC, Preferred stock2025-03-310001930087CAP-KSI Holdings, LLC, LP units2025-03-310001930087Quick Quack Car Wash Holdings, LLC, LP units2025-03-310001930087Quick Quack Car Wash Holdings, LLC, LLC units2025-03-310001930087Yorkshire Parent, Inc, LP units2025-03-310001930087gcred:AutomobilesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001930087Spindrift Beverage Co. Inc, LP units2025-03-310001930087CHA Vision Holdings, Inc., LP units2025-03-310001930087CHVAC Services Investment, LLC, Common stock2025-03-310001930087Virginia Green Acquisition, LLC, LP units2025-03-310001930087gcred:DiversifiedConsumerServicesMemberus-gaap:EquitySecuritiesMember2025-03-310001930087Smart Energy Systems, Inc, Warrant2025-03-310001930087Wildcat TopCo, Inc, LP units2025-03-310001930087Amberfield Acquisition Co, LLC units2025-03-310001930087PB Group Holdings, LLC, LP units2025-03-310001930087Rooster BidCo Limited, Preferred stock2025-03-310001930087gcred:HotelsRestaurantsLeisureMemberus-gaap:EquitySecuritiesMember2025-03-310001930087Oakbridge Insurance Agency LLC, LP units2025-03-310001930087Creek Parent, Inc, LP interest2025-03-310001930087Eclipse Buyer, Inc, Preferred stock2025-03-310001930087Movement Holdings, LLC, LLC units2025-03-310001930087CB Buyer, Inc, LP units2025-03-310001930087Denali Bidco Limited, LP interest2025-03-310001930087Energy Worldnet, LLC, LLC units2025-03-310001930087Gurobi Optimization, LLC, Common stock2025-03-310001930087LogicMonitor, Inc, LP interest2025-03-310001930087Panzura, LLC, LLC units2025-03-310001930087Pluralsight, LLC, LLC units2025-03-310001930087Togetherwork Holdings, LLC, Preferred stock2025-03-310001930087Tricentis Operations Holdings, Inc, LP interest2025-03-310001930087gcred:SoftwareMemberus-gaap:EquitySecuritiesMember2025-03-310001930087Metal Supermarkets US Buyer, LLC, Preferred stock2025-03-310001930087Metal Supermarkets US Buyer, LLC, LLC units2025-03-310001930087gcred:SpecialtyRetailMemberus-gaap:EquitySecuritiesMember2025-03-310001930087us-gaap:EquitySecuritiesMember2025-03-310001930087Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-03-310001930087gcred:NonQualifyingAssetMembergcred:AssetConcentrationRiskMembergcred:InvestmentsAtFairValueMember2024-10-012025-03-310001930087Bleriot US Bidco Inc, Senior secured2024-09-300001930087Dynasty Acquisition Co, Senior secured 12024-09-300001930087Dynasty Acquisition Co, Senior secured 22024-09-300001930087Element Materials Technology, Senior secured2024-09-300001930087LSF11 Trinity Bidco, Inc., Senior secured2024-09-300001930087Transdigm, Inc, Senior secured 2024-09-300001930087gcred:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Accelya Lux Finco S.A.R.L., One stop2024-09-300001930087Brown Group Holding, LLC, Senior secured 12024-09-300001930087Brown Group Holding, LLC, Senior secured 22024-09-300001930087KKR Apple Bidco, LLC, Senior secured2024-09-300001930087gcred:AirlinesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Collision SP Subco, LLC, One stop 12024-09-300001930087Collision SP Subco, LLC, One stop 22024-09-300001930087Collision SP Subco, LLC, One stop 32024-09-300001930087OEConnection, LLC, One stop 12024-09-300001930087OEConnection, LLC, One stop 22024-09-300001930087OEConnection, LLC, One stop 32024-09-300001930087RC Buyer, Inc, Senior secured2024-09-300001930087RealTruck Group, Inc, Senior secured2024-09-300001930087TI Automotive, Senior secured2024-09-300001930087Wand NewCo 3, Inc., Senior secured2024-09-300001930087gcred:AutoComponentsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087CAP-KSI Holdings, LLC, One stop 12024-09-300001930087CAP-KSI Holdings, LLC, One stop 22024-09-300001930087Denali Midco 2, LLC, One stop2024-09-300001930087High Bar Brands Operating, LLC, Senior secured 12024-09-300001930087High Bar Brands Operating, LLC, Senior secured 22024-09-300001930087High Bar Brands Operating, LLC, Senior secured 32024-09-300001930087High Bar Brands Operating, LLC, Senior secured 42024-09-300001930087JHCC Holdings LLC, One stop 12024-09-300001930087JHCC Holdings LLC, One stop 22024-09-300001930087Mavis Tire Express Services Topco, Corp, Senior secured2024-09-300001930087Mister Car Wash Holdings, Inc, Senior secured2024-09-300001930087National Express Wash Parent Holdco, LLC, One stop2024-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 12024-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 22024-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 32024-09-300001930087TWAS Holdings, LLC, One stop2024-09-300001930087Yorkshire Parent, Inc., One stop 12024-09-300001930087Yorkshire Parent, Inc., One stop 22024-09-300001930087Yorkshire Parent, Inc., One stop 32024-09-300001930087gcred:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001930087OSP Hamilton Purchaser, LLC, One stop 12024-09-300001930087OSP Hamilton Purchaser, LLC, One stop 22024-09-300001930087OSP Hamilton Purchaser, LLC, One stop 32024-09-300001930087gcred:BanksSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Winebow Holdings, Inc., One stop2024-09-300001930087BlueMatrix Holdings, LLC, One stop 12024-09-300001930087BlueMatrix Holdings, LLC, One stop 22024-09-300001930087BlueMatrix Holdings, LLC, One stop 32024-09-300001930087gcred:CapitalMarketsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087INEOS US Finance LLC and INEOS Finance PLC, Senior secured 12024-09-300001930087Inhance Technologies Holdings LLC, One stop 12024-09-300001930087Inhance Technologies Holdings LLC, One stop 22024-09-300001930087Innophos Holdings, Inc., Senior secured2024-09-300001930087Krayden Holdings, Inc, Senior secured 12024-09-300001930087Krayden Holdings, Inc, Senior secured 22024-09-300001930087Krayden Holdings, Inc, Senior secured 32024-09-300001930087W.R. Grace & Co, Senior secured2024-09-300001930087Windsor Holdings III, LLC, Senior secured2024-09-300001930087gcred:ChemicalsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087BradyIFS Holdings, LLC, One stop 12024-09-300001930087BradyIFS Holdings, LLC, One stop 22024-09-300001930087BrightView Landscapes, LLC, Senior secured2024-09-300001930087Encore Holdings, LLC, One stop 12024-09-300001930087Encore Holdings, LLC, One stop 22024-09-300001930087Encore Holdings, LLC, One stop 32024-09-300001930087FR Vision Holdings, Inc., One stop 12024-09-300001930087FR Vision Holdings, Inc., One stop 22024-09-300001930087FR Vision Holdings, Inc., One stop 32024-09-300001930087Kleinfelder Intermediate, LLC, One stop 12024-09-300001930087Kleinfelder Intermediate, LLC, One stop 22024-09-300001930087Kleinfelder Intermediate, LLC, One stop 32024-09-300001930087PSC Parent, Inc, One stop 12024-09-300001930087PSC Parent, Inc, One stop 22024-09-300001930087PSC Parent, Inc, One stop 32024-09-300001930087PSC Parent, Inc, One stop 42024-09-300001930087Radwell Parent, LLC, One stop 12024-09-300001930087Radwell Parent, LLC, One stop 22024-09-300001930087WRE Holding Corp, One stop 12024-09-300001930087WRE Holding Corp, One stop 22024-09-300001930087WRE Holding Corp, One stop 32024-09-300001930087gcred:CommercialServicesAndSuppliesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Consor Intermediate II, LLC, One stop 12024-09-300001930087Consor Intermediate II, LLC, One stop 22024-09-300001930087Consor Intermediate II, LLC, One stop 32024-09-300001930087Service Logic Acquisition, Inc., Senior secured2024-09-300001930087gcred:ConstructionAndEngineeringMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Star Holding, LLC, Senior secured2024-09-300001930087Ascensus Group Holdings, Senior secured2024-09-300001930087AOT Packaging Products Acquisitionco, LLC, Senior secured2024-09-300001930087Chase Intermediate, One stop2024-09-300001930087Packaging Coordinators Midco, Inc, Senior secured2024-09-300001930087Pegasus BidCo, Senior secured2024-09-300001930087Reynolds Group Holdings, Senior secured2024-09-300001930087Technimark, LLC, Senior secured2024-09-300001930087WP Deluxe Merger Sub, Senior secured2024-09-300001930087us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Any Hour, LLC, One stop 12024-09-300001930087Any Hour, LLC, One stop 22024-09-300001930087Any Hour, LLC, One stop 32024-09-300001930087Any Hour, LLC, One stop 42024-09-300001930087Apex Service Partners, LLC, One stop 12024-09-300001930087Apex Service Partners, LLC, One stop 22024-09-300001930087Apex Service Partners, LLC, One stop 32024-09-300001930087Apex Service Partners, LLC, One stop 42024-09-300001930087Certus Pest, Inc., One stop 12024-09-300001930087Certus Pest, Inc., One stop 22024-09-300001930087Certus Pest, Inc., One stop 32024-09-300001930087Certus Pest, Inc., One stop 42024-09-300001930087Certus Pest, Inc., One stop 52024-09-300001930087Certus Pest, Inc., One stop 62024-09-300001930087CHVAC Services Investment, LLC, One stop 12024-09-300001930087CHVAC Services Investment, LLC, One stop 22024-09-300001930087CHVAC Services Investment, LLC, One stop 32024-09-300001930087Entomo Brands Acquisitions, Inc, Senior secured 12024-09-300001930087Entomo Brands Acquisitions, Inc, Senior secured 22024-09-300001930087Entomo Brands Acquisitions, Inc, Senior secured 32024-09-300001930087HS Spa Holdings, Inc., One stop 12024-09-300001930087HS Spa Holdings, Inc., One stop 22024-09-300001930087Liminex, Inc, One stop2024-09-300001930087Litera Bidco, LLC, One stop 12024-09-300001930087Litera Bidco, LLC, One stop 22024-09-300001930087Litera Bidco, LLC, One stop 32024-09-300001930087Litera Bidco, LLC, One stop 42024-09-300001930087Project Alpha Intermediate Holdings, Inc, Senior secured2024-09-300001930087Provenance Buyer LLC, One stop 12024-09-300001930087Provenance Buyer LLC, One stop 22024-09-300001930087RW AM Holdco LLC, One stop2024-09-300001930087Virginia Green Acquisition, LLC, One stop 12024-09-300001930087Virginia Green Acquisition, LLC, One stop 22024-09-300001930087Virginia Green Acquisition, LLC, One stop 32024-09-300001930087gcred:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Apex Group Treasury, LLC, Senior secured2024-09-300001930087Baker Tilly Advisory Group, LP, One stop 12024-09-300001930087Baker Tilly Advisory Group, LP, One stop 22024-09-300001930087Baker Tilly Advisory Group, LP, One stop 32024-09-300001930087BCPE Pequod Buyer, Senior secured2024-09-300001930087Ceres Groupe SAS & Ceres PikCo, One stop 12024-09-300001930087Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-09-300001930087Ceres Groupe SAS & Ceres PikCo, One stop 22024-09-300001930087Ceres Groupe SAS & Ceres PikCo, One stop 32024-09-300001930087Finastra USA, Inc., One stop 12024-09-300001930087Finastra USA, Inc., One stop 22024-09-300001930087Focus Financial Partners, LLC, Senior secured 12024-09-300001930087Focus Financial Partners, LLC, Senior secured 22024-09-300001930087Higginbotham Insurance Agency, Inc., One stop 12024-09-300001930087Higginbotham Insurance Agency, Inc., One stop 22024-09-300001930087Howden Group Holdings Limited , Senior secured2024-09-300001930087Mariner Wealth Advisors, LLC, Senior secured2024-09-300001930087Orion Advisor Solutions, Senior secured2024-09-300001930087The Dun & Bradstreet Corporation, Senior secured2024-09-300001930087gcred:DiversifiedFinancialServicesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Power Grid Holdings, Inc, One stop 12024-09-300001930087Power Grid Holdings, Inc, One stop 22024-09-300001930087gcred:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Eagle Parent Corp., Senior secured2024-09-300001930087Inspire International, Inc., Senior secured2024-09-300001930087gcred:FoodAndStaplesRetailingMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Blast Bidco Inc, One stop 12024-09-300001930087Blast Bidco Inc, One stop 22024-09-300001930087Eagle Family Foods Group, LLC, One stop 12024-09-300001930087Eagle Family Foods Group, LLC, One stop 22024-09-300001930087Louisiana Fish Fry Products, Ltd., One stop2024-09-300001930087MIC GLEN LLC, Senior secured2024-09-300001930087gcred:FoodProductsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Blue River Pet Care, LLC, One stop 12024-09-300001930087Blue River Pet Care, LLC, One stop 22024-09-300001930087Blue River Pet Care, LLC, One stop 32024-09-300001930087Blue River Pet Care, LLC, One stop 42024-09-300001930087CCSL Holdings, LLC, One stop 12024-09-300001930087CCSL Holdings, LLC, One stop 22024-09-300001930087CCSL Holdings, LLC, One stop 32024-09-300001930087CMI Parent Inc., One stop 12024-09-300001930087CMI Parent Inc., One stop 22024-09-300001930087HuFriedy Group Acquisition, LLC, One stop 12024-09-300001930087HuFriedy Group Acquisition, LLC, One stop 22024-09-300001930087HuFriedy Group Acquisition, LLC, One stop 32024-09-300001930087Precision Medicine Group, LLC, Senior secured2024-09-300001930087Resonetics, LLC, Senior secured2024-09-300001930087TIDI Legacy Products, Inc., One stop 12024-09-300001930087TIDI Legacy Products, Inc., One stop 22024-09-300001930087TIDI Legacy Products, Inc., One stop 32024-09-300001930087YI, LLC, One stop 12024-09-300001930087YI, LLC, One stop 22024-09-300001930087YI, LLC, One stop 32024-09-300001930087gcred:HealthcareEquipmentAndSuppliesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Agiliti Health, Inc., Senior secured2024-09-300001930087AHP Health Partners, Inc. , Senior secured2024-09-300001930087AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop2024-09-300001930087Bamboo US Bidco LLC, One stop 12024-09-300001930087Bamboo US Bidco LLC, One stop 22024-09-300001930087Bamboo US Bidco LLC, One stop 32024-09-300001930087Bamboo US Bidco LLC, One stop 42024-09-300001930087Cotiviti, Senior secured2024-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-09-300001930087Mamba Purchaser, Inc, Senior secured2024-09-300001930087Midwest Veterinary Partners, LLC, Senior secured2024-09-300001930087New Look (Delaware) Corporation and NL1 AcquireCo, Inc, One stop2024-09-300001930087Pharmerica, Senior secured2024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 12024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 22024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 32024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 42024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 52024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 62024-09-300001930087Pinnacle Treatment Centers, Inc., One stop 72024-09-300001930087Premise Health Holding Corp., One stop 12024-09-300001930087Premise Health Holding Corp., One stop 22024-09-300001930087gcred:HealthcareProvidersAndServicesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Alegeus Technologies Holdings Corp., Senior secured2024-09-300001930087Amberfield Acquisition Co., One stop 12024-09-300001930087Amberfield Acquisition Co., One stop 22024-09-300001930087Amberfield Acquisition Co., One stop 32024-09-300001930087Athenahealth, Inc., Senior secured2024-09-300001930087ESO Solution, Inc., One stop2024-09-300001930087GHX Ultimate Parent Corporation, Senior secured2024-09-300001930087HealthEdge Software, Inc., One stop 12024-09-300001930087HealthEdge Software, Inc., One stop 22024-09-300001930087HealthEdge Software, Inc., One stop 32024-09-300001930087Kona Buyer, LLC, One stop 12024-09-300001930087Kona Buyer, LLC, One stop 22024-09-300001930087Kona Buyer, LLC, One stop 32024-09-300001930087Kona Buyer, LLC, One stop 42024-09-300001930087Lacker Bidco Limited, One stop 12024-09-300001930087Lacker Bidco Limited, One stop 22024-09-300001930087Lacker Bidco Limited, One stop 32024-09-300001930087Mediware Information Systems, Inc., Senior secured 12024-09-300001930087Mediware Information Systems, Inc., Senior secured 22024-09-300001930087Neptune Holdings, Inc., One stop 12024-09-300001930087Neptune Holdings, Inc., One stop 22024-09-300001930087Netsmart Technologies, Inc., One stop 12024-09-300001930087Netsmart Technologies, Inc., One stop 22024-09-300001930087Netsmart Technologies, Inc., One stop 32024-09-300001930087Stratose Intermediate Holdings II, LLC, Senior secured2024-09-300001930087Tebra Technologies, Inc., One stop2024-09-300001930087gcred:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMember2024-09-300001930087BJH Holdings III Corp., One stop2024-09-300001930087Fertitta Entertainment, LLC, Senior secured2024-09-300001930087GFP Atlantic Holdco 2, LLC, One stop 12024-09-300001930087GFP Atlantic Holdco 2, LLC, One stop 22024-09-300001930087Health Buyer, LLC, Senior secured 12024-09-300001930087Health Buyer, LLC, Senior secured 22024-09-300001930087PB Group Holdings, LLC, One stop 12024-09-300001930087PB Group Holdings, LLC, One stop 22024-09-300001930087Scientific Games Holdings LP, Senior secured2024-09-300001930087SDC Holdco, LLC, One stop 12024-09-300001930087SDC Holdco, LLC, Second lien2024-09-300001930087SDC Holdco, LLC, One stop 22024-09-300001930087SSRG Holdings, LLC, One stop 12024-09-300001930087SSRG Holdings, LLC, One stop 22024-09-300001930087SSRG Holdings, LLC, One stop 32024-09-300001930087Super REGO, LLC, Subordinated debt2024-09-300001930087YE Brands Holding, LLC, One stop 12024-09-300001930087YE Brands Holding, LLC, One stop 22024-09-300001930087YE Brands Holding, LLC, One stop 32024-09-300001930087gcred:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2024-09-300001930087WU Holdco, Inc., One stop 12024-09-300001930087WU Holdco, Inc., One stop 22024-09-300001930087WU Holdco, Inc., One stop 32024-09-300001930087WU Holdco, Inc., One stop 42024-09-300001930087gcred:HouseholdProductsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Arch Global CCT Holdings Corp., Senior secured 12024-09-300001930087Arch Global CCT Holdings Corp., Senior secured 22024-09-300001930087EAB Global, Inc, Senior secured2024-09-300001930087Essential Services Holdings Corporation, One stop 12024-09-300001930087Essential Services Holdings Corporation, One stop 22024-09-300001930087Essential Services Holdings Corporation, One stop 32024-09-300001930087Excelitas Technologies Corp., One stop 12024-09-300001930087Excelitas Technologies Corp., One stop 22024-09-300001930087Madison IAQ LLC, Senior secured2024-09-300001930087gcred:IndustrialConglomeratesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Acrisure, LLC, Senior secured2024-09-300001930087AMBA Buyer, Inc., One stop 12024-09-300001930087AMBA Buyer, Inc., One stop 22024-09-300001930087AMBA Buyer, Inc., One stop 32024-09-300001930087AssuredPartners Capital, Inc., Senior secured2024-09-300001930087Ben Nevis Midco Limited, One stop 12024-09-300001930087Ben Nevis Midco Limited, One stop 22024-09-300001930087Ben Nevis Midco Limited, One stop 32024-09-300001930087Ben Nevis Midco Limited, One stop 42024-09-300001930087Captive Resources Midco, LLC, One stop2024-09-300001930087Compass Investors, Inc. , Senior secured2024-09-300001930087Doxa Insurance Holdings LLC, One stop 12024-09-300001930087Doxa Insurance Holdings LLC, One stop 22024-09-300001930087Doxa Insurance Holdings LLC, One stop 32024-09-300001930087Doxa Insurance Holdings LLC, One stop 42024-09-300001930087Galway Borrower LLC, One stop2024-09-300001930087Gimlet Bidco GMBH, One stop 12024-09-300001930087Gimlet Bidco GMBH, One stop 22024-09-300001930087Hub International Limited, Senior secured2024-09-300001930087Integrated Specialty Coverages, LLC, One stop 12024-09-300001930087Integrated Specialty Coverages, LLC, One stop 22024-09-300001930087Integrated Specialty Coverages, LLC, One stop 32024-09-300001930087Integrity Marketing Acquisition, LLC, One stop 12024-09-300001930087Integrity Marketing Acquisition, LLC, One stop 22024-09-300001930087Integrity Marketing Acquisition, LLC, One stop 32024-09-300001930087J.S. Held Holdings, LLC, One stop 12024-09-300001930087J.S. Held Holdings, LLC, One stop 22024-09-300001930087Majesco, One stop 12024-09-300001930087Majesco, One stop 22024-09-300001930087MRH Trowe Germany GMBH, One stop2024-09-300001930087Oakbridge Insurance Agency LLC, One stop 12024-09-300001930087Oakbridge Insurance Agency LLC, One stop 22024-09-300001930087Oakbridge Insurance Agency LLC, One stop 32024-09-300001930087Truist Insurance Holdings, LLC, Senior secured2024-09-300001930087us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Acquia, Inc., One stop2024-09-300001930087Dcert Buyer, Inc., Senior secured2024-09-300001930087Delinea Inc., One stop 12024-09-300001930087Delinea Inc., One stop 22024-09-300001930087Delinea Inc., One stop 32024-09-300001930087E2open, LLC, Senior secured2024-09-300001930087LEIA FINCO US, Senior secured2024-09-300001930087Netwrix Corporation, One stop2024-09-300001930087PDQ Intermediate, Inc., Subordinated debt2024-09-300001930087ReliaQuest Holdings, LLC, One stop 12024-09-300001930087ReliaQuest Holdings, LLC, One stop 22024-09-300001930087ReliaQuest Holdings, LLC, One stop 32024-09-300001930087Saturn Borrower Inc., One stop 12024-09-300001930087Saturn Borrower Inc., One stop 22024-09-300001930087UKG Inc., Senior secured2024-09-300001930087VS Buyer, LLC, Senior secured2024-09-300001930087WPEngine, Inc., One stop 12024-09-300001930087WPEngine, Inc., One stop 22024-09-300001930087gcred:ITServicesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087AppLovin Corporation, Senior secured2024-09-300001930087Cast & Crew Payroll, LLC, Senior secured2024-09-300001930087Crunch Holdings, LLC, One stop 12024-09-300001930087Crunch Holdings, LLC, One stop 22024-09-300001930087EP Purchaser, LLC, Senior secured2024-09-300001930087Movement Holdings, LLC, One stop 12024-09-300001930087Movement Holdings, LLC, One stop 22024-09-300001930087Movement Holdings, LLC, One stop 32024-09-300001930087gcred:LeisureProductsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Graphpad Software, LLC, One stop 12024-09-300001930087Graphpad Software, LLC, One stop 22024-09-300001930087Graphpad Software, LLC, One stop 32024-09-300001930087PAS Parent Inc, One stop 12024-09-300001930087PAS Parent Inc., One stop 22024-09-300001930087gcred:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087AI Titan Parent, Inc. One stop 12024-09-300001930087AI Titan Parent, Inc. One stop 22024-09-300001930087AI Titan Parent, Inc. One stop 32024-09-300001930087Blackbird Purchaser, Inc., One stop 12024-09-300001930087Blackbird Purchaser, Inc, One stop 22024-09-300001930087Blackbird Purchaser, Inc, One stop 32024-09-300001930087Filtration Group Corp., Senior secured 2024-09-300001930087Wireco Worldgroup Inc., Senior secured2024-09-300001930087gcred:MachineryMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Lotus Topco, Inc., One stop 12024-09-300001930087Lotus Topco, Inc., One stop 22024-09-300001930087Lotus Topco, Inc., One stop 32024-09-300001930087Triple Lift, Inc., One stop 12024-09-300001930087Triple Lift, Inc., One stop 22024-09-300001930087gcred:MediaMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Envernus, Inc., One stop 12024-09-300001930087Envernus, Inc., One stop 22024-09-300001930087Envernus, Inc., One stop 32024-09-300001930087Project Power Buyer, LLC, One stop2024-09-300001930087gcred:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Knowlton Development Corporation, Inc., Senior secured2024-09-300001930087Caerus Midco 3 S.A.R.L., One stop2024-09-300001930087Eclipse Buyer, Inc. One stop 12024-09-300001930087Eclipse Buyer, Inc. One stop 22024-09-300001930087Eclipse Buyer, Inc. One stop 32024-09-300001930087Eliassen Group, LLC, One stop2024-09-300001930087IG Investments Holdings, LLC, One stop 12024-09-300001930087IG Investments Holdings, LLC, One stop 22024-09-300001930087NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12024-09-300001930087NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22024-09-300001930087PGA Holdings, Inc., Senior secured2024-09-300001930087Varicent Intermediate Holdings Corporation, One stop 12024-09-300001930087Varicent Intermediate Holdings Corporation, One stop 22024-09-300001930087Varicent Intermediate Holdings Corporation, One stop 32024-09-300001930087gcred:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087RealPage, Inc., Senior secured2024-09-300001930087Kenan Advantage Group, Inc., Senior secured2024-09-300001930087Anaplan, Inc., One stop2024-09-300001930087Appfire Technologies, LLC, One stop 1 2024-09-300001930087Appfire Technologies, LLC, One stop 22024-09-300001930087Apttus Corporation, Senior secured2024-09-300001930087AQA Acquisition Holding, Inc., Senior secured2024-09-300001930087Artifact Bidco, Inc., One stop 12024-09-300001930087Artifact Bidco, Inc., One stop 22024-09-300001930087Artifact Bidco, Inc., One stop 32024-09-300001930087Artifact Bidco, Inc., One stop 42024-09-300001930087Axiom Merger Sub Inc., One stop2024-09-300001930087Azul Systems, Inc., Senior secured2024-09-300001930087Azurite Intermediate Holdings, Inc., One stop 12024-09-300001930087Azurite Intermediate Holdings, Inc., One stop2024-09-300001930087Azurite Intermediate Holdings, Inc., One stop 22024-09-300001930087Baxter Planning Systems, LLC, One stop 12024-09-300001930087Baxter Planning Systems, LLC, One stop 22024-09-300001930087Baxter Planning Systems, LLC, One stop 32024-09-300001930087BestPass, Inc., One stop 12024-09-300001930087BestPass, Inc., One stop 22024-09-300001930087BestPass, Inc., One stop 32024-09-300001930087Bloomerang, LLC, One stop 12024-09-300001930087Bloomerang, LLC, One stop 22024-09-300001930087Bloomerang, LLC, One stop 32024-09-300001930087Bottomline Technologies, Inc., One stop2024-09-300001930087Bullhorn, Inc., One stop 12024-09-300001930087Bullhorn, Inc., One stop 22024-09-300001930087Camelia Bidco Limited, One stop 12024-09-300001930087Camelia Bidco Limited, One stop 22024-09-300001930087Camelia Bidco Limited, One stop 32024-09-300001930087Camelia Bidco Limited, One stop 42024-09-300001930087CB Buyer, Inc., One stop 12024-09-300001930087CB Buyer, Inc., One stop 22024-09-300001930087CB Buyer, Inc., One stop 32024-09-300001930087ConnectWise, LLC, Senior secured2024-09-300001930087Cornerstone OnDemand, Inc., Senior secured2024-09-300001930087Crewline Buyer, Inc., One stop 12024-09-300001930087Crewline Buyer, Inc., One stop 22024-09-300001930087Daxko Acquisition Corporation, One stop2024-09-300001930087Daxko Acquisition Corporation, One stop 12024-09-300001930087Daxko Acquisition Corporation, One stop 22024-09-300001930087Denali Bidco Limited, One stop 12024-09-300001930087Denali Bidco Limited, One stop 22024-09-300001930087Denali Bidco Limited, One stop 32024-09-300001930087Denali Bidco Limited, One stop 42024-09-300001930087Denali Bidco Limited, One stop 52024-09-300001930087EverCommerce Solutions, Inc, Senior secured2024-09-300001930087Evergreen IX Borrower 2023, LLC, One stop 12024-09-300001930087Evergreen IX Borrower 2023, LLC, One stop 22024-09-300001930087Evergreen IX Borrower 2023, LLC, One stop 32024-09-300001930087Gurobi Optimization, LLC, One stop 12024-09-300001930087Gurobi Optimization, LLC, One stop 22024-09-300001930087Hornet Security Holding GMBH, One stop 12024-09-300001930087Hornet Security Holding GMBH, One stop 22024-09-300001930087Hornet Security Holding GMBH, One stop 32024-09-300001930087Hornet Security Holding GMBH, One stop 42024-09-300001930087Hyland Software, Inc., One stop 12024-09-300001930087Hyland Software, Inc., One stop 22024-09-300001930087Icefall Parent, Inc., One stop 12024-09-300001930087Icefall Parent, Inc., One stop 22024-09-300001930087Juvare, LLC, One stop2024-09-300001930087Kaseya Inc., One stop2024-09-300001930087LeadsOnline, LLC, One stop 12024-09-300001930087LeadsOnline, LLC, One stop 22024-09-300001930087LeadsOnline, LLC, One stop 32024-09-300001930087LeadsOnline, LLC, One stop 42024-09-300001930087Matrix42 Holding GMBH, One stop2024-09-300001930087Modena Buyer, LLC, Senior secured2024-09-300001930087Motus Group, LLC, Senior secured2024-09-300001930087Navex TopCo, Inc, One stop 12024-09-300001930087Navex TopCo, Inc, One stop 2 2024-09-300001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V, One stop2024-09-300001930087Panzura, LLC, One stop2024-09-300001930087Personify, Inc, One stop2024-09-300001930087Pineapple German Bidco GMBH, One stop 12024-09-300001930087Pineapple German Bidco GMBH, One stop 22024-09-300001930087Pineapple German Bidco GMBH, One stop 32024-09-300001930087Planview Parent, Inc., Senior secured2024-09-300001930087Pluralsight, LLC, One stop 12024-09-300001930087Pluralsight, LLC, One stop 22024-09-300001930087Pluralsight, LLC, One stop 32024-09-300001930087Pluralsight, LLC, One stop 42024-09-300001930087Pluralsight, LLC, One stop 52024-09-300001930087Proofpoint, Inc, Senior secured2024-09-300001930087QAD, Inc, One stop2024-09-300001930087S2P Acquisition Borrower, Inc, Senior secured2024-09-300001930087SailPoint Technologies Holdings, Inc, One stop2024-09-300001930087Sapphire Bidco Oy, One stop2024-09-300001930087elesoft Holdings LLC, One stop2024-09-300001930087Togetherwork Holdings, LLC, One stop 12024-09-300001930087Togetherwork Holdings, LLC, One stop 22024-09-300001930087Togetherwork Holdings, LLC, One stop 32024-09-300001930087Transform Bidco Limited, One stop 12024-09-300001930087Transform Bidco Limited, One stop 22024-09-300001930087Transform Bidco Limited, One stop 32024-09-300001930087Vantage Bidco GMBH, One stop 12024-09-300001930087Vantage Bidco GMBH, One stop 22024-09-300001930087Varinem German Midco GMBH, One stop 12024-09-300001930087Varinem German Midco GMBH, One stop 22024-09-300001930087Workforce Software, LLC, One stop2024-09-300001930087Zendesk, Inc, One stop2024-09-300001930087gcred:SoftwareMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Ashco, LLC, Senior secured2024-09-300001930087Ave Holdings III, Corp, One stop2024-09-300001930087Biscuit Parent, LLC, One stop 12024-09-300001930087Biscuit Parent, LLC, One stop 22024-09-300001930087Cavender Stores L.P, Senior secured2024-09-300001930087CVP Holdco, Inc, One stop 12024-09-300001930087CVP Holdco, Inc, One stop 22024-09-300001930087CVP Holdco, Inc, One stop 32024-09-300001930087Med Parentco, LP, Senior secured2024-09-300001930087PetVet Care Centers LLC, One stop 12024-09-300001930087PetVet Care Centers LLC, One stop 22024-09-300001930087PetVet Care Centers LLC, One stop 32024-09-300001930087PPV Intermediate Holdings, LLC, One stop, 12024-09-300001930087PPV Intermediate Holdings, LLC, One stop, 22024-09-300001930087Radiance Borrower, LLC, One stop 12024-09-300001930087Radiance Borrower, LLC, One stop 22024-09-300001930087Southern Veterinary Partners, LLC, Senior secured2024-09-300001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 12024-09-300001930087gcred:SpecialtyRetailMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Marcone Yellowstone Buyer Inc., One stop 12024-09-300001930087Marcone Yellowstone Buyer Inc., One stop 22024-09-300001930087gcred:TradingCompaniesAndDistributorsMemberus-gaap:DebtSecuritiesMember2024-09-300001930087Vessco Midco Holdings, LLC, One stop 12024-09-300001930087Vessco Midco Holdings, LLC, One stop 22024-09-300001930087Vessco Midco Holdings, LLC, One stop 32024-09-300001930087gcred:WaterUtilitiesMemberus-gaap:DebtSecuritiesMember2024-09-300001930087us-gaap:DebtSecuritiesMember2024-09-300001930087CAP-KSI Holdings, LLC, Preferred stock2024-09-300001930087CAP-KSI Holdings, LLC, LP units2024-09-300001930087Quick Quack Car Wash Holdings, LLC, LP units2024-09-300001930087Quick Quack Car Wash Holdings, LLC, LLC units2024-09-300001930087Yorkshire Parent, Inc., LP units2024-09-300001930087gcred:AutomobilesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001930087FR Vision Holdings, Inc., LP units2024-09-300001930087CHVAC Services Investment, LLC, Common stock2024-09-300001930087Virginia Green Acquisition, LLC, LP units2024-09-300001930087gcred:DiversifiedConsumerServicesMemberus-gaap:EquitySecuritiesMember2024-09-300001930087Amberfield Acquisition Co., LLC units2024-09-300001930087PB Group Holdings, LLC, LP units2024-09-300001930087Oakbridge Insurance Agency LLC, LP units2024-09-300001930087Eclipse Buyer, Inc., Preferred stock2024-09-300001930087Movement Holdings, LLC, LLC units2024-09-300001930087CB Buyer, Inc., LP units2024-09-300001930087Denali Bidco Limited, LP interest2024-09-300001930087Gurobi Optimization, LLC, Common stock2024-09-300001930087Panzura, LLC, LLC 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Stanley Capital Services LLC Date 4/15/20272025-03-310001930087Morgan Stanley Capital Services LLC2025-03-310001930087Regions Bank, Settlement Date 11/16/20262025-03-310001930087Regions Bank, Settlement Date 12/16/20262025-03-310001930087Regions Bank, Settlement Date 12/24/20262025-03-310001930087Regions Bank, Settlement Date 4/14/2027 2025-03-310001930087Regions Bank2025-03-310001930087gcred:A2027TrancheANotesMemberus-gaap:InterestRateSwapMembergcred:DebtInstrumentTrancheOneMember2024-05-080001930087gcred:A2027TrancheANotesMemberus-gaap:InterestRateSwapMembergcred:DebtInstrumentTrancheTwoMember2024-05-080001930087gcred:A2029NotesMemberus-gaap:InterestRateSwapMembergcred:DebtInstrumentTrancheOneMember2024-09-050001930087gcred:A2029NotesMemberus-gaap:InterestRateSwapMembergcred:DebtInstrumentTrancheTwoMember2024-09-050001930087gcred:A2030NotesMemberus-gaap:InterestRateSwapMembergcred:DebtInstrumentTrancheOneMember2025-02-190001930087gcred:A2030NotesMemberus-gaap:InterestRateSwapMembergcred:DebtInstrumentTrancheTwoMember2025-02-190001930087us-gaap:InterestRateSwapMember2025-01-012025-03-310001930087us-gaap:InterestRateSwapMember2024-01-012024-03-310001930087SMBC Capital Markets, Inc., Maturing September 18, 2027 2025-03-310001930087SMBC Capital Markets, Inc., Maturing May 1, 2030 2025-03-310001930087SMBC Capital Markets, Inc.2025-03-310001930087Regions Bank, Maturing August 12, 20292025-03-310001930087Macquarie Bank Limited, Maturing September 20, 20272025-03-310001930087Macquarie Bank Limited, Maturing August 12, 20292025-03-310001930087Macquarie Bank Limited2025-03-310001930087Morgan Stanley Capital Services LLC, Maturing May 1, 20302025-03-310001930087SMBC Capital Markets, Inc., Maturing September 18, 2027 2024-09-300001930087SMBC Capital Markets, Inc.2024-09-300001930087Regions Bank, Maturing August 12, 20292024-09-300001930087Regions Bank2024-09-300001930087Macquarie Bank Limited, Maturing September 20, 20272024-09-300001930087Macquarie Bank Limited, Maturing August 12, 20292024-09-300001930087Macquarie Bank 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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 March 31, 2025
OR
o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 814-01555

Golub Capital Private Credit Fund
(Exact name of registrant as specified in its charter)
Delaware92-2030260
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No þ
As of May 15, 2025, the Registrant had outstanding Class I and Class S common shares of beneficial interest, $0.01 par value, outstanding of 101,545,330 and 5,320,754, respectively. Common shares of beneficial interest outstanding excludes May 1, 2025 subscriptions since the offering price is not yet finalized at this time.



