Golub Capital Direct Lending 10-Q 2024 Q2 Quarterly report

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______________________________________________________________________________________________________

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, 2024

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01412

Golub Capital Direct Lending Corporation

(Exact name of registrant as specified in its charter)

Maryland	87-1489837
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

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

As of May 13, 2024, the Registrant had 24,178,193.551 shares of common stock, $0.001 par value, outstanding.

1

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2024 (unaudited) and September 30, 2023	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and September 30, 2023	7
	Notes to Consolidated Financial Statements (unaudited)	38
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	83
Item 4.	Controls and Procedures	84
Part II. Other Information
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 3.	Defaults Upon Senior Securities	84
Item 4.	Mine Safety Disclosures	84
Item 5.	Other Information	84
Item 6.	Exhibits	85

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	March 31, 2024		September 30, 2023
	(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $531,767 and $321,804, respectively)	$	535,940	$	320,486
Cash and cash equivalents	10,787		27,659
Foreign currencies (cost of $2,134 and $1,389, respectively)	2,134		1,382
Interest receivable	7,365		1,879
Deferred offering costs	33		96
Other assets	1,311		15
Total Assets	$	557,570	$	351,517
Liabilities
Debt	$	178,520	$	109,347
Less unamortized debt issuance costs	(743)		(890)
Debt less unamortized debt issuance costs	177,777		108,457
Interest payable	3,410		1,791
Distributions payable	10,762		4,115
Management and incentive fees payable	2,256		1,071
Accrued trustee fees	19		17
Accounts payable and other liabilities	673		526
Total Liabilities	194,897		115,977
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and September 30, 2023	—		—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 24,178,193.551 and 15,702,639.886 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively	24		16
Paid in capital in excess of par	361,994		234,869
Distributable earnings	655		655
Total Net Assets	362,673		235,540
Total Liabilities and Total Net Assets	$	557,570	$	351,517
Number of common shares outstanding	24,178,193.551		15,702,639.886
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements

3

Golub Capital Direct Lending Corporation 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,
	2024		2023		2024		2023
Investment income
Interest income	$	14,119	$	6,312	$	25,265	$	11,638
Payment-in-kind interest income	1,017		503		1,962		832
Dividend income	290		235		551		449
Fee income	39		13		71		34
Total investment income	15,465		7,063		27,849		12,953
Expenses
Interest and other debt financing expenses	3,624		1,551		6,486		2,771
Base management fee	1,257		621		2,255		1,191
Incentive fee	1,417		493		2,255		906
Professional fees	198		228		400		384
Administrative service fee	157		80		275		147
General and administrative expenses	46		24		131		48
Total expenses	6,699		2,997		11,802		5,447
Base management fee waived (Note 4)	(419)		(414)		(751)		(794)
Net expenses	6,280		2,583		11,051		4,653
Net investment income - before tax	9,185		4,480		16,798		8,300
Excise tax	16		38		91		143
Net investment income - after tax	9,169		4,442		16,707		8,157
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	—		—		(3)		—
Foreign currency transactions	24		8		39		13
Net realized gain (loss) on investment transactions	24		8		36		13
Net change in unrealized appreciation (depreciation) from:
Investments	4,563		782		4,966		(413)
Translation of assets and liabilities in foreign currencies	(46)		5		6		25
Net change in unrealized appreciation (depreciation) on investment transactions	4,517		787		4,972		(388)
Net gain (loss) on investment transactions	4,541		795		5,008		(375)
Net increase (decrease) in net assets resulting from operations	$	13,710	$	5,237	$	21,715	$	7,782
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 10)	$	0.62	$	0.49	$	1.11	$	0.77
Basic and diluted weighted average common shares outstanding (Note 10)	21,984,637		10,644,934		19,639,113		10,115,711

See Notes to Consolidated Financial Statements

4

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2022	9,066,482.048	$	9	$	135,669	$	275	$	135,953
Issuance of common stock	1,924,119.534	2		28,860		—		28,862
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		8,157		8,157
Net realized gain (loss) on investment transactions	—	—		—		13		13
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(388)		(388)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	69,901.882	—		1,049		—		1,049
Distributions from distributable earnings	—	—		—		(3,885)		(3,885)
Distributions declared and payable	—	—		—		(3,853)		(3,853)
Total increase (decrease) for the six months ended March 31, 2023	1,994,021.416	2		29,909		44		29,955
Balance at March 31, 2023	11,060,503.464	$	11	$	165,578	$	319	$	165,908
Balance at December 31, 2022	10,086,079.327	$	10	$	150,962	$	319	$	151,291
Issuance of common stock	905,468.001	1		13,581		—		13,582
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		4,442		4,442
Net realized gain (loss) on investment transactions	—	—		—		8		8
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		787		787
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	68,956.136	—		1,035		—		1,035
Distributions from distributable earnings (losses)	—	—		—		(1,384)		(1,384)
Distributions declared and payable	—	—		—		(3,853)		(3,853)
Total increase (decrease) for the three months ended March 31, 2023	974,424.137	1		14,616		—		14,617
Balance at March 31, 2023	11,060,503.464	$	11	$	165,578	$	319	$	165,908
Balance at September 30, 2023	15,702,639.886	$	16	$	234,869	$	655	$	235,540
Issuance of common stock	8,475,553.665	8		127,125		—		127,133
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		16,707		16,707
Net realized gain (loss) on investment transactions	—	—		—		36		36
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		4,972		4,972
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(10,953)		(10,953)
Distributions declared and payable	—	—		—		(10,762)		(10,762)
Total increase (decrease) for the six months ended March 31, 2024	8,475,553.665	8		127,125		—		127,133
Balance at March 31, 2024	24,178,193.551	$	24	$	361,994	$	655	$	362,673
Balance at December 31, 2023	21,511,820.218	$	22	$	322,001	$	655	$	322,678
Issuance of common stock	2,666,373.333	2		39,993		—		39,995
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		9,169		9,169
Net realized gain (loss) on investment transactions	—	—		—		24		24
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		4,517		4,517
Distributions to stockholders:
Distributions from distributable earnings (losses)	—	—		—		(2,948)		(2,948)
Distributions declared and payable	—	—		—		(10,762)		(10,762)
Total increase (decrease) for the three months ended March 31, 2024	2,666,373.333	2		39,993		—		39,995
Balance at March 31, 2024	24,178,193.551	$	24	$	361,994	$	655	$	362,673

See Notes to Consolidated Financial Statements

5

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Six months ended March 31,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	21,715	$	7,782
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	361		162
Accretion of discounts and amortization of premiums	(801)		(360)
Net realized (gain) loss on investments	3		—
Net realized (gain) loss on foreign currency transactions	(39)		(13)
Net change in unrealized (appreciation) depreciation on investments	(4,966)		413
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(6)		(25)
Proceeds from (fundings of) revolving loans, net	(303)		(364)
Fundings of investments	(211,773)		(59,543)
Proceeds from principal payments and sales of portfolio investments	5,389		3,221
Payment-in-kind interest capitalized	(1,907)		(782)
Non-cash dividends capitalized	(551)		(448)
Changes in operating assets and liabilities:
Interest receivable	(5,486)		(333)
Other assets	(1,296)		20
Interest payable	1,619		926
Management and incentive fees payable	1,185		700
Accrued trustee fees	2		(18)
Accounts payable and other liabilities	147		547
Net cash provided by (used in) operating activities	(196,707)		(48,115)
Cash flows from financing activities
Borrowings on debt	101,130		41,742
Repayments of debt	(32,500)		(20,000)
Capitalized debt issuance costs	(214)		(271)
Deferred offering costs	63		64
Proceeds from issuance of common shares	127,133		28,862
Distributions paid	(15,068)		(2,836)
Net cash provided by (used in) financing activities	180,544		47,561
Net change in cash and cash equivalents and foreign currencies	(16,163)		(554)
Effect of foreign currency exchange rates	43		35
Cash and cash equivalents and foreign currencies, beginning of period	29,041		6,073
Cash and cash equivalents and foreign currencies, end of period	$	12,921	$	5,554
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	4,506	$	1,684
Distributions declared for the period	21,715		7,738
Supplemental disclosure of non-cash financing activity:
Stock issued in connection with dividend reinvestment plan	$	—	$	1,049
Change in distributions payable	6,647		3,853

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

	As of
	March 31, 2024		September 30, 2023
Cash and cash equivalents	$	10,787	$	27,659
Foreign currencies (cost of $2,134 and $1,389, respectively)	2,134		1,382
Total cash and cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows	$	12,921	$	29,041

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

See Notes to Consolidated Financial Statements

6

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.#	One stop	SF +	7.00%	(h)(i)	12.32%				02/2029	$	7,658	$	7,471	2.1	%	$	7,658
PPW Aero Buyer, Inc.	One stop	P +	6.00%	(a)(h)	13.59%				02/2029	24		23		—		24
										7,682		7,494		2.1		7,682
Auto Components
Collision SP Subco, LLC#	One stop	SF +	5.50%	(i)	10.82%				01/2030	3,306		3,241		0.9		3,240
Collision SP Subco, LLC	One stop	SF +	5.50%	(j)	10.74%				01/2030	91		72		—		52
Collision SP Subco, LLC	One stop	SF +	5.50%	(i)	10.82%				01/2030	81		71		—		70
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.98%				08/2027	273		271		0.1		265
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.95%				08/2027	55		55		—		54
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(i)	9.96%				08/2027	30		29		—		27
										3,836		3,739		1.0		3,708
Automobiles
CG Group Holdings, LLC(23)	One stop	SF +	8.75%	(i)	12.05%	cash/	2.00%	PIK	07/2027	1,833		1,810		0.5		1,815
CG Group Holdings, LLC(23)	One stop	SF +	8.75%	(h)	12.08%	cash/	2.00%	PIK	07/2026	349		344		0.1		345
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	1,696		1,686		0.5		1,696
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	1,013		1,007		0.3		1,013
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	303		301		0.1		303
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	184		183		0.1		184
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	175		174		0.1		175
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	153		152		0.1		153
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	126		125		—		126
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	122		121		—		122
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	122		121		—		122
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	101		100		—		101
Denali Midco 2, LLC#	One stop	SF +	6.50%	(h)	11.93%				12/2027	94		92		—		94
Denali Midco 2, LLC	One stop	SF +	5.75%	(h)	11.18%				12/2027	82		25		—		82
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.93%				12/2027	25		25		—		25
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.93%				12/2027	21		21		—		21
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.93%				12/2027	13		12		—		13
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.93%				12/2027	6		6		—		6
Denali Midco 2, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2027	—		(2)		—		—
Denali Midco 2, LLC	One stop	SF +	6.50%	(h)	11.93%				12/2027	29		29		—		29
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(i)	10.55%				12/2029	277		272		0.1		277
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(i)	10.55%				12/2029	58		57		—		58
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(i)	10.55%				12/2029	10		8		—		10
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				12/2029	—		(1)		—		—
National Express Wash Parent Holdco, LLC#	One stop	SF +	5.50%	(h)(j)	10.84%				07/2029	7,122		7,069		1.9		6,908
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(j)	10.73%				07/2029	96		95		—		91
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(28)		—		(30)
POY Holdings, LLC#	One stop	SF +	5.50%	(i)	10.95%				11/2027	5,185		5,090		1.4		5,185
POY Holdings, LLC#	One stop	SF +	5.50%	(i)	10.95%				11/2027	3,957		3,896		1.1		3,957
POY Holdings, LLC#	One stop	SF +	5.50%	(i)	10.95%				11/2027	228		226		0.1		228
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(3)		—		—
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(6)		—		—
POY Holdings, LLC	One stop	SF +	5.50%	(i)	10.97%				11/2027	276		274		0.1		276
Spotless Brands, LLC#	One stop	SF +	6.50%	(i)	11.97%				07/2028	1,106		1,088		0.3		1,106
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.96%				07/2028	120		119		—		120
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.96%				07/2028	89		88		—		89
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—

See Notes to Consolidated Financial Statements

7

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Yorkshire Parent, Inc.#	One stop	SF +	6.00%	(i)	11.30%		12/2029	$	6,214	$	6,155	1.7	%	$	6,214
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(15)		—		—
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(29)		—		—
								31,185		30,687		8.5		30,914
Banks
OSP Hamilton Purchaser, LLC#	One stop	SF +	5.50%	(h)	10.92%		12/2029	1,349		1,336		0.4		1,349
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(12)		—		—
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(2)		—		—
								1,349		1,322		0.4		1,349
Beverages
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(i)	11.80%		06/2030	2,818		2,780		0.8		2,874
Financial Information Technologies, LLC(23)	One stop	N/A			14.00%	PIK	06/2031	1,443		1,408		0.4		1,443
Financial Information Technologies, LLC#	One stop	SF +	5.50%	(i)	10.80%		06/2030	571		567		0.1		571
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)		06/2030	—		(9)		—		—
								4,832		4,745		1.3		4,888
Building Products
BECO Holding Company, Inc.	One stop	SF +	5.25%	(i)	10.70%		11/2028	3,848		3,823		1.1		3,848
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2027	—		(3)		—		—
								3,848		3,820		1.1		3,848
Capital Markets
BlueMatrix Holdings, LLC#	One stop	SF +	5.25%	(i)	10.55%		01/2031	4,883		4,842		1.3		4,840
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(7)		—		(8)
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(14)		—		(14)
								4,883		4,821		1.3		4,818
Chemicals
PHM NL SP Bidco B.V.(8)(9)(12)	One stop	E +	6.25%	(d)	10.11%		09/2028	1,963		2,083		0.5		1,728
PHM NL SP Bidco B.V.(8)(12)	One stop	SF +	6.25%	(g)	11.81%		09/2028	790		782		0.2		696
PHM NL SP Bidco B.V.(8)(9)(12)	One stop	SN +	6.25%	(f)	11.44%		09/2028	436		455		0.1		384
PHM NL SP Bidco B.V.(8)(9)(12)	One stop	E +	6.25%	(d)	10.21%		09/2028	208		214		—		183
								3,397		3,534		0.8		2,991
Commercial Services and Supplies
BradyIFS Holdings, LLC#	One stop	SF +	6.00%	(i)	11.31%		10/2029	7,208		7,074		2.0		7,208
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(i)	11.31%		10/2029	195		187		0.1		195
BradyIFS Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)		10/2029	—		(12)		—		—
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(i)	10.70%		10/2028	1,030		1,021		0.3		1,030
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		10/2028	—		(2)		—		—
Encore Holdings, LLC	One stop	SF +	5.25%	(h)(i)	10.65%		11/2028	5,045		4,950		1.4		5,018
Encore Holdings, LLC#	One stop	SF +	5.25%	(i)	10.65%		11/2028	1,071		1,052		0.3		1,066
Encore Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)		11/2028	—		(7)		—		(15)
FR Vision Holdings, Inc.#	One stop	SF +	5.50%	(i)	10.81%		01/2031	6,361		6,299		1.8		6,361
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(i)	10.82%		01/2031	536		516		0.2		536
FR Vision Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)		01/2030	—		(5)		—		—
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(h)	11.58%		09/2030	849		833		0.2		849
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2028	—		(2)		—		—
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)		09/2030	—		(2)		—		—
Profile Products LLC	One stop	SF +	5.50%	(i)	10.93%		11/2027	353		348		0.1		346
Profile Products LLC(8)	One stop	SF +	5.50%	(i)	10.93%		11/2027	72		71		—		70
Profile Products LLC	One stop	P +	4.50%	(a)	13.00%		11/2027	15		15		—		14
Profile Products LLC(5)	One stop	SF +	5.75%		N/A(6)		11/2027	—		—		—		(1)
Radwell Parent, LLC#	One stop	SF +	6.53%	(i)	11.93%		03/2029	8,037		7,944		2.2		8,037
Radwell Parent, LLC#	One stop	SF +	6.75%	(i)	12.05%		03/2029	305		297		0.1		305