TABLE OF CONTENTS
Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of March 31, 2025 (unaudited) and September 30, 2024
Consolidated Statements of Operations for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)
Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2025 (unaudited) and 2024 (unaudited)
Consolidated Statements of Cash Flows for the six months ended March 31, 2025 (unaudited) and 2024 (unaudited)
Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and September 30, 2024
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits



TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
March 31, 2025September 30, 2024
(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $4,924,766 and $3,246,424, respectively)
$4,941,492 $3,265,298 
Cash and cash equivalents44,139 170,615 
Foreign currencies (cost of $3,703 and $2,324, respectively)
4,261 2,620 
Restricted cash and cash equivalents30,862 16,408 
Interest receivable32,401 32,459 
Receivable for investments2,562 9,201 
Deferred offering costs1,921 2,775 
Net unrealized appreciation on derivatives 13,744 12,624 
Other assets3,919 1,521 
Total Assets$5,075,301 $3,513,521 
Liabilities    
Debt$2,279,906 $1,588,492 
Less unamortized debt issuance costs(26,265)(18,999)
Debt less unamortized debt issuance costs2,253,641 1,569,493 
Interest payable11,723 10,673 
Distributions payable18,276 15,135 
Management and incentive fees payable15,242 11,656 
Payable for investments purchased307,152 165,315 
Accrued trustee fees11 225 
Net unrealized depreciation on derivatives8,329 1,963 
Accounts payable and other liabilities8,364 6,719 
Total Liabilities2,622,738 1,781,179 
Commitments and Contingencies (Note 8)
    
Net Assets
Common shares, par value $0.01 per share, unlimited shares authorized, 97,901,884.737 and 69,008,371.263 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively.
979 690 
Paid in capital in excess of par2,452,500 1,727,522 
Distributable earnings (losses)(916)4,130 
Total Net Assets2,452,563 1,732,342 
Total Liabilities and Total Net Assets$5,075,301 $3,513,521 
Net Asset Value Per Share
Class I Shares:
Net assets$2,331,309 $1,666,227 
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)
93,061,716.578 66,374,648.607 
Net asset value per common share$25.05 $25.10 
Class S Shares:
Net assets$121,254 $66,115 
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)
4,840,168.159 2,633,722.656 
Net asset value per common share$25.05 $25.10 





See Notes to Consolidated Financial Statements

3


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)

Three months ended March 31,Six months ended March 31,
2025202420252024
Investment income    
Interest income$100,402 $46,612 $188,609 $85,691 
Payment-in-kind interest income4,817 1,114 9,474 1,669 
Dividend income108  214  
Fee income282 90 559 201 
Total investment income105,609 47,816 198,856 87,561 
Expenses    
Interest and other debt financing expenses36,950 13,713 73,319 27,887 
Base management fee7,055 3,063 13,117 5,156 
Incentive fee6,129 4,334 13,229 7,048 
Professional fees3,553 1,705 6,607 3,171 
Administrative service fee1,269 460 2,246 618 
General and administrative expenses184 96 358 220 
Distribution and shareholder servicing fees
Class S230  402  
Total expenses55,370 23,371 109,278 44,100 
Expense support (Note 3)
   (667)
Expense support recoupment (Note 3)
   885 
Net expenses55,370 23,371 109,278 44,318 
Net investment income - before tax50,239 24,445 89,578 43,243 
Excise tax 91  109 
Net investment income - after tax50,239 24,354 89,578 43,134 
Net gain (loss) on investment transactions        
Net realized gain (loss) from:        
Non-controlled/non-affiliate company investments2 (2)(3)(40)
Foreign currency transactions143 60 (435)105 
Net realized gain (loss) on investment transactions145 58 (438)65 
Net change in unrealized appreciation (depreciation) from:        
Non-controlled/non-affiliate company investments(8,433)6,244 2,479 6,518 
Forward currency contracts(1,897) (298) 
Translation of assets and liabilities in foreign currencies2,657 (78)829 (80)
Net change in unrealized appreciation (depreciation) on investment transactions(7,673)6,166 3,010 6,438 
Net gain (loss) on investment transactions(7,528)6,224 2,572 6,503 
Net increase (decrease) in net assets resulting from operations$42,711 $30,578 $92,150 $49,637 
Per Common Share Data        
Class I Shares:
Earnings available to shareholders$40,924 $30,578 $88,449 $49,637 
Basic and diluted weighted average common shares outstanding
(Note 11)
86,980,089 39,473,836 80,251,878 33,018,349 
Basic and diluted earnings per common share (Note 11)
$0.47 $0.77 $1.10 $1.50 
Class S Shares:
Earnings available to shareholders$1,787 $ $3,701 $ 
Basic and diluted weighted average common shares outstanding
(Note 11)
4,298,524  3,755,598  
Basic and diluted earnings per common share (Note 11)
$0.42 $ $0.99 $ 

See Notes to Consolidated Financial Statements

4


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
Common SharesPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 202326,133,510.522 $261 $652,789 $288 $653,338 
Issuance of common shares
Class I15,290,663.758 153383,067 — 383,220 
Repurchase of common shares, net of early repurchase deduction
Class I(27,300.000)— (670)— (670)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax— — — 43,134 43,134 
Net realized gain (loss) on investment transactions— — — 65 65 
Net change in unrealized appreciation (depreciation) on investment transactions— — — 6,438 6,438 
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I426,105.690 410,665 — 10,669 
Distributions from distributable earnings (losses)
Class I— — (34,248)(34,248)
Distributions declared and payable
Class I— — (9,201)(9,201)
Total increase (decrease) for the six months ended March 31, 2024
15,689,469.448 157 393,062 6,188 399,407 
Balance at March 31, 202441,822,979.970 $418 $1,045,851 $6,476 $1,052,745 
Balance at December 31, 202327,513,765.783 $275 $687,363 $1,995 $689,633 
Issuance of common shares
Class I14,098,368.677 141353,195 — 353,336 
Repurchase of common shares, net of early repurchase deduction
Class I(27,300.000)— (670)— (670)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax— — — 24,354 24,354 
Net realized gain (loss) on investment transactions— — — 58 58 
Net change in unrealized appreciation (depreciation) on investment transactions— — — 6,166 6,166 
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I238,145.510 25,963 — 5,965 
Distributions from distributable earnings (losses)
Class I— — — (16,896)(16,896)
Distributions declared and payable
Class I— — — (9,201)(9,201)
Total increase (decrease) for the three months ended March 31, 2024
14,309,214.187 143 358,488 4,481 363,112 
Balance at March 31, 202441,822,979.970 $418 $1,045,851 $6,476 $1,052,745 
See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited) - (continued)
(In thousands, except share data)
Common SharesPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2024
69,008,371.263 $690 $1,727,522 $4,130 $1,732,342 
Issuance of common shares
Class I26,209,762.382 263 657,627 — 657,890 
Class S2,132,575.965 21 53,516 — 53,537 
Repurchase of common shares, net of early repurchase deduction
Class I(764,645.338)(8)(19,181)— (19,189)
Class S(3,911.154)— (96)— (96)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax— — — 89,578 89,578 
Net realized gain (loss) on investment transactions— — — (438)(438)
Net change in unrealized appreciation (depreciation) on investment transactions— — — 3,010 3,010 
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I1,241,950.927 12 31,160 — 31,172 
Class S77,780.692 1 1,952 — 1,953 
Distributions from distributable earnings (losses)
Class I— — — (75,786)(75,786)
Class S— — — (3,134)(3,134)
Distributions declared and payable
Class I— — — (17,454)(17,454)
Class S— — — (822)(822)
Total increase (decrease) for the six months ended March 31, 2025
28,893,513.474 289 724,978 (5,046)720,221 
Balance at March 31, 202597,901,884.737 $979 $2,452,500 $(916)$2,452,563 
Balance at December 31, 2024
81,223,397.755 $812 $2,033,749 $7,597 $2,042,158 
Issuance of common shares
Class I14,825,322.560 149 372,216 — 372,365 
Class S1,347,890.666 13 33,841 — 33,854 
Repurchase of common shares, net of early repurchase deduction
Class I(173,016.275)(2)(4,340)— (4,342)
Class S(3,911.154)— (96)— (96)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax— — 50,239 50,239 
Net realized gain (loss) on investment transactions— — 145 145 
Net change in unrealized appreciation (depreciation) on investment transactions— — (7,673)(7,673)
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I639,840.725 6 16,066 — 16,072 
Class S42,360.460 1 1,064 — 1,065 
Distributions from distributable earnings (losses)
Class I— — — (31,576)(31,576)
Class S— — — (1,372)(1,372)
Distributions declared and payable
Class I— — — (17,454)(17,454)
Class S— — — (822)(822)
Total increase (decrease) for the three months ended March 31, 2025
16,678,486.982 167418,751(8,513)410,405 
Balance at March 31, 2025
97,901,884.737 $979 $2,452,500 $(916)$2,452,563 
See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)

Six months ended March 31,
20252024
Cash flows from operating activities  
Net increase (decrease) in net assets resulting from operations$92,150 $49,637 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs3,174 868 
Amortization of deferred offering costs1,090 732 
Amortization of discounts on issued debt securities681  
Accretion of discounts and amortization of premiums on investments(5,861)(3,763)
Net realized (gain) loss on investments3 40 
Net realized (gain) loss on foreign currency transactions435 (105)
Net change in unrealized (appreciation) depreciation on investments(2,479)(6,518)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(829)80 
Net change in unrealized (appreciation) depreciation on interest rate swaps2,746  
Net change in unrealized (appreciation) depreciation on forward currency contracts298  
Proceeds from (fundings of) revolving loans, net(10,062)(691)
Purchases and fundings of investments(1,877,164)(748,290)
Proceeds from principal payments and sales of portfolio investments224,292 93,061 
Payment-in-kind interest capitalized(9,633)(1,884)
Non-cash dividends capitalized(214) 
Changes in operating assets and liabilities:
Interest receivable58 4,186 
Receivable for investments6,639 9,900 
Other assets(2,398)2,073 
Interest payable1,050 5,318 
Management and incentive fees payable3,586 3,307 
Payable for investments purchased141,837 1,789 
Accrued trustee fees(214) 
Accounts payable and other liabilities1,645 1,882 
Net cash provided by (used in) operating activities(1,429,170)(588,378)
Cash flows from financing activities  
Borrowings on debt1,795,846 563,515 
Repayments of debt(1,097,400)(288,600)
Capitalized debt issuance costs(10,440)(1,527)
Deferred offering costs (237)(509)
Proceeds from issuance of common shares711,427 383,220 
Repurchased shares, net of early repurchase deduction paid (19,285)(670)
Distributions paid(60,930)(29,067)
Net cash provided by (used in) financing activities1,318,981 626,362 
Net change in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents(110,189)37,984 
Effect of foreign currency exchange rates(192)78 
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period189,643 50,722
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period$79,262 $88,784 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)
$65,638 $21,700 
Distributions declared for the period97,196 43,449 
Supplemental disclosure of non-cash financing activities:
Shares issued in connection with dividend reinvestment plan$33,125 $10,669 
Change in distributions payable3,141 3,713 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

See Notes to Consolidated Financial Statements

7


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Statements of Cash Flows (unaudited) - (continued)
March 31, 2025
(In thousands)




The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of
March 31, 2025September 30, 2024
Cash and cash equivalents$44,139 $170,615 
Foreign currencies (cost of $3,703 and $2,324, respectively)
4,261 2,620 
Restricted cash and cash equivalents30,862 16,408 
Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows(1)
$79,262 $189,643 
(1) See Note 2 for a description of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents.
See Notes to Consolidated Financial Statements

8


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited)
March 31, 2025
(Dollar and share amounts in thousands)

Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
Bleriot US Bidco Inc.^(7)(21)Senior securedSF +2.75 %(h)7.05 %10/2030$13,200 $13,255 0.5 %$13,118 
Element Materials Technology^(7)(21)Senior securedSF +3.75 %(h)8.05 %06/202912,472 12,531 0.5 12,469 
LSF11 Trinity Bidco, Inc.^(21)Senior securedSF +3.00 %(g)7.32 %06/20309,865 9,898 0.4 9,828 
Propulsion Newco LLC^(7)(21)Senior securedSF +3.25 %(h)7.55 %09/20296,220 6,267 0.3 6,228 
Signia Aerospace, LLC^(21)Senior securedSF +3.00 %(g)7.32 %12/20316,462 6,474 0.3 6,437 
Signia Aerospace, LLC^(5)(21)Senior securedSF +3.00 %N/A(6)12/2031 1  (2)
SMX Technologies^(21)Senior securedSF +4.50 %(h)8.80 %02/20322,200 2,200 0.1 2,200 
Transdigm, Inc.^(7)(21)Senior securedSF +2.75 %(h)7.05 %03/20303,474 3,482 0.1 3,472 
53,893 54,108 2.2 53,750 
Air Freight & Logistics
RJW Group Holdings, Inc.^One stopSF +5.25 %(h)9.55 %11/203149,796 48,838 2.0 49,298 
RJW Group Holdings, Inc.^(5)One stopSF +5.25 %N/A(6)11/2031 (35) (37)
49,796 48,803 2.0 49,261 
Airlines
Accelya Lux Finco S.A.R.L.*(7)(11)(20)One stopSF +7.00 %(h)7.40 % cash/4.00 %PIK12/20261,586 1,549  1,554 
Brown Group Holding, LLC ^(7)(9)(21)Senior securedSF +2.50 %(g)(h)6.82 %07/20312,963 2,962 0.1 2,948 
Brown Group Holding, LLC ^(7)(9)(21)Senior securedSF +2.50 %(g)6.82 %07/20311,800 1,801 0.1 1,792 
KKR Apple Bidco, LLC^(21)Senior securedSF +2.50 %(g)6.82 %09/20319,116 9,121 0.4 9,061 
15,465 15,433 0.6 15,355 
Auto Components
Arnott, LLC^One stopSF +4.75 %(i)8.97 %11/20304,822 4,777 0.2 4,774 
Arnott, LLC^One stopP + 3.75 %(a)11.25 %11/2030136 128  128 
Collision SP Subco, LLC*One stopSF +5.50 %(h)9.79 %01/20309,527 9,373 0.4 9,431 
Collision SP Subco, LLC^One stopSF +5.50 %(g)(i)9.82 %01/20304,308 4,263 0.2 4,252 
Collision SP Subco, LLC^One stopSF +5.50 %(h)9.79 %01/2030236 211  220 
OEConnection, LLC^One stopSF +5.00 %(g)9.32 %04/203140,647 40,295 1.6 40,647 
OEConnection, LLC^One stopSF +5.00 %(g)9.32 %04/20317,092 7,027 0.3 7,092 
OEConnection, LLC^(5)One stopSF +5.00 %N/A(6)04/2031 (38)  
OEConnection, LLC^(5)One stopSF +5.00 %N/A(6)04/2031 (35)  
RC Buyer, Inc.^(21)Senior securedSF +3.50 %(g)7.94 %07/20289,409 9,415 0.4 9,215 
RealTruck Group, Inc.^(7)(21)Senior securedSF +3.50 %(g)7.94 %01/202810,235 10,151 0.4 9,802 
TI Automotive^(7)(9)Senior securedSF +3.25 %(g)7.69 %12/20262,366 2,371 0.1 2,371 
Wand NewCo 3, Inc.^(7)(21)Senior securedSF +2.50 %(g)6.82 %01/203114,390 14,422 0.6 14,198 
103,168 102,360 4.2 102,130 
Automobiles
CAP-KSI Holdings, LLC*^One stopSF +5.25 %(h)9.55 %06/203028,892 28,517 1.2 28,531 
CAP-KSI Holdings, LLC^One stopSF +5.25 %(h)9.56 %06/20301,408 1,361 0.1 1,364 
Denali Midco 2, LLC^(20)Second lienN/A13.00 %PIK12/202924,186 23,980 1.0 24,186 
Denali Midco 2, LLC*^One stopSF +5.25 %(g)9.57 %12/202816,886 16,542 0.7 16,886 
Driven Holdings, LLC^(7)Senior securedSF +3.00 %(g)7.44 %12/20283,212 3,221 0.1 3,210 
High Bar Brands Operating, LLC^Senior securedSF +5.25 %(h)9.55 %12/2029602 593  602 
High Bar Brands Operating, LLC^Senior securedSF +5.25 %(h)9.55 %12/2029125 123  125 
High Bar Brands Operating, LLC^Senior securedSF +5.25 %(h)9.55 %12/2029106 103  106 
High Bar Brands Operating, LLC^Senior securedSF +5.25 %(h)9.55 %12/202929 26  29 
JHCC Holdings LLC*One stopSF +5.25 %(h)9.55 %09/20279,456 9,329 0.4 9,456 
JHCC Holdings LLC^One stopSF +5.25 %(h)9.55 %09/20273,090 3,055 0.1 3,090 
JHCC Holdings LLC*One stopSF +5.25 %(h)9.55 %09/20272,591 2,584 0.1 2,591 
Mavis Tire Express Services Topco, Corp.^(7)(21)Senior securedSF +3.00 %(h)7.31 %05/202813,185 13,208 0.5 13,117 
Mister Car Wash Holdings, Inc.^(7)(21)Senior securedSF +2.50 %(h)6.79 %03/203112,661 12,695 0.5 12,629 
See Notes to Consolidated Financial Statements

9


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
National Express Wash Parent Holdco, LLC^One stopSF +5.00 %(h)9.30 %07/2029$37,984 $37,334 1.5 %$37,794 
National Express Wash Parent Holdco, LLC^One stopSF +5.00 %(i)9.25 %07/20294,572 4,527 0.2 4,527 
National Express Wash Parent Holdco, LLC^(5)One stopSF +5.00 %N/A(6)07/2029 (214) (214)
National Express Wash Parent Holdco, LLC^(5)One stopSF +5.00 %N/A(6)07/2029   (61)
Paint Intermediate III, LLC^(21)Senior securedSF +3.00 %(h)7.30 %10/20314,000 4,020 0.2 4,003 
Quick Quack Car Wash Holdings, LLC^One stopSF +4.75 %(g)9.07 %06/20312,321 2,303 0.1 2,321 
Quick Quack Car Wash Holdings, LLC^One stopSF +4.75 %(g)9.07 %06/203172 70  72 
Quick Quack Car Wash Holdings, LLC^(5)One stopSF +4.75 %N/A(6)06/2031 (2)  
TWAS Holdings, LLC^One stopSF +6.75 %(g)11.17 %12/202622,825 22,596 0.9 22,825 
Yorkshire Parent, Inc.*^One stopSF +5.50 %(h)9.80 %12/202914,782 14,629 0.6 14,818 
Yorkshire Parent, Inc.^One stopSF +5.00 %(h)9.29 %12/202913,826 13,760 0.6 13,757 
Yorkshire Parent, Inc.^One stopSF +5.50 %(h)9.80 %12/20294,096 4,053 0.2 4,106 
Yorkshire Parent, Inc.^One stopSF +5.50 %(h)9.80 %12/2029738 698  738 
Yorkshire Parent, Inc.^One stopSF +5.00 %(h)9.29 %12/2029442 297  291 
222,087 219,408 9.0 220,899 
Banks
Empyrean Solutions, LLC^One stopSF +4.75 %(h)9.05 %11/20319,959 9,912 0.4 9,959 
Empyrean Solutions, LLC^(5)One stopSF +4.75 %N/A(6)11/2031 (7)  
Empyrean Solutions, LLC^(5)One stopSF +4.75 %N/A(6)11/2031 (19)  
OSP Hamilton Purchaser, LLC*One stopSF +5.00 %(h)9.29 %12/20292,790 2,762 0.1 2,790 
OSP Hamilton Purchaser, LLC^One stopSF +5.00 %(h)9.29 %12/2029529 503  529 
OSP Hamilton Purchaser, LLC^One stopSF +5.00 %(h)9.29 %12/2029187 183  187 
13,465 13,334 0.5 13,465 
Beverages
Spindrift Beverage Co. Inc.^One stopSF +5.25 %(g)9.56 %02/203222,323 22,048 0.9 22,044 
Spindrift Beverage Co. Inc.^One stopSF +5.25 %(h)9.56 %02/2032306 253  252 
Spindrift Beverage Co. Inc.^(5)One stopSF +5.25 %N/A(6)02/2032 (15) (31)
Winebow Holdings, Inc.*^One stopSF +6.25 %(g)10.67 %12/202715,383 15,320 0.6 13,998 
38,012 37,606 1.5 36,263 
Capital Markets
BlueMatrix Holdings, LLC^One stopSF +5.75 %(h)10.05 %01/203123,976 23,860 1.0 23,856 
BlueMatrix Holdings, LLC*One stopSF +5.75 %(h)10.05 %01/203110,636 10,559 0.4 10,583 
BlueMatrix Holdings, LLC^(5)One stopSF +5.75 %N/A(6)01/2031 (14) (9)
BlueMatrix Holdings, LLC^(5)One stopSF +5.75 %N/A(6)01/2031 (26) (18)
Edelman Financial Center, LLC^(21)Senior securedSF +3.00 %(g)7.32 %04/202813,865 13,922 0.6 13,842 
48,477 48,301 2.0 48,254 
Chemicals
INEOS US Finance LLC and INEOS Finance PLC^(7)(9)(21)Senior securedSF +3.25 %(g)7.57 %02/20308,726 8,694 0.3 8,406 
Inhance Technologies Holdings, LLC*(20)One stopSF +6.50 %(h)6.96 % cash/4.00 %PIK06/202510,439 10,439 0.3 8,664 
Inhance Technologies Holdings, LLC^(20)One stopSF +6.50 %(h)6.96 % cash/4.00 %PIK06/20255,157 5,157 0.2 4,280 
Innophos Holdings, Inc.^(7)(21)Senior securedSF +4.25 %(g)8.69 %03/20295,389 5,367 0.2 5,331 
Krayden Holdings, Inc.*Senior securedSF +4.75 %(g)9.07 %03/20298,667 8,591 0.4 8,667 
Krayden Holdings, Inc.^Senior securedSF +4.75 %(g)9.07 %03/2029102 76  102 
Krayden Holdings, Inc.^(5)Senior securedSF +4.75 %N/A(6)03/2029 (38)  
W.R. Grace & Co^(7)(21)Senior securedSF +3.25 %(h)7.55 %08/20289,935 9,933 0.4 9,855 
Windsor Holdings III, LLC^(7)(21)Senior securedSF +2.75 %(g)7.07 %08/203013,890 13,887 0.6 13,772 
62,305 62,106 2.4 59,077 
Commercial Services & Supplies
BradyIFS Holdings, LLC^One stopSF +5.00 %(h)9.29 %10/202916,087 15,813 0.7 16,087 
BradyIFS Holdings, LLC^One stopSF +5.00 %(h)9.29 %10/2029102 93  102 
BrightView Landscapes, LLC^(7)(21)Senior securedSF +2.00 %(h)6.29 %04/20292,500 2,500 0.1 2,479 
CHA Vision Holdings, Inc.*^One stopSF +5.00 %(h)9.29 %01/203118,285 18,111 0.8 18,285 
CHA Vision Holdings, Inc.^One stopSF +5.00 %(h)9.29 %01/20312,497 2,441 0.1 2,497 
CHA Vision Holdings, Inc.^(5)One stopSF +5.00 %N/A(6)01/2030 (14)  
See Notes to Consolidated Financial Statements

10


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Energize Holdco, LLC^(21)Senior securedSF +3.00 %(g)7.32 %12/2028$7,980 $8,016 0.3 %$7,915 
Kleinfelder Intermediate, LLC^One stopSF +5.00 %(h)9.29 %09/20301,810 1,765 0.1 1,810 
Kleinfelder Intermediate, LLC^(5)One stopSF +5.00 %N/A(6)09/2028 (4)  
Kleinfelder Intermediate, LLC^(5)One stopSF +5.00 %N/A(6)09/2030 (3)  
OMNIA Partners, LLC^(21)Senior securedSF +2.75 %(h)7.05 %07/20301,995 1,988 0.1 1,984 
PSC Parent, Inc.^One stopSF +5.25 %(g)9.57 %04/20311,446 1,434 0.1 1,446 
PSC Parent, Inc.^One stopSF +5.25 %(g)9.57 %04/2031241 240  241 
PSC Parent, Inc.^One stopSF +5.25 %(a)(g)9.67 %04/2030193 190  193 
PSC Parent, Inc.^One stopSF +5.25 %(g)9.56 %04/2031135 133  135 
Radwell Parent, LLC*One stopSF +5.50 %(h)9.80 %03/202915,678 15,678 0.6 15,521 
Radwell Parent, LLC^One stopSF +5.50 %(h)9.80 %03/20291,222 871  1,176 
Thermostat Purchaser III, Inc.^(21)Senior securedSF +4.25 %(h)8.55 %08/20285,985 6,015 0.2 5,998 
WRE Holding Corp.^One stopSF +5.00 %(i)9.22 %07/203131,489 31,208 1.3 31,489 
WRE Holding Corp.^One stopSF +5.00 %(h)(i)9.40 %07/20312,878 2,839 0.1 2,878 
WRE Holding Corp.^(5)One stopSF +5.00 %N/A(6)07/2030 (40)  
110,523 109,274 4.5 110,236 
Construction & Engineering
Belfor USA Group Inc.^Senior securedSF +3.00 %(g)7.32 %11/20302,935 2,964 0.1 2,935 
Consor Intermediate II, LLC^One stopSF +4.50 %(h)8.80 %05/20311,418 1,412 0.1 1,418 
Consor Intermediate II, LLC^(5)One stopSF +4.50 %N/A(6)05/2031 (4)  
Consor Intermediate II, LLC^(5)One stopSF +4.50 %N/A(6)05/2031 (1)  
Royal Holdco Corporation^One stopSF +4.50 %(h)8.79 %12/203027,864 27,589 1.1 27,586 
Royal Holdco Corporation^(5)One stopSF +4.50 %N/A(6)12/2030 (24) (25)
Royal Holdco Corporation^(5)One stopSF +4.50 %N/A(6)12/2030 (47) (95)
Service Logic Acquisition, Inc.^(21)Senior securedSF +3.00 %(g)7.32 %10/20279,920 9,933 0.4 9,907 
42,137 41,822 1.7 41,726 
Construction Materials
Star Holding, LLC^(7)(21)Senior securedSF +4.50 %(g)8.82 %07/203117,296 17,129 0.7 16,946 
Consumer Finance
Ascensus Group Holdings^(21)Senior securedSF +3.00 %(g)7.32 %08/202816,821 16,853 0.7 16,742 
Containers & Packaging
AOT Packaging Products Acquisitionco, LLC ^(21)Senior securedSF +3.25 %(g)7.69 %03/20284,189 4,165 0.2 4,157 
Chase Intermediate*^One stopSF +4.75 %(h)9.04 %10/202814,647 14,451 0.6 14,647 
Packaging Coordinators Midco, Inc.^One stopSF +4.75 %(h)9.04 %01/203228,074 28,006 1.1 27,653 
Packaging Coordinators Midco, Inc.^(5)One stopSF +4.75 %N/A(6)01/2032 (7) (42)
Packaging Coordinators Midco, Inc.^(5)One stopSF +4.75 %N/A(6)01/2032   (170)
Packaging Coordinators Midco, Inc.^(5)One stopSF +4.75 %N/A(6)01/2032   (248)
Packaging Coordinators Midco, Inc.^(5)One stopSF +4.75 %N/A(6)01/2032   (8)
Pegasus BidCo^(7)(12)(21)Senior securedSF +3.25 %(h)7.57 %07/202910,392 10,424 0.4 10,392 
Reynolds Group Holdings^(7)(21)Senior securedSF +2.50 %(g)6.82 %09/20285,176 5,182 0.2 5,174 
Technimark, LLC^(21)Senior securedSF +3.25 %(g)7.57 %04/203110,804 10,774 0.5 10,764 
WP Deluxe Merger Sub^(21)Senior securedSF +3.75 %(h)8.31 %05/20288,405 8,384 0.3 8,420 
81,687 81,379 3.3 80,739 
Diversified Consumer Services
Any Hour, LLC^One stopSF +5.25 %(h)9.55 %05/203030,437 30,046 1.2 29,220 
Any Hour, LLC^(20)One stopN/A13.00 %PIK05/20315,168 5,086 0.2 4,961 
Any Hour, LLC^One stopSF +5.25 %(h)9.51 %05/20302,499 2,440 0.1 2,314 
Any Hour, LLC^One stopSF +5.25 %(h)9.55 %05/2030862 805  504 
Apex Service Partners, LLC*^One stopSF +5.00 %(h)9.31 %10/203017,980 17,559 0.7 17,980 
Apex Service Partners, LLC^One stopSF +5.00 %(h)9.31 %10/20308,463 8,401 0.4 8,463 
Apex Service Partners, LLC^One stopSF +5.00 %(h)9.31 %10/20304,279 4,184 0.2 4,279 
See Notes to Consolidated Financial Statements

11


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Apex Service Partners, LLC^One stopSF +5.00 %(h)9.31 %10/2029$1,129 $1,087  %$1,129 
Certus Pest, Inc.^One stopSF +5.25 %(h)9.70 %08/20273,304 3,282 0.1 3,304 
Certus Pest, Inc.*One stopSF +5.25 %(h)9.70 %08/20273,091 3,070 0.1 3,091 
Certus Pest, Inc.*One stopSF +5.25 %(h)9.70 %08/20272,597 2,579 0.1 2,597 
Certus Pest, Inc.*One stopSF +5.25 %(h)9.70 %08/20272,359 2,343 0.1 2,359 
Certus Pest, Inc.*One stopSF +5.25 %(h)9.70 %08/20271,427 1,417 0.1 1,427 
Certus Pest, Inc.*One stopSF +5.25 %(h)9.70 %08/20271,133 1,126  1,133 
Certus Pest, Inc.^One stopSF +5.25 %(h)9.69 %08/2027448 446  448 
Certus Pest, Inc.^(5)One stopSF +5.25 %N/A(6)08/2027 (60)  
CHVAC Services Investment, LLC^One stopSF +5.00 %(h)9.30 %05/20301,535 1,511 0.1 1,527 
CHVAC Services Investment, LLC^One stopSF +5.00 %(h)9.29 %05/2030406 397  401 
CHVAC Services Investment, LLC^(5)One stopSF +5.00 %N/A(6)05/2030 (2) (1)
CHVAC Services Investment, LLC^(5)One stopSF +4.50 %N/A(6)05/2030 (178) (179)
Entomo Brands Acquisitions, Inc.^Senior securedSF +5.50 %(h)9.95 %07/2029768 761  761 
Entomo Brands Acquisitions, Inc.^Senior securedSF +5.50 %(h)9.95 %07/2029222 217  220 
Entomo Brands Acquisitions, Inc.^Senior securedSF +5.50 %(h)9.95 %07/202915 14  14 
HS Spa Holdings, Inc.*^One stopSF +5.25 %(h)9.56 %06/20297,838 7,728 0.3 7,839 
HS Spa Holdings, Inc.^One stopSF +5.25 %(h)9.54 %06/2029440 437  440 
Knowledge Universe Education LLC^(7)(21)Senior securedSF +3.25 %(h)7.55 %06/20305,985 6,007 0.3 5,980 
Liminex, Inc.^One stopSF +6.25 %(h)10.69 %11/202610,653 10,576 0.4 10,653 
Litera Bidco, LLC^One stopSF +5.00 %(g)9.32 %05/202828,440 28,329 1.2 28,440 
Litera Bidco, LLC^One stopSF +5.00 %(g)9.32 %05/202811,355 11,331 0.5 11,355 
Litera Bidco, LLC^(5)One stopSF +5.00 %N/A(6)05/2028 (8)  
Litera Bidco, LLC^One stopSF +5.00 %N/A(6)05/2028    
McAfee, LLC^(7)(21)Senior securedSF +3.00 %(g)7.32 %03/20294,988 4,999 0.2 4,773 
Project Alpha Intermediate Holdings, Inc.^(21)Senior securedSF +3.25 %(h)7.55 %10/203010,162 10,194 0.4 10,152 
Provenance Buyer LLC*One stopSF +5.50 %(h)9.90 %06/20277,445 7,445 0.3 7,073 
Provenance Buyer LLC*One stopSF +5.50 %(h)9.90 %06/20273,817 3,817 0.2 3,626 
RW AM Holdco LLC*One stopSF +5.25 %(h)9.65 %04/202811,217 10,932 0.4 9,759 
Severin Acquisition, LLC^(20)One stopSF +5.00 %(g)7.07 % cash/2.25 %PIK10/203133,929 33,618 1.4 33,929 
Severin Acquisition, LLC^One stopSF +4.75 %(g)(h)9.06 %10/2031637 598  637 
Severin Acquisition, LLC^(20)One stopSF +5.00 %(g)7.07 % cash/2.25 %PIK10/2031478 445  478 
Stellar Brands, LLC^Senior securedSF +4.50 %(i)8.72 %02/20319,147 9,080 0.4 9,078 
Stellar Brands, LLC^(5)Senior securedSF +4.50 %N/A(6)02/2031 (6) (6)
Virginia Green Acquisition, LLC*One stopSF +5.25 %(i)9.47 %12/203014,990 14,867 0.6 14,990 
Virginia Green Acquisition, LLC^One stopSF +5.25 %(i)9.51 %12/20301,054 1,004  1,054 
Virginia Green Acquisition, LLC^(5)One stopSF +5.25 %N/A(6)12/2029 (19)  
250,697 247,905 10.0 246,202 
Diversified Financial Services
Apex Group Treasury, LLC^(7)(9)(21)Senior securedSF +3.50 %(h)7.82 %02/203210,974 11,001 0.4 10,954 
Avalara, Inc.^(21)Senior securedSF +3.25 %(h)7.55 %03/203210,000 10,002 0.4 9,974 
Baker Tilly Advisory Group, LP^One stopSF +4.75 %(g)9.07 %06/203116,920 16,701 0.7 16,920 
Baker Tilly Advisory Group, LP^(5)One stopSF +4.75 %N/A(6)06/2030 (46)  
Baker Tilly Advisory Group, LP^(5)One stopSF +5.00 %N/A(6)06/2031 (17)  
BCPE Pequod Buyer^(21)Senior securedSF +3.50 %(h)7.79 %11/20318,125 8,115 0.3 8,110 
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)One stopE + 5.25 %(d)7.85 %07/203113,132 13,014 0.5 13,132 
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)(20)Subordinated debtE + 8.00 %(c)2.62 % cash/8.00 %PIK07/20323,795 3,756 0.2 3,795 
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)One stopE + 5.25 %N/A(6)07/2031    
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)One stopE + 5.25 %N/A(6)07/2031    
Corelogic, Inc.^(7)(21)Senior securedSF +3.50 %(g)7.94 %06/20289,961 9,943 0.4 9,795 
Corsair Blade IV S.A R.L.^(7)(11)(20)One stopSF +5.75 %(h)9.80 % cash/0.25 %PIK12/20304,355 4,355 0.2 4,312 
Corsair Blade IV S.A R.L.^(7)(8)(11)(20)One stopSN +5.75 %(f)9.96 % cash/0.25 %PIK12/20301,347 1,042  1,004 
Evertec, Inc.^(7)Senior securedSF +2.75 %(g)7.07 %10/20302,000 2,007 0.1 2,010 
Finastra USA, Inc.^(7)(9)One stopSF +7.25 %(i)11.43 %09/202920,613 20,307 0.8 20,716 
See Notes to Consolidated Financial Statements

12


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Finastra USA, Inc.^(7)(9)One stopSF +7.25 %(i)11.43 %09/2029$13 $12  %$12 
Focus Financial Partners, LLC^(21)Senior securedSF +2.75 %(g)7.07 %09/20318,978 8,978 0.4 8,903 
GTCR Everest Borrower, LLC^(21)Senior securedSF +2.75 %(h)7.05 %09/20314,988 4,999 0.2 4,959 
Higginbotham Insurance Agency, Inc.*^One stopSF +4.50 %(g)8.83 %11/20283,416 3,431 0.1 3,416 
Higginbotham Insurance Agency, Inc.^One stopSF +4.75 %(g)9.07 %11/20282,514 2,490 0.1 2,514 
Howden Group Holdings Limited ^(7)(9)(21)Senior securedSF +3.00 %(g)7.32 %02/203116,957 16,945 0.7 16,859 
Mariner Wealth Advisors, LLC^(21)Senior securedSF +2.50 %(h)6.80 %08/202812,729 12,705 0.5 12,707 
Medlar Bidco Limited^(7)(8)(16)One stopSN +5.00 %N/A(6)01/2032    
Medlar Bidco Limited^(7)(8)(16)One stopSN +5.00 %N/A(6)01/2032    
Medlar Bidco Limited^(7)(8)(16)One stopSN +5.00 %N/A(6)01/2032    
Orion Advisor Solutions^(21)Senior securedSF +3.75 %(h)8.04 %09/203014,105 14,059 0.6 14,121 
Wealth Enhancement Group, LLC^One stopSF +5.00 %(h)9.29 %10/20283,801 3,796 0.2 3,801 
Wealth Enhancement Group, LLC^One stopSF +5.00 %(h)9.29 %10/20282,741 2,737 0.1 2,741 
Wealth Enhancement Group, LLC^(5)One stopSF +5.00 %N/A(6)10/2028 (3)  
Wealth Enhancement Group, LLC^(5)One stopSF +5.00 %N/A(6)10/2028 (40)  
Zebra Buyer LLC^(21)Senior securedSF +3.00 %(h)7.31 %11/20308,790 8,810 0.4 8,792 
180,254 179,099 7.3 179,547 
Electric Utilities
Smart Energy Systems, Inc.^(20)One stopSF +7.50 %(i)8.01 % cash/3.75 %PIK01/20305,743 5,666 0.2 5,640 
Smart Energy Systems, Inc.^(5)One stopSF +7.50 %N/A(6)01/2030 (9) (23)
5,743 5,657 0.2 5,617 
Electrical Equipment
Power Grid Holdings, Inc.^One stopSF +4.75 %(h)9.05 %12/2030507 499  507 
Power Grid Holdings, Inc.^(5)One stopSF +4.75 %N/A(6)12/2030 (2)  
Wildcat TopCo, Inc.^One stopSF +5.00 %(h)9.30 %11/203124,842 24,607 1.0 24,842 
Wildcat TopCo, Inc.^(5)One stopSF +5.00 %N/A(6)11/2031 (42)  
Wildcat TopCo, Inc.^(5)One stopSF +5.00 %N/A(6)11/2031 (21)  
25,349 25,041 1.0 25,349 
Food & Staples Retailing
Eagle Parent Corp.^(21)Senior securedSF +4.25 %(h)8.55 %04/20297,397 7,318 0.3 7,056 
Inspire International, Inc.^(7)(21)Senior securedSF +2.50 %(g)6.82 %12/20272,985 2,990 0.1 2,970 
10,382 10,308 0.4 10,026 
Food Products
Aspire Bakeries Holdings, LLC^Senior securedSF +4.25 %(g)8.57 %12/20303,980 3,996 0.2 3,995 
Blast Bidco Inc.^One stopSF +6.00 %(h)10.30 %10/203015,130 14,951 0.6 15,130 
Blast Bidco Inc.^(5)One stopSF +6.00 %N/A(6)10/2029 (20)  
Eagle Family Foods Group, LLC^One stopSF +5.00 %(h)9.29 %08/203010,632 10,537 0.4 10,632 
Eagle Family Foods Group, LLC^(5)One stopSF +5.00 %N/A(6)08/2030 (11)  
Louisiana Fish Fry Products, Ltd.^One stopSF +6.25 %(h)10.70 %07/20278,758 8,456 0.3 8,671 
MIC GLEN LLC^(21)Senior securedSF +3.50 %(g)7.82 %07/202811,362 11,415 0.5 11,392 
49,862 49,324 2.0 49,820 
Healthcare Equipment & Supplies
Blue River Pet Care, LLC*One stopSF +5.75 %(g)10.17 %08/202911,485 11,393 0.5 11,485 
Blue River Pet Care, LLC^One stopSF +5.75 %(g)10.17 %08/20297,752 7,681 0.3 7,752 
Blue River Pet Care, LLC*One stopSF +5.75 %(g)10.17 %08/20293,705 3,675 0.1 3,705 
Blue River Pet Care, LLC^One stopSF +5.75 %(g)10.17 %08/20295,481 5,431 0.2 5,481 
Blue River Pet Care, LLC^One stopSF +5.75 %(g)10.17 %08/20295,569 5,518 0.2 5,569 
Blue River Pet Care, LLC^One stopSF +5.75 %(g)10.17 %08/20294,799 4,755 0.2 4,799 
Blue River Pet Care, LLC^One stopSF +5.75 %(g)10.17 %08/20294,233 4,194 0.2 4,233 
Blue River Pet Care, LLC^One stopSF +5.75 %(g)10.17 %08/202912,593 12,547 0.5 12,593 
Blue River Pet Care, LLC^(5)One stopSF +5.75 %N/A(6)08/2029 (142)  
CCSL Holdings, LLC*^(7)One stopSF +5.50 %(g)9.82 %12/202811,665 11,511 0.5 11,665 
CCSL Holdings, LLC^(7)(8)One stopE + 5.50 %(b)7.86 %12/202826,185 26,185 1.1 26,185 
CCSL Holdings, LLC^(7)(8)One stopE + 5.50 %(b)7.86 %12/20285,129 4,941 0.2 5,129 
See Notes to Consolidated Financial Statements

13


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CMI Parent Inc.*^One stopSF +5.00 %(g)9.32 %12/2026$18,310 $18,244 0.7 %$18,310 
CMI Parent Inc.*One stopSF +5.00 %(g)9.32 %12/20266,722 6,716 0.3 6,722 
Confluent Medical Technologies, Inc.^Senior securedSF +3.25 %(h)7.55 %02/20291,257 1,258 0.1 1,257 
HuFriedy Group Acquisition, LLC^One stopSF +5.50 %(h)9.81 %06/203140,653 40,295 1.7 40,653 
HuFriedy Group Acquisition, LLC^(5)One stopSF +5.50 %N/A(6)05/2030 (38)  
HuFriedy Group Acquisition, LLC^One stopSF +5.50 %(h)9.80 %06/20317,374 7,234 0.3 7,374 
Precision Medicine Group, LLC^(21)Senior securedSF +3.00 %(h)7.40 %11/20279,519 9,484 0.4 9,441 
Resonetics, LLC^(21)Senior securedSF +3.25 %(h)7.55 %06/203117,922 18,000 0.7 17,841 
TIDI Legacy Products, Inc.^One stopSF +5.25 %(g)9.57 %12/20291,642 1,639 0.1 1,642 
TIDI Legacy Products, Inc.^(5)One stopSF +5.50 %N/A(6)12/2029 (1)  
TIDI Legacy Products, Inc.^One stopSF +5.50 %N/A(6)12/2029    
YI, LLC*One stopSF +5.75 %(h)10.05 %12/20296,128 6,033 0.2 6,128 
YI, LLC^(5)One stopSF +5.75 %N/A(6)12/2029 (18)  
YI, LLC^(5)One stopSF +5.75 %N/A(6)12/2029 (10)  
208,123 206,525 8.5 207,964 
Healthcare Providers & Services
Agiliti Health, Inc.^(21)Senior securedSF +3.00 %(h)(i)7.28 %05/20309,919 9,831 0.4 9,415 
AHP Health Partners, Inc. ^(7)(21)Senior securedSF +2.75 %(g)7.07 %08/20282,842 2,848 0.1 2,842 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*^One stopSF +6.00 %(h)10.41 %03/202711,638 11,608 0.5 11,638 
Bamboo US Bidco LLC^One stopSF +5.25 %(h)9.54 %09/20308,045 7,866 0.3 8,045 
Bamboo US Bidco LLC^(7)(8)One stopE + 5.25 %(c)7.86 %09/20305,416 5,159 0.2 5,416 
Bamboo US Bidco LLC^One stopSF +5.25 %(g)(h)9.55 %09/20301,231 1,226 0.1 1,231 
Bamboo US Bidco LLC^(5)One stopSF +5.25 %N/A(6)09/2030 (6)  
Bamboo US Bidco LLC^One stopSF +5.25 %N/A(6)09/2030    
Bamboo US Bidco LLC^(5)One stopSF +5.25 %N/A(6)10/2029 (38)  
Benefit Plan Administrators of Eau Claire, LLC^One stopSF +5.00 %(g)9.32 %11/203059,072 58,708 2.4 58,702 
Benefit Plan Administrators of Eau Claire, LLC^One stopSF +5.00 %(h)9.31 %11/203013,209 13,132 0.6 13,127 
Benefit Plan Administrators of Eau Claire, LLC^(5)One stopSF +5.00 %N/A(6)11/2030 (13) (14)
Benefit Plan Administrators of Eau Claire, LLC^(5)One stopSF +5.00 %N/A(6)11/2030 (43) (46)
Cotiviti^(21)Senior securedSF +2.75 %(g)7.07 %05/203112,388 12,399 0.5 12,140 
Datix Bidco Limited and RL Datix Holdings, Inc.^(7)(9)One stopSF +5.25 %(i)9.68 %04/203123,296 22,892 0.9 23,296 
Datix Bidco Limited and RL Datix Holdings, Inc.^(7)(8)(9)One stopSN +5.25 %(f)9.71 %04/203113,937 13,317 0.6 13,937 
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(7)(9)One stopSF +5.25 %N/A(6)04/2031 (46)  
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(7)(9)One stopSF +5.25 %N/A(6)10/2030 (75)  
Electron BidCo, Inc. ^(21)Senior securedSF +2.75 %(g)7.07 %11/20285,000 5,000 0.2 4,996 
Hanger, Inc.^(21)Senior securedSF +3.50 %(g)7.82 %10/20316,977 6,992 0.3 6,981 
Hanger, Inc.^(21)Senior securedSF +3.50 %(g)7.82 %10/2031135 137  135 
LOV Acquisition LLC^Senior securedSF +4.50 %(g)8.82 %11/203126,953 26,825 1.1 26,953 
LOV Acquisition LLC^(5)Senior securedSF +4.50 %N/A(6)11/2031 (13)  
Mamba Purchaser, Inc.^(21)Senior securedSF +3.00 %(g)7.32 %10/202814,888 14,923 0.6 14,885 
New Look Corporation and New Look Vision Group Inc. ^(7)(8)(10)(20)One stopCA +6.00 %(j)6.98 % cash/2.00 %PIK05/202810,528 11,072 0.4 10,423 
Pharmerica^(21)Senior securedSF +2.50 %(g)6.82 %02/203112,372 12,298 0.5 12,338 
Pinnacle Treatment Centers, Inc.*^One stopSF +5.75 %(h)10.06 %01/202719,572 19,537 0.8 19,572 
Pinnacle Treatment Centers, Inc.^One stopSF +5.75 %(h)10.06 %01/202717,245 17,159 0.7 17,245 
Pinnacle Treatment Centers, Inc.^One stopSF +5.75 %(h)10.06 %01/20278,429 8,370 0.3 8,429 
Pinnacle Treatment Centers, Inc.^One stopSF +5.75 %(h)10.06 %01/20271,757 1,749 0.1 1,757 
Pinnacle Treatment Centers, Inc.^One stopP + 4.50 %(a)12.00 %01/20271,643 1,611 0.1 1,643 
Pinnacle Treatment Centers, Inc.^One stopSF +5.75 %(h)10.06 %01/20271,090 1,085  1,090 
Pinnacle Treatment Centers, Inc.^One stopSF +5.75 %(h)10.06 %01/2027824 820  824 
See Notes to Consolidated Financial Statements

14


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Premise Health Holding Corp.^One stopSF +5.50 %(h)9.80 %03/2031$29,461 $29,088 1.2 %$29,461 
Premise Health Holding Corp.^(5)One stopSF +5.50 %N/A(6)03/2030 (42)  
317,867 315,376 12.9 316,461 
Healthcare Technology
Amberfield Acquisition Co.^One stopSF +5.50 %(h)9.80 %05/20302,180 2,162 0.1 2,180 
Amberfield Acquisition Co.^One stopSF +5.50 %(h)9.80 %05/203054 51  54 
Amberfield Acquisition Co.^(5)One stopSF +5.50 %N/A(6)05/2030 (1)  
Athenahealth, Inc.^(7)(21)Senior securedSF +3.00 %(g)7.32 %02/202910,797 10,739 0.4 10,689 
ESO Solution, Inc.^One stopSF +6.75 %(h)11.07 %05/20275,250 5,218 0.2 5,250 
GHX Ultimate Parent Corporation^One stopSF +4.75 %(h)9.05 %12/203176,043 75,310 3.1 76,043 
GHX Ultimate Parent Corporation^(5)One stopSF +4.75 %N/A(6)12/2031 (68)  
HealthEdge Software, Inc.^One stopSF +4.75 %(h)9.07 %07/203114,228 14,100 0.6 14,228 
HealthEdge Software, Inc.^One stopSF +4.75 %(h)9.07 %07/20316,277 6,219 0.3 6,277 
HealthEdge Software, Inc.^(5)One stopSF +4.75 %N/A(6)07/2031 (17)  
Imprivata, Inc.^(21)Senior securedSF +3.50 %(h)7.79 %12/20277,971 8,011 0.3 7,984 
Kona Buyer, LLC^One stopSF +4.50 %(h)8.79 %07/203113,157 13,038 0.5 13,157 
Kona Buyer, LLC^One stopSF +4.50 %(h)8.79 %07/2031772 757  772 
Kona Buyer, LLC^(5)One stopSF +7.00 %N/A(6)07/2031 (14)  
Kona Buyer, LLC^(5)One stopSF +7.00 %N/A(6)07/2031 (17)  
Lacker Bidco Limited^(7)(8)(9)One stopSN +5.75 %(f)10.21 %02/203112,524 12,079 0.5 12,399 
Lacker Bidco Limited^(7)(8)(9)One stopSN +5.50 %(f)9.96 %02/20315,778 5,571 0.2 5,611 
Lacker Bidco Limited^(5)(7)(8)(9)One stopSN +5.25 %N/A(6)08/2030 (38) (28)
Mediware Information Systems, Inc.^(21)Senior securedSF +3.00 %(g)7.44 %03/202816,454 16,438 0.7 16,423 
Neptune Holdings, Inc.^One stopSF +4.50 %(h)8.80 %09/20305,575 5,484 0.2 5,575 
Neptune Holdings, Inc.^One stopSF +4.50 %N/A(6)08/2029    
Netsmart Technologies, Inc.^(20)One stopSF +4.95 %(g)6.82 % cash/2.45 %PIK08/203157,701 57,182 2.4 57,701 
Netsmart Technologies, Inc.^(5)One stopSF +4.50 %N/A(6)08/2031 (71)  
Netsmart Technologies, Inc.^(5)One stopSF +6.95 %N/A(6)08/2031 (35)  
PointClickCare Technologies, Inc.^(7)(10)(21)Senior securedSF +3.25 %(h)7.55 %11/203113,973 13,988 0.6 13,955 
Stratose Intermediate Holdings II, LLC^(21)Senior securedSF +3.25 %(g)7.57 %11/20314,988 4,979 0.2 4,981 
Stratose Intermediate Holdings II, LLC^(21)Senior securedSF +2.75 %(g)7.07 %09/20291,998 2,003 0.1 1,988 
Tebra Technologies, Inc.^(20)One stopSF +8.00 %(h)8.95 % cash/3.50 %PIK06/202511,011 11,014 0.5 11,121 
266,731 264,082 10.9 266,360 
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*One stopSF +5.00 %(h)9.33 %08/20279,824 9,748 0.4 9,824 
BJH Holdings III Corp.^One stopSF +5.00 %(h)9.33 %08/20275,341 5,275 0.2 5,341 
Fertitta Entertainment, LLC^(21)Senior securedSF +3.50 %(g)7.82 %01/202913,882 13,837 0.6 13,689 
GFP Atlantic Holdco 2, LLC*One stopSF +6.00 %(h)10.33 %11/20292,607 2,573 0.1 2,607 
GFP Atlantic Holdco 2, LLC^(5)One stopSF +6.00 %N/A(6)11/2029 (39)  
Health Buyer, LLC*Senior securedSF +5.25 %(h)9.55 %04/20294,913 4,844 0.2 4,913 
Health Buyer, LLC^Senior securedSF +5.50 %(h)9.80 %04/2029399 395  399 
PB Group Holdings, LLC^(20)One stopSF +5.50 %(g)7.07 % cash/2.75 %PIK08/203032,968 32,821 1.3 32,968 
PB Group Holdings, LLC^One stopSF +5.00 %(g)9.32 %08/2030454 437  454 
Rooster BidCo Limited^(7)(8)(9)One stopSN +5.00 %(f)9.46 %03/203242,933 42,610 1.8 42,611 
Rooster BidCo Limited^(5)(7)(8)(9)One stopSN +5.00 %N/A(6)03/2032   (61)
Rooster BidCo Limited^(5)(7)(8)(9)One stopSN +5.00 %N/A(6)03/2032 (229) (230)
Scientific Games Holdings LP^(21)Senior securedSF +3.00 %(h)7.30 %04/202913,042 13,028 0.5 12,982 
SDC Holdco, LLC^One stopSF +4.75 %(h)9.05 %06/203141,351 41,167 1.7 41,351 
SDC Holdco, LLC^(20)Second lienSF +8.50 %(h)12.80 %PIK06/20326,332 6,293 0.3 6,332 
SDC Holdco, LLC^(5)One stopSF +4.75 %N/A(6)06/2031 (16)  
SSRG Holdings, LLC*^One stopSF +4.75 %(h)9.05 %11/202722,740 22,694 0.9 22,740 
SSRG Holdings, LLC^One stopSF +4.75 %(h)9.05 %11/202710,162 10,122 0.4 10,162 
SSRG Holdings, LLC^One stopSF +4.75 %(h)9.05 %11/20271,119 1,114  1,119 
Tacala LLC^(21)Senior securedSF +3.50 %(g)7.82 %01/20319,975 10,049 0.4 9,985 
See Notes to Consolidated Financial Statements

15


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Super REGO, LLC^(20)Subordinated debtN/A15.00 %PIK03/2030$34 $33  %$34 
YE Brands Holding, LLC*One stopSF +4.75 %(h)9.05 %10/20276,300 6,254 0.3 6,300 
YE Brands Holding, LLC^One stopSF +4.75 %(h)9.05 %10/2027731 722  731 
YE Brands Holding, LLC^One stopSF +4.75 %N/A(6)10/2027    
225,107 223,732 9.1 224,251 
Household Durables
Groundworks, LLC^(21)Senior securedSF +3.00 %(g)7.32 %03/20313,360 3,376 0.1 3,297 
Groundworks, LLC^(21)Senior securedSF +3.00 %(g)7.32 %03/203199 102  87 
3,459 3,478 0.1 3,384 
Household Products
WU Holdco, Inc.*One stopSF +5.00 %(h)9.30 %03/20273,992 3,920 0.2 3,992 
WU Holdco, Inc.^One stopSF +5.00 %(h)9.30 %03/20273,054 3,042 0.1 3,054 
WU Holdco, Inc.^One stopSF +5.00 %(h)9.30 %03/2027295 292  295 
WU Holdco, Inc.*One stopSF +5.00 %(h)9.30 %03/20272,037 2,001 0.1 2,037 
9,378 9,255 0.4 9,378 
Industrial Conglomerates
Arch Global CCT Holdings Corp.*Senior securedSF +4.75 %(h)9.15 %04/20266,690 6,641 0.3 6,623 
Arch Global CCT Holdings Corp.*Senior securedSF +4.75 %(h)9.15 %04/20264,349 4,317 0.2 4,305 
CPM Holdings, Inc.^(21)Senior securedSF +4.50 %(g)8.82 %09/20281,995 1,958 0.1 1,965 
EAB Global, Inc. ^(21)Senior securedSF +3.00 %(g)7.32 %08/203013,565 13,558 0.5 13,175 
Essential Services Holdings Corporation^One stopSF +5.00 %(h)9.30 %06/203140,923 40,560 1.6 40,514 
Essential Services Holdings Corporation^One stopSF +5.00 %(h)9.30 %06/2030802 759  765 
Essential Services Holdings Corporation^(5)One stopSF +5.00 %N/A(6)06/2031 (36) (80)
Excelitas Technologies Corp.^(7)(8)One stopE + 5.25 %(b)7.61 %08/202914,843 14,869 0.6 14,843 
Excelitas Technologies Corp.^(5)One stopSF +5.25 %N/A(6)08/2029 (16)  
Madison IAQ LLC^(7)(21)Senior securedSF +2.50 %(i)6.76 %06/20284,906 4,906 0.2 4,857 
88,073 87,516 3.5 86,967 
Insurance
Acrisure, LLC^(21)Senior securedSF +3.00 %(g)7.32 %11/203016,884 16,835 0.7 16,809 
AMBA Buyer, Inc.*One stopSF +5.25 %(h)9.65 %07/20277,720 7,676 0.3 7,720 
AMBA Buyer, Inc.*One stopSF +5.25 %(h)9.65 %07/20273,506 3,486 0.1 3,506 
AMBA Buyer, Inc.*One stopSF +5.25 %(h)9.65 %07/20273,094 3,077 0.1 3,094 
AssuredPartners Capital, Inc.^(7)(21)Senior securedSF +3.50 %(g)7.82 %02/203113,872 13,928 0.6 13,904 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.25 %(h)9.54 %03/20287,826 7,710 0.3 7,826 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.25 %(h)9.56 %03/20285,262 5,262 0.2 5,262 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.25 %(h)9.54 %03/20281,286 1,227 0.1 1,286 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.25 %(h)9.54 %03/2028829 828  829 
Captive Resources Midco, LLC^One stopSF +4.75 %(g)9.07 %07/202917,031 17,031 0.7 17,031 
Captive Resources Midco, LLC^One stopSF +4.75 %N/A(6)07/2028    
Compass Investors, Inc. ^(21)Senior securedSF +2.25 %(h)6.55 %11/20294,923 4,930 0.2 4,882 
Doxa Insurance Holdings LLC^One stopSF +5.25 %(h)9.55 %12/203010,675 10,588 0.4 10,702 
Doxa Insurance Holdings LLC^One stopSF +5.25 %(h)9.55 %12/20309,806 9,723 0.4 9,832 
Doxa Insurance Holdings LLC^One stopSF +5.25 %(h)9.55 %12/2029278 259  278 
Doxa Insurance Holdings LLC^(5)One stopSF +5.00 %N/A(6)12/2030 (150)  
Galway Borrower LLC*One stopSF +4.50 %(h)8.80 %09/20284,887 4,789 0.2 4,887 
Gimlet Bidco GMBH^(7)(8)(14)One stopE + 5.75 %(c)8.36 %04/20311,623 1,570 0.1 1,623 
Gimlet Bidco GMBH^(7)(8)(14)One stopE + 5.75 %(c)8.36 %04/2031300 286  300 
Hub International Limited^(7)(21)Senior securedSF +2.50 %(h)6.79 %06/203010,578 10,602 0.4 10,545 
Integrated Specialty Coverages, LLC^One stopSF +4.75 %(h)9.05 %07/20306,874 6,823 0.3 6,874 
Integrated Specialty Coverages, LLC^(5)One stopSF +4.75 %N/A(6)07/2029 (1)  
Integrated Specialty Coverages, LLC^(5)One stopSF +4.75 %N/A(6)07/2030 (9)  
Integrity Marketing Acquisition, LLC*^One stopSF +5.00 %(h)9.31 %08/202825,059 24,830 1.0 25,059 
Integrity Marketing Acquisition, LLC^(5)One stopSF +5.00 %N/A(6)08/2028 (3)  
Integrity Marketing Acquisition, LLC^(5)One stopSF +5.00 %N/A(6)08/2028 (10)  
See Notes to Consolidated Financial Statements

16


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
J.S. Held Holdings, LLC*^One stopSF +5.50 %(h)9.95 %06/2028$19,757 $19,563 0.8 %$19,758 
J.S. Held Holdings, LLC^One stopSF +5.50 %(h)9.95 %06/20286,651 6,435 0.3 6,651 
J.S. Held Holdings, LLC^(5)One stopSF +5.50 %N/A(6)06/2028 (2)  
Majesco*^One stopSF +4.75 %(h)9.05 %09/202844,733 44,691 1.8 44,733 
Majesco^(5)One stopSF +4.75 %N/A(6)09/2027 (2)  
MRH Trowe Germany GMBH^(7)(8)(14)One stopE + 6.25 %(b)(c)8.78 %02/20297,163 7,059 0.3 7,392 
Oakbridge Insurance Agency LLC*^One stopSF +5.75 %(g)10.06 %11/20296,564 6,513 0.3 6,564 
Oakbridge Insurance Agency LLC^One stopSF +5.75 %(g)10.06 %11/20291,357 1,333 0.1 1,357 
Oakbridge Insurance Agency LLC^One stopSF +5.75 %(g)10.07 %11/2029312 304  312 
OneDigital Borrower LLC^(21)Senior securedSF +3.00 %(g)7.32 %07/203111,456 11,514 0.5 11,397 
Truist Insurance Holdings, LLC^(7)(21)Senior securedSF +2.75 %(h)7.05 %05/20313,677 3,681 0.2 3,659 
World Insurance Associates, LLC^(5)One stopSF +5.00 %N/A(6)04/2030 (77) (158)
World Insurance Associates, LLC^(5)One stopSF +5.00 %N/A(6)04/2030 (10) (10)
253,983 252,289 10.4 253,904 
IT Services
Acquia, Inc.^One stopSF +7.00 %(h)11.44 %10/20269,956 9,928 0.4 9,956 
CE Intermediate I, LLC^Senior securedSF +3.00 %(h)7.30 %02/20327,000 6,974 0.3 6,976 
Dcert Buyer, Inc.^(21)Senior securedSF +4.00 %(g)8.32 %10/20269,113 8,992 0.4 8,887 
Delinea Inc.^One stopSF +5.75 %(h)10.20 %03/202832,838 32,593 1.3 32,838 
Delinea Inc.*One stopSF +5.75 %(h)10.20 %03/20288,816 8,596 0.4 8,816 
Delinea Inc.*One stopSF +5.75 %(h)10.20 %03/20284,820 4,700 0.2 4,820 
E2open, LLC^(7)(21)Senior securedSF +3.50 %(g)7.94 %02/202813,017 13,042 0.5 13,007 
LEIA FINCO US^(7)(9)(21)Senior securedSF +3.25 %(h)7.54 %10/203110,000 9,944 0.4 9,914 
Maverick Bidco Inc.^(21)Senior securedSF +3.75 %(h)8.19 %05/20284,987 4,987 0.2 4,994 
Netwrix Corporation*One stopSF +4.75 %(h)9.06 %06/20298,666 8,544 0.4 8,666 
PDQ Intermediate, Inc.^(20)Subordinated debtN/A13.75 %PIK10/203161 60  61 
ReliaQuest Holdings, LLC^(20)One stopSF +6.75 %(h)7.41 % cash/3.63 %PIK04/203140,761 40,589 1.7 40,761 
ReliaQuest Holdings, LLC^(5)One stopSF +6.75 %N/A(6)04/2031 (15)  
ReliaQuest Holdings, LLC^(5)One stopSF +6.25 %N/A(6)04/2031 (6)  
Saturn Borrower Inc.*One stopSF +6.00 %(h)10.30 %11/20288,211 7,929 0.3 8,088 
Saturn Borrower Inc.^(5)One stopSF +6.00 %N/A(6)11/2028 (14) (13)
UKG Inc.^(21)Senior securedSF +3.00 %(h)7.30 %02/203119,439 19,459 0.8 19,420 
VS Buyer, LLC^(21)Senior securedSF +2.75 %(g)7.07 %04/20315,970 5,987 0.2 5,978 
WPEngine, Inc.^One stopSF +6.50 %(h)10.82 %08/2029953 939  953 
WPEngine, Inc.^One stopSF +6.50 %N/A(6)08/2029    
184,608 183,228 7.5 184,122 
Leisure Products
Cast & Crew Payroll, LLC^(21)Senior securedSF +3.75 %(g)8.07 %12/20285,454 5,472 0.2 5,267 
Crunch Holdings, LLC^One stopSF +4.50 %(g)8.82 %09/203155,023 54,768 2.3 55,023 
Crunch Holdings, LLC^(5)One stopSF +4.50 %N/A(6)09/2031 (35)  
EP Purchaser, LLC^(21)Senior securedSF +3.50 %(h)8.06 %11/20284,926 4,903 0.2 4,895 
Movement Holdings, LLC*^(7)(9)One stopSF +5.25 %(h)9.55 %03/203022,136 21,952 0.9 22,136 
Movement Holdings, LLC^(5)(7)(9)One stopSF +5.25 %N/A(6)03/2030 (31)  
Movement Holdings, LLC^(5)(7)(9)One stopSF +5.25 %N/A(6)03/2030 (124)  
87,539 86,905 3.6 87,321 
Life Sciences Tools & Services
Graphpad Software, LLC^One stopSF +4.75 %(h)9.05 %06/203131,366 31,226 1.3 31,366 
Graphpad Software, LLC^(5)One stopSF +4.75 %N/A(6)06/2031 (13)  
Graphpad Software, LLC^One stopSF +4.75 %(h)9.05 %06/2031784 749  784 
PAS Parent Inc.*^One stopSF +4.75 %(g)9.07 %12/202819,552 19,286 0.8 19,553 
PAS Parent Inc.^(5)One stopSF +4.75 %N/A(6)12/2028 (58)  
51,702 51,190 2.1 51,703 
Machinery
AI Titan Parent, Inc.^One stopSF +4.75 %(g)9.07 %08/20319,302 9,217 0.4 9,302 
See Notes to Consolidated Financial Statements

17


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
AI Titan Parent, Inc.^(5)One stopSF +4.75 %N/A(6)08/2031$ $(9) %$ 
AI Titan Parent, Inc.^(5)One stopSF +4.75 %N/A(6)08/2031 (11)  
Blackbird Purchaser, Inc.*^One stopSF +5.50 %(h)9.80 %12/203018,042 17,895 0.8 18,042 
Blackbird Purchaser, Inc.^One stopSF +5.50 %(h)9.80 %12/20301,997 1,968 0.1 1,997 
Blackbird Purchaser, Inc.^One stopSF +5.50 %(g)(h)9.81 %12/2029845 825  845 
Filtration Group Corp.^(21)Senior securedSF +3.00 %(g)7.32 %10/202812,853 12,886 0.5 12,858 
Wireco Worldgroup Inc.^Senior securedSF +3.75 %(h)8.04 %11/20286,231 6,244 0.2 5,608 
49,270 49,015 2.0 48,652 
Media
Ascend Learning, LLC^(21)Senior securedSF +3.00 %(g)7.32 %12/202810,000 9,982 0.4 9,893 
Lotus Topco, Inc.*One stopSF +4.75 %(h)9.05 %06/20301,693 1,682 0.1 1,693 
Lotus Topco, Inc.^(5)One stopSF +4.75 %N/A(6)06/2030 (2)  
Lotus Topco, Inc.^(5)One stopSF +4.75 %N/A(6)06/2030 (6)  
Triple Lift, Inc.*One stopSF +5.75 %(h)10.20 %05/20288,726 8,503 0.3 8,377 
Triple Lift, Inc.*One stopSF +5.75 %(h)10.20 %05/20282,560 2,494 0.1 2,457 
22,979 22,653 0.9 22,420 
Oil, Gas & Consumable Fuels
Envernus, Inc.^One stopSF +5.50 %(g)9.82 %12/202912,357 12,214 0.5 12,357 
Envernus, Inc.^(5)One stopSF +5.50 %N/A(6)12/2029 (12)  
Envernus, Inc.^(5)One stopSF +5.50 %N/A(6)12/2029 (1)  
12,357 12,201 0.5 12,357 
Personal Products
Knowlton Development Corporation, Inc.^(7)(10)(21)Senior securedSF +4.00 %(g)8.32 %08/20289,000 9,030 0.4 9,010 
Pharmaceuticals
Caerus Midco 3 S.A.R.L.*(7)One stopSF +5.00 %(h)9.30 %05/202919,598 19,185 0.8 19,598 
Certara Holdco, Inc. and Certara USA, Inc.^(7)Senior securedSF +3.00 %(h)7.30 %06/20311,990 1,991 0.1 1,992 
Creek Parent, Inc.^One stopSF +5.25 %(g)9.57 %12/203179,997 78,654 3.3 79,997 
Creek Parent, Inc.^(5)One stopSF +5.25 %N/A(6)12/2031 (190)  
101,585 99,640 4.2 101,587 
Professional Services
Citrin Cooperman Advisors LLC^(21)Senior securedSF +3.00 %(h)7.30 %03/20323,758 3,734 0.2 3,735 
Citrin Cooperman Advisors LLC^(5)(21)Senior securedSF +3.00 %N/A(6)03/2032 (2) (1)
Eclipse Buyer, Inc.^One stopSF +4.75 %(g)9.06 %09/203112,644 12,527 0.5 12,644 
Eclipse Buyer, Inc.^(5)One stopSF +4.75 %N/A(6)09/2031 (57)  
Eclipse Buyer, Inc.^(5)One stopSF +4.75 %N/A(6)09/2031 (10)  
Eliassen Group, LLC*One stopSF +5.75 %(h)10.05 %04/20284,831 4,831 0.2 4,734 
Geosyntec Consultants, Inc.^(21)Senior securedSF +3.75 %(g)8.07 %07/203110,354 10,366 0.4 10,367 
IG Investments Holdings, LLC*^One stopSF +5.00 %(h)9.29 %09/202822,855 22,827 0.9 22,855 
NBG Acquisition Corp. and NBG-P Acquisition Corp.*^One stopSF +5.50 %(h)9.94 %11/202815,598 15,284 0.6 14,974 
NBG Acquisition Corp. and NBG-P Acquisition Corp.^One stopSF +5.50 %(h)9.95 %11/20282,797 2,780 0.1 2,685 
Outcomes Group Holdings, Inc.^(21)Senior securedSF +3.25 %(g)7.57 %05/20314,987 5,002 0.2 4,996 
PGA Holdings, Inc.^(21)Senior securedSF +3.25 %(g)7.57 %04/203122,029 22,020 0.9 21,935 
Varicent Intermediate Holdings Corporation^(7)(10)(20)One stopSF +6.00 %(h)7.05 % cash/3.25 %PIK08/203141,996 41,444 1.7 41,996 
Varicent Intermediate Holdings Corporation^(5)(7)(10)One stopSF +5.50 %N/A(6)08/2031 (72)  
Varicent Intermediate Holdings Corporation^(5)(7)(10)One stopSF +6.00 %N/A(6)08/2031 (60)  
141,849 140,614 5.7 140,920 
Real Estate Management & Development
RealPage, Inc.^(21)Senior securedSF +3.00 %(h)7.56 %04/20284,936 4,923 0.2 4,877 
See Notes to Consolidated Financial Statements