See Notes to Consolidated Financial Statements

8

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Radwell Parent, LLC	One stop	SF +	6.75%	(i)	12.05%				03/2029	$	58	$	51	—	%	$	58
Radwell Parent, LLC(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(7)		—		—
										31,135		30,621		8.7		31,077
Containers and Packaging
Chase Intermediate	One stop	SF +	5.00%	(i)	10.46%				10/2028	4,072		4,047		1.1		4,021
Chase Intermediate(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(2)		—		(4)
Chase Intermediate(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(2)		—		—
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	10.90%				10/2028	1,974		1,952		0.6		1,915
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	10.90%				10/2028	108		104		—		88
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	10.90%				10/2028	6		1		—		5
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(i)	10.90%				10/2027	15		11		—		8
										6,175		6,111		1.7		6,033
Diversified Consumer Services
Apex Service Partners, LLC#(23)	One stop	SF +	7.00%	(i)	10.32%	cash/	2.00%	PIK	10/2030	8,593		8,473		2.4		8,593
Apex Service Partners, LLC(23)	One stop	SF +	7.00%	(i)	12.33%				10/2030	1,121		1,096		0.3		1,121
Apex Service Partners, LLC	One stop	SF +	6.50%	(i)	11.82%				10/2029	253		243		0.1		253
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.50%	(a)(i)	11.98%				07/2027	3,661		3,592		1.0		3,661
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.50%	(i)	10.97%				07/2027	2,986		2,933		0.8		2,986
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.50%	(a)(i)	11.59%				07/2027	2,647		2,601		0.7		2,647
Entomo Brands Acquisitions, Inc.#	Senior secured	SF +	5.50%	(i)	10.95%				07/2029	361		357		0.1		361
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		—		—		—
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.95%				07/2029	87		84		—		87
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	143		142		0.1		142
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	97		96		—		96
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	94		94		—		94
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.71%				07/2027	86		85		—		86
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	62		61		—		61
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%	(i)	10.72%				07/2027	44		43		—		43
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(i)	11.55%				09/2028	3,404		3,359		0.9		3,404
DP Flores Holdings, LLC	One stop	SF +	6.25%	(i)	11.55%				09/2028	529		522		0.2		529
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(8)		—		—
EMS LINQ, LLC	One stop	SF +	6.25%	(h)	11.68%				12/2027	523		520		0.2		518
EMS LINQ, LLC	One stop	SF +	6.25%	(h)	11.68%				12/2027	26		26		—		25
FPG Intermediate Holdco, LLC(23)	One stop	SF +	6.75%	(h)	8.18%	cash/	4.00%	PIK	03/2027	893		881		0.2		848
FPG Intermediate Holdco, LLC(23)	One stop	SF +	6.75%	(h)	8.18%	cash/	4.00%	PIK	03/2027	765		756		0.2		727
FPG Intermediate Holdco, LLC(23)	One stop	SF +	6.75%	(h)	8.18%	cash/	4.00%	PIK	03/2027	14		14		—		14
FSS Buyer LLC	One stop	SF +	5.75%	(h)	11.18%				08/2028	306		302		0.1		306
FSS Buyer LLC	One stop	SF +	5.75%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(i)	11.09%				06/2029	434		428		0.1		434
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(h)	11.08%				06/2028	10		9		—		10
HS Spa Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Mario Purchaser, LLC#	One stop	SF +	5.75%	(h)	11.18%				04/2029	416		410		0.1		404
Mario Purchaser, LLC	One stop	SF +	5.75%	(h)	11.18%				04/2029	463		455		0.1		447
Mario Purchaser, LLC(23)	One stop	SF +	10.75%	(h)	16.18%	PIK			04/2032	241		237		0.1		234
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(1)
Mathnasium, LLC	One stop	SF +	5.00%	(i)	10.46%				11/2027	514		511		0.2		514
Mathnasium, LLC	One stop	SF +	5.00%	(i)	10.46%				11/2027	32		32		—		32
NSG Buyer, Inc. #	One stop	SF +	6.50%	(h)	11.93%				11/2029	7,267		7,162		2.0		7,358
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(16)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(17)		—		(18)
NSG Buyer, Inc.	One stop	SF +	5.75%	(h)	11.08%				11/2029	351		328		0.1		347
RW AM Holdco LLC#	One stop	SF +	5.25%	(i)	10.65%				04/2028	995		988		0.3		955