18


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Road & Rail
Kenan Advantage Group, Inc.^Senior securedSF +3.25 %(g)7.57 %01/2029$19,827 $19,839 0.8 %$19,774 
Software
Anaplan, Inc.^One stopSF +5.00 %(h)9.30 %06/20299,975 9,905 0.4 9,975 
Appfire Technologies, LLC*One stopSF +5.00 %(h)9.30 %03/202810,127 10,011 0.4 10,127 
Appfire Technologies, LLC^(5)One stopSF +5.00 %N/A(6)03/2028 (90)  
Apttus Corporation^(21)Senior securedSF +3.50 %(h)7.79 %05/202811,454 11,461 0.5 11,481 
AQA Acquisition Holding, Inc. ^(21)Senior securedSF +4.00 %(h)8.29 %03/202823,685 23,724 1.0 23,625 
Artifact Bidco, Inc.^One stopSF +4.50 %(h)8.80 %05/20315,024 4,979 0.2 5,024 
Artifact Bidco, Inc.^(5)One stopSF +4.50 %N/A(6)05/2031 (6)  
Artifact Bidco, Inc.^(5)One stopSF +4.50 %N/A(6)05/2030 (3)  
Artifact Bidco, Inc.^(5)One stopSF +4.50 %N/A(6)05/2030 (5)  
Azul Systems, Inc.*Senior securedSF +4.50 %(h)8.95 %04/20273,000 3,000 0.1 3,000 
Azurite Intermediate Holdings, Inc.^One stopSF +6.50 %(g)10.82 %03/203117,541 17,311 0.7 17,541 
Azurite Intermediate Holdings, Inc.*One stopSF +6.50 %(g)10.82 %03/20317,718 7,620 0.3 7,718 
Azurite Intermediate Holdings, Inc.^(5)One stopSF +6.50 %N/A(6)03/2031 (36)  
Baxter Planning Systems, LLC^(20)One stopSF +6.25 %(i)7.30 % cash/3.38 %PIK05/203111,833 11,758 0.5 11,833 
Baxter Planning Systems, LLC^(5)One stopSF +6.25 %N/A(6)05/2031 (14)  
Baxter Planning Systems, LLC^(5)One stopSF +5.75 %N/A(6)05/2031 (16)  
BestPass, Inc.^One stopSF +5.25 %(g)9.57 %08/203136,417 36,252 1.5 36,417 
BestPass, Inc.^(5)One stopSF +5.25 %N/A(6)08/2031 (16)  
BestPass, Inc.^(5)One stopSF +5.25 %N/A(6)08/2031 (22)  
Bloomerang, LLC^One stopSF +6.00 %(h)10.30 %12/202910,189 10,109 0.4 10,189 
Bloomerang, LLC^One stopSF +6.00 %(h)10.31 %12/20291,019 995  1,019 
Bloomerang, LLC^(5)One stopSF +6.00 %N/A(6)12/2029 (18)  
Bottomline Technologies, Inc.*One stopSF +5.25 %(h)9.55 %05/20294,899 4,796 0.2 4,899 
Bullhorn, Inc.*One stopSF +5.00 %(g)9.32 %10/20293,959 3,934 0.2 3,959 
Bullhorn, Inc.*One stopSF +5.00 %(g)9.32 %10/20293,959 3,935 0.2 3,959 
Camelia Bidco Limited^(7)(8)(9)One stopSN +5.50 %(f)9.96 %08/20304,629 4,488 0.2 4,629 
Camelia Bidco Limited^(7)(8)(9)One stopSN +5.50 %(f)9.96 %08/2030655 613  655 
Camelia Bidco Limited^(7)(8)(9)One stopA + 5.50 %(e)9.62 %08/2030277 283  277 
Camelia Bidco Limited^(5)(7)(8)(9)One stopSN +5.50 %N/A(6)08/2030 (18)  
Capstone Borrower^(7)(21)Senior securedSF +2.75 %(h)7.05 %06/20306,983 7,025 0.3 6,960 
CB Buyer, Inc.^One stopSF +5.00 %(h)9.30 %07/203134,084 33,789 1.4 34,084 
CB Buyer, Inc.^(5)One stopSF +5.00 %N/A(6)07/2031 (33)  
CB Buyer, Inc.^(5)One stopSF +5.00 %N/A(6)07/2031 (41)  
ConnectWise, LLC^(21)Senior securedSF +3.50 %(h)8.06 %10/202819,415 19,419 0.8 19,423 
Cornerstone OnDemand, Inc.^(7)(21)Senior securedSF +3.75 %(g)8.19 %10/20289,460 9,283 0.4 8,242 
Crewline Buyer, Inc.^One stopSF +6.75 %(g)11.07 %11/203028,617 28,275 1.2 28,617 
Crewline Buyer, Inc.^(5)One stopSF +6.75 %N/A(6)11/2030 (31)  
Daxko Acquisition Corporation*One stopSF +5.00 %(g)9.32 %10/202811,634 11,323 0.5 11,634 
Daxko Acquisition Corporation^One stopSF +5.00 %(g)9.32 %10/2028474 413  474 
Daxko Acquisition Corporation^(5)One stopSF +5.00 %N/A(6)10/2028 (28)  
Denali Bidco Limited^(7)(8)(9)One stopE + 5.00 %(c)7.36 %08/20303,768 3,648 0.2 3,768 
Denali Bidco Limited^(7)(8)(9)One stopSN +5.00 %(f)9.46 %08/20302,242 2,152 0.1 2,242 
Denali Bidco Limited^(7)(8)(9)One stopE + 5.00 %(c)7.36 %08/2030762 734  762 
Denali Bidco Limited^(7)(8)(9)One stopE + 5.00 %(c)7.36 %08/2030544 537  544 
Denali Bidco Limited^(5)(7)(8)(9)One stopSN +5.00 %N/A(6)08/2030 (34)  
ECI Macola/Max Holding, LLC^(21)Senior securedSF +3.25 %(h)7.55 %05/20308,133 8,161 0.3 8,146 
Einstein Parent, Inc.^One stopSF +6.50 %(h)10.79 %01/203140,574 39,788 1.6 39,762 
Einstein Parent, Inc.^(5)One stopSF +6.50 %N/A(6)01/2031 (81) (84)
Espresso Bidco, Inc.^One stopSF +5.25 %(h)9.55 %03/203235,929 35,392 1.4 35,390 
Espresso Bidco, Inc.^(5)One stopSF +5.25 %N/A(6)03/2032 (74) (149)
See Notes to Consolidated Financial Statements

19


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Espresso Bidco, Inc.^(5)One stopSF +5.25 %N/A(6)03/2032$ $(66) %$(66)
EverCommerce Solutions, Inc.^(7)(21)Senior securedSF +2.50 %(g)6.82 %07/20288,101 8,120 0.3 8,082 
Evergreen IX Borrower 2023, LLC^One stopSF +4.75 %(h)9.05 %09/203011,736 11,453 0.5 11,736 
Evergreen IX Borrower 2023, LLC^One stopSF +4.75 %(h)9.05 %09/20303,664 3,631 0.1 3,664 
Evergreen IX Borrower 2023, LLC^(5)One stopSF +4.75 %N/A(6)10/2029 (31)  
Gurobi Optimization, LLC^One stopSF +4.50 %(h)8.80 %09/203145,735 45,314 1.9 45,735 
Gurobi Optimization, LLC^(5)One stopSF +4.50 %N/A(6)09/2031 (36)  
Hornet Security Holding GMBH^(7)(8)(9)One stopE + 4.75 %(d)7.21 %02/203114,705 14,503 0.6 14,705 
Hornet Security Holding GMBH^(7)(8)(9)One stopE + 4.75 %(d)7.21 %02/20319,801 9,667 0.4 9,801 
Hornet Security Holding GMBH^(7)(8)(9)One stopE + 4.75 %(b)7.14 %08/2030597 552  597 
Hornet Security Holding GMBH^(5)(7)(8)(9)One stopE + 6.50 %N/A(6)02/2031 (59)  
Hyland Software, Inc.^One stopSF +5.00 %(g)9.32 %09/203028,330 27,999 1.2 28,330 
Hyland Software, Inc.^(5)One stopSF +5.00 %N/A(6)09/2029 (1) (1)
Icefall Parent, Inc.^One stopSF +6.50 %(h)10.79 %01/203022,333 21,974 0.9 22,333 
Icefall Parent, Inc.^(5)One stopSF +6.50 %N/A(6)01/2030 (34)  
Instructure Holdings, Inc.^(21)Senior securedSF +3.00 %(h)7.32 %11/20317,006 7,022 0.3 6,961 
iSolved, Inc.^(21)Senior securedSF +3.25 %(g)7.57 %10/203012,498 12,519 0.5 12,530 
Javelin Buyer, Inc.^(21)Senior securedSF +3.25 %(h)7.56 %12/203111,000 11,110 0.4 10,962 
Juvare, LLC*^One stopSF +6.25 %(h)10.71 %10/20265,568 5,437 0.2 5,513 
Kaseya Inc.^Senior securedSF +3.25 %(g)7.57 %03/20329,000 8,973 0.4 8,983 
LeadsOnline, LLC*One stopSF +4.75 %(h)9.06 %02/20284,396 4,316 0.2 4,396 
LeadsOnline, LLC*One stopSF +4.75 %(h)9.05 %02/20282,242 2,233 0.1 2,242 
LeadsOnline, LLC^One stopSF +4.75 %(h)9.06 %02/2028776 762  776 
LeadsOnline, LLC^(5)One stopSF +4.75 %N/A(6)02/2028 (1)  
Lighthouse Bidco GMBH^(7)(8)(14)One stopE + 5.00 %(c)7.36 %12/203124,575 23,547 1.0 24,575 
Lighthouse Bidco GMBH^(7)(8)(14)One stopE + 5.00 %N/A(6)06/2031    
Lighthouse Bidco GMBH^(5)(7)(8)(14)One stopE + 5.00 %N/A(6)12/2031 (138)  
LogicMonitor, Inc.^One stopSF +5.50 %(h)9.79 %11/203145,630 45,359 1.9 45,630 
LogicMonitor, Inc.^(5)One stopSF +5.50 %N/A(6)11/2031 (34)  
Matrix42 Holding GMBH^(7)(8)(14)One stopE + 6.25 %(d)8.90 %01/2030176 175  176 
Metatiedot Bidco Oy & Metatiedot US, LLC^(7)(8)(13)One stopE + 5.50 %(c)8.00 %11/203113,512 13,008 0.6 13,512 
Metatiedot Bidco Oy & Metatiedot US, LLC^(7)(13)One stopSF +5.50 %(h)9.81 %11/20319,353 9,219 0.4 9,353 
Metatiedot Bidco Oy & Metatiedot US, LLC^(7)(8)(13)One stopE + 5.50 %(c)8.00 %11/2031109 76  109 
Metatiedot Bidco Oy & Metatiedot US, LLC^(5)(7)(8)(13)One stopE + 5.50 %N/A(6)11/2030 (38)  
Modena Buyer, LLC^(21)Senior securedSF +4.50 %(h)8.79 %07/20319,975 9,696 0.4 9,681 
Motus Group, LLC^(21)Senior securedSF +3.75 %(h)8.05 %12/20288,829 8,855 0.4 8,801 
Navex TopCo, Inc.*^One stopSF +5.50 %(g)9.82 %11/203022,929 22,561 0.9 22,929 
Navex TopCo, Inc.^(5)One stopSF +5.75 %N/A(6)11/2028 (30)  
Onit, Inc.^One stopSF +4.75 %(h)9.05 %01/203218,763 18,580 0.8 18,575 
Onit, Inc.^(5)One stopSF +4.75 %N/A(6)01/2032 (27) (28)
Onit, Inc.^(5)One stopSF +4.75 %N/A(6)01/2032 (40) (83)
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(7)(8)(12)One stopE + 6.00 %(c)8.36 %11/20299,150 8,908 0.4 9,197 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(5)(7)(8)(12)One stopE + 5.25 %N/A(6)11/2029 (121) (122)
Panzura, LLC^(20)One stopN/A4.00 % cash/11.00 %PIK08/202763 59  56 
Personify, Inc.^One stopSF +4.75 %(h)9.05 %09/202819,930 19,839 0.8 19,930 
Personify, Inc.*One stopSF +4.75 %(h)9.05 %09/20287,421 7,363 0.3 7,421 
Pineapple German Bidco GMBH^(7)(8)(14)(20)One stopE + 6.50 %(c)8.86 %01/203119,582 19,327 0.8 19,680 
Pineapple German Bidco GMBH^(7)(14)(20)One stopSF +6.25 %(h)10.55 %01/203116,990 16,829 0.7 16,990 
Pineapple German Bidco GMBH^(7)(8)(14)(20)One stopE + 6.50 %(c)8.86 %01/20316,064 5,922 0.2 6,095 
Pineapple German Bidco GMBH^(7)(8)(14)(20)One stopE + 6.25 %(c)8.61 %01/20315,517 5,123 0.2 5,517 
Pineapple German Bidco GMBH^(7)(14)(20)One stopSF +6.25 %(h)10.55 %01/20311,434 1,402 0.1 1,441 
See Notes to Consolidated Financial Statements

20


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pineapple German Bidco GMBH^(7)(8)(14)(20)One stopE + 6.50 %(c)8.86 %01/2031$1,344 $1,315 0.1 %$1,351 
Planview Parent, Inc.^(21)Senior securedSF +3.50 %(h)7.80 %12/202717,114 17,127 0.7 16,964 
Pluralsight, LLC^(20)One stopSF +7.50 %(h)11.83 %PIK08/20291,907 1,844 0.1 1,888 
Pluralsight, LLC^(20)One stopSF +4.50 %(h)7.33 % cash/1.50 %PIK08/20291,203 1,171  1,191 
Pluralsight, LLC^(20)One stopSF +4.50 %(h)7.33 % cash/1.50 %PIK08/2029601 601  595 
Pluralsight, LLC^(5)One stopSF +4.50 %N/A(6)08/2029   (3)
Pluralsight, LLC^(5)One stopSF +4.50 %N/A(6)08/2029   (7)
Proofpoint, Inc.^(21)Senior securedSF +3.00 %(g)7.32 %08/202824,032 24,061 1.0 23,983 
QAD, Inc.*One stopSF +4.75 %(g)9.07 %11/20279,798 9,798 0.4 9,798 
Sapphire Bidco Oy^(7)(8)(13)One stopE + 5.50 %(c)8.29 %07/202914,065 14,085 0.6 14,065 
Telesoft Holdings LLC*One stopSF +5.75 %(g)10.17 %12/20265,657 5,623 0.2 5,657 
Togetherwork Holdings, LLC^One stopSF +5.00 %(g)9.32 %05/203144,653 44,309 1.8 44,653 
Togetherwork Holdings, LLC^One stopSF +5.00 %(g)9.32 %05/20311,119 1,069  1,119 
Togetherwork Holdings, LLC^(5)One stopSF +5.00 %N/A(6)05/2031 (35)  
Transform Bidco Limited^(7)(9)One stopSF +7.00 %(g)11.31 %01/203114,757 14,467 0.6 14,425 
Transform Bidco Limited^(7)(9)One stopSF +7.00 %(h)11.29 %01/20317,818 7,720 0.3 7,642 
Transform Bidco Limited^(7)(8)(9)One stopA + 7.00 %(e)11.12 %01/20312,484 2,569 0.1 2,428 
Transform Bidco Limited^(7)(8)(9)One stopSN +7.00 %(f)11.46 %01/2031401 393  392 
Transform Bidco Limited^(5)(7)(9)One stopSF +7.00 %N/A(6)06/2030 (37) (23)
Transform Bidco Limited^(5)(7)(9)One stopSF +7.00 %N/A(6)01/2031 (52) (104)
Transform Bidco Limited^(5)(7)(9)One stopSF +7.00 %N/A(6)01/2031 (124) (331)
Tricentis Operations Holdings, Inc.^(20)One stopSF +6.25 %(h)5.67 % cash/4.88 %PIK02/203261,864 61,561 2.5 61,555 
Tricentis Operations Holdings, Inc.^(5)One stopSF +5.50 %N/A(6)02/2032 (38) (38)
Tricentis Operations Holdings, Inc.^(5)One stopSF +5.50 %N/A(6)02/2032 (61) (62)
Vantage Bidco GMBH^(7)(8)(14)(20)One stopE + 6.25 %(c)5.48 % cash/3.13 %PIK04/203120,078 19,550 0.8 20,078 
Vantage Bidco GMBH^(5)(7)(8)(14)One stopE + 6.25 %N/A(6)10/2030 (44)  
Varinem German Midco GMBH^(7)(8)(14)One stopE + 5.25 %(d)7.84 %07/203125,460 25,436 1.0 25,587 
Varinem German Midco GMBH^(5)(7)(8)(14)One stopE + 5.25 %N/A(6)07/2031   (97)
Viper Bidco, Inc.^One stopSF +5.00 %(h)9.30 %11/203150,619 50,378 2.1 50,619 
Viper Bidco, Inc.^(7)(8)One stopSN +5.00 %(f)9.46 %11/203123,944 23,223 1.0 23,944 
Viper Bidco, Inc.^(5)One stopSF +5.00 %N/A(6)11/2031 (24)  
Viper Bidco, Inc.^(5)One stopSF +5.00 %N/A(6)11/2031 (30)  
Zendesk, Inc.^One stopSF +5.00 %(h)9.30 %11/202810,210 10,210 0.4 10,210 
1,145,597 1,131,389 46.6 1,140,335 
Specialty Retail
Ashco, LLC^(21)Senior securedSF +3.25 %(g)7.57 %01/203219,808 19,778 0.8 19,791 
Ave Holdings III, Corp*^One stopSF +5.25 %(i)9.72 %02/202813,516 13,263 0.5 13,246 
Biscuit Parent, LLC^One stopSF +4.75 %(h)9.05 %02/203136,177 35,895 1.5 36,177 
Biscuit Parent, LLC^(5)One stopSF +4.75 %N/A(6)02/2031 (36)  
Biscuit Parent, LLC^(5)One stopSF +4.75 %N/A(6)02/2031 (42)  
Cavender Stores L.P.*^Senior securedSF +5.00 %(h)9.30 %10/202924,071 23,890 1.0 24,071 
CVP Holdco, Inc.^One stopSF +4.75 %(g)9.07 %06/203132,806 32,514 1.3 32,806 
CVP Holdco, Inc.^(5)One stopSF +7.25 %N/A(6)06/2030 (30)  
CVP Holdco, Inc.^One stopSF +4.75 %(g)9.07 %06/2031224 185  224 
Med Parentco, LP^(21)Senior securedSF +3.50 %(g)7.82 %04/20318,965 9,002 0.4 8,963 
Metal Supermarkets US Buyer, LLC^(7)(10)One stopSF +4.75 %(i)8.97 %12/203012,505 12,446 0.5 12,505 
Metal Supermarkets US Buyer, LLC^(7)(10)One stopSF +4.75 %(i)8.97 %12/2030149 142  149 
PetVet Care Centers LLC*One stopSF +6.00 %(g)10.32 %11/20309,285 9,136 0.4 8,821 
PetVet Care Centers LLC^(5)One stopSF +6.00 %N/A(6)11/2029 (22) (60)
PetVet Care Centers LLC^(5)One stopSF +6.00 %N/A(6)11/2030 (10)  
PPV Intermediate Holdings, LLC*One stopSF +5.75 %(h)10.06 %08/20294,963 4,891 0.2 4,963 
PPV Intermediate Holdings, LLC^One stopSF +5.25 %(h)9.56 %08/20294,495 4,423 0.2 4,495 
Radiance Borrower, LLC^(20)One stopSF +5.75 %(g)7.32 % cash/2.75 %PIK06/203141,123 40,854 1.7 41,123 
Radiance Borrower, LLC^One stopSF +5.25 %(g)9.57 %06/2031388 358  388 
See Notes to Consolidated Financial Statements

21


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Southern Veterinary Partners, LLC^(21)Senior securedSF +3.25 %(g)7.57 %12/2031$15,514 $15,615 0.6 %$15,489 
VSG Acquisition Corp. and Sherrill, Inc.*^One stopSF +6.00 %(h)10.57 %04/202824,249 23,942 1.0 24,249 
VSG Acquisition Corp. and Sherrill, Inc.^One stopSF +6.00 %(h)10.57 %04/20282,112 2,084 0.1 2,112 
250,350 248,278 10.2 249,512 
Transportation Infrastructure
LDS Intermediate Holdings, LLC^One stopSF +5.00 %(g)9.32 %02/203254,891 54,555 2.2 54,548 
LDS Intermediate Holdings, LLC^One stopSF +5.00 %(g)9.32 %02/20321,087 1,037  1,036 
LDS Intermediate Holdings, LLC^(5)One stopSF +5.00 %N/A(6)02/2032 (67) (68)
Liquid Tech Solutions Holdings LLC^Senior securedSF +3.75 %(g)8.07 %03/20286,819 6,849 0.3 6,828 
62,797 62,374 2.5 62,344 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.*(20)One stopSF +7.00 %(h)8.21 % cash/3.25 %PIK06/202811,708 11,331 0.4 10,888 
Marcone Yellowstone Buyer Inc.*(20)One stopSF +7.00 %(h)8.21 % cash/3.25 %PIK06/20284,965 4,806 0.2 4,618 
16,673 16,137 0.6 15,506 
Water Utilities
Aegion Corporation^(21)Senior securedSF +3.00 %(g)7.32 %05/20282,993 3,022 0.1 2,978 
Vessco Midco Holdings, LLC^One stopSF +4.75 %(g)(i)9.05 %07/203115,577 15,436 0.6 15,577 
Vessco Midco Holdings, LLC^One stopSF +4.75 %(g)(i)9.06 %07/20311,367 1,344 0.1 1,367 
Vessco Midco Holdings, LLC^(5)One stopSF +4.75 %N/A(6)07/2031 (16)  
19,937 19,786 0.8 19,922 
Total debt investments4,951,146 4,904,705 200.6 4,920,435 





See Notes to Consolidated Financial Statements

22


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(17)(18)
Air Freight & Logistics
RJW Group Holdings, Inc.LP unitsN/AN/A11/2024N/A1,563 $1,563 0.1 %$1,563 
Auto Components
Arnott, LLCLP unitsN/AN/A12/2024N/A 125  125 
Automobiles
CAP-KSI Holdings, LLCPreferred stockN/AN/A06/2024N/A1,146 1,146 0.1 1,221 
CAP-KSI Holdings, LLCLP unitsN/AN/A06/2024N/A1,146   157 
Quick Quack Car Wash Holdings, LLCLP unitsN/AN/A06/2024N/A417 417  497 
Quick Quack Car Wash Holdings, LLCLLC unitsN/AN/A06/2024N/A83 83  95 
Yorkshire Parent, Inc.LP unitsN/AN/A12/2023N/A 94  110 
1,740 0.1 2,080 
Beverages
Spindrift Beverage Co. Inc.LP unitsN/AN/A02/2025N/A3 3,177 0.1 3,178 
Commercial Services & Supplies
CHA Vision Holdings, Inc.LP unitsN/AN/A01/2024N/A 109  132 
Diversified Consumer Services
CHVAC Services Investment, LLCCommon stockN/AN/A05/2024N/A162 408  643 
Virginia Green Acquisition, LLCLP unitsN/AN/A12/2023N/A73 73  86 
481  729 
Electric Utilities
Smart Energy Systems, Inc.WarrantN/AN/A01/2025N/A7 36  36 
Electrical Equipment
Wildcat TopCo, Inc.LP unitsN/AN/A12/2024N/A191 191  191 
Healthcare Technology
Amberfield Acquisition Co.LLC unitsN/AN/A05/2024N/A450 450  449 
Hotels, Restaurants & Leisure
PB Group Holdings, LLCLP unitsN/AN/A08/2024N/A113 262  330 
Rooster BidCo Limited(7)(9)Preferred stockN/AN/A03/2025N/A1,601 1,655 0.1 1,655 
1,917 0.1 1,985 
Insurance
Oakbridge Insurance Agency LLCLP unitsN/AN/A11/2023N/A4 70  86 
Pharmaceuticals
Creek Parent, Inc.LP interestN/AN/A12/2024N/A1,279 1,279 0.1 1,354 
Professional Services
Eclipse Buyer, Inc.(19)Preferred stockN/A12.50%Non-Cash09/2024N/A 3,543 0.1 3,607 
Leisure Products
Movement Holdings, LLC(7)(9)LLC unitsN/AN/A03/2024N/A 661  487 
See Notes to Consolidated Financial Statements

23


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
CB Buyer, Inc.LP unitsN/AN/A07/2024N/A458 $458  %$324 
Denali Bidco Limited(7)(9)LP interestN/AN/A08/2023N/A75 98  158 
Energy Worldnet, LLCLLC unitsN/AN/A02/2025N/A50 52  52 
Gurobi Optimization, LLCCommon stockN/AN/A09/2024N/A 209  246 
LogicMonitor, Inc.LP interestN/AN/A12/2024N/A250 250  257 
Panzura, LLCLLC unitsN/AN/A03/2025N/A1 4   
Pluralsight, LLCLLC unitsN/AN/A08/2024N/A597 1,100 0.1 1,301 
Togetherwork Holdings, LLCPreferred stockN/AN/A07/2024N/A545 2,384 0.2 2,562 
Tricentis Operations Holdings, Inc.LP interestN/AN/A02/2025N/A40 40  40 
4,595 0.3 4,940 
Specialty Retail
Metal Supermarkets US Buyer, LLC(7)(10)Preferred stockN/AN/A12/2024N/A1 124  115 
Metal Supermarkets US Buyer, LLC(7)(10)LLC unitsN/AN/A12/2024N/A    
124  115 
Total equity investments20,061 0.9 21,057 
Total investments4,924,766 201.5 4,941,492 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)
4.2%(22)43,385 1.8 %43,385 
Total money market funds43,385 1.8 43,385 
Total investments and money market funds$4,968,151 203.3 %$4,984,877 

See Notes to Consolidated Financial Statements

24


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2025
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the investment collateralizes the 2023 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of March 31, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of March 31, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2025, as the loan may have priced or repriced based on an index rate prior to March 31, 2025.
(a) Denotes that all or a portion of the contract was indexed to Prime, which was 7.50% as of March 31, 2025.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.36% as of March 31, 2025.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.34% as of March 31, 2025.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.34% as of March 31, 2025.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.13% as of March 31, 2025.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.46% as of March 31, 2025.
(g) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.32% as of March 31, 2025.
(h) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.29% as of March 31, 2025.
(i) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.19% as of March 31, 2025.
(j) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA which was 2.66% as of March 31, 2025.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2025.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 6.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of March 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, total non-qualifying assets at fair value represented 18.6% of the Company’s total assets calculated in accordance with the 1940 Act.
(8)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.
(9)The headquarters of this portfolio company is located in the United Kingdom.
(10)The headquarters of this portfolio company is located in Canada.
(11)The headquarters of this portfolio company is located in Luxembourg.
(12)The headquarters of this portfolio company is located in the Netherlands.
(13)The headquarters of this portfolio company is located in Finland.
(14)The headquarters of this portfolio company is located in Germany.
(15)The headquarters of this portfolio company is located in France.
(16)The headquarters of this portfolio company is located in Jersey.
(17)Equity investments are non-income producing securities, unless otherwise noted.
(18)Ownership of certain equity investments occurs through a holding company or partnership.
(19)The Company holds an equity investment that is income producing.
(20)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the six months ended March 31, 2025.
(21)The fair value of this investment was valued using Level 2 inputs. See Note 6.
(22)The rate shown is the annualized seven-day yield as of March 31, 2025.
See Notes to Consolidated Financial Statements

25


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments
September 30, 2024
(Dollar and share amounts in thousands)

Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
Bleriot US Bidco Inc.^(7)(20)Senior securedSF +3.25 %(g)7.85 %10/2030$13,266 $13,329 0.8 %$13,299 
Dynasty Acquisition Co.^(20)Senior securedSF +3.50 %(f)8.35 %08/20285,738 5,716 0.3 5,749 
Dynasty Acquisition Co.^(7)(20)Senior securedSF +3.50 %(f)8.35 %08/20282,048 2,038 0.1 2,052 
Element Materials Technology^(7)(20)Senior securedSF +3.75 %(g)8.35 %06/20292,992 3,000 0.2 3,004 
LSF11 Trinity Bidco, Inc.^Senior securedSF +3.50 %(f)8.42 %06/2030997 1,001 0.1 1,000 
Transdigm, Inc.^(7)(20)Senior securedSF +2.75 %(g)7.35 %03/20303,491 3,500 0.2 3,495 
28,532 28,584 1.7 28,599 
Airlines
Accelya Lux Finco S.A.R.L.*(7)(11)(19)One stopSF +7.00 %(g)7.70 % cash/4.00 %PIK12/20261,554 1,507 0.1 1,492 
Brown Group Holding, LLC ^(20)Senior securedSF +2.75 %(f)(g)7.84 %07/20312,977 2,977 0.2 2,975 
Brown Group Holding, LLC ^(20)Senior securedSF +2.75 %(f)7.60 %07/20311,809 1,810 0.1 1,808 
KKR Apple Bidco, LLC^(20)Senior securedSF +3.50 %(f)8.35 %09/20289,162 9,192 0.5 9,193 
15,502 15,486 0.9 15,468 
Auto Components
Collision SP Subco, LLC*One stopSF +5.50 %(g)10.75 %01/20309,575 9,405 0.6 9,575 
Collision SP Subco, LLC^One stopSF +5.50 %(f)(h)10.36 %01/20301,749 1,699 0.1 1,749 
Collision SP Subco, LLC^One stopSF +5.50 %(g)10.75 %01/2030236 208  236 
OEConnection, LLC^One stopSF +5.25 %(f)10.10 %04/203140,851 40,469 2.4 40,851 
OEConnection, LLC^(5)One stopSF +5.25 %N/A(6)04/2031 (33)  
OEConnection, LLC^(5)One stopSF +5.25 %N/A(6)04/2031 (42)  
RC Buyer, Inc.^(20)Senior securedSF +3.50 %(f)8.46 %07/20281,999 2,007 0.1 2,004 
RealTruck Group, Inc.^(7)(20)Senior securedSF +3.50 %(f)8.46 %01/20287,289 7,218 0.4 7,183 
TI Automotive^(7)Senior securedSF +3.25 %(f)8.21 %12/20262,366 2,372 0.1 2,372 
Wand NewCo 3, Inc.^(7)(20)Senior securedSF +3.25 %(f)(g)8.01 %01/20319,875 9,896 0.6 9,875 
73,940 73,199 4.3 73,845 
Automobiles
CAP-KSI Holdings, LLC*^One stopSF +5.25 %(g)9.85 %06/203023,403 23,065 1.4 23,403 
CAP-KSI Holdings, LLC^One stopSF +5.25 %(f)10.10 %06/2030645 594  645 
Denali Midco 2, LLC*^One stopSF +6.00 %(f)10.95 %12/202719,696 19,271 1.2 19,696 
High Bar Brands Operating, LLC^Senior securedSF +5.00 %(g)9.60 %12/2029604 594  604 
High Bar Brands Operating, LLC^Senior securedSF +5.00 %(g)9.60 %12/2029126 124  126 
High Bar Brands Operating, LLC^Senior securedSF +5.00 %(g)9.60 %12/2029107 103  107 
High Bar Brands Operating, LLC^(5)Senior securedSF +5.25 %N/A(6)12/2029 (3)  
JHCC Holdings LLC*One stopSF +5.25 %(g)9.85 %09/20279,504 9,267 0.5 9,504 
JHCC Holdings LLC^One stopSF +5.25 %(g)9.87 %09/20271,390 1,380 0.1 1,390 
Mavis Tire Express Services Topco, Corp.^(7)(20)Senior securedSF +3.50 %(f)8.35 %05/20287,451 7,464 0.4 7,456 
Mister Car Wash Holdings, Inc.^(7)(20)Senior securedSF +3.00 %(f)7.85 %03/203113,614 13,655 0.8 13,645 
National Express Wash Parent Holdco, LLC*^One stopSF +5.50 %(g)10.74 %07/202919,686 19,063 1.1 19,293 
Quick Quack Car Wash Holdings, LLC^One stopSF +4.75 %(f)9.60 %06/20311,868 1,853 0.1 1,868 
Quick Quack Car Wash Holdings, LLC^One stopSF +4.75 %(f)9.60 %06/203172 67  72 
Quick Quack Car Wash Holdings, LLC^(5)One stopSF +4.75 %N/A(6)06/2031 (2)  
TWAS Holdings, LLC*^One stopSF +6.75 %(f)11.70 %12/202622,944 22,650 1.3 22,944 
Yorkshire Parent, Inc.*^One stopSF +6.00 %(g)10.60 %12/202915,169 15,038 0.9 15,169 
Yorkshire Parent, Inc.^(5)One stopSF +6.00 %N/A(6)12/2029 (36)  
Yorkshire Parent, Inc.^(5)One stopSF +6.00 %N/A(6)12/2029 (28)  
136,279 134,119 7.8 135,922 
See Notes to Consolidated Financial Statements

26


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Banks
OSP Hamilton Purchaser, LLC*One stopSF +5.00 %(g)10.25 %12/2029$2,804 $2,773 0.2 %$2,804 
OSP Hamilton Purchaser, LLC^One stopSF +5.00 %(g)10.26 %12/2029532 503  532 
OSP Hamilton Purchaser, LLC^(5)One stopSF +5.00 %N/A(6)12/2029 (4)  
3,336 3,272 0.2 3,336 
Beverages
Winebow Holdings, Inc.*^One stopSF +6.25 %(f)11.20 %12/202715,474 15,399 0.8 14,700 
Capital Markets
BlueMatrix Holdings, LLC*One stopSF +5.25 %(g)9.85 %01/203110,690 10,606 0.6 10,690 
BlueMatrix Holdings, LLC^(5)One stopSF +5.25 %N/A(6)01/2031 (15)  
BlueMatrix Holdings, LLC^(5)One stopSF +5.25 %N/A(6)01/2031 (28)  
10,690 10,563 0.6 10,690 
Chemicals
INEOS US Finance LLC and INEOS Finance PLC^(7)(20)Senior securedSF +3.25 %(f)8.10 %02/20307,848 7,816 0.5 7,853 
Inhance Technologies Holdings, LLC*(19)One stopSF +6.50 %(g)7.98 % cash/4.00 %PIK12/202410,229 10,229 0.5 8,286 
Inhance Technologies Holdings, LLC^(19)One stopSF +6.50 %(g)7.98 % cash/4.00 %PIK12/20245,053 5,053 0.2 4,093 
Innophos Holdings, Inc.^(7)(20)Senior securedSF +3.75 %(f)8.71 %02/20273,417 3,424 0.2 3,432 
Krayden Holdings, Inc.^Senior securedSF +4.75 %(f)9.60 %03/20298,711 8,625 0.5 8,623 
Krayden Holdings, Inc.^(5)Senior securedSF +4.75 %N/A(6)03/2029 (29) (30)
Krayden Holdings, Inc.^(5)Senior securedSF +4.75 %N/A(6)03/2029 (43) (44)
W.R. Grace & Co^(7)(20)Senior securedSF +3.25 %(g)7.85 %08/20286,979 6,988 0.4 7,005 
Windsor Holdings III, LLC^(7)(20)Senior securedSF +3.50 %(f)8.46 %08/20308,948 8,981 0.5 9,001 
51,185 51,044 2.8 48,219 
Commercial Services & Supplies
BradyIFS Holdings, LLC^One stopSF +6.00 %(g)11.25 %10/202914,987 14,733 0.9 14,987 
BradyIFS Holdings, LLC^One stopSF +6.00 %(f)(g)11.18 %10/20291,182 1,168 0.1 1,182 
BrightView Landscapes, LLC^(7)(20)Senior securedSF +2.50 %(g)7.75 %04/20292,500 2,500 0.1 2,500 
Encore Holdings, LLC^One stopSF +5.25 %(g)10.11 %11/202812,194 12,003 0.7 12,194 
Encore Holdings, LLC*One stopSF +5.50 %(g)10.25 %11/202811,542 11,360 0.7 11,570 
Encore Holdings, LLC*One stopSF +5.50 %(g)10.20 %11/20282,295 2,258 0.1 2,301 
FR Vision Holdings, Inc.*^One stopSF +5.50 %(g)10.78 %01/203118,378 18,213 1.1 18,378 
FR Vision Holdings, Inc.^One stopSF +5.50 %(g)10.78 %01/20311,547 1,494 0.1 1,547 
FR Vision Holdings, Inc.^(5)One stopSF +5.50 %N/A(6)01/2030 (13)  
Kleinfelder Intermediate, LLC^One stopSF +6.25 %(g)11.31 %09/20301,819 1,770 0.1 1,819 
Kleinfelder Intermediate, LLC^One stopP + 4.00 %(a)12.00 %09/202857 53  57 
Kleinfelder Intermediate, LLC^(5)One stopSF +5.00 %N/A(6)09/2030 (3)  
PSC Parent, Inc.^One stopSF +5.25 %(f)10.42 %04/20311,454 1,440 0.1 1,454 
PSC Parent, Inc.^One stopSF +5.25 %(f)10.10 %04/2031242 241  242 
PSC Parent, Inc.^One stopSF +5.25 %(a)(f)10.36 %04/2030146 144  146 
PSC Parent, Inc.^(5)One stopSF +5.25 %N/A(6)04/2031 (2)  
Radwell Parent, LLC*One stopSF +5.50 %(g)10.10 %03/202915,758 15,758 0.9 15,601 
Radwell Parent, LLC^One stopSF +5.50 %(g)10.10 %03/2029917 507 0.1 871 
WRE Holding Corp.^One stopSF +5.00 %(h)9.25 %07/203131,648 31,342 1.8 31,648 
WRE Holding Corp.^One stopSF +5.00 %(h)9.81 %07/2031462 420  462 
WRE Holding Corp.^(5)One stopSF +5.00 %N/A(6)07/2030 (44)  
117,128 115,342 6.8 116,959 
Construction & Engineering
Consor Intermediate II, LLC^One stopSF +4.75 %(g)9.35 %05/20311,209 1,203 0.1 1,209 
Consor Intermediate II, LLC^(5)One stopSF +4.75 %N/A(6)05/2031 (5)  
Consor Intermediate II, LLC^(5)One stopSF +4.75 %N/A(6)05/2031 (1)  
Service Logic Acquisition, Inc.^Senior securedSF +3.50 %(f)(g)8.31 %10/20276,969 6,985 0.4 6,998 
8,178 8,182 0.5 8,207 
See Notes to Consolidated Financial Statements

27


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Construction Materials
Star Holding, LLC^(7)(20)Senior securedSF +4.50 %(f)9.35 %07/2031$7,500 $7,416 0.4 %$7,343 
Consumer Finance
Ascensus Group Holdings^(20)Senior securedSF +3.50 %(f)8.46 %08/202813,902 13,939 0.8 13,919 
Containers & Packaging
AOT Packaging Products Acquisitionco, LLC ^(20)Senior securedSF +3.25 %(f)8.21 %03/20283,135 3,104 0.2 3,079 
Chase Intermediate*^One stopSF +4.75 %(g)10.00 %10/202814,723 14,498 0.8 14,723 
Packaging Coordinators Midco, Inc.^(20)Senior securedSF +3.25 %(f)8.10 %11/20278,990 9,009 0.5 8,997 
Pegasus BidCo^(7)(12)(20)Senior securedSF +3.75 %(g)8.87 %07/20296,434 6,450 0.4 6,452 
Reynolds Group Holdings^(7)(20)Senior securedSF +2.50 %(f)7.35 %09/20285,176 5,183 0.3 5,181 
Technimark, LLC^Senior securedSF +3.50 %(f)8.60 %04/20317,844 7,810 0.5 7,844 
WP Deluxe Merger Sub^(20)Senior securedSF +3.75 %(g)8.62 %05/20285,440 5,416 0.3 5,465 
51,742 51,470 3.0 51,741 
Diversified Consumer Services
Any Hour, LLC^One stopSF +5.00 %(g)9.60 %05/203030,591 30,159 1.8 30,285 
Any Hour, LLC^(19)One stopN/A13.00 %PIK05/20314,844 4,756 0.3 4,796 
Any Hour, LLC^One stopSF +5.00 %(g)9.90 %05/20301,481 1,416 0.1 1,435 
Any Hour, LLC^One stopSF +5.00 %(g)10.28 %05/2030866 803  777 
Apex Service Partners, LLC^One stopSF +5.00 %(f)9.86 %10/203018,070 17,611 1.0 17,890 
Apex Service Partners, LLC^One stopSF +5.00 %(f)9.86 %10/20304,301 4,197 0.3 4,258 
Apex Service Partners, LLC^One stopSF +5.00 %(f)9.86 %10/20301,477 1,411 0.1 1,344 
Apex Service Partners, LLC^One stopSF +5.00 %(f)9.86 %10/2029640 594  630 
Certus Pest, Inc.^One stopSF +5.75 %(g)10.50 %02/20263,304 3,287 0.2 3,304 
Certus Pest, Inc.*One stopSF +5.75 %(g)10.50 %02/20263,091 3,074 0.2 3,091 
Certus Pest, Inc.*One stopSF +5.75 %(g)10.50 %02/20262,597 2,583 0.2 2,597 
Certus Pest, Inc.*One stopSF +5.75 %(g)10.50 %02/20262,359 2,347 0.1 2,359 
Certus Pest, Inc.*One stopSF +5.75 %(g)10.50 %02/20261,427 1,419 0.1 1,427 
Certus Pest, Inc.*One stopSF +5.75 %(g)10.50 %02/20261,133 1,127 0.1 1,133 
CHVAC Services Investment, LLC^One stopSF +5.00 %(g)9.60 %05/2030898 891 0.1 898 
CHVAC Services Investment, LLC^One stopSF +5.00 %(g)9.60 %05/2030418 405  418 
CHVAC Services Investment, LLC^(5)One stopSF +5.00 %N/A(6)05/2030 (1)  
Entomo Brands Acquisitions, Inc.^Senior securedSF +5.50 %(g)10.25 %07/2029772 764  772 
Entomo Brands Acquisitions, Inc.^Senior securedSF +5.50 %(g)10.25 %07/2029222 216  222 
Entomo Brands Acquisitions, Inc.^Senior securedSF +5.50 %(g)10.25 %07/202915 14  15 
HS Spa Holdings, Inc.*^One stopSF +5.25 %(g)10.31 %06/20297,879 7,755 0.5 7,879 
HS Spa Holdings, Inc.^(5)One stopSF +5.25 %N/A(6)06/2029 (4)  
Liminex, Inc.^One stopSF +7.25 %(g)12.46 %11/202610,679 10,579 0.6 10,679 
Litera Bidco, LLC^One stopSF +5.00 %(f)9.85 %05/202828,583 28,454 1.6 28,583 
Litera Bidco, LLC^One stopSF +5.00 %(f)9.85 %05/20285,826 5,798 0.3 5,826 
Litera Bidco, LLC^(5)One stopSF +5.00 %N/A(6)05/2028 (9)  
Litera Bidco, LLC^One stopSF +5.00 %N/A(6)05/2028    
Project Alpha Intermediate Holdings, Inc.^(20)Senior securedSF +3.75 %(g)9.00 %10/20307,650 7,691 0.4 7,676 
Provenance Buyer LLC*One stopSF +5.50 %(f)10.45 %06/20277,484 7,484 0.4 7,110 
Provenance Buyer LLC*One stopSF +5.50 %(f)10.45 %06/20273,837 3,837 0.2 3,645 
RW AM Holdco LLC*One stopSF +5.25 %(g)9.95 %04/202811,275 10,941 0.6 10,485 
Virginia Green Acquisition, LLC*One stopSF +5.25 %(h)9.50 %12/203015,065 14,931 0.9 15,065 
Virginia Green Acquisition, LLC^One stopSF +5.25 %(h)9.50 %12/2030621 568  621 
Virginia Green Acquisition, LLC^(5)One stopSF +5.25 %N/A(6)12/2029 (21)  
177,405 175,077 10.1 175,220 
See Notes to Consolidated Financial Statements

28


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Financial Services
Apex Group Treasury, LLC^(7)(20)Senior securedSF +3.75 %(g)8.78 %07/2028$4,987 $5,006 0.3 %$5,000 
Baker Tilly Advisory Group, LP^One stopSF +5.00 %(f)9.85 %06/203117,005 16,767 1.0 17,005 
Baker Tilly Advisory Group, LP^(5)One stopSF +5.00 %N/A(6)06/2030 (51)  
Baker Tilly Advisory Group, LP^(5)One stopSF +5.00 %N/A(6)06/2031 (18)  
BCPE Pequod Buyer^Senior securedSF +3.50 %(g)8.10 %11/20318,000 7,990 0.4 7,974 
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)One stopE + 5.25 %(c)8.84 %07/203113,516 13,006 0.8 13,389 
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)(19)Subordinated debtE + 8.00 %(c)3.59 % cash/8.00 %PIK07/20323,683 3,542 0.2 3,647 
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)One stopE + 5.25 %N/A(6)07/2031    
Ceres Groupe SAS & Ceres PikCo^(7)(8)(15)One stopE + 5.25 %N/A(6)07/2031    
Finastra USA, Inc.^One stopSF +7.25 %(g)12.18 %09/202920,717 20,375 1.2 20,795 
Finastra USA, Inc.^One stopSF +7.25 %(g)12.18 %09/202923 22  23 
Focus Financial Partners, LLC^(20)Senior securedSF +3.25 %(f)8.10 %09/20318,127 8,127 0.5 8,112 
Focus Financial Partners, LLC^(5)(20)Senior securedSF +3.25 %N/A(6)09/2031   (2)
Higginbotham Insurance Agency, Inc.^One stopSF +4.50 %(f)9.35 %11/20283,433 3,450 0.2 3,433 
Higginbotham Insurance Agency, Inc.^One stopSF +4.75 %(f)9.60 %11/20281,056 1,029 0.1 1,056 
Howden Group Holdings Limited ^(7)(9)(20)Senior securedSF +3.50 %(f)8.35 %02/203115,037 15,032 0.9 15,065 
Mariner Wealth Advisors, LLC^(20)Senior securedSF +3.00 %(g)7.60 %08/202812,793 12,764 0.7 12,827 
Orion Advisor Solutions^(20)Senior securedSF +3.75 %(g)9.26 %09/20279,310 9,303 0.5 9,309 
The Dun & Bradstreet Corporation^(7)(20)Senior securedSF +2.75 %(f)7.61 %01/20293,498 3,503 0.2 3,499 
121,185 119,847 7.0 121,132 
Electrical Equipment
Power Grid Holdings, Inc.^One stopSF +4.75 %(g)10.00 %12/2030509 500  509 
Power Grid Holdings, Inc.^(5)One stopSF +4.75 %N/A(6)12/2030 (2)  
509 498  509 
Food & Staples Retailing
Eagle Parent Corp.^(20)Senior securedSF +4.25 %(g)8.85 %04/20297,435 7,346 0.4 7,070 
Inspire International, Inc.^(7)(20)Senior securedSF +2.75 %(f)7.70 %12/20272,992 2,998 0.2 2,992 
10,427 10,344 0.6 10,062 
Food Products
Blast Bidco Inc.^One stopSF +6.00 %(g)10.60 %10/203015,207 15,011 0.9 15,207 
Blast Bidco Inc.^(5)One stopSF +6.00 %N/A(6)10/2029 (22)  
Eagle Family Foods Group, LLC^One stopSF +5.00 %(g)10.33 %08/203011,032 10,924 0.6 10,922 
Eagle Family Foods Group, LLC^One stopSF +5.00 %(g)10.33 %08/2030165 153  153 
Louisiana Fish Fry Products, Ltd.^One stopSF +6.25 %(g)11.00 %07/20278,804 8,436 0.5 8,716 
MIC GLEN LLC^(20)Senior securedSF +3.50 %(f)8.46 %07/20287,414 7,429 0.4 7,431 
42,622 41,931 2.4 42,429 
Healthcare Equipment & Supplies
Blue River Pet Care, LLC*One stopSF +5.00 %(f)9.95 %07/202611,545 11,477 0.7 11,545 
Blue River Pet Care, LLC^One stopSF +5.00 %(f)9.95 %07/20267,791 7,732 0.4 7,791 
Blue River Pet Care, LLC*One stopSF +5.00 %(f)9.95 %07/20263,724 3,702 0.2 3,724 
Blue River Pet Care, LLC^(5)One stopSF +5.00 %N/A(6)07/2026 (153)  
CCSL Holdings, LLC*^(7)One stopSF +5.75 %(f)10.60 %12/202811,725 11,549 0.7 11,638 
CCSL Holdings, LLC^(5)(7)(8)One stopE + 5.75 %N/A(6)12/2028   (203)
CCSL Holdings, LLC^(5)(7)(8)One stopE + 5.75 %N/A(6)12/2028 (38) (40)
CMI Parent Inc.*^One stopSF +5.00 %(f)9.85 %12/202618,402 18,317 1.1 18,310 
CMI Parent Inc.*One stopSF +5.00 %(f)9.85 %12/20266,757 6,749 0.4 6,723 
HuFriedy Group Acquisition, LLC^One stopSF +5.50 %(g)10.56 %06/203140,858 40,469 2.3 40,449 
HuFriedy Group Acquisition, LLC^(5)One stopSF +5.50 %N/A(6)05/2030 (42) (45)
HuFriedy Group Acquisition, LLC^(5)One stopSF +5.50 %N/A(6)06/2031 (85) (89)
Precision Medicine Group, LLC^(20)Senior securedSF +3.00 %(g)7.70 %11/20277,558 7,538 0.4 7,539 
Resonetics, LLC^(20)Senior securedSF +3.75 %(f)8.71 %06/20316,593 6,610 0.3 6,610 
TIDI Legacy Products, Inc.^One stopSF +5.50 %(f)10.35 %12/20291,650 1,642 0.1 1,650 
See Notes to Consolidated Financial Statements

29


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
TIDI Legacy Products, Inc.^(5)One stopSF +5.50 %N/A(6)12/2029$ $(2) %$ 
TIDI Legacy Products, Inc.^(5)One stopSF +5.50 %N/A(6)12/2029 (1)  
YI, LLC*One stopSF +5.75 %(f)10.87 %12/20296,159 6,053 0.4 6,159 
YI, LLC^(5)One stopSF +5.75 %N/A(6)12/2029 (20)  
YI, LLC^(5)One stopSF +5.75 %N/A(6)12/2029 (11)  
122,762 121,486 7.0 121,761 
Healthcare Providers & Services
Agiliti Health, Inc.^(20)Senior securedSF +3.00 %(g)8.33 %05/20306,970 6,960 0.4 6,787 
AHP Health Partners, Inc. ^(7)(20)Senior securedSF +2.75 %(f)7.60 %08/20287,117 7,146 0.4 7,121 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*^One stopSF +6.00 %(g)11.16 %03/202711,698 11,660 0.7 11,698 
Bamboo US Bidco LLC^(19)One stopSF +6.75 %(g)8.62 % cash/3.38 %PIK09/20308,016 7,817 0.5 7,936 
Bamboo US Bidco LLC^(7)(8)(19)One stopE + 6.75 %(b)7.01 % cash/3.38 %PIK09/20305,554 5,144 0.3 5,498 
Bamboo US Bidco LLC^(19)One stopSF +6.75 %(g)8.56 % cash/3.38 %PIK09/2030594 578  582 
Bamboo US Bidco LLC^(5)One stopSF +6.00 %N/A(6)09/2029 (42) (13)
Cotiviti^(20)Senior securedSF +3.25 %(f)8.45 %05/203112,450 12,462 0.7 12,458 
Datix Bidco Limited and RL Datix Holdings, Inc.^(7)(9)One stopSF +5.50 %(h)10.81 %04/203123,296 22,859 1.3 23,063 
Datix Bidco Limited and RL Datix Holdings, Inc.^(7)(8)(9)One stopSN +5.50 %(e)10.45 %04/203114,430 13,298 0.8 14,285 
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(7)(9)One stopSF +5.50 %N/A(6)04/2031 (49) (53)
Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(7)(9)One stopSF +5.50 %N/A(6)10/2030 (86) (46)
Mamba Purchaser, Inc.^(20)Senior securedSF +3.25 %(f)8.35 %10/20289,950 9,986 0.6 9,951 
Midwest Veterinary Partners, LLC^(20)Senior securedSF +3.75 %(f)8.87 %04/202811,046 11,020 0.6 11,061 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.^(7)(8)(10)(19)One stopCA +6.00 %(i)8.25 % cash/2.00 %PIK05/202811,142 10,965 0.6 10,696 
Pharmerica^(20)Senior securedSF +3.25 %(f)8.10 %02/203112,435 12,354 0.7 12,415 
Pinnacle Treatment Centers, Inc.*^One stopSF +5.50 %(g)10.56 %01/202719,679 19,635 1.2 19,679 
Pinnacle Treatment Centers, Inc.^One stopSF +5.50 %(g)10.56 %01/202717,336 17,193 1.0 17,336 
Pinnacle Treatment Centers, Inc.^One stopSF +5.50 %(g)10.56 %01/20278,471 8,396 0.5 8,471 
Pinnacle Treatment Centers, Inc.^One stopSF +5.50 %(g)10.56 %01/20271,767 1,752 0.1 1,767 
Pinnacle Treatment Centers, Inc.^One stopSF +5.50 %(g)10.56 %01/20271,096 1,086 0.1 1,096 
Pinnacle Treatment Centers, Inc.^One stopSF +5.50 %(g)10.56 %01/2027829 822  829 
Pinnacle Treatment Centers, Inc.^One stopP + 4.25 %(a)12.25 %01/2027913 860 0.1 913 
Premise Health Holding Corp.^One stopSF +5.50 %(h)10.76 %03/203129,610 29,203 1.7 29,610 
Premise Health Holding Corp.^(5)One stopSF +5.50 %N/A(6)03/2030 (47)  
214,399 210,972 12.3 213,140 
Healthcare Technology
Alegeus Technologies Holdings Corp.*^Senior securedSF +8.25 %(g)13.46 %09/20265,775 5,730 0.3 5,775 
Amberfield Acquisition Co.^One stopSF +5.00 %(g)9.60 %05/20301,487 1,473 0.1 1,487 
Amberfield Acquisition Co.^(5)One stopSF +5.00 %N/A(6)05/2030 (9)  
Amberfield Acquisition Co.^(5)One stopSF +5.00 %N/A(6)05/2030 (1)  
Athenahealth, Inc.^(7)(20)Senior securedSF +3.25 %(f)8.10 %02/20292,992 2,974 0.2 2,979 
ESO Solution, Inc.^One stopSF +7.00 %(g)12.06 %05/20275,250 5,210 0.3 5,250 
GHX Ultimate Parent Corporation^(20)Senior securedSF +4.00 %(g)9.13 %06/20272,978 2,994 0.2 2,994 
HealthEdge Software, Inc.^One stopSF +4.75 %(f)9.85 %07/203114,299 14,160 0.8 14,156 
HealthEdge Software, Inc.^(5)One stopSF +4.75 %N/A(6)07/2031 (18) (19)
HealthEdge Software, Inc.^(5)One stopSF +4.75 %N/A(6)07/2031 (31) (32)
Kona Buyer, LLC^One stopSF +4.50 %(g)9.78 %07/203113,190 13,061 0.7 13,058 
Kona Buyer, LLC^(5)One stopSF +4.50 %N/A(6)07/2031 (15) (16)
Kona Buyer, LLC^One stopSF +4.50 %N/A(6)07/2031    
Kona Buyer, LLC^(5)One stopSF +4.50 %N/A(6)07/2031 (19) (19)
Lacker Bidco Limited^(7)(8)(9)One stopSN +5.25 %(e)10.20 %02/203112,967 12,066 0.7 12,967 
Lacker Bidco Limited^(7)(8)(9)One stopSN +5.25 %(e)10.20 %02/20312,918 2,589 0.2 2,918 
Lacker Bidco Limited^(5)(7)(8)(9)One stopSN +5.25 %N/A(6)08/2030 (41)  
See Notes to Consolidated Financial Statements

30


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Mediware Information Systems, Inc.^(20)Senior securedSF +3.25 %(f)8.21 %03/2028$8,010 $8,003 0.5 %$8,008 
Mediware Information Systems, Inc.^(20)Senior securedSF +3.50 %(f)8.46 %03/20282,985 2,982 0.2 2,988 
Neptune Holdings, Inc.^One stopSF +5.75 %(g)10.35 %09/20305,603 5,532 0.3 5,603 
Neptune Holdings, Inc.^(5)One stopSF +5.75 %N/A(6)08/2029 (1)  
Netsmart Technologies, Inc.^(19)One stopSF +5.20 %(f)7.35 % cash/2.70 %PIK08/203156,931 56,372 3.3 56,362 
Netsmart Technologies, Inc.^(5)One stopSF +5.20 %N/A(6)08/2031 (76) (77)
Netsmart Technologies, Inc.^(5)One stopSF +5.20 %N/A(6)08/2031 (37) (38)
Stratose Intermediate Holdings II, LLC^(20)Senior securedSF +2.75 %(f)7.60 %09/20293,508 3,519 0.2 3,510 
Tebra Technologies, Inc.^(19)One stopSF +8.00 %(g)9.25 % cash/3.50 %PIK06/202510,819 10,828 0.6 10,927 
149,712 147,245 8.6 148,781 
Hotels, Restaurants & Leisure
BJH Holdings III Corp.*One stopSF +4.50 %(g)9.97 %08/20279,874 9,793 0.6 9,800 
Fertitta Entertainment, LLC^(20)Senior securedSF +3.75 %(f)8.85 %01/20298,856 8,846 0.5 8,842 
GFP Atlantic Holdco 2, LLC*One stopSF +6.00 %(g)11.13 %11/20272,620 2,579 0.2 2,620 
GFP Atlantic Holdco 2, LLC^(5)One stopSF +6.00 %N/A(6)11/2027 (46)  
Health Buyer, LLC*Senior securedSF +5.25 %(g)9.85 %04/20294,925 4,848 0.3 4,876 
Health Buyer, LLC^(5)Senior securedSF +5.50 %N/A(6)04/2029 (5)  
PB Group Holdings, LLC^(19)One stopSF +5.50 %(f)7.60 % cash/2.75 %PIK08/203032,513 32,353 1.9 32,351 
PB Group Holdings, LLC^(5)One stopSF +5.00 %N/A(6)08/2030 (19) (19)
Scientific Games Holdings LP^(20)Senior securedSF +3.00 %(g)8.32 %04/20297,462 7,446 0.4 7,427 
SDC Holdco, LLC^One stopSF +5.00 %(g)9.60 %06/203141,351 41,152 2.4 41,351 
SDC Holdco, LLC^(19)Second lienSF +8.50 %(g)13.10 %PIK06/20325,937 5,895 0.3 5,937 
SDC Holdco, LLC^One stopSF +5.00 %(g)9.66 %06/2031365 347  365 
SSRG Holdings, LLC*^One stopSF +5.00 %(g)9.60 %11/202722,860 22,805 1.3 22,745 
SSRG Holdings, LLC^One stopSF +5.00 %(g)10.25 %11/202710,214 10,165 0.6 10,162 
SSRG Holdings, LLC^One stopSF +5.00 %(g)9.60 %11/2027630 620  619 
Super REGO, LLC^(19)Subordinated debtN/A15.00 %PIK03/203054 53  54 
YE Brands Holding, LLC*One stopSF +4.75 %(g)9.35 %10/20276,332 6,278 0.4 6,332 
YE Brands Holding, LLC^One stopSF +4.75 %(g)9.40 %10/2027706 695  706 
YE Brands Holding, LLC^One stopSF +4.75 %(g)9.47 %10/202727 27  27 
154,726 153,832 8.9 154,195 
Household Products
WU Holdco, Inc.*One stopSF +5.00 %(g)9.60 %03/20274,012 3,904 0.3 4,012 
WU Holdco, Inc.^One stopSF +5.00 %(g)9.60 %03/20272,153 2,140 0.1 2,153 
WU Holdco, Inc.^One stopSF +5.00 %(g)9.73 %03/2027137 133  137 
WU Holdco, Inc.*One stopSF +5.00 %(g)9.60 %03/20272,048 1,992 0.1 2,048 
8,350 8,169 0.5 8,350 
Industrial Conglomerates
Arch Global CCT Holdings Corp.*Senior securedSF +4.75 %(g)9.44 %04/20266,725 6,652 0.4 6,590 
Arch Global CCT Holdings Corp.*Senior securedSF +4.75 %(g)9.44 %04/20264,371 4,324 0.2 4,284 
EAB Global, Inc. ^(20)Senior securedSF +3.25 %(f)8.10 %08/202812,296 12,286 0.7 12,267 
Essential Services Holdings Corporation^One stopSF +5.00 %(g)10.29 %06/203140,923 40,531 2.3 40,514 
Essential Services Holdings Corporation^(5)One stopSF +5.00 %N/A(6)06/2030 (48) (50)
Essential Services Holdings Corporation^(5)One stopSF +5.00 %N/A(6)06/2031 (38) (80)
Excelitas Technologies Corp.^(7)(8)One stopE + 5.25 %(b)8.60 %08/202915,356 14,932 0.9 15,202 
Excelitas Technologies Corp.^(5)One stopSF +5.25 %N/A(6)08/2029 (18) (26)
Madison IAQ LLC^(7)(20)Senior securedSF +2.75 %(h)7.89 %06/20284,918 4,918 0.3 4,920 
84,589 83,539 4.8 83,621 
Insurance
Acrisure, LLC^(20)Senior securedSF +3.25 %(f)8.21 %11/203014,927 14,874 0.9 14,945 
AMBA Buyer, Inc.*One stopSF +5.25 %(g)9.95 %07/20277,760 7,706 0.4 7,760 
AMBA Buyer, Inc.*One stopSF +5.25 %(g)9.95 %07/20273,524 3,500 0.2 3,524 
AMBA Buyer, Inc.*One stopSF +5.25 %(g)9.95 %07/20273,110 3,089 0.2 3,110 
AssuredPartners Capital, Inc.^(7)(20)Senior securedSF +3.50 %(f)8.35 %02/203113,942 14,003 0.8 13,945 
See Notes to Consolidated Financial Statements

31


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Ben Nevis Midco Limited^(7)(9)One stopSF +5.50 %(f)10.35 %03/2028$7,826 $7,690 $0.5 %$7,826 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.50 %(g)10.56 %03/20285,262 5,262 0.3 5,262 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.50 %(f)10.36 %03/20281,286 1,229 0.1 1,286 
Ben Nevis Midco Limited^(7)(9)One stopSF +5.50 %(f)10.34 %03/2028829 829  829 
Captive Resources Midco, LLC^(19)One stopSF +5.25 %(f)10.10 %07/20298,462 8,462 0.5 8,462 
Compass Investors, Inc. ^(20)Senior securedSF +2.75 %(g)7.35 %11/20294,948 4,955 0.3 4,939 
Doxa Insurance Holdings LLC^One stopSF +5.25 %(g)10.06 %12/203010,729 10,634 0.6 10,756 
Doxa Insurance Holdings LLC^One stopSF +5.25 %(g)10.22 %12/20308,867 8,776 0.5 8,892 
Doxa Insurance Holdings LLC^(5)One stopSF +5.50 %N/A(6)12/2029 (20)  
Doxa Insurance Holdings LLC^(5)One stopSF +5.00 %N/A(6)12/2030 (163)  
Galway Borrower LLC*One stopSF +4.50 %(g)9.10 %09/20284,914 4,802 0.3 4,890 
Gimlet Bidco GMBH^(7)(8)(14)One stopE + 5.75 %(b)9.39 %04/20311,671 1,567 0.1 1,654 
Gimlet Bidco GMBH^(7)(8)(14)One stopE + 5.75 %(b)9.39 %04/2031124 111  117 
Hub International Limited^(7)(20)Senior securedSF +3.00 %(g)8.23 %06/203010,631 10,657 0.6 10,627 
Integrated Specialty Coverages, LLC^One stopSF +6.00 %(f)(g)(h)10.98 %07/2030889 870 0.1 889 
Integrated Specialty Coverages, LLC^One stopSF +6.00 %(f)(g)(h)10.88 %07/2030177 173  177 
Integrated Specialty Coverages, LLC^(5)One stopSF +6.00 %N/A(6)07/2029 (1)  
Integrity Marketing Acquisition, LLC^One stopSF +5.00 %(g)10.07 %08/202824,672 24,421 1.4 24,425 
Integrity Marketing Acquisition, LLC^(5)One stopSF +5.00 %N/A(6)08/2028 (3) (3)
Integrity Marketing Acquisition, LLC^(5)One stopSF +5.00 %N/A(6)08/2028 (12) (31)
J.S. Held Holdings, LLC*^One stopSF +5.50 %(g)10.25 %12/202619,857 19,705 1.1 19,657 
J.S. Held Holdings, LLC^(5)One stopSF +5.50 %N/A(6)12/2026 (2) (2)
Majesco*^One stopSF +4.75 %(g)9.35 %09/202844,966 44,915 2.6 44,966 
Majesco^(5)One stopSF +4.75 %N/A(6)09/2027 (3)  
MRH Trowe Germany GMBH^(7)(8)(14)One stopE + 6.00 %(b)9.49 %02/20295,059 4,833 0.3 5,059 
Oakbridge Insurance Agency LLC^One stopSF +5.50 %(f)10.66 %11/20296,596 6,540 0.4 6,596 
Oakbridge Insurance Agency LLC^One stopP + 4.50 %(a)(f)12.07 %11/2029330 321  330 
Oakbridge Insurance Agency LLC^One stopSF +5.50 %(f)10.66 %11/2029264 237  264 
Truist Insurance Holdings, LLC^(7)(20)Senior securedSF +3.25 %(g)7.85 %05/20318,000 8,008 0.5 8,001 
219,622 217,965 12.7 219,152 
IT Services
Acquia, Inc.^One stopSF +7.00 %(g)12.46 %10/20259,956 9,949 0.6 9,956 
Dcert Buyer, Inc.^(20)Senior securedSF +4.00 %(f)8.85 %10/20262,961 2,964 0.2 2,881 
Delinea Inc.^One stopSF +6.00 %(g)10.75 %03/202833,003 32,715 1.9 33,003 
Delinea Inc.*One stopSF +5.75 %(g)10.50 %03/20288,862 8,603 0.5 8,862 
Delinea Inc.*One stopSF +5.75 %(g)10.50 %03/20284,845 4,704 0.3 4,845 
E2open, LLC^(7)(20)Senior securedSF +3.50 %(f)8.46 %02/20287,465 7,491 0.4 7,497 
LEIA FINCO US^(7)(9)(20)Senior securedSF +3.25 %(g)7.85 %06/20315,000 4,941 0.3 4,929 
Netwrix Corporation*One stopSF +5.50 %(g)10.56 %06/20298,710 8,573 0.5 8,710 
PDQ Intermediate, Inc.^(19)Subordinated debtN/A13.75 %PIK10/203157 56  57 
ReliaQuest Holdings, LLC^(19)One stopSF +6.75 %(g)8.37 % cash/3.63 %PIK04/203140,016 39,830 2.3 40,016 
ReliaQuest Holdings, LLC^(5)One stopSF +6.75 %N/A(6)04/2031 (16)  
ReliaQuest Holdings, LLC^(5)One stopSF +6.25 %N/A(6)04/2031 (7)  
Saturn Borrower Inc.*One stopSF +6.50 %(g)11.25 %09/20268,232 7,929 0.5 8,067 
Saturn Borrower Inc.^One stopSF +6.50 %(f)(g)11.28 %09/2026870 858  852 
UKG Inc.^(20)Senior securedSF +3.25 %(g)8.55 %02/203112,520 12,523 0.7 12,535 
VS Buyer, LLC^(20)Senior securedSF +3.25 %(f)8.35 %04/20315,985 6,003 0.3 6,002 
WPEngine, Inc.^One stopSF +6.50 %(g)11.62 %08/2029953 937 0.1 953 
WPEngine, Inc.^One stopSF +6.50 %N/A(6)08/2029    
149,435 148,053 8.6 149,165 
Leisure Products
AppLovin Corporation^(7)(20)Senior securedSF +2.50 %(f)7.35 %08/20301,116 1,118 0.1 1,116 
Cast & Crew Payroll, LLC^(20)Senior securedSF +3.75 %(f)8.60 %12/20285,482 5,503 0.3 5,499 
Crunch Holdings, LLC^One stopSF +4.75 %(f)9.61 %09/203155,161 54,886 3.1 54,885 
See Notes to Consolidated Financial Statements

32


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Crunch Holdings, LLC^(5)One stopSF +4.75 %N/A(6)09/2031$ $(38)$ %$(38)
EP Purchaser, LLC^(20)Senior securedSF +3.50 %(g)8.37 %11/20284,952 4,925 0.3 4,970 
Movement Holdings, LLC*^One stopSF +5.25 %(f)10.10 %03/203022,247 22,044 1.3 22,247 
Movement Holdings, LLC^(5)One stopSF +5.25 %N/A(6)03/2030 (34)  
Movement Holdings, LLC^(5)One stopSF +5.25 %N/A(6)03/2030 (136)  
88,958 88,268 5.1 88,679 
Life Sciences Tools & Services
Graphpad Software, LLC^One stopSF +4.75 %(g)9.35 %06/203131,524 31,372 1.9 31,524 
Graphpad Software, LLC^(5)One stopSF +4.75 %N/A(6)06/2031 (14)  
Graphpad Software, LLC^One stopSF +4.75 %(g)9.35 %06/2031788 750  788 
PAS Parent Inc.*^One stopSF +5.00 %(f)9.85 %12/202819,650 19,347 1.1 19,454 
PAS Parent Inc.^(5)One stopSF +5.00 %N/A(6)12/2028 (66) (140)
51,962 51,389 3.0 51,626 
Machinery
AI Titan Parent, Inc.^One stopSF +4.75 %(g)9.81 %08/20319,302 9,211 0.5 9,209 
AI Titan Parent, Inc.^(5)One stopSF +4.75 %N/A(6)08/2031 (9) (9)
AI Titan Parent, Inc.^(5)One stopSF +4.75 %N/A(6)08/2031 (11) (12)
Blackbird Purchaser, Inc.*^One stopSF +5.50 %(g)10.10 %12/203018,132 17,972 1.0 18,132 
Blackbird Purchaser, Inc.^One stopSF +5.50 %(g)10.10 %12/20301,075 1,043 0.1 1,075 
Blackbird Purchaser, Inc.^One stopSF +5.50 %(g)10.10 %12/2029362 341  362 
Filtration Group Corp.^(20)Senior securedSF +3.50 %(f)8.46 %10/20287,881 7,899 0.5 7,892 
Wireco Worldgroup Inc.^Senior securedSF +3.75 %(g)9.03 %11/20286,278 6,293 0.4 6,121 
43,030 42,739 2.5 42,770 
Media
Lotus Topco, Inc.^One stopSF +4.75 %(h)9.00 %06/20301,702 1,690 0.1 1,702 
Lotus Topco, Inc.^(5)One stopSF +4.75 %N/A(6)06/2030 (2)  
Lotus Topco, Inc.^(5)One stopSF +4.75 %N/A(6)06/2030 (6)  
Triple Lift, Inc.*One stopSF +5.75 %(g)10.71 %05/20288,772 8,511 0.5 8,421 
Triple Lift, Inc.*One stopSF +5.75 %(g)10.71 %05/20282,573 2,497 0.1 2,470 
13,047 12,690 0.7 12,593 
Oil, Gas & Consumable Fuels
Envernus, Inc.^One stopSF +5.50 %(f)10.35 %12/202912,043 11,885 0.7 12,043 
Envernus, Inc.^One stopSF +5.50 %(f)10.35 %12/202963 50  63 
Envernus, Inc.^(5)One stopSF +5.50 %N/A(6)12/2029 (4)  
Project Power Buyer, LLC*One stopSF +6.75 %(g)11.35 %05/202614,733 14,733 0.8 14,733 
26,839 26,664 1.5 26,839 
Personal Products
Knowlton Development Corporation, Inc.^(7)(10)(20)Senior securedSF +4.50 %(f)9.36 %08/20282,000 2,006 0.1 2,004 
Pharmaceuticals
Caerus Midco 3 S.A.R.L.*(7)(11)One stopSF +5.00 %(g)9.60 %05/202919,698 19,233 1.1 19,502 
Professional Services
Eclipse Buyer, Inc.^One stopSF +4.75 %(g)9.74 %09/203112,644 12,518 0.7 12,517 
Eclipse Buyer, Inc.^(5)One stopSF +4.75 %N/A(6)09/2031 (61) (16)
Eclipse Buyer, Inc.^(5)One stopSF +4.75 %N/A(6)09/2031 (11) (11)
Eliassen Group, LLC*One stopSF +5.75 %(g)10.35 %04/20284,856 4,856 0.2 4,710 
IG Investments Holdings, LLC*One stopSF +6.00 %(g)11.35 %09/202815,756 15,756 0.9 15,756 
IG Investments Holdings, LLC*One stopSF +6.00 %(g)11.35 %09/20284,046 4,046 0.2 4,046 
NBG Acquisition Corp. and NBG-P Acquisition Corp.*^One stopSF +5.25 %(g)10.65 %11/202815,679 15,318 0.9 15,209 
NBG Acquisition Corp. and NBG-P Acquisition Corp.^One stopSF +5.25 %(g)10.72 %11/20282,811 2,791 0.2 2,727 
PGA Holdings, Inc.^(20)Senior securedSF +3.50 %(f)8.35 %04/203112,012 12,006 0.7 12,001 
See Notes to Consolidated Financial Statements