See Notes to Consolidated Financial Statements

9

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	$	—	$	(1)	—	%	$	(4)
Virginia Green Acquisition, LLC#	One stop	SF +	5.50%	(j)	10.75%				12/2030	6,895		6,829		1.9		6,895
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(11)		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.50%	(j)	10.72%				12/2030	157		131		—		157
										44,470		43,744		12.2		44,366
Diversified Financial Services
Avalara, Inc.#	One stop	SF +	7.25%	(i)	12.56%				10/2028	1,091		1,071		0.3		1,091
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(j)	10.50%				07/2027	453		450		0.1		453
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(j)	10.50%				07/2027	84		84		—		84
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(i)	10.66%				07/2027	43		43		—		43
Finastra USA, Inc.#	One stop	SF +	7.25%	(j)	12.46%				09/2029	4,950		4,860		1.4		4,950
Finastra USA, Inc.	One stop	SF +	7.25%	(h)	12.57%				09/2029	9		8		—		9
Flash Topco, Inc.	One stop	SF +	5.75%	(j)	11.44%				10/2028	934		928		0.3		887
Flash Topco, Inc.	One stop	SF +	6.50%	(i)(j)	11.86%				10/2028	73		73		—		70
Flash Topco, Inc.	One stop	SF +	6.50%	(i)(j)	11.87%				12/2024	37		37		—		37
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(h)	10.93%				11/2028	3,023		3,003		0.8		3,030
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(3)		—		(3)
										10,697		10,552		2.9		10,651
Electrical Equipment
Power Grid Holdings, Inc.#	One stop	SF +	4.75%	(i)	10.09%				12/2030	244		239		0.1		239
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(h)	10.08%				12/2030	1		—		—		—
										245		239		0.1		239
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.75%	(h)	12.18%				11/2028	2,231		2,180		0.6		2,231
CST Holding Company	One stop	SF +	6.75%	(h)	12.18%				11/2028	5		4		—		5
										2,236		2,184		0.6		2,236
Food and Staples Retailing
Wineshipping.com LLC	One stop	SF +	5.75%	(i)	11.24%				10/2027	377		375		0.1		347
Wineshipping.com LLC	One stop	SF +	5.75%	(a)(i)	11.41%				10/2027	73		73		—		67
Wineshipping.com LLC	One stop	SF +	5.75%	(i)	11.23%				10/2027	10		10		—		9
										460		458		0.1		423
Food Products
Blast Bidco Inc.#	One stop	SF +	6.00%	(i)	11.30%				10/2030	7,097		6,998		1.9		7,026
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(11)		—		(8)
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(i)	11.70%				07/2027	553		550		0.2		547
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(h)(i)	11.70%				07/2027	83		83		—		82
Ultimate Baked Goods Midco LLC	One stop	SF +	6.25%	(h)	11.68%				08/2027	372		370		0.1		372
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(2)		—		—
Whitebridge Pet Brands, LLC#	One stop	SF +	4.75%	(h)	10.18%				07/2027	1,185		1,178		0.3		1,185
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(1)		—		—
Wizard Bidco Limited#(8)(10)	One stop	SF +	6.00%	(i)	11.31%				03/2029	650		639		0.2		650
Wizard Bidco Limited(8)(9)(10)(23)	One stop	SN +	6.25%	(f)	9.94%	cash/	1.50%	PIK	03/2029	385		397		0.1		365
Wizard Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(f)	11.19%				03/2029	225		216		0.1		224
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	4.75%	(f)	9.94%				09/2028	60		57		—		57
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(2)		—		—
										10,610		10,472		2.9		10,500
Healthcare Equipment and Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(i)	11.55%				08/2028	1,880		1,866		0.5		1,880
Belmont Instrument, LLC	One stop	SF +	6.25%	(i)	11.55%				08/2028	29		28		—		29
TIDI Legacy Products, Inc.#	One stop	SF +	5.50%	(h)	10.83%				12/2029	756		749		0.2		748
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		(2)
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		—

See Notes to Consolidated Financial Statements

10

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
YI, LLC#	One stop	SF +	5.75%	(h)	11.07%				12/2029	$	2,937	$	2,882	0.8	%	$	2,879
YI, LLC	One stop	SF +	5.75%	(h)	11.08%				12/2029	11		1		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—		(6)		—		(6)
										5,613		5,517		1.5		5,528
Healthcare Providers and Services
AAH TOPCO, LLC	One stop	SF +	5.50%	(h)	10.93%				12/2027	946		939		0.3		932
AAH TOPCO, LLC	One stop	SF +	5.50%	(h)	10.93%				12/2027	336		334		0.1		331
AAH TOPCO, LLC (23)	Subordinated debt	N/A			11.50%	PIK			12/2031	204		201		—		186
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(1)
AAH TOPCO, LLC	One stop	SF +	6.00%	(h)	11.43%				12/2027	700		664		0.2		700
Bamboo US Bidco LLC#(23)	One stop	SF +	6.75%	(i)	8.69%	cash/	3.38%	PIK	09/2030	2,445		2,378		0.7		2,445
Bamboo US Bidco LLC#(8)(9)(23)	One stop	E +	6.75%	(c)	7.29%	cash/	3.38%	PIK	09/2030	1,642		1,565		0.4		1,642
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(14)		—		—
Bamboo US Bidco LLC(23)	One stop	SF +	6.75%	(i)	8.70%	cash/	3.38%	PIK	09/2030	41		35		—		41
Community Care Partners, LLC#	One stop	SF +	6.00%	(h)	11.44%				06/2026	131		130		—		123
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(f)	9.69%				04/2025	3,187		3,425		0.9		3,184
Datix Bidco Limited(8)(9)(10)	Second lien	SN +	7.75%	(f)	12.94%				04/2026	1,131		1,212		0.3		1,130
ERC Topco Holdings, LLC(23)	One stop	SF +	6.25%	(i)	8.56%	cash/	3.25%	PIK	11/2028	2,181		2,172		0.5		1,701
ERC Topco Holdings, LLC(23)	One stop	SF +	6.25%	(i)	8.58%	cash/	3.25%	PIK	11/2027	114		113		—		81
ERC Topco Holdings, LLC(23)	One stop	SF +	6.25%	(i)	11.86%	PIK			11/2028	18		18		—		14
ERC Topco Holdings, LLC(23)	One stop	SF +	6.25%	(i)	11.86%	PIK			11/2028	1		1		—		1
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(h)	10.18%				12/2026	297		295		0.1		294
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(h)	10.18%				12/2026	47		47		—		46
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Premise Health Holding Corp.#	One stop	SF +	5.50%	(i)	10.84%				03/2031	6,543		6,446		1.8		6,445
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(11)		—		(11)
Suveto Buyer, LLC	One stop	SF +	4.25%	(h)	9.68%				09/2027	1,109		1,102		0.3		1,098
Suveto Buyer, LLC	One stop	SF +	4.25%	(a)(h)	10.18%				09/2027	56		55		—		54
										21,129		21,107		5.6		20,436
Healthcare Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(j)	13.75%				09/2026	21		21		—		21
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(h)	10.83%				05/2028	295		292		0.1		292
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.83%				05/2028	89		88		—		89
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.75%	(h)	11.08%				05/2028	39		39		—		39
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(h)	10.83%				05/2028	15		15		—		15
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(2)		—		—
Color Intermediate, LLC#	One stop	SF +	5.50%	(i)	10.91%				10/2029	1,061		1,044		0.3		1,061
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(i)	13.06%				01/2029	367		361		0.1		367
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
Lacker Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(f)	10.44%				02/2031	1,943		1,912		0.6		1,917
Lacker Bidco Limited(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		—		—		—
Lacker Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				02/2031	—		(32)		—		(32)
Neptune Holdings, Inc.#	One stop	SF +	6.00%	(j)	11.29%				09/2030	2,621		2,585		0.7		2,621
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		—
Plasma Buyer LLC#	One stop	SF +	5.75%	(i)	11.06%				05/2029	303		298		0.1		294
Plasma Buyer LLC	One stop	SF +	5.75%	(i)	11.06%				05/2028	21		20		—		20
Plasma Buyer LLC	One stop	SF +	6.25%	(i)	11.56%				05/2029	2		2		—		2
QF Holdings, Inc.	One stop	SF +	5.75%	(i)	11.16%				12/2027	35		34		—		35
Veranex, Inc.(23)	Senior secured	SF +	6.25%	(j)	10.40%	cash/	1.00%	PIK	04/2028	125		124		—		94
Veranex, Inc.(23)	Senior secured	SF +	6.25%	(j)	10.59%	cash/	1.00%	PIK	04/2028	42		42		—		32
Veranex, Inc.(23)	Senior secured	SF +	6.25%	(j)	10.47%	cash/	1.00%	PIK	04/2028	32		32		—		24
										7,011		6,873		1.9		6,891

See Notes to Consolidated Financial Statements

11

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants and Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(i)	11.49%				08/2028	$	826	$	819	0.2	%	$	826
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.47%				08/2028	28		27		—		28
Barteca Restaurants, LLC	One stop	SF +	6.00%	(i)	11.48%				08/2028	18		18		—		18
ESN Venture Holdings, LLC#	One stop	SF +	6.50%	(i)	11.80%				10/2028	2,077		2,054		0.6		2,077
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(i)	11.80%				10/2028	314		311		0.1		314
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(i)	11.81%				10/2028	67		57		—		67
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(i)	11.80%				10/2028	29		27		—		29
GFP Atlantic Holdco 2, LLC#	One stop	SF +	6.00%	(i)	11.31%				11/2027	1,253		1,230		0.4		1,253
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(25)		—		—
Harri US LLC(23)	One stop	SF +	10.00%	(i)	11.49%	cash/	4.00%	PIK	08/2026	49		46		—		46
Harri US LLC(23)	One stop	SF +	10.00%	(i)	11.49%	cash/	4.00%	PIK	08/2026	33		33		—		31
Harri US LLC(23)	One stop	SF +	10.00%	(i)	11.49%	cash/	4.00%	PIK	08/2026	32		32		—		30
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		(1)
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(4)		—		(54)
Health Buyer, LLC#	Senior secured	SF +	5.25%	(i)	10.70%				04/2029	146		145		0.1		146
Health Buyer, LLC#	Senior secured	SF +	5.50%	(i)	10.80%				04/2029	75		73		—		75
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		—		—		—
Super REGO, LLC(23)	Subordinated debt	N/A			15.00%	PIK			03/2030	50		49		—		49
YE Brands Holding, LLC#	One stop	SF +	5.75%	(i)	11.16%				10/2027	2,962		2,937		0.8		2,962
YE Brands Holding, LLC	One stop	SF +	5.50%	(h)	10.93%				10/2027	29		29		—		29
YE Brands Holding, LLC	One stop	SF +	5.75%	(i)	11.16%				10/2027	66		61		—		66
										8,054		7,919		2.2		7,991
Industrial Conglomerates
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(i)	11.15%				07/2027	219		216		0.1		219
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(i)	11.15%				07/2027	55		55		—		55
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(i)	11.15%				07/2027	29		28		—		29
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Essential Services Holdings Corporation	One stop	SF +	5.75%	(i)	11.23%				11/2026	2,694		2,680		0.8		2,667
Essential Services Holdings Corporation	One stop	SF +	5.75%	(i)	11.22%				11/2025	26		26		—		26
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(i)	11.16%				08/2029	782		770		0.2		774
Excelitas Technologies Corp.#(8)(9)	One stop	E +	5.75%	(c)	9.65%				08/2029	120		113		—		119
Excelitas Technologies Corp.	One stop	SF +	5.75%	(i)	11.16%				08/2028	49		48		—		48
Excelitas Technologies Corp.	One stop	SF +	5.75%		N/A(6)				08/2029	—		—		—		—
										3,974		3,936		1.1		3,937
Insurance
Alera Group, Inc.	One stop	SF +	6.00%	(h)	11.43%				10/2028	1,415		1,406		0.4		1,415
Alera Group, Inc.	One stop	SF +	6.00%	(h)	11.43%				10/2028	458		455		0.1		458
Alera Group, Inc.	One stop	SF +	6.00%	(h)	11.43%				10/2028	402		398		0.1		402
Alera Group, Inc.	One stop	SF +	5.75%	(h)	11.18%				10/2028	401		364		0.1		461
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)	10.53%				07/2027	180		179		0.1		180
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)	10.53%				07/2027	54		54		—		54
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(i)(j)	10.53%				07/2027	50		50		—		50
AMBA Buyer, Inc.	One stop	SF +	5.25%	(i)	10.66%				07/2027	16		16		—		16
AMBA Buyer, Inc.	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		—
Ben Nevis Midco Limited#(8)(10)	One stop	SF +	5.00%	(i)	10.31%				03/2028	851		834		0.2		834
Ben Nevis Midco Limited#(8)(10)	One stop	SF +	5.00%	(i)	10.31%				03/2028	572		572		0.2		572
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.00%	(i)	10.31%				03/2028	76		76		—		75
Ben Nevis Midco Limited(5)(8)(10)	One stop	SF +	5.00%		N/A(6)				03/2028	—		(7)		—		(14)
Captive Resources Midco, LLC#(23)	One stop	SF +	5.25%	(h)	5.29%	cash/	5.79%	PIK	07/2029	4,746		4,679		1.3		4,746
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(i)	12.84%				03/2029	384		376		0.1		384

See Notes to Consolidated Financial Statements

12

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets			Fair Value (4)
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	$	—	$	(1)	$	—	%	$	—
Doxa Insurance Holdings LLC#	One stop	SF +	5.50%	(i)	10.83%				12/2030	4,910		4,863		1.3			4,861
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(10)		—			(11)
Doxa Insurance Holdings LLC	One stop	SF +	5.50%	(i)	10.82%				12/2030	1,924		1,880		0.5			1,878
Illumifin Corporation(23)	One stop	SF +	7.00%	(i)	12.57%	PIK			09/2027	176		175		—			150
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(h)(i)(j)	11.27%				07/2030	416		407		0.1			416
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—			—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(1)		—			—
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—			—
Integrity Marketing Acquisition, LLC	One stop	SF +	6.00%	(i)	11.34%				08/2026	184		174		0.1			184
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(i)	10.95%				05/2027	1,597		1,568		0.4			1,597
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(i)	10.95%				05/2027	334		331		0.1			334
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(i)	10.95%				05/2027	185		183		0.1			185
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(i)	10.95%				05/2027	164		163		0.1			164
Keystone Agency Partners LLC(5)	Senior secured	SF +	5.50%		N/A(6)				05/2027	—		(68)		—			—
MRH Trowe Germany GMBH(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				02/2029	—		(31)		—			(64)
Oakbridge Insurance Agency LLC#	One stop	SF +	5.75%	(h)	11.07%				11/2029	3,173		3,143		0.9			3,173
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(5)		—			—
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(14)		—			—
Paisley Bidco Limited(8)(9)(10)	One stop	E +	6.75%	(c)	10.66%				03/2028	507		500		0.1			507
Paisley Bidco Limited(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(6)		—			—
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.25%	(i)	11.55%				05/2030	1,793		1,762		0.5			1,793
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(i)	11.55%				05/2030	598		587		0.2			598
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—			—
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(i)	11.06%				10/2028	1,609		1,508		0.4			1,509
Patriot Growth Insurance Services, LLC	One stop	SF +	5.50%	(i)	10.95%				10/2028	617		613		0.2			610
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(i)	11.20%				10/2028	138		137		—			137
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(2)		—			(2)
										27,930		27,304		7.6			27,652
IT Services
CivicPlus, LLC(23)	One stop	SF +	6.50%	(i)	9.49%	cash/	2.50%	PIK	08/2027	363		360		0.1			363
CivicPlus, LLC#(23)	One stop	SF +	6.50%	(i)	9.49%	cash/	2.50%	PIK	08/2027	233		231		0.1			233
CivicPlus, LLC(23)	One stop	SF +	6.50%	(i)	9.49%	cash/	2.50%	PIK	08/2027	170		169		0.1			170
CivicPlus, LLC(23)	One stop	SF +	11.75%	(j)	17.00%	PIK			06/2034	181		177		0.1			181
CivicPlus, LLC(5)	One stop	SF +	8.50%		N/A(6)				08/2027	—		(1)		—			—
Critical Start, Inc.#(23)	One stop	SF +	6.75%	(i)	8.45%	cash/	3.63%	PIK	05/2028	193		192		0.1			191
Critical Start, Inc.#(23)	One stop	SF +	6.75%	(i)	8.45%	cash/	3.63%	PIK	05/2028	105		104		—			104
Critical Start, Inc.	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—			—
Goldcup 31018 AB(8)(9)(16)(23)	One stop	E +	6.50%	(d)	10.15%	cash/	0.25%	PIK	07/2029	840		783		0.2			832
Goldcup 31018 AB(8)(9)(16)(23)	One stop	E +	6.50%	(d)	10.15%	cash/	0.25%	PIK	07/2029	78		76		—			77
Goldcup 31018 AB(5)(8)(9)(16)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—			(1)
Netwrix Corporation#	One stop	SF +	5.00%	(i)	10.38%				06/2029	4,419		4,395		1.2			4,353
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—			(2)
Netwrix Corporation	One stop	SF +	5.00%		N/A(6)				06/2029	—		—		—			—
Netwrix Corporation(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(46)		—			(28)
PDQ Intermediate, Inc.(23)	Subordinated debt	N/A			13.75%	PIK			10/2031	53		52		—			53
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.06%				10/2026	205		203		0.1			205
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.06%				10/2026	65		65		—			65
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(i)	16.06%				10/2026	23		23		—			23
Transform Bidco Limited(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				06/2030	—		(7)		—			—
Transform Bidco Limited#(8)(10)	One stop	SF +	7.00%	(i)	12.33%				12/2030	3,562		3,511		1.0			3,562
WPEngine, Inc.#	One stop	SF +	6.50%	(i)	11.81%				08/2029	443		435		0.1			443
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—			—
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(i)	11.84%				07/2027	438		438		0.1			438