33


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Varicent Intermediate Holdings Corporation^(19)One stopSF +6.00 %(g)7.35 % cash/3.25 %PIK08/2031$39,844 $39,260 2.3 %$39,247 
Varicent Intermediate Holdings Corporation^(5)One stopSF +6.00 %N/A(6)08/2031 (78) (79)
Varicent Intermediate Holdings Corporation^(5)One stopSF +6.00 %N/A(6)08/2031 (75) (76)
107,648 106,326 6.1 106,031 
Real Estate Management & Development
RealPage, Inc.^(20)Senior securedSF +3.00 %(f)7.96 %04/20284,962 4,946 0.3 4,823 
Road & Rail
Kenan Advantage Group, Inc.^Senior securedSF +3.25 %(f)8.10 %01/202914,922 14,931 0.9 14,897 
Software
Anaplan, Inc.^One stopSF +5.25 %(g)9.85 %06/202910,000 9,921 0.6 10,000 
Appfire Technologies, LLC*One stopSF +4.75 %(g)9.35 %03/202810,180 10,034 0.6 10,180 
Appfire Technologies, LLC^(5)One stopSF +4.75 %N/A(6)03/2028 (105)  
Apttus Corporation^(20)Senior securedSF +3.50 %(g)8.56 %05/20289,931 9,926 0.6 9,979 
AQA Acquisition Holding, Inc. ^(20)Senior securedSF +4.25 %(g)9.76 %03/202810,610 10,623 0.6 10,646 
Artifact Bidco, Inc.^One stopSF +4.50 %(g)9.10 %05/20315,024 4,975 0.3 4,974 
Artifact Bidco, Inc.^(5)One stopSF +4.50 %N/A(6)05/2031 (6) (6)
Artifact Bidco, Inc.^(5)One stopSF +4.50 %N/A(6)05/2030 (3) (3)
Artifact Bidco, Inc.^(5)One stopSF +4.50 %N/A(6)05/2030 (6) (6)
Axiom Merger Sub Inc.^(7)(8)One stopE + 4.75 %(b)(c)8.58 %04/20265,998 5,849 0.3 5,953 
Azul Systems, Inc.*Senior securedSF +4.50 %(g)9.25 %04/20273,000 3,000 0.2 3,000 
Azurite Intermediate Holdings, Inc.^One stopSF +6.50 %(f)11.35 %03/203111,226 11,025 0.6 11,226 
Azurite Intermediate Holdings, Inc.*One stopSF +6.50 %(f)11.35 %03/20317,718 7,611 0.4 7,718 
Azurite Intermediate Holdings, Inc.^(5)One stopSF +6.50 %N/A(6)03/2031 (39)  
Baxter Planning Systems, LLC^(19)One stopSF +6.25 %(g)8.12 % cash/3.38 %PIK05/203111,632 11,550 0.7 11,632 
Baxter Planning Systems, LLC^(5)One stopSF +6.25 %N/A(6)05/2031 (15)  
Baxter Planning Systems, LLC^(5)One stopSF +5.75 %N/A(6)05/2031 (17)  
BestPass, Inc.^One stopSF +5.25 %(f)10.10 %08/203136,600 36,421 2.1 36,417 
BestPass, Inc.^(5)One stopSF +5.25 %N/A(6)08/2031 (18) (18)
BestPass, Inc.^(5)One stopSF +5.25 %N/A(6)08/2031 (23) (24)
Bloomerang, LLC^One stopSF +6.00 %(f)10.85 %12/202910,189 10,100 0.6 10,189 
Bloomerang, LLC^(5)One stopSF +6.00 %N/A(6)12/2029 (20)  
Bloomerang, LLC^(5)One stopSF +6.00 %N/A(6)12/2029 (27)  
Bottomline Technologies, Inc.*One stopSF +5.25 %(f)10.10 %05/20294,925 4,809 0.3 4,875 
Bullhorn, Inc.*One stopSF +5.00 %(f)9.85 %10/20293,959 3,926 0.2 3,959 
Bullhorn, Inc.*One stopSF +5.00 %(f)9.85 %10/20293,959 3,927 0.2 3,959 
Camelia Bidco Limited^(7)(8)(9)One stopSN +5.50 %(e)10.45 %08/20304,793 4,481 0.3 4,793 
Camelia Bidco Limited^(7)(8)(9)One stopSN +5.50 %(e)10.45 %08/2030679 610  679 
Camelia Bidco Limited^(7)(8)(9)One stopA + 5.50 %(d)9.93 %08/2030307 282  307 
Camelia Bidco Limited^(5)(7)(8)(9)One stopSN +5.50 %N/A(6)08/2030 (20)  
CB Buyer, Inc.^One stopSF +5.25 %(g)9.85 %07/203132,269 31,958 1.9 32,269 
CB Buyer, Inc.^(5)One stopSF +5.25 %N/A(6)07/2031 (35)  
CB Buyer, Inc.^(5)One stopSF +5.25 %N/A(6)07/2031 (44)  
ConnectWise, LLC^(20)Senior securedSF +3.50 %(g)8.37 %10/202814,952 14,936 0.9 14,960 
Cornerstone OnDemand, Inc.^(7)(20)Senior securedSF +3.75 %(f)8.71 %10/20289,509 9,306 0.5 8,932 
Crewline Buyer, Inc.^One stopSF +6.75 %(g)11.35 %11/203024,193 23,877 1.4 24,193 
Crewline Buyer, Inc.^(5)One stopSF +6.75 %N/A(6)11/2030 (33)  
Daxko Acquisition Corporation*One stopSF +5.00 %(f)9.85 %10/202811,695 11,338 0.7 11,695 
Daxko Acquisition Corporation^One stopP + 4.00 %(a)12.00 %10/2028149 115  149 
Daxko Acquisition Corporation^(5)One stopSF +5.00 %N/A(6)10/2028 (70)  
Denali Bidco Limited^(7)(8)(9)One stopE + 5.50 %(b)8.85 %08/20303,879 3,643 0.2 3,879 
Denali Bidco Limited^(7)(8)(9)One stopSN +6.00 %(e)10.95 %08/20302,321 2,148 0.1 2,332 
Denali Bidco Limited^(7)(8)(9)One stopE + 6.00 %(b)9.35 %08/2030784 733  788 
See Notes to Consolidated Financial Statements

34


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Denali Bidco Limited^(7)(8)(9)One stopE + 6.00 %(b)9.35 %08/2030$560 $536  $$563 
Denali Bidco Limited^(5)(7)(8)(9)One stopSN +5.50 %N/A(6)08/2030 (37)  
EverCommerce Solutions, Inc.^(7)(20)Senior securedSF +3.00 %(f)7.96 %07/20288,143 8,164 0.5 8,163 
Evergreen IX Borrower 2023, LLC^One stopSF +4.75 %(g)9.35 %09/203011,795 11,485 0.7 11,677 
Evergreen IX Borrower 2023, LLC^One stopSF +4.75 %(g)9.35 %09/20303,682 3,646 0.2 3,645 
Evergreen IX Borrower 2023, LLC^(5)One stopSF +4.75 %N/A(6)10/2029 (34) (10)
Gurobi Optimization, LLC^One stopSF +4.75 %(f)(g)9.47 %09/203146,708 46,245 2.7 46,241 
Gurobi Optimization, LLC^(5)One stopSF +4.75 %N/A(6)09/2031 (39) (39)
Hornet Security Holding GMBH^(7)(8)(14)(19)One stopE + 7.00 %(c)5.91 % cash/4.50 %PIK02/203115,136 14,523 0.9 15,136 
Hornet Security Holding GMBH^(7)(8)(14)(19)One stopE + 7.00 %(b)(c)5.91 % cash/4.50 %PIK02/203110,088 9,680 0.6 10,088 
Hornet Security Holding GMBH^(7)(8)(14)One stopE + 6.50 %N/A(6)08/2030    
Hornet Security Holding GMBH^(5)(7)(8)(14)One stopE + 6.50 %N/A(6)02/2031 (55)  
Hyland Software, Inc.^One stopSF +6.00 %(f)10.85 %09/203028,473 28,110 1.6 28,473 
Hyland Software, Inc.^(5)One stopSF +6.00 %N/A(6)09/2029 (1) (1)
Icefall Parent, Inc.^One stopSF +6.50 %(f)11.35 %01/203022,333 21,937 1.3 22,333 
Icefall Parent, Inc.^(5)One stopSF +6.50 %N/A(6)01/2030 (38)  
Juvare, LLC*^One stopSF +6.25 %(g)11.46 %10/20265,568 5,395 0.3 5,401 
Kaseya Inc.*(19)One stopSF +5.50 %(g)10.75 %06/20298,151 8,025 0.5 8,151 
LeadsOnline, LLC*One stopSF +4.75 %(g)10.17 %02/20284,418 4,324 0.3 4,418 
LeadsOnline, LLC*One stopSF +4.75 %(g)9.45 %02/20282,253 2,243 0.1 2,253 
LeadsOnline, LLC^One stopSF +4.75 %(g)10.17 %02/2028780 763  780 
LeadsOnline, LLC^(5)One stopSF +4.75 %N/A(6)02/2028 (1)  
Matrix42 Holding GMBH^(7)(8)(11)One stopE + 6.25 %(c)9.92 %01/2030182 175  182 
Modena Buyer, LLC^(20)Senior securedSF +4.50 %(g)9.09 %07/203110,000 9,704 0.6 9,597 
Motus Group, LLC^(20)Senior securedSF +4.00 %(g)8.70 %12/20287,972 8,003 0.5 7,992 
Navex TopCo, Inc.*^One stopSF +5.50 %(f)10.60 %11/203023,044 22,643 1.3 23,044 
Navex TopCo, Inc.^(5)One stopSF +5.75 %N/A(6)11/2028 (34)  
Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(5)(7)(8)(12)One stopE + 5.75 %N/A(6)11/2029 (112)  
Panzura, LLC^(19)One stopN/A4.00 % cash/15.00 %PIK08/202759 54  49 
Personify, Inc.*One stopSF +5.25 %(g)10.00 %09/20257,473 7,460 0.4 7,473 
Pineapple German Bidco GMBH^(7)(8)(14)(19)One stopE + 7.00 %(b)10.51 %PIK01/203119,633 18,829 1.1 19,437 
Pineapple German Bidco GMBH^(7)(8)(14)(19)One stopE + 7.00 %(b)10.51 %PIK01/20314,669 4,432 0.3 4,593 
Pineapple German Bidco GMBH^(7)(8)(14)(19)One stopE + 7.00 %(b)10.51 %PIK01/20311,348 1,279 0.1 1,334 
Planview Parent, Inc.^(20)Senior securedSF +3.75 %(g)8.35 %12/202710,182 10,214 0.6 10,201 
Pluralsight, LLC^(19)One stopSF +7.50 %(g)12.57 %PIK08/20291,791 1,721 0.1 1,719 
Pluralsight, LLC^(19)One stopSF +4.50 %(g)8.12 % cash/1.50 %PIK08/20291,194 1,159 0.1 1,158 
Pluralsight, LLC^(19)One stopSF +4.50 %(g)9.62 % cash/1.50 %PIK08/2029597 597  579 
Pluralsight, LLC^(5)One stopSF +4.50 %N/A(6)08/2029   (9)
Pluralsight, LLC^(5)One stopSF +4.50 %N/A(6)08/2029   (22)
Proofpoint, Inc.^(20)Senior securedSF +3.00 %(f)7.85 %08/202813,126 13,137 0.8 13,134 
QAD, Inc.*One stopSF +4.75 %(f)9.60 %11/20279,848 9,848 0.6 9,848 
S2P Acquisition Borrower, Inc.^Senior securedSF +4.00 %(g)9.16 %08/20264,335 4,340 0.3 4,346 
SailPoint Technologies Holdings, Inc.^One stopSF +6.00 %(g)11.10 %08/202910,000 9,920 0.6 10,000 
Sapphire Bidco Oy^(7)(8)(13)One stopE + 5.50 %(b)9.20 %07/202914,477 14,074 0.8 14,477 
Telesoft Holdings LLC*One stopSF +5.75 %(f)10.70 %12/20265,687 5,632 0.3 5,687 
Togetherwork Holdings, LLC^One stopSF +5.25 %(f)10.10 %05/203144,877 44,504 2.6 44,877 
Togetherwork Holdings, LLC^(5)One stopSF +5.25 %N/A(6)05/2031 (53)  
Togetherwork Holdings, LLC^(5)One stopSF +5.25 %N/A(6)05/2031 (38)  
Transform Bidco Limited^(7)(9)One stopSF +7.00 %(g)12.31 %01/20317,818 7,712 0.4 7,720 
Transform Bidco Limited^(5)(7)(9)One stopSF +7.00 %N/A(6)06/2030 (16) (15)
Transform Bidco Limited^(5)(7)(9)One stopSF +7.00 %N/A(6)01/2031 (93) (95)
Vantage Bidco GMBH^(7)(8)(14)(19)One stopE + 6.25 %(b)6.47 % cash/3.13 %PIK04/203120,638 19,508 1.2 20,432 
Vantage Bidco GMBH^(5)(7)(8)(14)One stopE + 6.25 %N/A(6)10/2030 (48) (35)
Varinem German Midco GMBH^(7)(8)(14)One stopE + 6.00 %(c)9.67 %07/203126,204 25,417 1.5 25,942 
See Notes to Consolidated Financial Statements

35


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Varinem German Midco GMBH^(7)(8)(14)One stopE + 6.00 %N/A(6)07/2031$ $  %$ 
Workforce Software, LLC^(19)One stopSF +7.25 %(g)9.46 % cash/3.00 %PIK07/20259,427 9,355 0.5 9,427 
Zendesk, Inc.^One stopSF +5.00 %(g)9.69 %11/202810,260 10,260 0.6 10,260 
683,410 671,097 39.3 680,230 
Specialty Retail
Ashco, LLC^(20)Senior securedSF +3.75 %(f)8.71 %03/202815,902 15,925 0.9 15,920 
Ave Holdings III, Corp*^One stopSF +5.25 %(h)9.75 %02/202813,585 13,288 0.8 13,585 
Biscuit Parent, LLC^One stopSF +4.75 %(g)9.35 %02/203118,321 18,195 1.1 18,321 
Biscuit Parent, LLC^(5)One stopSF +4.75 %N/A(6)02/2031 (39)  
Cavender Stores L.P.*^Senior securedSF +5.00 %(g)9.60 %10/202924,193 23,992 1.4 24,193 
CVP Holdco, Inc.^One stopSF +5.00 %(f)9.85 %06/203132,806 32,491 1.9 32,806 
CVP Holdco, Inc.^(5)One stopSF +7.50 %N/A(6)06/2030 (33)  
CVP Holdco, Inc.^(5)One stopSF +7.50 %N/A(6)06/2031 (42)  
Med Parentco, LP^(20)Senior securedSF +4.00 %(f)8.85 %04/20315,000 5,021 0.3 5,014 
PetVet Care Centers LLC*One stopSF +6.00 %(f)10.85 %11/20309,332 9,169 0.5 8,866 
PetVet Care Centers LLC^(5)One stopSF +6.00 %N/A(6)11/2029 (24) (63)
PetVet Care Centers LLC^(5)One stopSF +6.00 %N/A(6)11/2030 (11)  
PPV Intermediate Holdings, LLC*One stopSF +5.75 %(g)10.81 %08/20294,988 4,908 0.3 4,988 
PPV Intermediate Holdings, LLC^(5)One stopSF +5.25 %N/A(6)08/2029 (55) (57)
Radiance Borrower, LLC^(19)One stopSF +5.75 %(f)7.85 % cash/2.75 %PIK06/203140,757 40,465 2.3 40,757 
Radiance Borrower, LLC^One stopSF +5.25 %(f)10.10 %06/2031776 744  776 
Southern Veterinary Partners, LLC^(20)Senior securedSF +3.75 %(g)8.35 %10/20277,725 7,710 0.4 7,750 
VSG Acquisition Corp. and Sherrill, Inc.*^One stopSF +5.50 %(g)11.01 %04/202824,373 24,014 1.4 23,642 
197,758 195,718 11.3 196,498 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.*One stopSF +6.25 %(g)11.73 %06/202811,640 11,205 0.6 10,389 
Marcone Yellowstone Buyer Inc.*One stopSF +6.25 %(g)11.73 %06/20284,924 4,740 0.3 4,395 
16,564 15,945 0.9 14,784 
Water Utilities
Vessco Midco Holdings, LLC^One stopSF +5.25 %(f)(h)10.22 %07/203115,577 15,425 0.9 15,421 
Vessco Midco Holdings, LLC^One stopSF +5.25 %(h)9.54 %07/2031762 736  710 
Vessco Midco Holdings, LLC^(5)One stopSF +5.25 %N/A(6)07/2031 (17) (17)
16,339 16,144 0.9 16,114 
Total debt investments3,276,268 3,235,069 187.8 3,253,855 





See Notes to Consolidated Financial Statements

36


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(16)(17)
Automobiles
CAP-KSI Holdings, LLC^Preferred stockN/AN/A06/2024N/A1,146 $1,146 0.1 %$1,146 
CAP-KSI Holdings, LLC^LP unitsN/AN/A06/2024N/A1,146    
Quick Quack Car Wash Holdings, LLC^LP unitsN/AN/A06/2024N/A417 417  439 
Quick Quack Car Wash Holdings, LLC^LLC unitsN/AN/A06/2024N/A83 83  87 
Yorkshire Parent, Inc.^LP unitsN/AN/A12/2023N/A 94  102 
1,740 0.1 1,774 
Commercial Services & Supplies
FR Vision Holdings, Inc.^LP unitsN/AN/A01/2024N/A 109  117 
Diversified Consumer Services
CHVAC Services Investment, LLC^Common stockN/AN/A05/2024N/A162 408 0.1 464 
Virginia Green Acquisition, LLC^LP unitsN/AN/A12/2023N/A73 73  83 
481 0.1 547 
Healthcare Technology
Amberfield Acquisition Co.^LLC unitsN/AN/A05/2024N/A450 450  452 
Hotels, Restaurants & Leisure
PB Group Holdings, LLC^LP unitsN/AN/A08/2024N/A113 262  262 
Insurance
Oakbridge Insurance Agency LLC^LP unitsN/AN/A11/2023N/A4 70  72 
Professional Services
Eclipse Buyer, Inc.^(18)Preferred stockN/A12.50%Non-Cash09/2024N/A 3,329 0.2 3,300 
Leisure Products
Movement Holdings, LLC^LLC unitsN/AN/A03/2024N/A 661  600 
Software
CB Buyer, Inc.^LP unitsN/AN/A07/2024N/A458 458  458 
Denali Bidco Limited^(7)(9)LP interestN/AN/A08/2023N/A75 98  144 
Gurobi Optimization, LLC^Common stockN/AN/A09/2024N/A 209  209 
Panzura, LLC^LLC unitsN/AN/A09/2023N/A1 4   
Pluralsight, LLC^LLC unitsN/AN/A08/2024N/A597 1,100 0.1 1,100 
Togetherwork Holdings, LLC^Preferred stockN/AN/A07/2024N/A545 2,384 0.2 2,408 
4,253 0.3 4,319 
Total equity investments11,355 0.7 11,443 
Total investments3,246,424 188.5 3,265,298 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)
4.8%(21)93,069 5.4 93,069 
Total money market funds93,069 5.4 93,069 
Total investments and money market funds$3,339,493 193.9 %$3,358,367 

See Notes to Consolidated Financial Statements

37


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the investment collateralizes the 2023 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2024, as the loan may have priced or repriced based on an index rate prior to September 30, 2024.
(a) Denotes that all or a portion of the contract was indexed to Prime, which was 8.00% as of September 30, 2024.
(b) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.
(c) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.
(d) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.
(e) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.
(f) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of September 30, 2024.
(g) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of September 30, 2024.
(h) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of September 30, 2024.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA which was 3.92% as of September 30, 2024.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2024.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 6.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, total non-qualifying assets at fair value represented 14.8% of the Company’s total assets calculated in accordance with the 1940 Act.
(8)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.
(9)The headquarters of this portfolio company is located in the United Kingdom.
(10)The headquarters of this portfolio company is located in Canada.
(11)The headquarters of this portfolio company is located in Luxembourg.
(12)The headquarters of this portfolio company is located in the Netherlands.
(13)The headquarters of this portfolio company is located in Finland.
(14)The headquarters of this portfolio company is located in Germany.
(15)The headquarters of this portfolio company is located in France.
(16)Equity investments are non-income producing securities, unless otherwise noted.
(17)Ownership of certain equity investments occurs through a holding company or partnership.
(18)The Company holds an equity investment that is income producing.
(19)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2024.
(20)The fair value of this investment was valued using Level 2 inputs. See Note 6.
(21)The rate shown is the annualized seven-day yield as of September 30, 2024.



See Notes to Consolidated Financial Statements

38


TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 1. Organization

Golub Capital Private Credit Fund (“GCRED” or the “Company”) is a Delaware statutory trust formed on May 13, 2022. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company commenced operations on June 30, 2023. The Company’s fiscal year end is September 30.

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

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

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

The accompanying 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, 2024, as filed with the SEC.

39


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

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

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.

Use of estimates: The preparation of the 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, GCRED Holdings LLC, GCRED Funding LLC, Golub Capital Private Credit Fund CLO (“2023 Issuer”), formerly GCP SG Warehouse 2022-1 (the “CLO Vehicle”), and Golub Capital Private Credit Fund CLO Depositor statutory trust in its consolidated financial statements.

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by the 2023 Issuer, a special purpose entity, that is consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entity have received security interests in such assets and such assets are not intended to be available to the creditors of GCRED (or any affiliate of GCRED).

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

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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.
Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

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

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire, but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the forward currency contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” on a net basis across all derivative instruments when a master netting agreement is in place, not taking into account collateral posted which is recorded separately, if applicable.
The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.
Refer to Note 5 for more information regarding the forward currency contracts.
Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments when a master netting agreement is in place, not taking into account collateral posted which is recorded separately, if applicable.

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

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
amounts over the life of the loan as interest income (“Discount Amortization”). For the three and six months ended March 31, 2025, the Company received Loan Origination Fees that were capitalized of $7,684 and $17,119, respectively. For the three and six months ended March 31, 2024, the Company received Loan Origination Fees that were capitalized of $5,647 and $10,337, respectively. For the three and six months ended March 31, 2025, interest income included $3,123 and $5,861, respectively, of Discount Amortization. For the three and six months ended March 31, 2024, interest income included $2,158 and $3,763, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2025, investment income included $4,817 and $9,474, respectively, of PIK interest and the Company capitalized PIK interest of $4,817 and $9,633, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2024, investment income included $1,114 and $1,669, respectively, of PIK interest and the Company capitalized PIK interest of $1,291 and $1,884, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three and six months ended March 31, 2025 as well as the three months ended March 31, 2024, fee income included no non-recurring prepayment premiums. For the six months ended March 31, 2024, fee income included $21 of non-recurring prepayment premiums. All other income is recorded into income when earned.

For the three and six months ended March 31, 2025, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amount of $97,978 and $183,366, respectively. For the three and six months ended March 31, 2024, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amount of $43,457 and $86,314, respectively.

Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. For the three and six months ended March 31, 2025, the Company recognized PIK and non-cash dividend income of $108 and $214, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024, the Company did not recognize any PIK and non-cash dividend income to be capitalized into the cost basis of certain preferred equity investments. For both the three and six months ended March 31, 2025 and 2024, the Company did not receive any cash payments of accrued and capitalized preferred dividends.

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

For the three and six months ended March 31, 2025 and 2024, the Company did not recognize any dividend income received in cash and did not receive any return of capital distributions in cash.

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

Non-accrual loans: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status.

Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of March 31, 2025 and September 30, 2024, 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 shareholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its shareholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2025, the Company did not record any U.S. federal excise tax expense. For the three and six months ended March 31, 2024, $91 and $109, respectively, was recorded for U.S. federal excise tax.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2025. The Company’s tax returns for the 2023 tax year remain subject to examination by U.S. federal and most state tax authorities.

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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then shareholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional Common Shares, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net offering price per share for such shares at the time the distribution is payable.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2025 and September 30, 2024, the Company had deferred debt issuance costs of $26,265 and $18,999, respectively. These amounts are amortized and included in “Interest and other debt financing expenses” in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2025 was $1,687 and $3,174, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2024 was $464 and $868, respectively.

Deferred offering costs: Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and amortized on a straight line basis. Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. For the three and six months ended March 31, 2025, the Company amortized $528 and $1,090, respectively, of deferred offering costs, which are included in “Professional fees” on the Consolidated Statements of Operations. For the three and six months ended March 31, 2024, the Company amortized $402 and $732, respectively, of deferred offering costs, which are included in “Professional fees” on the Consolidated Statements of Operations.

Segment reporting: In accordance with ASC Topic 280 - Segment Reporting (“ASC Topic 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.    
The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.
Recent accounting updates: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.

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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee.

Base Management Fee

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

The base management fee incurred for the three and six months ended March 31, 2025 was $7,055 and $13,117, respectively. The base management fee incurred for the three and six months ended March 31, 2024 was $3,063 and $5,156, respectively.

Incentive Fees

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

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

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

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

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

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);
100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of Pre-Incentive Fee Net Investment Income Returns that exceeds the hurdle rate but is less than 1.43% is referred to as the “catch-up” provision; and
12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Investment Adviser.

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

For the three and six months ended March 31, 2025, the Income Incentive Fee incurred was $7,074 and $12,901, respectively. For the three and six months ended March 31, 2024, the Income Incentive Fee incurred was $3,586 and $6,300, respectively.

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

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

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

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses. Each year, the fee paid for the Capital Gain Incentive Fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods.

For the three and six months ended March 31, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of March 31, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. There can be no assurance that any such unrealized capital appreciation will be realized in the future. For the three months ended March 31, 2025, the Company recorded a reversal of the capital gain incentive fee under GAAP of $945. For the six months ended March 31, 2025, the Company recorded an accrual of the capital gain incentive fee under GAAP of $328. For both the three and six months ended March 31, 2024, the Company recorded an accrual of the capital gain incentive fee under GAAP of $748. As of March 31, 2025 and September 30, 2024, there was $1,085 and $757, respectively, of cumulative accrual for the capital gain incentive fee under GAAP included in “Management and incentive fees payable” on the Consolidated Statements of Financial Condition.

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

Included in accounts payable and other liabilities is $1,268 and $762, as of March 31, 2025 and September 30, 2024, respectively, for accrued allocated shared services under the Administration Agreement.

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

Managing Dealer Agreement: The Company has entered into a Managing Dealer Agreement (the “Managing Dealer Agreement”) with Arete Wealth Management, LLC (the “Managing Dealer”). Under the terms of the Managing Dealer Agreement, the Managing Dealer manages relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of the Company’s Class I Shares, Class D Shares and Class S Shares (referred to as “participating brokers”), and financial advisors. The Managing Dealer is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the aggregate NAV attributable to Class S Shares and Class D Shares, respectively. No shareholder servicing and/or distribution fees are paid with respect to Class I Shares. The shareholder servicing and/or distribution fees are payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers. In addition, pursuant to the Managing Dealer Agreement, the Company pays the Managing Dealer certain fees for its services as Managing Dealer, including, a $250 fixed managing dealer fee that was paid for the first 15 months of the Public Offering in five equal quarterly installments following effectiveness of the Public Offering and a two basis point variable managing dealer fee that is payable quarterly in arrears on any new capital raised in the Public Offering following the expiration of the initial 15-month period of the Public Offering. Such fees are borne by all shareholders of the Company. For the three and six months ended March 31, 2025, the Company incurred $118 and $193, respectively, of fees to the Managing Dealer. For the three and six months ended March 31, 2024, the Company incurred $50 and $100, respectively, of fees to the Managing Dealer.

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

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

Distribution and Servicing Plan: On May 2, 2025, the Board re-approved a distribution and servicing plan (the “Distribution and Servicing Plan”) for an additional one-year period. The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S Shares, Class
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
D Shares and Class I Shares on an annualized basis as a percentage of the Company’s NAV for such class. The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of each applicable quarter. The shareholder servicing and/or distribution fees are calculated and paid separately for each class.
Shareholder Servicing and/or Distribution Fee Rate as a % of NAV
Class S Shares0.85%
Class D Shares0.25%
Class I SharesN/A

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

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

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

For the three and six months ended March 31, 2025, the Company incurred shareholder servicing and/or distribution fees of $230 and $402, respectively, which were attributable to Class S Shares. For the three and six months ended March 31, 2024, the Company did not incur any distribution and/or shareholder servicing fees.

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

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all Expense Support Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of the Company’s (i) net investment income calculated in accordance with GAAP, (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month.

The following tables present a summary of Expense Support Payments and the related Reimbursement Payments for the six months ended March 31, 2025 and 2024:
For the six months ended March 31, 2025
Expense Support Payments by Investment Adviser
Reimbursement Payments to Investment Adviser(1)
Unreimbursed Expense Support Payments
Total, beginning of period$1,924 $885 $1,039 
December 31, 2024   
March 31, 2025   
Total, end of period(2)
$1,924 $885 $1,039 
For the six months ended March 31, 2024
Expense Support Payments by Investment Adviser
Reimbursement Payments to Investment Adviser(1)
Unreimbursed Expense Support Payments
Total, beginning of period$1,257 $885 $372 
December 31, 2023667  667 
March 31, 2024   
Total, end of period(2)
$1,924 $885 $1,039 
(1) Reimbursement Payments to Investment Adviser are presented with associated Expense Support Payment and not in quarter of payment.
(2) Total includes cumulative Expense Support Payments and Reimbursement Payments since the Company’s commencement of operations.

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

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

On May 1, 2024, an affiliate of the Investment Adviser indirectly purchased $9,900 of Class I Shares through its ownership of a feeder vehicle.

On March 1, 2025, an affiliate of the Investment Adviser indirectly purchased $6,571 of Class I Shares through its ownership of a feeder vehicle.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator for the three and six months ended March 31, 2025 were $3,160 and $5,968, respectively. Total expenses reimbursed to the Administrator during both the three and six months ended March 31, 2024 were $230. As of March 31, 2025 and September 30, 2024, $4,326 and $3,847, respectively (which includes $1,039 of unreimbursed Expense Support Payments as of both March 31, 2025 and September 30, 2024), of reimbursable expenses were paid by the
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Administrator on behalf of the Company, were included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2025, permits the Company to borrow a maximum of $300,000 and expires on July 3, 2026. Refer to Note 7 for discussion of the Adviser Revolver.

Note 4. Investments

Investments as of March 31, 2025 and September 30, 2024 consisted of the following:
As of March 31, 2025As of September 30, 2024
  PrincipalAmortized
Cost
Fair
Value
PrincipalAmortized
Cost
Fair
Value
Senior secured$1,236,326 $1,235,776 $1,227,358 $728,440 $727,390 $726,380 
One stop3,680,412 3,634,807 3,658,669 2,538,097 2,498,133 2,517,780 
Second lien30,518 30,273 30,518 5,937 5,895 5,937 
Subordinated debt3,890 3,849 3,890 3,794 3,651 3,758 
EquityN/A20,061 21,057 N/A11,355 11,443 
Total$4,951,146 $4,924,766 $4,941,492 $3,276,268 $3,246,424 $3,265,298 





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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of March 31, 2025As of September 30, 2024
Amortized Cost:    
United States  
Mid-Atlantic$815,706 16.6 %$674,460 20.8 %
Midwest839,309 17.0 604,303 18.6 
Northeast325,697 6.6 246,041 7.6 
Southeast828,233 16.8 534,585 16.5 
Southwest686,360 13.9 383,689 11.8 
West861,346 17.5 526,728 16.2 
U.S. Territory2,007 0.0 *  
United Kingdom271,358 5.5 105,696 3.3 
Luxembourg6,946 0.2 20,915 0.6 
Canada88,114 1.8 12,971 0.4 
Netherlands19,211 0.4 6,338 0.2 
Finland36,350 0.8 14,074 0.4 
Germany127,359 2.6 100,076 3.1 
France16,770 0.3 16,548 0.5 
Total$4,924,766 100.0 %$3,246,424 100.0 %
Fair Value:      
United States  
Mid-Atlantic$819,058 16.6 %$676,883 20.7 %
Midwest841,258 17.0 605,988 18.6 
Northeast326,650 6.6 248,152 7.6 
Southeast830,493 16.8 535,988 16.4 
Southwest687,129 13.9 383,001 11.7 
West862,175 17.5 530,262 16.2 
U.S. Territory2,010 0.0 *  
United Kingdom273,555 5.6 109,426 3.4 
Luxembourg6,870 0.1 21,176 0.6 
Canada88,153 1.8 12,700 0.4 
Netherlands19,467 0.4 6,452 0.2 
Finland37,039 0.7 14,477 0.5 
Germany130,708 2.7 103,757 3.2 
France16,927 0.3 17,036 0.5 
Total$4,941,492 100.0 %$3,265,298 100.0 %

* Represents an amount less than 0.1%
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of March 31, 2025 and September 30, 2024 were as follows:
As of March 31, 2025As of September 30, 2024
Amortized Cost:  
Aerospace & Defense$54,108 1.1 %$28,584 0.9 %
Air Freight & Logistics50,366 1.0   
Airlines15,433 0.3 15,486 0.5 
Auto Components102,485 2.1 73,199 2.2 
Automobiles221,148 4.5 135,859 4.2 
Banks13,334 0.3 3,272 0.1 
Beverages40,783 0.8 15,399 0.5 
Capital Markets48,301 1.0 10,563 0.3 
Chemicals62,106 1.3 51,044 1.6 
Commercial Services & Supplies109,383 2.2 115,451 3.6 
Construction & Engineering41,822 0.9 8,182 0.2 
Construction Materials17,129 0.3 7,416 0.2 
Consumer Finance16,853 0.3 13,939 0.4 
Containers & Packaging81,379 1.7 51,470 1.6 
Diversified Consumer Services248,386 5.0 175,558 5.4 
Diversified Financial Services179,099 3.6 119,847 3.7 
Electric Utilities5,693 0.1   
Electrical Equipment25,232 0.5 498 0.0 *
Food & Staples Retailing10,308 0.2 10,344 0.3 
Food Products49,324 1.0 41,931 1.3 
Healthcare Equipment & Supplies206,525 4.2 121,486 3.7 
Healthcare Providers & Services315,376 6.4 210,972 6.5 
Healthcare Technology264,532 5.4 147,695 4.5 
Hotels, Restaurants & Leisure225,649 4.6 154,094 4.7 
Household Durables3,478 0.1   
Household Products9,255 0.2 8,169 0.3 
Industrial Conglomerates87,516 1.8 83,539 2.6 
Insurance252,359 5.1 218,035 6.7 
IT Services183,228 3.7 148,053 4.6 
Leisure Products87,566 1.8 88,929 2.7 
Life Sciences Tools & Services51,190 1.0 51,389 1.6 
Machinery49,015 1.0 42,739 1.3 
Media22,653 0.5 12,690 0.4 
Oil, Gas & Consumable Fuels12,201 0.2 26,664 0.8 
Personal Products9,030 0.2 2,006 0.1 
Pharmaceuticals100,919 2.1 19,233 0.6 
Professional Services144,157 2.9 109,655 3.4 
Real Estate Management & Development4,923 0.1 4,946 0.2 
Road & Rail19,839 0.4 14,931 0.5 
Software1,135,984 23.1 675,350 20.8 
Specialty Retail248,402 5.0 195,718 6.0 
Trading Companies & Distributors16,137 0.3 15,945 0.5 
Transportation Infrastructure62,374 1.3   
Water Utilities 19,786 0.4 16,144 0.5 
Total$4,924,766 100.0 %$3,246,424 100.0 %
* Represents an amount less than 0.1%
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2025As of September 30, 2024
Fair Value:    
Aerospace & Defense$53,750 1.1 %$28,599 0.9 %
Air Freight & Logistics50,824 1.0   
Airlines15,355 0.3 15,468 0.5 
Auto Components102,255 2.1 73,845 2.3 
Automobiles222,979 4.5 137,696 4.2 
Banks13,465 0.3 3,336 0.1 
Beverages39,441 0.8 14,700 0.4 
Capital Markets48,254 1.0 10,690 0.3 
Chemicals59,077 1.2 48,219 1.5 
Commercial Services & Supplies110,368 2.2 117,076 3.6 
Construction & Engineering41,726 0.8 8,207 0.3 
Construction Materials16,946 0.3 7,343 0.2 
Consumer Finance16,742 0.3 13,919 0.4 
Containers & Packaging80,739 1.6 51,741 1.6 
Diversified Consumer Services246,931 5.0 175,767 5.4 
Diversified Financial Services179,547 3.6 121,132 3.7 
Electric Utilities5,653 0.1   
Electrical Equipment25,540 0.5 509 0.0 *
Food & Staples Retailing10,026 0.2 10,062 0.3 
Food Products49,820 1.0 42,429 1.3 
Healthcare Equipment & Supplies207,964 4.2 121,761 3.7 
Healthcare Providers & Services316,461 6.4 213,140 6.5 
Healthcare Technology266,809 5.4 149,233 4.6 
Hotels, Restaurants & Leisure226,236 4.6 154,457 4.7 
Household Durables3,384 0.1   
Household Products9,378 0.2 8,350 0.3 
Industrial Conglomerates86,967 1.8 83,621 2.5 
Insurance253,990 5.1 219,224 6.7 
IT Services184,122 3.7 149,165 4.6 
Leisure Products87,808 1.8 89,279 2.7 
Life Sciences Tools & Services51,703 1.0 51,626 1.6 
Machinery48,652 1.0 42,770 1.3 
Media22,420 0.5 12,593 0.4 
Oil, Gas & Consumable Fuels12,357 0.3 26,839 0.8 
Personal Products9,010 0.2 2,004 0.1 
Pharmaceuticals102,941 2.1 19,502 0.6 
Professional Services144,527 2.9 109,331 3.3 
Real Estate Management & Development4,877 0.1 4,823 0.1 
Road & Rail19,774 0.4 14,897 0.5 
Software1,145,275 23.2 684,549 21.0 
Specialty Retail249,627 5.1 196,498 6.0 
Trading Companies & Distributors15,506 0.3 14,784 0.5 
Transportation Infrastructure62,344 1.3   
Water Utilities 19,922 0.4 16,114 0.5 
Total$4,941,492 100.0 %$3,265,298 100.0 %
* Represents an amount less than 0.1%


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TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 5. Derivatives

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.
Forward Currency Contracts
The outstanding forward currency contracts as of March 31, 2025 were as follows:
As of March 31, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciationUnrealized depreciation
Morgan Stanley Capital Services LLC£33,200 GBP$42,765 USD4/15/2027$129 $ 
$129 $ 
Regions Bank£3,500 GBP$4,426 USD11/16/2026$ $(77)
Regions Bank22,000 EUR$24,053 USD12/16/2026 (484)
Regions Bank6,400 EUR$6,936 USD12/24/2026 (204)
Regions Bank24,300 EUR$27,574 USD4/14/2027338  
$338 $(765)
There were no outstanding forward currency contracts as of September 30, 2024.
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and six months ended March 31, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2025202420252024
Foreign exchange$ $ $ $ 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2025202420252024
Foreign exchange$(1,897)$ $(298)$ 
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and six months ended March 31, 2025 and 2024:
Average U.S. Dollar notional outstandingThree months ended March 31,Six months ended March 31,
2025202420252024
Forward currency contracts$65,365 $ $49,039 $ 
Interest Rate Swaps

On May 8, 2024, in connection with the 2027 Tranche A Notes (as defined in Note 7) of the 2027 Notes (as defined in Note 7), the Company entered into interest rate swap agreements with Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC”) to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 7.12% and pays SMBC a floating interest rate of three-month Term SOFR plus 2.5975% on the first $225,000 of the 2027 Tranche A Notes and (ii) receives a fixed interest rate of 7.12% and pays Macquarie a floating interest rate of three-month Term SOFR plus 2.644% on the second $75,000 of the 2027 Tranche A Notes. The interest rate swap with SMBC as counterparty terminates on September 18, 2027
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
and the interest rate swap with Macquarie as counterparty terminates on September 20, 2027. The Company designated these interest rate swaps and the 2027 Tranche A Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2027 Notes.