See Notes to Consolidated Financial Statements

13

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Zarya Holdco, Inc.	One stop	SF +	6.50%		N/A(6)	07/2027	$	—	$	—	—	%	$	—
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(i)	11.84%	07/2027	174		171		—		174
							11,545		11,328		3.2		11,436
Leisure Products
Movement Holdings, LLC#	One stop	SF +	5.25%	(h)	10.58%	03/2030	2,425		2,401		0.7		2,401
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)	03/2030	—		(4)		—		(4)
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)	03/2030	—		(16)		—		(16)
							2,425		2,381		0.7		2,381
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	6.50%	(i)	11.77%	11/2029	6,267		6,143		1.7		6,267
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)	11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)	11/2029	—		(20)		—		—
PAS Parent Inc.	One stop	SF +	5.00%	(h)	10.44%	12/2028	2,751		2,711		0.8		2,709
PAS Parent Inc.(5)	One stop	SF +	5.00%		N/A(6)	12/2027	—		(4)		—		(3)
PAS Parent Inc.	One stop	SF +	5.50%	(h)	10.93%	12/2028	147		142		—		147
Reaction Biology Corporation	One stop	SF +	5.25%	(i)	10.70%	03/2029	323		320		0.1		284
Reaction Biology Corporation	One stop	SF +	5.25%	(i)	10.70%	03/2029	299		297		0.1		263
Reaction Biology Corporation	One stop	SF +	5.25%	(i)	10.70%	03/2029	199		197		0.1		175
Reaction Biology Corporation	One stop	SF +	5.25%	(i)	10.70%	03/2029	95		94		—		84
Unchained Labs, LLC	Senior secured	SF +	5.50%	(h)	10.88%	08/2027	56		56		—		55
Unchained Labs, LLC	Senior secured	SF +	5.50%	(h)	10.88%	08/2027	48		47		—		47
Unchained Labs, LLC(5)	Senior secured	SF +	5.50%		N/A(6)	08/2027	—		—		—		(1)
							10,185		9,982		2.8		10,027
Machinery
Blackbird Purchaser, Inc.#	One stop	SF +	5.50%	(i)	10.83%	12/2030	8,299		8,219		2.3		8,299
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(i)	10.81%	12/2030	328		312		0.1		328
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(h)	10.83%	12/2029	132		121		—		132
							8,759		8,652		2.4		8,759
Marine
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(i)	11.30%	04/2029	4,389		4,357		1.2		4,257
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(i)	11.30%	04/2029	99		98		—		96
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(i)	11.30%	04/2029	57		56		—		53
							4,545		4,511		1.2		4,406
Oil, Gas & Consumable Fuels
Envernus, Inc.#	One stop	SF +	5.50%	(h)	10.83%	12/2029	5,515		5,436		1.5		5,460
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)	12/2029	—		(6)		—		(4)
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)	12/2029	—		(2)		—		(3)
							5,515		5,428		1.5		5,453
Paper and Forest Products
Messenger, LLC#	One stop	SF +	5.75%	(i)	11.20%	12/2027	593		589		0.2		587
Messenger, LLC	One stop	SF +	5.75%	(i)	11.21%	12/2027	179		178		—		177
Messenger, LLC	One stop	SF +	5.75%	(i)	11.20%	12/2027	90		89		—		89
Messenger, LLC	One stop	SF +	5.75%		N/A(6)	12/2027	—		—		—		—
							862		856		0.2		853
Pharmaceuticals
Caerus Midco 3 S.A.R.L.#(8)(14)	One stop	SF +	5.50%	(i)	10.81%	05/2029	784		773		0.2		769
Caerus Midco 3 S.A.R.L.#(8)(14)	One stop	SF +	5.75%	(i)	11.06%	05/2029	140		138		—		139
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.75%	(i)	11.06%	05/2029	53		52		—		52
Caerus Midco 3 S.A.R.L.(5)(8)(14)	One stop	SF +	5.75%		N/A(6)	05/2029	—		(1)		—		(1)
Caerus Midco 3 S.A.R.L.(8)(14)	One stop	SF +	5.75%	(i)	11.06%	05/2029	9		9		—		9
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(h)	11.44%	10/2028	593		585		0.2		593
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(h)	11.44%	10/2028	199		196		0.1		199
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(h)	11.44%	10/2028	166		161		0.1		166
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(h)	11.44%	10/2027	46		45		—		46