On September 5, 2024, in connection with the 2029 Notes (as defined in Note 7), the Company entered into interest rate swap agreements with Regions Bank (“Regions”) and Macquarie to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 6.046% and pays Regions a floating interest rate of three-month Term SOFR plus 2.7875% on the first $350,000 of the 2029 Notes and (ii) receives a fixed interest rate of 6.046% and pays Macquarie a floating interest rate of three-month Term SOFR plus 2.770% on the second $150,000 of the 2029 Notes. The interest rate swap agreements terminate on August 12, 2029. The Company designated these interest rate swaps and the 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2029 Notes.

On February 19, 2025, in connection with the 2030 Notes (as defined in Note 7), the Company entered into interest rate swap agreements with SMBC and Morgan Stanley Capital Services LLC (“Morgan Stanley”) to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 5.875% and pays SMBC a floating interest rate of SOFR plus 1.727% on the first $350,000 of the 2030 Notes and (ii) receives a fixed interest rate of 5.875% and pays Morgan Stanley a floating interest rate of SOFR plus 1.745% on the second $150,000 of the 2030 Notes. The interest rate swap agreements terminate on May 1, 2030. The Company designated these interest rate swaps and the 2030 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2030 Notes.

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. For the three and six months ended March 31, 2025, the net unrealized gain/(loss) related to the fair value hedge was $452 and $(2,746), respectively, which is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. There was no net unrealized gain/(loss) related to the fair value hedge for the three and six months ended March 31, 2024. The table below presents the components of the net unrealized gain/(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2027 Tranche A Notes, 2029 Notes and 2030 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and six months ended March 31, 2025. There were no derivatives designated in a qualifying hedge accounting relationship for the three and six months ended March 31, 2024.
Three months ended March 31,Six months ended March 31,
2025202420252024
Hedging instruments (Interest rate swaps)$20,680 $ $(4,948)$ 
Hedged items (Unsecured notes)(20,228) 2,202  
Fair market value adjustments for hedge accounting recognized in interest expense$452 $ $(2,746)$ 

The outstanding interest rate swap contracts as of March 31, 2025 and September 30, 2024 were as follows:
As of March 31, 2025
CounterpartyNotional AmountMaturity DateUnrealized
Appreciation
Unrealized
Depreciation
SMBC Capital Markets, Inc.
$225,000 9/18/2027$4,033 $ 
SMBC Capital Markets, Inc.
350,000 5/1/20306,795  
$10,828 $ 
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Regions Bank
350,000 8/12/2029$ $(6,488)
$ $(6,488)
Macquarie Bank Limited
75,000 9/20/2027$1,260 $ 
Macquarie Bank Limited
150,000 8/12/2029 (2,674)
$1,260 $(2,674)
Morgan Stanley Capital Services LLC
150,000 5/1/2030$2,787 $ 
$2,787 $ 
As of September 30, 2024
CounterpartyNotional AmountMaturity DateUnrealized
Appreciation
Unrealized
Depreciation
SMBC Capital Markets, Inc.
$225,000 9/18/2027$10,520 $ 
$10,520 $ 
Regions Bank
350,000 8/12/2029$ $(1,963)
$ $(1,963)
Macquarie Bank Limited
75,000 9/20/2027$2,351 $ 
Macquarie Bank Limited
150,000 8/12/2029 (247)
$2,351 $(247)

The table below presents the carrying value of the 2027 Tranche A Notes, 2029 Notes and 2030 Notes as of March 31, 2025 and September 30, 2024 that is designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:
As of March 31, 2025
As of September 30, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2027 Tranche A Notes$304,970 $4,970 $308,872 $8,872 
2029 Notes487,623 (7,714)494,984 169 
2030 Notes503,863 9,582   

Offsetting Derivatives

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

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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of March 31, 2025, there was $2,580 of collateral pledged for derivatives included in other assets on the Consolidated Statements of Financial Condition. There was no collateral pledged for derivatives as of September 30, 2024. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2025 and September 30, 2024.
As of March 31, 2025
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged (1)
Net Amounts(2)
Regions BankNet unrealized depreciation on derivatives$338 $(7,253)$(6,915)$ $(6,915)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives10,828  10,828  10,828 
Macquarie Bank LimitedNet unrealized depreciation on derivatives1,260 (2,674)(1,414)1,414  
Morgan Stanley Capital Services LLC
Net unrealized appreciation on derivatives2,916  2,916  2,916 
As of September 30, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged (1)
Net Amounts(2)
Regions BankNet unrealized depreciation on derivatives$ $(1,963)$(1,963)$ $(1,963)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives10,520  10,520  10,520 
Macquarie Bank LimitedNet unrealized appreciation on derivatives2,351 (247)2,104  2,104 
(1) The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company could cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the
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TABLE OF CONTENTS
Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: 
Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3:     Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. During the six months ended March 31, 2025, certain debt investments with a fair value of $7,974 transferred from Level 3 to Level 2 of the fair value hierarchy. During the six months ended March 31, 2024, certain debt investments with a fair value of $5,651 transferred from Level 2 to Level 3 of the fair value hierarchy. The transfers into or out of Level 3 were primarily due to decreased or increased transparency of the observable prices for both the six months ended March 31, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of March 31, 2025, $1,071,457 and $3,870,035 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2024, $615,715 and $2,649,583 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of March 31, 2025 and September 30, 2024, all interest rate swaps were valued using Level 2 inputs and all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs. As of March 31, 2025, all forward currency contracts were valued using Level 2 inputs.

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

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

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

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of March 31, 2025 and September 30, 2024:

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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2025
Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$ $1,071,457 $3,848,978 $4,920,435 
Equity investments(1)
  21,057 21,057 
Money market funds(1)(2)
43,385   43,385 
Forward currency contracts 467  467 
Interest rate swaps 14,875  14,875 
Total assets, at fair value:$43,385 $1,086,799 $3,870,035 $5,000,219 
Liabilities, at fair value:
Forward currency contracts$ $(765)$ $(765)
Interest rate swaps (9,162) (9,162)
Total liabilities, at fair value:$ $(9,927)$ $(9,927)
As of September 30, 2024
Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$ $615,715 $2,638,140 $3,253,855 
Equity investments(1)
  11,443 11,443 
Money market funds(1)(2)
93,069   93,069 
Interest rate swaps 12,871  12,871 
Total assets, at fair value:$93,069 $628,586 $2,649,583 $3,371,238 
Liabilities, at fair value:
Interest rate swaps$ $(2,210)$ $(2,210)
Total liabilities, at fair value:$ $(2,210)$ $(2,210)
(1) Refer to the Consolidated Schedules of Investments for further details.
(2) Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2025 was $15,426 and $7,078, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2024 was $5,385 and $7,105, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2025 and 2024.
For the six months ended March 31, 2025
Debt
Investments
Equity
Investments
Total
Investments
Fair value, beginning of period$2,638,140 $11,443 $2,649,583 
Net change in unrealized appreciation (depreciation) on investments8,547 908 9,455 
Net translation of investments in foreign currencies(4,627) (4,627)
Realized gain (loss) on investments3  3 
Realized gain (loss) on translation of investments in foreign currencies(297) (297)
Fundings of (proceeds from) revolving loans, net10,062  10,062 
Purchases and fundings of investments1,338,661 8,492 1,347,153 
PIK interest and non-cash dividends9,633 214 9,847 
Proceeds from principal payments and sales of portfolio investments(148,967) (148,967)
Accretion of discounts and amortization of premiums5,797  5,797 
Transfers out of Level 3(1)
(7,974) (7,974)
Fair value, end of period$3,848,978 $21,057 $3,870,035 
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the six months ended March 31, 2024
Debt
Investments
Equity
Investments
Total
Investments
Fair value, beginning of period$1,038,605 $94 $1,038,699 
Net change in unrealized appreciation (depreciation) on investments5,581 39 5,620 
Net translation of investments in foreign currencies970  970 
Realized gain (loss) on investments(38) (38)
Realized gain (loss) on translation of investments in foreign currencies18  18 
Fundings of (proceeds from) revolving loans, net691  691 
Purchases and fundings of investments550,145 1,007 551,152 
PIK interest and non-cash dividends1,754  1,754 
Proceeds from principal payments and sales of portfolio investments(86,878) (86,878)
Accretion of discounts and amortization of premiums3,689  3,689 
Transfers into Level 3(1)
5,651  5,651 
Fair value, end of period$1,520,188 $1,140 $1,521,328 
(1) Transfers between levels are recognized at the beginning of the period in which the transfers occur.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2025 and September 30, 2024:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value as of
March 31, 2025
Valuation TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets:
Senior secured loans$89,962 Yield analysisMarket interest rate
8.5% - 10.0% (8.9%)
Market comparable companiesEBITDA multiples
6.5x - 20.0x (12.5x)
65,939 Broker quotesBroker quotesN/A
One stop loans(2)(3)
$3,609,612 Yield analysisMarket interest rate
4.0% - 20.0% (9.3%)
Market comparable companiesEBITDA multiples
5.4x - 38.0x (15.9x)
Market comparable companiesRevenue multiples
1.5x - 16.0x (8.3x)
49,057 Broker quotesBroker quotesN/A
Subordinated debt and second lien loans$34,408 Yield analysisMarket interest rate
9.3% - 15.0% (10.0%)
Market comparable companiesEBITDA multiples
10.0x - 24.0x (14.8x)
Equity(4)
$21,057 Market comparable companiesEBITDA multiples
8.5x - 23.0x (14.8x)
Revenue multiples
1.5x - 11.6x (3.1x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)The Company valued $3,115,675 and $493,937 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(3)$12,944 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $19,371 and $1,686 of equity investments using EBITDA and revenue multiples, respectively.
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Golub Capital Private Credit Fund 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, 2024
Valuation TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets:
Senior secured loans$59,113 Yield analysisMarket interest rate
8.5% - 12.3% (9.4%)
Market comparable companiesEBITDA multiples
6.5x - 20.0x (10.3x)
51,552 Broker quotesBroker quotesN/A
One stop loans(2)
$2,463,600 Yield analysisMarket interest rate
6.3% - 21.0% (9.3%)
Market comparable companiesEBITDA multiples
8.0x - 38.0x (16.1x)
Market comparable companiesRevenue multiples
1.5x - 16.5x (7.8x)
54,180 Broker quotesBroker quotesN/A
Subordinated debt and second lien loans$9,695 Yield analysisMarket interest rate
10.8% - 15.0% (11.7%)
Market comparable companiesEBITDA multiples
9.9x - 24.0x (14.3x)
Equity(3)
$11,443 Market comparable companiesEBITDA multiples
9.0x - 22.7x (15.6x)
Revenue multiples
1.5x - 2.8x (1.5x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)The Company valued $2,205,794 and $257,806 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(3)The Company valued $10,343 and $1,100 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan could have been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2029 Notes and 2030 Notes are based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

The following are the carrying values and fair values of the Company’s debt as of March 31, 2025 and September 30, 2024:

As of March 31, 2025
As of September 30, 2024
  Carrying ValueFair ValueCarrying ValueFair Value
Debt(1)
$2,279,906 $2,306,313 $1,588,492 $1,594,735 
(1)As of March 31, 2025, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2027 Tranche A Notes, 2029 Notes and 2030 Notes. As of September 30, 2024, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2027 Tranche A Notes and 2029 Notes. See Note 5 for additional information.

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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On May 17, 2023, the Company’s sole shareholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding common shares. As a result of such approval, effective as of May 18, 2023, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of March 31, 2025, the Company’s asset coverage for borrowed amounts was 207.0%.

2023 Debt Securitization: On September 21, 2023, the Company completed a $693,620 term debt securitization (the “2023 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by the 2023 Issuer and are backed by a diversified portfolio of senior secured and second lien loans. The 2023 Notes offered in the 2023 Debt Securitization consist of $395,500 of AAA Class A-1 Notes (the “Class A-1 Notes”), which bear interest at three-month term SOFR plus 2.40%; $38,500 of AAA Class A-2 Notes (the “Class A-2 Notes”), which bear interest at three-month term SOFR plus 2.30%; and $259,620 of subordinated notes, which do not bear interest (the “Subordinated 2023 Notes”). The Company indirectly retained all of the Subordinated 2023 Notes which were eliminated in consolidation. On September 9, 2024, the Company sold the previously retained Class A-2 Notes to a third party. The Class A-1 Notes and Class A-2 Notes are included in the March 31, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through October 26, 2027, all principal collections received on the underlying collateral may be used by the 2023 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2023 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2023 Debt Securitization, allowing the Company to maintain the initial leverage in the 2023 Debt Securitization. The Class A-1 and Class A-2 Notes are due on October 26, 2035. The Subordinated 2023 Notes are due in 2123.

As of March 31, 2025 and September 30, 2024, there were 70 portfolio companies with total fair value of $675,293 and $688,016, respectively, securing the 2023 Notes. The pool of loans in the 2023 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the 2023 Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of March 31, 2025 based on the last interest rate reset was 4.3%.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2023 Debt Securitization were as follows:
Three months ended March 31,Six months ended March 31,
2025202420252024
Stated interest expense$7,359 $7,737 $15,348 $15,586 
Accretion of discounts on notes issued24  48  
Amortization of debt issuance costs111 112 224 225 
Total interest and other debt financing expenses$7,494 $7,849 $15,620 $15,811 
Cash paid for interest expense$7,689 $10,834 $16,381 $10,834 
Annualized average stated interest rate
6.9 %7.9 %7.1 %7.9 %
Average outstanding balance$434,000 $395,500 $434,000 $395,500 

As of March 31, 2025, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1 and A-2 Notes are as follows:
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

DescriptionClass A-1 NotesClass A-2 Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$395,500$38,500
S&P Rating“AAA”“AAA”
Fitch Rating “AAA”“NR”
Interest Rate
SOFR + 2.40%
SOFR + 2.30%

The Investment Adviser serves as collateral manager to the 2023 Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2023 Issuer for rendering such collateral management services.

SMBC Credit Facility: On September 6, 2023, the Company entered into a senior secured revolving credit facility (the “SMBC Credit Facility”) with the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. As of March 31, 2025, the SMBC Credit Facility allowed the Company to borrow up to $1,440,000 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions, which includes a term loan commitment of $50,000. Under the SMBC Credit Facility, the lenders have agreed to provide the Company with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide additional commitments up to $2,000,000. On November 22, 2024, the Company entered into the third amendment to the SMBC Credit Facility (the “Third SMBC Amendment”). The Third SMBC Amendment, among other things, (a) increased the total commitment facility amount from $1,115,000 to $1,240,000 through the addition of new lenders, (b) extended the maturity date to November 22, 2029, (c) reduced the applicable margin on borrowings under the SMBC Credit Facility to 0.875% for any ABR Loan (as defined in the SMBC Credit Facility) and 1.875% for any Term Benchmark Loan or RFR Loan (as defined in the SMBC Credit Facility) and (d) reduced the commitment fee on the daily unused portion of commitments to 0.35% per annum. On March 5, 2025, the Company entered into an agreement with new lenders to increase aggregate commitments under the SMBC Credit Facility from $1,240,000 to $1,440,000 through the accordion feature under the SMBC Credit Facility, which includes a term loan commitment that was increased from $37,500 to $50,000.

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

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

Borrowings under the SMBC Credit Facility bear interest at the applicable base rate plus a margin of either 0.875% or 1.875%. The applicable base rate under the SMBC Credit Facility is (i) SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling, (iii) EURIBOR with respect to any advances denominated in euros, and (iv) the relevant rate as defined in the SMBC Credit Facility for borrowings in other currencies. Borrowings under the SMBC Credit Facility in U.S. Dollars and U.K. pound sterling could also be subject to a flat credit adjustment spread of 0.10% and 0.0326%, respectively. Borrowings under the SMBC Credit Facility in Canadian Dollars could also be subject to a flat credit adjustment spread of 0.29547% for one month tenor loans and 0.32138% for three month tenor loans.
The Company pays a commitment fee of 0.35% per annum on the daily unused portion of commitments under the SMBC Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the SMBC Credit Facility. The Company may request borrowings on the SMBC Credit Facility (the “Availability Period”) through November 22, 2028 (the “Commitment Termination Date”), and the SMBC Credit Facility requires mandatory prepayment of interest and principal upon certain events during the term-out period commencing on the Commitment Termination Date. The SMBC Credit Facility matures on November 22, 2029.
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2025 and September 30, 2024, the Company had outstanding debt of $423,411 and $223,854, respectively, and no letters of credit outstanding under the SMBC Credit Facility.

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the SMBC Credit Facility were as follows:
Three months ended March 31,Six months ended March 31,
2025202420252024
Stated interest expense$8,311 $5,171 $13,541 $10,789 
Facility fees628 340 1,435 643 
Amortization of debt issuance costs755 352 1,369 643 
Total interest and other debt financing expenses$9,694 $5,863 $16,345 $12,075 
Cash paid for interest expense$9,027 $5,674 $15,173 $10,865 
Annualized average stated interest rate(1)
6.0 %7.3 %5.8 %7.4 %
Average outstanding balance$564,783 $285,449 $464,815 $290,525 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

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

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

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

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31,Six months ended March 31,
2025202420252024
Stated interest expense$7,448 $ $15,060 $ 
Net contractual interest rate swap expense(89) 252  
Net (gain)/loss related to fair value hedge(307) 3,676  
Amortization of debt issuance costs418  873  
Total interest and other debt financing expenses$7,470 $ $19,861 $ 
Cash paid (received) for interest expense(1)
$15,978 $ $15,960 $ 
Annualized average interest rate swap and stated interest rate(2)
7.0 %N/A7.2 %N/A
Average outstanding balance$425,883 $ $427,840 $ 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.
(2)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

2029 Notes: On September 12, 2024, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2029 Notes”). As of March 31, 2025, the outstanding aggregate principal amount of the 2029 Notes was $500,000. The 2029 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 12 and September 12 of each year, commencing on March 12, 2025. The 2029 Notes mature on September 12, 2029.

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

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

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

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31,Six months ended March 31,
2025202420252024
Stated interest expense$7,250 $ $14,500 $ 
Net contractual interest rate swap expense1,385  3,552  
Net (gain)/loss related to fair value hedge(145) (930) 
Accretion of discounts on notes issued258  522  
Amortization of debt issuance costs277  582  
Total interest and other debt financing expenses$9,025 $ $18,226 $ 
Cash paid (received) for interest expense(1)
$8,353 $ $18,124 $ 
Annualized average interest rate swap and stated interest rate
7.0 %N/A7.2 %N/A
Average outstanding balance$500,000 $ $500,000 $ 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

2030 Notes: On February 24, 2025, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2030 Notes”). As of March 31, 2025, the outstanding aggregate principal amount of the 2030 Notes was $500,000. The 2030 Notes bear interest at a rate of 5.875% per year payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2025. The 2030 Notes mature on May 1, 2030.

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

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

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

For the three and six months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2030 Notes were as follows:

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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31,Six months ended March 31,
2025202420252024
Stated interest expense$3,019 $ $3,019 $ 
Net contractual interest rate swap expense11  11  
Net (gain)/loss related to fair value hedge    
Accretion of discounts on notes issued111  111  
Amortization of debt issuance costs126  126  
Total interest and other debt financing expenses$3,267 $ $3,267 $ 
Cash paid (received) for interest expense(1)
$ $ $ $ 
Annualized average interest rate swap and stated interest rate
6.1 %N/A6.1 %N/A
Average outstanding balance$200,000 $ $98,901 $ 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2025, permitted the Company to borrow up to $300,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of July 3, 2026. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of March 31, 2025 was 4.2%. As of March 31, 2025 and September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2025 and 2024, the stated interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended March 31,Six months ended March 31,
2025202420252024
Stated interest expense$ $1 $ $1 
Cash paid for interest expense 1  1 
Annualized average stated interest rate
N/A4.9 %N/A5.0 %
Average outstanding balance$ $77 $ $57 

For the three and six months ended March 31, 2025, the average total debt outstanding was $2,124,666 and $1,925,556, respectively. For the three and six months ended March 31, 2024, the average total debt outstanding was $681,026 and $686,082, respectively.

For the three and six months ended March 31, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2029 Notes and 2030 Notes, on the Company’s total debt was 7.1% and 7.4%, respectively. For both the three and six months ended March 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company’s total debt was 8.1%.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2025 is as follows:
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Payments Due by Period
  TotalLess Than
1 Year
1 – 3 Years3 – 5 YearsMore Than
5 Years
2023 Debt Securitization(1)
$432,990 $ $ $ $432,990 
SMBC Credit Facility423,411   423,411  
2027 Notes(2)
432,019  432,019   
2029 Notes(1)(2)
487,623   487,623  
2030 Notes(1)(2)
503,863    503,863 
Total borrowings$2,279,906 $ $432,019 $911,034 $936,853 
(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.
(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

Note 8. Commitments and Contingencies

Commitments: As of March 31, 2025, the Company had outstanding commitments to fund investments totaling $1,229,650, including $283,310 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $676,610, including $174,900 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts and interest rate swap agreements as of March 31, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

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

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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 9. Financial Highlights

The financial highlights for the Company are as follows:

Six months ended March 31,
20252024
Per share data:(1)
Class IClass S^^Class I
Net asset value at beginning of period $25.10 $25.10 $25.00 
Distributions declared:(2)
From net investment income - after tax(1.16)(1.05)(1.31)
Net investment income - after tax1.07 1.08 1.31 
Net realized gain (loss) on investment transactions(0.01)(0.00) ^0.00 ^
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.05 0.03 0.17 
Distribution and shareholder servicing fees (0.11) 
Net asset value at end of period$25.05 $25.05 $25.17 
Total return based on net asset value per share(4)
4.67 %4.09 %6.02 %
Number of common shares outstanding93,061,716.578 4,840,168.159 41,822,979.970 

Six months ended March 31,
20252024
Listed below are supplemental data and ratios to the financial highlights:Class IClass S^^Class I
Ratio of net investment income - after tax to average net assets*(5)
8.56 %7.74 %10.43 %
Ratio of total expenses to average net assets*(5)(6)(7)
9.73 %10.55 %9.82 %
Ratio of incentive fees to average net assets(6)
0.63 %0.62 %0.85 %
Ratio of excise tax to average net assets(6)
 % %0.01 %
Ratio of net expenses to average net assets*(5)(6)(7)
9.73 %10.55 %9.82 %
Ratio of total expenses (without incentive fees) to average net assets*(5)(7)
9.10 %9.93 %8.97 %
Total return based on average net asset value(5)(8)
4.39 %3.93 %6.00 %
Total return based on average net asset value - annualized*(5)(8)
8.80 %7.88 %12.01 %
Net assets at end of period$2,331,309 $121,254 $1,052,745 
Average debt outstanding(9)
$1,925,556 $1,925,556 $686,082 
Average debt outstanding per share(9)
$22.92 $22.92 $20.78 
Portfolio Turnover*(9)
11.13 %11.13 %12.54 %
Asset coverage ratio(9)(10)
207.02 %207.02 %223.13 %
Asset coverage ratio per unit(9)(11)
$2,070 $2,070 $2,231 
Average market value per unit(9)(12):
2023 Debt SecuritizationN/AN/AN/A
SMBC Credit FacilityN/AN/AN/A
2027 NotesN/AN/AN/A
2029 Notes$985 $985 N/A
2030 Notes$1,003 $1,003 N/A
Adviser RevolverN/AN/AN/A
*    Annualized for a period less than one year, unless otherwise noted.
^ Represents an amount less than $0.01.
^^ The date of the first sale of Class S Shares was April 1, 2024. See Note 10 for additional information.
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period.
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.
(4)Total return based on net asset value per share assumes distributions are reinvested in accordance with the DRIP and is not annualized. Total return does not include sales load.
(5)The Class S Shares calculation includes the impact of distribution and shareholder servicing fees. No distribution and shareholder servicing fees are paid with respect to Class I Shares.
(6)Incentive fees and excise tax are not annualized in the calculation.
(7)The calculation excludes the net effect of expense support and expense support recoupment, which represented 0.00% and 0.03% of average net assets for the six months ended March 31, 2025 and 2024, respectively.
(8)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(9)Represents a fund level calculation applicable to both Class I Shares and Class S Shares.
(10)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.
(11)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(12)Not applicable because such senior securities are not registered for public trading, with the exception of the 2029 Notes and 2030 Notes. The average market value per unit calculated for the 2029 Notes and 2030 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 10. Net Assets

Share Issuances

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

The following table summarizes the Common Shares issued and net proceeds from the Public Offering during the six months ended March 31, 2025 and 2024.
Class I
Subscriptions EffectiveShares IssuedNet Proceeds
For the six months ended March 31, 2025
October 1, 20243,715,048.849 $93,248 
November 1, 20243,559,514.265 89,201 
December 1, 20244,109,876.708 103,076 
January 1, 20253,649,429.106 91,747 
February 1, 20255,145,177.451 129,247 
March 1, 20256,030,716.003 151,371 
26,209,762.382 $657,890 
For the six months ended March 31, 2024
November 1, 202397,680.000 $2,442 
December 1, 20231,094,615.081 27,442 
January 1, 20249,936,232.788 249,101 
February 1, 20241,705,939.025 42,683 
March 1, 20242,456,196.864 61,552 
15,290,663.758 $383,220 
Class S
Subscriptions EffectiveShares IssuedNet Proceeds
For the six months ended March 31, 2025
October 1, 2024362,866.736 $9,108 
November 1, 2024223,271.196 5,595 
December 1, 2024198,547.367 4,980 
January 1, 2025419,296.357 10,541 
February 1, 2025300,705.861 7,553 
March 1, 2025627,888.448 15,760 
2,132,575.965 $53,537 

In connection with the Public Offering, the Company sells shares at an offering price per share as determined in accordance with a share pricing policy. Under such policy, in connection with each monthly closing on the sale of Class S Shares, Class D Shares and Class I Shares, the Board has authorized the Investment Adviser to establish a
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
net offering price that it believes reflects a price per share that is no less than the then-current NAV per share. The following table summarizes the net offering price per share of Common Shares in the Public Offering during the six months ended March 31, 2025 and 2024.
Net Offering Price Per Share
For the Month EndedClass IClass S
For the six months ended March 31, 2025
October 31, 2024$25.06 $25.06 
November 30, 202425.08 25.08 
December 31, 202425.14 25.14 
January 31, 202525.12 25.12 
February 28, 202525.10 25.10 
March 31, 202525.05 25.05 
For the six months ended March 31, 2024
October 31, 2023$25.00 $ 
November 30, 202325.07  
December 31, 202325.07  
January 31, 202425.02  
February 29, 202425.06  
March 31, 202425.17  

Distributions and Distribution Reinvestment

The Board authorizes and declares monthly distribution amounts per share that are recorded by the Company on the record date. The following tables summarize the Company’s dividend declarations and distributions with a record date during the six months ended March 31, 2025 and 2024.
Class I
Date DeclaredRecord DatePayment DateShares
Outstanding
Regular
Distribution
Per Share
Special
Distribution
Per Share
Total Distribution Per ShareTotal
Dividends Declared
For the six months ended March 31, 2025
August 2, 2024October 31, 2024November 27, 202470,286,774.355 $0.2200 $ $0.2200 $15,463 
November 14, 2024November 30, 2024December 27, 202473,471,107.297 0.1875  0.187513,776 
November 14, 2024December 30, 2024January 30, 202577,769,569.568 0.1875 0.0050 0.192514,971 
November 14, 2024January 31, 2025February 27, 202581,622,147.624 0.1875  0.187515,305 
February 3, 2025February 28, 2025March 28, 202586,802,913.346 0.1875  0.187516,276 
February 3, 2025March 31, 2025April 29, 202593,061,716.578 0.1875  0.187517,449 
Total dividends declared for the six months ended March 31, 2025
$93,240 
For the six months ended March 31, 2024
August 3, 2023October 31, 2023November 29, 202326,194,330.889 $0.2100 $ $0.2100 $5,501 
November 17, 2023November 30, 2023December 29, 202326,353,713.391 0.2200  0.22005,798 
November 17, 2023December 30, 2023January 30, 202427,513,765.783 0.2200  0.22006,053 
November 17, 2023January 31, 2024February 28, 202437,521,105.819 0.2200  0.22008,255 
February 2, 2024February 29, 2024March 29, 202439,279,712.403 0.2200  0.22008,641 
February 2, 2024March 31, 2024April 29, 202441,822,979.970 0.2200  0.22009,201 
Total dividends declared for the six months ended March 31, 2024
$43,449 
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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Class S
Date DeclaredRecord DatePayment DateShares
Outstanding
Regular
Distribution
Per Share(1)
Special
Distribution
Per Share
Total Distribution Per ShareTotal
Dividends Declared
For the six months ended March 31, 2025
August 2, 2024October 31, 2024November 27, 20243,007,320.468 $0.2022 $ $0.2022 $608 
November 14, 2024November 30, 2024December 27, 20243,243,641.371 0.1697  0.1697551 
November 14, 2024December 30, 2024January 30, 20253,453,828.187 0.1697 0.0050 0.1747603 
November 14, 2024January 31, 2025February 27, 20253,886,006.125 0.1697  0.1697660 
February 3, 2025February 28, 2025March 28, 20254,196,829.365 0.1697  0.1697712 
February 3, 2025March 31, 2025April 29, 20254,840,168.159 0.1697  0.1697822 
Total dividends declared for the six months ended March 31, 2025
$3,956 
(1) Distribution per share is net of shareholder servicing and/or distribution fees.
The following table summarizes the Company’s distributions reinvested during the six months ended March 31, 2025 and 2024.
Class I
Payment DateDRIP Shares IssuedAmount ($) per share
DRIP Shares Value (1)
For the six months ended March 31, 2025
October 30, 2024197,076.899 $25.10 $4,946 
November 27, 2024216,447.740 25.06 5,424 
December 27, 2024188,585.563 25.08 4,730 
January 30, 2025203,148.950 25.14 5,107 
February 27, 2025208,604.546 25.12 5,240 
March 28, 2025228,087.229 25.10 5,725 
1,241,950.927 $31,172 
For the six months ended March 31, 2024
October 30, 202360,820.367 $25.00 $1,521 
November 29, 202361,702.502 25.00 1,543 
December 29, 202365,437.311 25.07 1,640 
January 30, 202471,107.248 25.07 1,782 
February 28, 202479,967.559 25.02 2,001 
March 29, 202487,070.703 25.06 2,182 
426,105.690 $10,669 
Class S
Payment DateDRIP Shares IssuedAmount ($) per share
DRIP Shares Value (1)
For the six months ended March 31, 2025
October 30, 202410,731.076 $25.10 $269 
November 27, 202413,049.707 25.06 327 
December 27, 202411,639.449 25.08 292 
January 30, 202512,881.581 25.14 324 
February 27, 202514,028.533 25.12 353 
March 28, 202515,450.346 25.10 388 
77,780.692 $1,953 
(1) Reflects DRIP shares issued multiplied by the unrounded amount per share.




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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Share Repurchase Program

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

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

The following table presents share repurchases completed under the share repurchase program during the six months ended March 31, 2025 and 2024.
Repurchase Deadline Request Total Number of Shares Repurchased
(all classes)
Percentage of Outstanding Shares Repurchased(1)
Price Paid
Per Share
Repurchase
Pricing Date
Amount Repurchased
(all classes)(2)
Maximum number of
shares that may yet be
purchased under the
Repurchase Program(3)
For the six months ended March 31, 2025
November 1, 2024591,629.063 0.86 %$25.10 September 30, 2024$14,847  
February 3, 2025176,927.429 0.22 %25.14 December 31, 20244,438  
768,556.492 $19,285  
For the six months ended March 31, 2024
February 1, 202427,300.000 0.10 %$25.07 December 31, 2023$670  
27,300.000 $670  
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)Amounts shown net of Early Repurchase Deduction.
(3)All repurchase requests were satisfied in full.

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 six months ended March 31, 2025 and 2024:

Three months ended March 31,Six months ended March 31,
2025202420252024
Class IClass SClass IClass IClass SClass I
Earnings available to shareholders$40,924 $1,787 $30,578 $88,449 $3,701 $49,637 
Basic and diluted weighted average shares outstanding86,980,089 4,298,524 39,473,836 80,251,878 3,755,598 33,018,349 
Basic and diluted earnings per share$0.47 $0.42 $0.77 $1.10 $0.99 $1.50 



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Golub Capital Private Credit Fund and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 12. Subsequent Events

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

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

Share ClassNet Proceeds
Subscriptions effective April 1, 2025
Class I $224,425
Class S$14,562
Approximate subscriptions effective May 1, 2025
Class I$171,419
Class S$4,936

On April 29, 2025, the Company issued 247,517.792 Class I Shares and 18,256.100 Class S Shares through the DRIP.

The Company repurchased 722,980.014 of its Class I Shares and 118,979.263 of its Class S Shares pursuant to the tender offer to repurchase up to 5% of its Class I Shares and Class S Shares outstanding as of December 31, 2024 that commenced on March 25, 2025 and closed on May 1, 2025.

On May 9, 2025, GCRED Funding LLC (“GCRED Funding”), a direct wholly-owned subsidiary of the Company, entered into a revolving credit and security agreement (the “BANA Credit Facility”) with the Company, as servicer, the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral custodian. Under the BANA Credit Facility, the lenders have agreed to extend credit to GCRED Funding in an aggregate principal amount of up to $500,000. The period during which GCRED Funding may request drawdowns under the BANA Credit Facility will continue through May 9, 2028 and will mature on May 9, 2031, the sixth anniversary of the closing date of the BANA Credit Facility. Borrowings under the BANA Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin, which is based on the composition of the portfolio and range from a floor of 1.70% per annum to 1.95% per annum.

The Board declared gross distributions to Class I and Class S shareholders of record as set forth in the table below:
Declaration
Date
Record
Date
Payment
Date
Gross
Distribution
Class I Distributions
February 3, 2025April 30, 2025May 30, 2025$0.1875
May 2, 2025May 31, 2025June 27, 2025$0.1875
May 2, 2025June 30, 2025July 30, 2025$0.1875
May 2, 2025July 31, 2025August 29, 2025$0.1875
Class S Distributions
February 3, 2025April 30, 2025May 30, 2025$0.1875
May 2, 2025May 31, 2025June 27, 2025$0.1875
May 2, 2025June 30, 2025July 30, 2025$0.1875
May 2, 2025July 31, 2025August 29, 2025$0.1875


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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 “GCRED” refer to Golub Capital Private Credit Fund and its consolidated subsidiaries.

Forward-Looking Statements

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

our future operating results;
our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including, without limitation, those caused by global health pandemics, or other large scale events;
the effect of investments that we expect to make and the competition for those investments;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
the dependence of our future success on the general economy and its effect on the industries in which we invest;
the ability of our portfolio companies to achieve their objectives;
the use of borrowed money to finance a portion of our investments;
the adequacy of our financing sources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
general economic and political trends and other external factors;
changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;
elevated levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;
the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, or other large scale events;
turmoil in Ukraine, Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;
our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
general price and volume fluctuations in the stock markets;
the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
the effect of changes to tax legislation and our tax position.

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,”
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“anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024.

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, Registration Statements on Form N-2, 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 May 2022 as a Delaware statutory trust and commenced operations on June 30, 2023.
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. In addition, we could also invest in liquid credit instruments, including secured floating rate syndicated loans, securitized products and corporate bonds, and we expect that, as a general matter, our portfolio will initially be comprised of a greater percentage of such instruments than it will as our investment program matures, though the exact allocation could vary from time to time depending on market conditions and available investment opportunities. Our portfolio may also include other credit-related investments, including, without limitation, structured and synthetic debt investments and debt investments accompanied by equity securities, preferred equity and, to a limited extent, common equity investments not associated with a debt investment. 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 $75.0 billion in capital under management(1) as of January 1, 2025, (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 trustees (the “Board”) 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 the value of our net assets as well as an incentive fee based on our investment performance. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent trustees) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.