See Notes to Consolidated Financial Statements

14

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(f)	9.94%				08/2028	$	1,422	$	1,534	0.4	%	$	1,332
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	6.00%	(f)	11.19%				08/2028	625		593		0.2		614
Spark Bidco Limited(8)(10)	Senior secured	SF +	6.00%	(i)	11.30%				08/2028	475		468		0.1		467
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(f)	9.94%				08/2028	172		154		—		161
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(f)	9.94%				08/2028	151		144		—		141
Spark Bidco Limited(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
										4,835		4,849		1.3		4,682
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(h)	11.58%				05/2029	551		544		0.2		554
ALKU Intermediate Holdings, LLC#	One stop	SF +	5.50%	(h)	10.83%				05/2029	61		60		—		60
bswift, LLC#	One stop	SF +	6.38%	(i)	11.70%				11/2028	464		453		0.1		472
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)(j)	10.45%				10/2027	304		302		0.1		304
Citrin Cooperman Advisors LLC#	One stop	SF +	5.00%	(j)	10.57%				10/2027	132		129		—		132
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(i)(j)	10.52%				10/2027	39		39		—		39
Citrin Cooperman Advisors LLC#	One stop	SF +	5.25%	(i)	10.68%				10/2027	21		21		—		21
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(i)	10.66%				10/2027	32		30		—		32
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	10.34%				09/2028	328		323		0.1		323
DISA Holdings Corp.(23)	Subordinated debt	SF +	8.50%	(i)	11.83%	cash/	2.00%	PIK	03/2029	51		50		—		51
DISA Holdings Corp.	Senior secured	SF +	5.00%	(i)	10.34%				09/2028	37		36		—		36
DISA Holdings Corp.	One stop	SF +	5.00%	(i)	10.34%				09/2028	46		45		—		45
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(3)		—		(3)
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(i)	10.34%				09/2028	495		488		0.1		488
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(3)		—		(3)
Eliassen Group, LLC#	One stop	SF +	5.50%	(i)	10.81%				04/2028	74		74		—		73
Eliassen Group, LLC	One stop	SF +	5.50%	(i)	10.82%				04/2028	15		15		—		15
Filevine, Inc.(23)	One stop	SF +	6.50%	(i)(j)	9.71%	cash/	2.50%	PIK	04/2027	304		299		0.1		307
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(i)	11.41%				09/2028	365		360		0.1		365
IG Investments Holdings, LLC	One stop	SF +	6.00%	(i)	11.41%				09/2028	35		34		—		35
IG Investments Holdings, LLC	One stop	SF +	6.00%		N/A(6)				09/2027	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(i)	10.71%				11/2028	3,220		3,204		0.9		3,123
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(i)	10.71%				11/2028	164		163		0.1		157
Procure Acquireco, Inc.	One stop	SF +	5.00%	(i)	10.49%				12/2028	947		941		0.3		947
Procure Acquireco, Inc.	One stop	SF +	5.00%	(i)	10.45%				12/2028	133		132		—		133
Procure Acquireco, Inc.	One stop	SF +	5.00%		N/A(6)				12/2028	—		—		—		—
										7,818		7,736		2.1		7,706
Software
Anaplan, Inc.#	One stop	SF +	6.50%	(i)	11.81%				06/2029	8,552		8,488		2.4		8,552
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(f)	10.44%				06/2029	646		612		0.2		633
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(f)	10.44%				06/2029	337		310		0.1		330
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(i)	11.80%				07/2030	2,043		1,997		0.6		2,043
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				07/2030	—		(6)		—		—
Arrow Buyer, Inc.	One stop	SF +	6.50%	(j)	11.70%				07/2030	134		133		—		134
Auvik Networks Inc.(8)(11)(23)	One stop	SF +	6.25%	(i)	8.31%	cash/	3.25%	PIK	07/2027	421		419		0.1		421
Auvik Networks Inc.#(8)(11)(23)	One stop	SF +	6.25%	(i)	8.31%	cash/	3.25%	PIK	07/2027	89		88		—		89
Auvik Networks Inc.(8)(11)	One stop	SF +	6.00%		N/A(6)				07/2027	—		—		—		—
Auvik Networks Inc.#(8)(11)(23)	One stop	SF +	6.25%	(i)	8.31%	cash/	3.25%	PIK	07/2027	71		70		—		71
Avetta, LLC#	One stop	SF +	5.75%	(h)	11.08%				10/2030	5,864		5,741		1.6		5,864
Avetta, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2029	—		(12)		—		—
Azurite Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(h)	11.83%				03/2031	839		827		0.2		827
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(14)		—		(14)
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(5)		—		(5)

See Notes to Consolidated Financial Statements

15

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Bayshore Intermediate #2, L.P.(23)	One stop	SF +	7.50%	(i)	12.92%				10/2028	$	4,294	$	4,246	1.2	%	$	4,294
Bayshore Intermediate #2, L.P.	One stop	SF +	6.75%	(h)	12.17%				10/2027	22		20		—		22
Bloomerang, LLC#	One stop	SF +	6.00%	(i)	11.30%				12/2029	4,643		4,599		1.3		4,597
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(10)		—		(10)
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(13)		—		(14)
Bonterra LLC(23)	One stop	SF +	8.00%	(i)	13.30%				09/2027	4,671		4,614		1.3		4,577
Bonterra LLC	One stop	SF +	7.25%	(i)	12.55%				09/2027	3,591		3,561		1.0		3,519
Bonterra LLC	One stop	SF +	7.25%	(i)	12.56%				09/2027	104		102		—		100
Bottomline Technologies, Inc.	One stop	SF +	5.25%	(h)	10.58%				05/2029	1,544		1,521		0.4		1,513
Bottomline Technologies, Inc.#	One stop	SF +	5.75%	(h)	11.08%				05/2029	277		272		0.1		277
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		(3)
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(12)	One stop	SF +	7.25%	(i)	12.57%				01/2029	507		494		0.1		507
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(12)	One stop	SF +	7.25%	(i)	12.57%				01/2029	134		131		—		134
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(12)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(12)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited#(8)(9)(10)	One stop	SN +	6.25%	(f)	11.44%				08/2030	647		639		0.2		646
Camelia Bidco Limited#(8)(9)(10)	One stop	A +	6.25%	(e)	10.60%				08/2030	41		40		—		41
Camelia Bidco Limited#(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(4)		—		—
Coupa Holdings, LLC#	One stop	SF +	7.50%	(i)	12.81%				02/2030	3,079		3,014		0.9		3,079
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(3)		—		—
Crewline Buyer, Inc.#	One stop	SF +	6.75%	(i)	12.06%				11/2030	11,560		11,396		3.2		11,444
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(17)		—		(12)
Daxko Acquisition Corporation	One stop	SF +	5.50%	(h)	10.93%				10/2028	1,538		1,528		0.4		1,507
Daxko Acquisition Corporation	One stop	SF +	5.50%	(h)	10.93%				10/2028	130		128		—		127
Daxko Acquisition Corporation	One stop	P +	4.50%	(a)	13.00%				10/2027	10		9		—		7
Daxko Acquisition Corporation	One stop	SF +	5.50%	(h)	10.93%				10/2028	8		7		—		7
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(f)	11.19%				08/2030	1,020		998		0.3		1,025
Denali Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(b)	9.83%				08/2030	253		249		0.1		254
Denali Bidco Limited#(8)(9)(10)	One stop	E +	5.50%		N/A(6)				08/2030	—		—		—		—
Denali Bidco Limited(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				08/2030	—		(4)		—		2
Denali Bidco Limited(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—		—		—		—
Dragon UK Bidco Limited(8)(9)(10)	One stop	SN +	6.00%	(f)	11.19%				02/2029	815		841		0.2		789
Dragon UK Bidco Limited(8)(9)(10)	One stop	CA +	6.00%	(k)	11.02%				02/2029	481		500		0.1		466
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(6)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(i)	11.31%				09/2030	5,504		5,377		1.5		5,504
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(14)		—		—
Gainsight, Inc.(23)	One stop	SF +	6.75%	(i)	12.21%	PIK			07/2027	716		711		0.2		716
Gainsight, Inc.(23)	One stop	SF +	6.75%	(i)	12.21%	PIK			07/2027	60		59		—		60
GTY Technology Holdings, Inc.#(23)	One stop	SF +	6.88%	(i)	7.88%	cash/	4.30%	PIK	07/2029	1,782		1,757		0.5		1,764
GTY Technology Holdings, Inc.(23)	One stop	SF +	6.88%	(i)	7.90%	cash/	4.30%	PIK	07/2029	1,163		1,145		0.3		1,152
GTY Technology Holdings, Inc.(23)	One stop	SF +	6.88%	(i)	7.88%	cash/	4.30%	PIK	07/2029	213		212		0.1		211
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(1)		—		(1)
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(9)		—		—
GTY Technology Holdings, Inc.(23)	One stop	SF +	7.13%	(i)	7.95%	cash/	4.45%	PIK	07/2029	282		279		0.1		282
Hornet Security Holding GMBH#(8)(9)(19)	One stop	E +	6.50%	(d)	10.43%				02/2031	2,378		2,350		0.7		2,349
Hornet Security Holding GMBH#(8)(9)(19)	One stop	E +	6.50%	(d)	10.43%				02/2031	1,586		1,566		0.4		1,566
Hornet Security Holding GMBH(8)(9)(19)	One stop	E +	6.50%		N/A(6)				08/2030	—		—		—		—
Hornet Security Holding GMBH(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				02/2031	—		(10)		—		(10)
Hyland Software, Inc.#	One stop	SF +	6.00%	(h)	11.33%				09/2030	13,326		13,141		3.6		13,192
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.#	One stop	SF +	6.50%	(i)	11.80%				01/2030	7,751		7,601		2.1		7,596