(1) Capital under management is a gross measure of invested capital including leverage as of January 1, 2025.
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We seek to invest at least 80% of our total assets (net assets plus borrowings for investment purposes) directly or indirectly in private credit investments (loans, bonds and other credit and related instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days’ notice of such change.
We expect to make investments that typically will have position sizes under 1% of our portfolio, on average. We expect to selectively invest more than 1% of capital 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, particularly during the period prior to raising sufficient capital, which could result in larger individual investments when and if our capital base increases. We may invest in companies of any size or capitalization.
We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part or all of our investment.
As of March 31, 2025 and September 30, 2024, our portfolio at fair value was comprised of the following:
As of March 31, 2025
As of September 30, 2024
Investment TypeInvestments at
 Fair Value
(In thousands)
Percentage of
Total
Investments
Investments at
 Fair Value
(In thousands)
Percentage of
Total
Investments
Senior secured$1,227,358 24.9 %$726,380 22.2 %
One stop3,658,669 74.0 2,517,780 77.1 
Second lien30,518 0.6 5,937 0.2 
Subordinated debt3,890 0.1 3,758 0.1 
Equity21,057 0.4 11,443 0.4 
Total$4,941,492 100.0 %$3,265,298 100.0 %

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2025 and September 30, 2024, one stop loans included $493.9 million and $257.8 million, respectively, of recurring revenue loans at fair value.
Senior secured loans include broadly syndicated loans where we do not act as lead arranger, joint lead arranger or co-manager (“BSL loans”). As of March 31, 2025 and September 30, 2024, senior secured loans included $1,137.4 million and $667.3 million, respectively, of BSL loans at fair value.
As of March 31, 2025 and September 30, 2024, we had debt and equity investments in 307 and 249 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:
Three months endedSix months ended
March 31, 2025December 31, 2024March 31, 2025March 31, 2024
Weighted average income yield(1)*
9.7 %10.2 %9.9 %11.6 %
Weighted average investment income yield(2)*
10.0 %10.5 %10.2 %12.1 %
Weighted average income yield of total investments(3)*
9.7 %10.2 %9.9 %11.6 %
Weighted average investment income yield of total investments(4)*
9.9 %10.5 %10.2 %12.1 %
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*    Annualized for periods less than one year.
(1)Represents income from interest, fees, interest earned on cash, accrued payment in kind, or PIK, and non-cash dividend income, excluding amortization of capitalized fees and discounts divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees and discounts, divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, divided by the daily average total fair value of portfolio investments, and does not represent a return to any investor in us.
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 Estimates—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.
Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions including:
organizational expenses;
calculating our NAV and net offering price (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;
interest payable on debt, if any, incurred by us to finance its investments and expenses related to unsuccessful portfolio acquisition efforts;
offerings of our Common Shares or other securities, including any public or private offering of our Common Shares;
investment advisory fees, including management fees and incentive fees;
administration fees and expenses 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, fees and expenses associated with performing compliance
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functions 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;
fees payable to transaction/brokerage platforms;
subscription processing fees and expenses;
reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices;
fees incurred by us for transfer agent, dividend agent and custodial fees and expenses;
fees and expenses payable under any managing dealer and selected dealer agreements, if any;
all costs of registration and listing of our securities on any securities exchange, if applicable;
U.S. federal and state registration and franchise fees;
U.S. federal, state and local taxes;
independent trustees’ fees and expenses;
costs of preparing and filing reports or other documents required by the SEC, state securities regulators or other regulators;
costs of any reports, proxy statements or other notices to shareholders, including printing costs;
costs associated with individual or group shareholders;
costs of registration rights granted to certain investors;
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, trustees 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;
costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by GC Advisors or its affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors;
proxy voting expenses; and
all other expenses incurred by us or the Administrator in connection with administering our business.
We have entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with GC Advisors. Under the Expense Support Agreement, GC Advisors may elect to pay certain expenses on our behalf (each, an “Expense Support Payment”), provided that no portion of the payment will be used to pay any of our interest expense or distribution and/or shareholder servicing fees. Refer to Note 3 of our consolidated financial statements for further details on the Expense Support Agreement.

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.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital Private Credit Fund CLO LLC, or the 2023 Issuer, under a collateral management agreement, or the 2023 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2023 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2023 Collateral Management Agreement, the term
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“collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Collateral management fees are paid directly by the 2023 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. The 2023 Issuer, formerly the CLO Vehicle, paid SG Americas Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2023 Debt Securitization. Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2023 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2023 Debt Securitization.

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 shareholders indirectly bear all of these expenses.

Recent Developments

We received proceeds from the issuance of Common Shares pursuant to the Public Offering as set forth in the table below:
Share ClassNet Proceeds
Subscriptions effective April 1, 2025
Class I $224.4 million
Class S$14.6 million
Approximate subscriptions effective May 1, 2025
Class I$171.4 million
Class S$4.9 million

On April 29, 2025, we issued 247,517.792 Class I Shares and 18,256.100 Class S Shares through the DRIP.

We repurchased 722,980.014 of our Class I Shares and 118,979.263 of our Class S Shares pursuant to the tender offer to repurchase up to 5% of our Class I Shares and Class S Shares outstanding as of December 31, 2024 that commenced on March 25, 2025 and closed on May 1, 2025.

On May 9, 2025, GCRED Funding LLC (“GCRED Funding”), our direct wholly-owned subsidiary, entered into a revolving credit and security agreement (the “BANA Credit Facility”) with GCRED, as servicer, the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral custodian. Under the BANA Credit Facility, the lenders have agreed to extend credit to GCRED Funding in an aggregate principal amount of up to $500.0 million. The period during which GCRED Funding may request drawdowns under the BANA Credit Facility will continue through May 9, 2028 and will mature on May 9, 2031, the sixth anniversary of the closing date of the BANA Credit Facility. Borrowings under the BANA Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin, which is based on the composition of the portfolio and ranges from a floor of 1.70% per annum to 1.95% per annum.

On May 2, 2025, Joshua M. Levinson resigned from his position as our Chief Compliance Officer and Secretary. Mr. Levinson’s resignation was not a result of any dispute or disagreement with the Company. Mr. Levinson remains with Golub Capital and was promoted to Chief Operating Officer and Chief Legal Officer of Golub Capital in 2024.

On May 2, 2025, our Board appointed Wu-Kwan Kit as our Chief Compliance Officer and Secretary effective immediately. Ms. Kit has served as Senior BDC Counsel to Golub Capital since September 2024 and will continue in that role concurrent to her position as Chief Compliance Officer and Secretary. Prior to joining Golub Capital,
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Ms. Kit was Senior Vice President and Senior Counsel at PIMCO, where she primarily supported its registered funds. Prior to this position, she worked at Van Eck Associates as Assistant General Counsel. Prior to that, Ms. Kit worked as an Associate at Schulte Roth & Zabel’s Investment Management Group. Ms. Kit earned her BA degree cum laude from the University of Pennsylvania. She received a JD from the University of Pennsylvania Law School. Ms. Kit (i) does not have a family relationship with any of the Board or other executive officers; (ii) does not have a material interest in any transaction in which we were or are a participant, since the beginning of our last fiscal year; and (iii) has not entered into, nor expects to enter into, any material plan, contract, arrangement, grant or award in connection with her appointment as our Chief Compliance Officer and Secretary.

The Board declared gross distributions to Class I and Class S shareholders of record as set forth in the table below:
Declaration
Date
Record
Date
Payment
Date
Gross
Distribution
Class I Distributions
February 3, 2025April 30, 2025May 30, 2025$0.1875
May 2, 2025May 31, 2025June 27, 2025$0.1875
May 2, 2025June 30, 2025July 30, 2025$0.1875
May 2, 2025July 31, 2025August 29, 2025$0.1875
Class S Distributions
February 3, 2025April 30, 2025May 30, 2025$0.1875
May 2, 2025May 31, 2025June 27, 2025$0.1875
May 2, 2025June 30, 2025July 30, 2025$0.1875
May 2, 2025July 31, 2025August 29, 2025$0.1875

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Consolidated Results of Operations

In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.
Consolidated operating results for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024 are as follows:

Three months endedVariancesSix months endedVariances
March 31, 2025December 31, 2024
March 31, 2025
vs.
December 31, 2024
March 31, 2025March 31, 2024
March 31, 2025
vs.
March 31, 2024
(In thousands)
Interest income$97,279 $85,469 $11,810 $182,748 $81,928 $100,820 
Payment-in-kind interest income4,817 4,657 160 9,474 1,669 7,805 
Accretion of discounts and amortization of premiums3,123 2,738 385 5,861 3,763 2,098 
Non-cash dividend income108 106 214 — 214 
Fee income282 277 559 201 358 
Total investment income105,609 93,247 12,362 198,856 87,561 111,295 
Net expenses55,370 53,908 1,462 109,278 44,318 64,960 
Net investment income - before tax50,239 39,339 10,900 89,578 43,243 46,335 
Excise tax— — — — 109 (109)
Net investment income - after tax50,239 39,339 10,900 89,578 43,134 46,444 
Net realized gain (loss) on investment transactions145 (583)728 (438)65 (503)
Net change in unrealized appreciation (depreciation) on investment transactions(7,673)10,683 (18,356)3,010 6,438 (3,428)
Net increase in net assets resulting from operations$42,711 $49,439 $(6,728)$92,150 $49,637 $42,513 
Average earning portfolio company investments, at fair value$4,287,227 $3,508,554 $778,673 $3,895,891 $1,443,460 $2,452,431 
Average earning preferred equity investments, at fair value$3,536 $3,421 $115 $3,479 $— $3,479 

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

Investment Income

Investment income increased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $12.4 million, primarily due to (i) an increase in interest due to an increase in the average earning debt investments balance of $778.7 million and, to a lesser extent, (ii) an increase in discount amortization acceleration driven by increased repayments that was partially offset by declining interest base rates primarily due to the timing of resetting interest rate contracts.
Investment income increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $111.3 million, primarily due to an increase in interest and PIK interest income due to an increase in the average earning debt investments balance of $2,452.4 million that was partially offset by declining interest base rates.
The annualized income yield by debt security type for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024 are as follows:
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Three months endedSix months ended
March 31, 2025December 31, 2024March 31, 2025March 31, 2024
Senior secured8.1 %8.6 %8.4 %10.0 %
One stop10.0 %10.5 %10.2 %11.8 %
Second lien13.2 %13.2 %13.2 %— %
Subordinated debt11.5 %11.1 %11.3 %14.0 %

The income yield on senior secured and one stop loans decreased for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and the six months ended March 31, 2025 as compared to the six months ended March 31, 2024 primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 95.3% of our loan portfolio at fair value as of March 31, 2025 is subject to an interest rate floor. As of March 31, 2025 and September 30, 2024, the weighted average base floor of our loans was 0.62% and 0.67%, respectively.

As of March 31, 2025, 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 March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:
Three months endedVariancesSix months endedVariances
March 31, 2025December 31, 2024
March 31, 2025
 vs.
December 31, 2024
March 31, 2025March 31, 2024
March 31, 2025
vs.
March 31, 2024
(In thousands)
Interest expense and other debt financing expenses$35,263 $34,882 $381 $70,145 $27,019 $43,126 
Amortization of deferred debt issuance costs1,687 1,487 200 3,174 868 2,306 
Base management fee7,055 6,062 993 13,117 5,156 7,961 
Income incentive fee7,074 5,827 1,247 12,901 6,300 6,601 
Capital gain incentive fee accrual under GAAP(945)1,273 (2,218)328 748 (420)
Professional fees3,553 3,054 499 6,607 3,171 3,436 
Administrative service fee1,269 977 292 2,246 618 1,628 
General and administrative expenses184 174 10 358 220 138 
Distribution and shareholder servicing fees230 172 58 402 — 402 
Expense support— — — — (667)667 
Expense support recoupment— — — — 885 (885)
Net expenses$55,370 $53,908 $1,462 $109,278 $44,318 $64,960 
Average debt outstanding$2,124,666 $1,715,667 $408,999 $1,925,556 $686,082 $1,239,474 

Interest Expense
Interest and other debt financing expenses, including amortization of debt issuance costs, increased modestly by $0.6 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily due to increased interest expense due to an increase in average debt outstanding of $409.0 million that was partially offset by (i) lower interest base rates due to the timing of resetting interest rate contracts and (ii) $0.4 million of net unrealized gains related to the fair value hedge of the interest rate swaps on the 2027 and 2029 Notes recognized during the three months ended March 31, 2025 compared to $3.2 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2027 and 2029 Notes recognized during the three months ended December 31, 2024.
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Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $45.4 million from the six months ended March 31, 2024 to the six months ended March 31, 2025, primarily due to increased interest expense due to an increase in average debt outstanding of $1,239 million that was partially offset by decreasing interest base rates on borrowings from our floating debt facilities. For more information about our outstanding borrowings for the six months ended March 31, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.
For the three months ended March 31, 2025 and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2029 Notes and 2030 Notes, on our total debt was 7.1% and 7.7%, respectively. For the six months ended March 31, 2025 and 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2029 Notes and 2030 Notes, on our total debt was 7.4% and 8.1%, respectively.
The effective average interest rate decreased from the three months ended March 31, 2025 compared to the three months ended December 31, 2024 as well as the six months ended March 31, 2025 compared to the six months ended March 31, 2024 primarily due to declining interest base interest rates on our borrowings.
Management Fees
The base management fee increased as a result of an increase in average gross assets for the three months ended December 31, 2024 to the three months ended March 31, 2025 and the six months ended March 31, 2024 to the six months ended March 31, 2025.
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 from the three months ended March 31, 2025 compared to the three months ended December 31, 2024 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by the increase in the average earning debt investments balance of $778.7 million. The Income Incentive Fee increased from the six months ended March 31, 2024 compared to the six months ended March 31, 2025 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by the increase in the average earning debt investments balance of $2.5 billion. For each of the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024, we were fully through the catch-up provision of the Income Incentive Fee calculation and the Income Incentive Fee, as a percentage of Pre-Incentive Fee Net Investment Income, was 12.5%.

As of March 31, 2025 and September 30, 2024, 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.

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As of March 31, 2025 and September 30, 2024, there was $1.1 million and $0.8 million, respectively, of capital gain incentive fee accrual under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. For the three months ended March 31, 2025, we recorded a reversal of capital gain incentive fee under GAAP of $0.9 million that was primarily due to $7.5 million of net unrealized and realized losses during the period. For the three months ended December 31, 2024, the accrual of capital gain incentive fee under GAAP of $1.3 million was primarily due to $10.1 million of net unrealized and realized gains recognized during the period. For the six months ended March 31, 2025, the accrual of capital gain incentive fee under GAAP of $0.3 million was primarily due to $2.6 million of net unrealized and realized gains recognized during the period. For the six months ended March 31, 2024, the accrual of capital gain incentive fee under GAAP of $0.7 million was primarily due to $6.5 million of net unrealized and realized gains recognized during the period.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of March 31, 2025 and September 30, 2024, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

Professional Fees, Administrative Service Fee, and General and Administrative Expenses
In 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.
In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.8 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily due to higher professional fees and administrative expenses associated with servicing a growing portfolio.
In total, professional fees, the administrative service fee, and general and administrative expenses increased by $5.2 million from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to higher professional fees and administrative expenses associated with servicing a growing portfolio.
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2025 and December 31, 2024 were $3.2 million and $2.8 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2025 and 2024 were $6.0 million and $0.2 million, respectively.

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $4.3 million and $3.8 million, respectively (which includes $1.0 million of unreimbursed Expense Support Payments as of both March 31, 2025 and September 30, 2024), 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 March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:

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Three months endedVariancesSix months endedVariances
March 31, 2025December 31, 2024
March 31, 2025
 vs.
December 31, 2024
March 31, 2025March 31, 2024
March 31, 2025
vs.
March 31, 2024
(In thousands)
Net realized gain (loss) on investments$$(5)$$(3)$(40)$37 
Net realized gain (loss) on foreign currency transactions143 (578)721 (435)105 (540)
Net realized gain (loss) on investment transactions$145 $(583)$728 $(438)$65 $(503)
Unrealized appreciation from investments$9,686 $16,054 $(6,368)$19,192 $10,854 $8,338 
Unrealized (depreciation) from investments(18,119)(5,142)(12,977)(16,713)(4,336)(12,377)
Unrealized appreciation (depreciation) from forward currency contracts(1,897)1,599 (3,496)(298)— (298)
Unrealized appreciation (depreciation) on foreign currency translation2,657 (1,828)4,485 829 (80)909 
Net change in unrealized appreciation (depreciation) on investment transactions$(7,673)$10,683 $(18,356)$3,010 $6,438 $(3,428)

During the three months ended March 31, 2025, we had a net realized gain of $0.1 million, primarily driven by a net realized gain on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, we had a net realized loss of $0.6 million primarily driven by a net realized loss on the translation of foreign currency amounts and transactions into U.S. dollars.

During the six months ended March 31, 2025, we had a net realized loss of $0.4 million primarily driven by a net realized loss on the translation of foreign currency amounts and transactions into U.S. dollars. During the six months ended March 31, 2024, we had a net realized gain of $0.1 million, primarily driven by a net realized gain on the translation of foreign currency amounts and transactions into U.S. dollars, which was partially offset by realized losses on the partial sale of BSL loans.

For the three months ended March 31, 2025, we had $9.7 million in unrealized appreciation on 67 portfolio company investments, which was offset by $18.1 million in unrealized depreciation on 254 portfolio company investments. For the three months ended December 31, 2024, we had $16.1 million in unrealized appreciation on 149 portfolio company investments, which was offset by $5.1 million in unrealized depreciation on 129 portfolio company investments. For the six months ended March 31, 2025, we had $19.2 million in unrealized appreciation on 118 portfolio company investments, which was offset by $16.7 million in unrealized depreciation on 203 portfolio company investments. For the six months ended March 31, 2024, we had $10.9 million in unrealized appreciation on 154 portfolio company investments, which was offset by $4.3 million in unrealized depreciation on 58 portfolio company investments.

Unrealized appreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from fair valuing recent originations up to or near par and solid borrower credit trends across our portfolio. Unrealized appreciation for the six months ended March 31, 2025 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized appreciation for the six months ended March 31, 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 March 31, 2025 primarily resulted from amortization of discounts on originated loans during the year and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the three months ended December 31, 2024 primarily resulted from amortization of discounts on originated loans during the year and isolated deterioration in the credit performance of certain portfolio companies. Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from amortization of discounts on originated loans during the year, isolated deterioration in the credit performance of certain portfolio companies and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from the amortization of discounts during the quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.
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Liquidity and Capital Resources

For the six months ended March 31, 2025, we experienced a net decrease in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents of $110.2 million. During the period, cash used in operating activities was $1,429.2 million, primarily as a result of purchases and fundings of portfolio investments of $1,877.2 million, partially offset by proceeds from principal payments and sales of portfolio investments of $224.3 million. During the same period, cash provided by financing activities was $1,319.0 million, primarily driven by borrowings on debt of $1,795.8 million and proceeds from the issuance of common shares of $711.4 million, that were partially offset by repayments of debt of $1,097.4 million and distributions paid of $60.9 million.

For the six months ended March 31, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents of $38.0 million. During the period, cash used in operating activities was $588.4 million, primarily as a result of purchases and fundings of portfolio investments of $748.3 million, partially offset by proceeds from principal payments and sales of portfolio investments of $93.1 million. During the same period, cash provided by financing activities was $626.4 million, primarily driven by borrowings on debt of $563.5 million and proceeds from the issuance of common shares of $383.2 million, that were partially offset by repayments of debt of $288.6 million and distributions paid of $29.1 million.

As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $44.1 million and $170.6 million, respectively. In addition, as of March 31, 2025 and September 30, 2024, we had foreign currencies of $4.3 million and $2.6 million, respectively, and restricted cash and cash equivalents of $30.9 million and $16.4 million, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

Revolving Debt Facilities

SMBC Credit Facility - On September 6, 2023, we entered into the SMBC Credit Facility, which, as of March 31, 2025, allowed us to borrow up to $1,440.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2025 and September 30, 2024, we had outstanding debt under the SMBC Credit Facility of $423.4 million and $223.9 million, respectively. As of March 31, 2025 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $1,016.6 million and $891.1 million, respectively, of remaining commitments and $1,016.6 million and $677.2 million, respectively, of availability on the SMBC Credit Facility. On March 5, 2025, we entered into an agreement with new lenders to increase aggregate commitments under the SMBC Credit Facility from $1,240.0 million to $1,440.0 million through the accordion feature under the SMBC Credit Facility, which includes a term loan commitment that was increased from $37.5 million to $50.0 million.

Adviser Revolver - On July 3, 2023, we entered into the Adviser Revolver (as defined in Note 3 of our consolidated financial statements) with GC Advisors. As of March 31, 2025, we were permitted to borrow up to $300.0 million at any one time outstanding under the Adviser Revolver. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and generally intend to repay borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of March 31, 2025 and September 30, 2024, we had no amounts outstanding under the Adviser Revolver.

Debt Securitizations
2023 Debt Securitization - On September 21, 2023, we completed the 2023 Debt Securitization. On September 9, 2024, we sold the previously retained Class A-2 Notes to a third party. The Class A-1 and Class A-2 Notes are included in the March 31, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as our debt. The Subordinated 2023 Notes were eliminated in consolidation. As of March 31, 2025 and September 30, 2024, we had outstanding debt under the 2023 Debt Securitization of $433.0 million and $432.9 million, respectively.

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2027 Notes

On May 22, 2024, we entered into a master note purchase agreement governing the issuance of the 2027 Notes. Each of the 2027 Tranche A Notes, 2027 Tranche B Notes and 2027 Tranche C Notes remained outstanding as our debt as of March 31, 2025 and September 30, 2024.

On May 8, 2024, we entered into interest rate swaps on the 2027 Tranche A Notes pursuant to which we agreed to (i) receive a fixed interest rate of 7.12% and pay a floating interest rate of three-month Term SOFR plus 2.5975% on the first $225.0 million of the 2027 Tranche A Notes and (ii) receive a fixed interest rate of 7.12% and pay a floating interest rate of three-month Term SOFR plus 2.644% on the second $75.0 million of the 2027 Tranche A Notes. The interest rate swaps are designated as effective hedge accounting instruments. The carrying value of the 2027 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

2029 Notes

On May 12, 2024, we issued $500.0 million in aggregate principal amount of the 2029 Notes, all of which remained outstanding as our debt as of March 31, 2025 and September 30, 2024.

On September 5, 2024, we entered into interest rate swaps on the 2029 Notes pursuant to which we agreed to (i) receive a fixed interest rate of 6.046% and pay a floating interest rate of three-month Term SOFR plus 2.7875% on the first $350.0 million of the 2029 Notes and (ii) receive a fixed interest rate of 6.046% and pay a floating interest rate of three-month Term SOFR plus 2.770% on the second $150.0 million of the 2029 Notes. The interest rate swaps are designated as effective hedge accounting instruments. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

2030 Notes

On February 24, 2025, we issued $500.0 million in aggregate principal amount of the 2030 Notes, all of which remained outstanding as our debt as of March 31, 2025.

On February 19, 2025, we entered into interest rate swaps on the 2030 Notes pursuant to which we agreed to (i) receive a fixed interest rate of 5.875% and pay a floating interest rate of SOFR plus 1.727% on the first $350.0 million of the 2030 Notes and (ii) receive a fixed interest rate of 5.875% and pay a floating interest rate of SOFR plus 1.745% on the second $150.0 million of the 2030 Notes. The interest rate swaps are designated as effective hedge accounting instruments. The carrying value of the 2030 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

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. On May 17, 2023, our sole shareholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined an offer by us to repurchase all our outstanding common shares. As a result of such approval, effective as of May 18, 2023, our asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. We currently intend to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 207.0% and 0.93x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 0.91x as of March 31, 2025.

As of March 31, 2025 and September 30, 2024, we had outstanding commitments to fund investments totaling $1,229.7 million and $676.6 million, respectively. As of March 31, 2025, total commitments included $283.3 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 March 31, 2025, subject to the terms of each loan’s
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respective credit agreement. A summary of maturity requirements for our principal borrowings as of March 31, 2025 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2025. As of March 31, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on the cash balances that we maintain, availability under our SMBC Facility and Adviser Revolver, ongoing principal repayments on debt investment assets.

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 5 of our consolidated financial statements for outstanding derivatives as of March 31, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We minimize market risk through monitoring its investments and borrowings.

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

Portfolio Composition, Investment Activity and Yield

As of March 31, 2025 and September 30, 2024, we had investments in 307 and 249 portfolio companies, respectively, with a total fair value of $4,941.5 million and $3,265.3 million, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:
Three months endedSix months ended
March 31, 2025December 31, 2024March 31, 2025March 31, 2024
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$431,839 32.2 %$169,356 15.2 %$601,195 24.4 %$263,561 25.9 %
One stop902,029 67.4 924,570 82.5 1,826,599 74.3 753,459 74.0 
Second lien— — 22,696 2.0 22,696 0.9 100 0.0 *
Subordinated debt— — — — — — — — 
Equity5,425 0.4 3,531 0.3 8,956 0.4 1,007 0.1 
Total new investment commitments$1,339,293 100.0 %$1,120,153 100.0 %$2,459,446 100.0 %$1,018,127 100.0 %
* Represents an amount less than 0.1%

For the six months ended March 31, 2025, we had approximately $224.3 million in proceeds from principal payments and sales of portfolio investments.

For the six months ended March 31, 2024, we had approximately $93.1 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 March 31, 2025(1)
As of September 30, 2024(2)
PrincipalAmortized
Cost
Fair
Value
PrincipalAmortized
Cost
Fair
Value
(In thousands)(In thousands)
Senior secured$1,236,326 $1,235,776 $1,227,358 $728,440 $727,390 $726,380 
One stop3,680,412 3,634,807 3,658,669 2,538,097 2,498,133 2,517,780 
Second lien30,518 30,273 30,518 5,937 5,895 5,937 
Subordinated debt3,890 3,849 3,890 3,794 3,651 3,758 
EquityN/A20,061 21,057 N/A11,355 11,443 
Total$4,951,146 $4,924,766 $4,941,492 $3,276,268 $3,246,424 $3,265,298 
(1)As of March 31, 2025, $499.1 million and $499.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loan to be PIK interest.
(2)As of September 30, 2024, $383.9 million and $384.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loan to be PIK interest.
As of March 31, 2025 and September 30, 2024, we had no loans on non-accrual status. As of March 31, 2025 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 99.4% and 99.3%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate investments and fees of middle-market (“MM”) investments originated and weighted average rate of sales and payoffs of portfolio companies during the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and 2024:
Three months endedSix months ended
  March 31, 2025December 31, 2024March 31, 2025March 31, 2024
Weighted average rate of new MM investment fundings9.7%9.5%9.6%11.0%
Weighted average spread over the applicable base rate of new floating rate MM investment fundings5.4%5.0%5.2%5.7%
Weighted average fees of new MM investment fundings0.8%0.9%0.8%1.1%
Weighted average rate of sales and payoffs of portfolio investments9.0%11.1%9.9%9.3%

As of March 31, 2025, 95.3% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 96.1% and 96.0% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2025 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $80.8 million and $75.5 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer
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 broadly syndicated loans and (iii) portfolio companies with any loans on non-accrual status.


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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2025 and September 30, 2024:
As of March 31, 2025As of September 30, 2024
Internal
Performance
Rating
Investments
at Fair Value
(In thousands)
Percentage of
Total
Investments
Investments
at Fair Value
(In thousands)
Percentage of
Total
Investments
5$46,593 1.0 %$10,543 0.3 %
44,804,789 97.2 3,169,294 97.1 
390,110 1.8 85,461 2.6 
2*0.0 ^— — 
1— — — — 
Total$4,941,492 100.0 %$3,265,298 100.0 %
* Represents an amount less than $1.
^ Represents an amount less than 0.1%.
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The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2025 and September 30, 2024.
Average Price1
Category
As of March 31, 2025
As of September 30, 2024
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)
99.5%99.5%
Internal Performance Rating 3
(Performing Below Expectations)
91.891.7
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)
Total99.4%99.3%
(1)Includes only debt investments held as of March 31, 2025 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

Distributions

We have made and intend to make periodic regular and variable special distributions to our shareholders as determined by our Board. As a result, our distribution rates and payment frequency may vary from time to time and are not guaranteed. There is no assurance we will pay distributions in any particular amount, if at all. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements included in this Quarterly Report.

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 shareholders 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 shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders could be the original capital invested by the shareholder rather than our income or gains. Shareholders 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 shareholders. As a result, if we declare a distribution, our shareholders’ cash distributions will be automatically reinvested in additional Common Shares unless a shareholder specifically “opts out” of our dividend reinvestment plan. If a shareholder opts out, that shareholder will receive cash distributions. Although distributions paid in the form of additional Common Shares will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, shareholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

Related Party Transactions

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

We entered into the Investment Advisory Agreement with GC Advisors. Mr. David Golub, our chief executive officer, is a manager of GC Advisors and owns an indirect pecuniary interest in GC Advisors.
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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 entered into the Expense Support Agreement with GC Advisors, pursuant to which GC Advisors may elect to pay certain expenses on our behalf, provided that no portion of the payment will be used to pay any interest or any of our distribution and/or shareholder servicing fees.
GC Advisors serves as collateral manager to the 2023 Issuer under the 2023 Collateral Management Agreement. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.
On July 3, 2023, we entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis. As of March 31, 2025, we were permitted to borrow up to $300.0 million at any one time outstanding under the Adviser Revolver.
On April 27, 2023, an affiliate of GC Advisors purchased 2,000 shares of our Class F Shares of beneficial interest at $25.00 per share.
On July 1, 2023, we entered into the Share Purchase and Sale Agreement, with GCP HS Fund, GCP CLO Holdings Sub LP, and GC Advisors, in which we acquired all of the assets and liabilities (“Seed Assets”) of the CLO Vehicle through the purchase of 100% of the beneficial interests in, and 100% of the subordinated notes issued by the CLO Vehicle. The Seed Assets consisted of loans to 80 borrowers, cash and other assets.
On May 1, 2024, an affiliate of the Investment Adviser indirectly purchased $9.9 million of Class I Shares through its ownership of a feeder vehicle.
On March 1, 2025, an affiliate of the Investment Adviser indirectly purchased $6.6 million of Class I Shares through its ownership of a feeder vehicle.
GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, and Golub Capital BDC 4, Inc., or GBDC 4, which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and trustees serve in similar capacities for GBDC, GDLC, GDLCU and GBDC 4. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC, GDLCU, GBDC 4 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, trustees and employees. Our officers and trustees also remain subject to the duties imposed by both the 1940 Act and Delaware law.

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Critical Accounting Estimates

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 estimates. For further information on our significant accounting policies, see Note 2 to our consolidated financial statements included in this Quarterly Report.

Fair Value Measurements

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

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our Board, as permitted, has designated GC Advisors as the our valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of the Board.

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event to corroborate the 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 Valuation Designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our Valuation Designee 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 the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The Valuation Designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The Valuation Designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.

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

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

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

Level 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 could require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. 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. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. During the six months ended March 31, 2025, certain debt investments with a fair value of $8.0 million transferred from Level 3 to Level 2 of the fair value hierarchy. During the six months ended March 31, 2024, certain debt investments with a fair value of $5.7 million transferred from Level 2 to Level 3 of the fair value hierarchy. The transfers into or out of Level 3 were primarily due to decreased or increased transparency of the observable prices for both the six months ended March 31, 2025 and 2024. 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 the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of March 31, 2025, $1,071.5 million and $3,870.0 million of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2024, $615.7 million and $2,649.6 million of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of March 31, 2025 and September 30, 2024, all interest rate swaps were valued using Level 2 inputs and all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs. As of March 31, 2025, all forward currency contracts were valued using Level 2 inputs.

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When determining fair value of Level 3 debt and equity investments, the Valuation Designee 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 could affect the price at which similar investments could be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Valuation Designee could base its 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 could be willing to pay. Ask prices represent the lowest price that we and others could be willing to accept. The Valuation Designee generally uses the midpoint of the 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 could differ significantly from the values that would have been used had a market existed for such investments and could differ materially from the values that 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 could realize significantly less than the value at which such investment had previously been recorded.

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

In connection with each sale of our Common Shares, we make a determination that we are not selling Common Shares at a price below the then-current net asset value per share of common shares 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 Shares 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 Shares 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 Shares and ending on the date on which the offering price for such month is determined; and
The magnitude of the difference between the sale price of the shares of commons shares and management’s assessment of any change in the net asset value per share of our Common Shares during the period discussed above.

Valuation of Other Financial Assets and Liabilities

The fair value of the 2029 Notes and 2030 Notes are based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.




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Revenue Recognition:

Our revenue recognition policies are as follows:

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

We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in our Consolidated Statements of Operations and fluctuations arising from the translation of foreign exchange rates on investments in 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 while we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. As of March 31, 2025 and September 30, 2024, 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 shareholders 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 shareholders, which will generally relieve us from U.S. federal income taxes on amounts distributed.

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 could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend
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distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2025, we did not record any U.S. federal excise tax. For the three and six months ended March 31, 2024, we recorded $0.1 million for U.S. federal excise tax.

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

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

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

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of March 31, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.62% and 0.67%, respectively. The SMBC Credit Facility has a floating interest rate provision primarily based on an applicable base rate (as defined in Note 7 of our consolidated financial statements), the Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate, the Class A-1 Notes and Class A-2 Notes issued in connection with the 2023 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the 2027 Tranche B Notes and 2027 Tranche C Notes have floating rate interest provisions based on SOFR and EURIBOR, respectively. We have entered into two interest rate swaps on the 2027 Tranche A Notes which have floating rate provisions based on three-month SOFR plus a spread of 2.5975% and three-month SOFR plus a spread of 2.644%. We have entered into two interest rate swaps on the 2029 Notes which have floating rate provisions based on three-month SOFR plus a spread of 2.7875% and three-month SOFR plus a spread of 2.770%. We have entered into two interest rate swaps on the 2030 Notes which have floating rate provisions based on SOFR plus a spread of 1.727% and SOFR plus a spread of 1.745%. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of March 31, 2025 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:
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Change in interest rates
Increase (decrease) in
interest income(1)
Increase (decrease) in
interest expense
Net increase
(decrease) in
 investment income
(In thousands)
Down 200 basis points$(98,041)$(43,128)$(54,913)
Down 150 basis points(73,738)(32,346)(41,392)
Down 100 basis points(49,217)(21,564)(27,653)
Down 50 basis points(24,608)(10,782)(13,826)
Up 50 basis points24,608 10,782 13,826 
Up 100 basis points49,217 21,564 27,653 
Up 150 basis points73,825 32,346 41,479 
Up 200 basis points98,432 43,128 55,304 

(1) Assumes applicable three-month base rate as of March 31, 2025, with the exception of SONIA and Prime that utilize the March 31, 2025 rate.
Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2025, 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 SMBC Credit Facility, the Adviser Revolver, the 2023 Debt Securitization, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

Item 4. Controls and Procedures.

As of March 31, 2025 (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.


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Item 1A: Risk Factors.

There have been no material changes during the six months ended March 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2024.

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

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, 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
Third Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on February 7, 2024).
Bylaws of the Registrant (incorporated by reference to Exhibit (b) to the Registration Statement on Form N-2 (File No. 333-272674), filed on June 15, 2023).
Indenture, dated as of September 12, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on September 13, 2024).
Second Supplemental Indenture, dated as of February 24, 2025, by and between the Company and U.S. Bank Trust Company, National Association, as trustee. (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on February 24, 2025).
Form of Global Note with respect to 5.875% notes due 2030 sold in reliance on Rule 144A under the Securities Act (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on February 24, 2025).
Form of Global Note with respect to 5.875% notes due 2030 sold in reliance on Regulation S under the Securities Act (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on February 24, 2025).
Registration Rights Agreement, dated as of February 24, 2025, by and among the Company and Wells Fargo Securities, LLC, Mizuho Securities USA LLC, Natixis Securities Americas LLC and SMBC Nikko Securities America, Inc., as representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.5 to Current Report on Form 8-K filed on February 24, 2025).
Response to Notice of Commitment Increase Request, dated as of March 5, 2025, by and among Golub Capital Private Credit Fund, a Delaware statutory trust, Sumitomo Mitsui Banking Corporation, as administrative agent and an issuing bank, and the issuing banks party thereto. (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on March 11, 2025).
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).*
_________________
* Filed herewith






103



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 Private Credit Fund
Date: May 15, 2025By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Date: May 15, 2025By/s/ Christopher C. Ericson
Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)
104