See Notes to Consolidated Financial Statements

16

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	$	—	$	(14)	—	%	$	(15)
ICIMS, Inc.#(23)	One stop	SF +	7.25%	(i)	8.71%	cash/	3.88%	PIK	08/2028	14,210		14,041		3.9		14,068
ICIMS, Inc.	One stop	SF +	6.75%	(i)	12.05%				08/2028	19		15		—		16
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(27)
IQN Holding Corp. #	One stop	SF +	5.25%	(i)	10.59%				05/2029	931		924		0.3		922
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		—		—		(1)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(2)		—		(2)
Island Bidco AB#(8)(9)(16)(23)	One stop	E +	7.25%	(d)	3.89%	cash/	7.25%	PIK	07/2028	376		362		0.1		376
Island Bidco AB#(8)(16)(23)	One stop	SF +	7.00%	(j)	8.68%	cash/	3.50%	PIK	07/2028	176		175		0.1		176
Island Bidco AB(8)(16)	One stop	SF +	6.50%	(j)	11.83%				07/2028	18		18		—		18
Island Bidco AB(8)(9)(16)	One stop	E +	6.50%	(d)	10.38%				07/2028	19		18		—		19
Kaseya Inc.#(23)	One stop	SF +	6.00%	(i)	8.81%	cash/	2.50%	PIK	06/2029	4,248		4,201		1.2		4,248
Kaseya Inc.(23)	One stop	SF +	5.50%	(h)	10.83%				06/2029	41		40		—		41
Kaseya Inc.	One stop	SF +	5.50%	(i)	10.81%				06/2029	16		14		—		16
Kaseya Inc.(5)(23)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(3)		—		—
LeadsOnline, LLC#	One stop	SF +	6.00%	(i)	11.43%				02/2028	2,067		2,022		0.6		2,098
LeadsOnline, LLC#	One stop	SF +	6.00%	(i)	11.43%				02/2028	365		357		0.1		370
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(h)	10.93%				12/2028	1,181		1,173		0.3		1,157
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(h)	10.93%				12/2028	339		337		0.1		332
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(h)	10.93%				12/2027	12		11		—		10
Navex TopCo, Inc.#	One stop	SF +	5.75%	(h)	11.07%				11/2030	11,090		10,880		3.0		10,868
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(18)		—		(20)
Naviga Inc.(7)	Senior secured	SF +	7.00%	(i)	12.40%				04/2024	6		6		—		5
Panzura, LLC(23)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	54		49		—		48
Pineapple German Bidco GMBH#(8)(9)(19)(23)	One stop	E +	7.00%	(b)	10.83%	PIK			01/2031	3,114		3,076		0.8		3,075
Pineapple German Bidco GMBH(5)(8)(9)(19)	One stop	E +	7.00%		N/A(6)				01/2031	—		(3)		—		(3)
Pineapple German Bidco GMBH(5)(8)(9)(19)	One stop	E +	7.00%		N/A(6)				01/2031	—		(15)		—		(16)
PING Identity Holding Corp.#	One stop	SF +	7.00%	(h)	12.33%				10/2029	910		899		0.3		910
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(i)	12.05%				09/2028	239		238		0.1		239
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(i)	12.05%				09/2028	146		144		—		146
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(i)	12.05%				09/2028	48		47		—		48
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
QAD, Inc.	One stop	SF +	5.38%	(h)	10.70%				11/2027	3,857		3,834		1.1		3,857
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.	One stop	SF +	6.00%	(j)	11.39%				06/2029	2,410		2,392		0.7		2,361
Quant Buyer, Inc.#	One stop	SF +	6.00%	(j)	11.39%				06/2029	2,030		2,015		0.5		1,989
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(2)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(35)		—		—
Rainforest Bidco Limited(8)(9)(10)(23)	One stop	SN +	6.05%	(f)	8.69%	cash/	2.55%	PIK	07/2029	720		665		0.2		696
Rainforest Bidco Limited(8)(10)(23)	One stop	SF +	6.05%	(g)	8.81%	cash/	2.55%	PIK	07/2029	135		133		—		130
Rainforest Bidco Limited(8)(9)(10)(23)	One stop	SN +	6.05%	(f)	8.69%	cash/	2.55%	PIK	07/2029	53		49		—		51
Rainforest Bidco Limited(8)(9)(10)	One stop	SN +	4.00%	(f)	9.19%				07/2029	734		670		0.2		734
Riskonnect Parent, LLC#	One stop	SF +	5.50%	(i)	10.95%				12/2028	4,169		4,141		1.1		4,149
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(2)		—		(2)
Riskonnect Parent, LLC	One stop	SF +	5.50%	(i)	10.95%				12/2028	103		102		—		102
Riskonnect Parent, LLC#	One stop	SF +	5.50%	(i)	10.80%				12/2028	3,365		3,327		0.9		3,331
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(2)		—		—
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(2)		—		(2)
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.00%	(i)	11.31%				08/2029	17,386		17,119		4.7		17,212
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(5)		—		(2)
Sapphire Bidco Oy(8)(9)(15)	One stop	E +	5.50%	(c)	9.44%				04/2029	1,845		1,697		0.5		1,845
Sapphire Bidco Oy#(8)(9)(15)	One stop	E +	5.75%	(c)	9.68%				04/2029	151		146		—		151

See Notes to Consolidated Financial Statements

17

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Sapphire Bidco Oy#(8)(9)(15)	One stop	E +	5.75%		N/A(6)		04/2029	$	—	$	—	—	%	$	—
Templafy APS and Templafy, LLC#(8)(18)	One stop	SF +	6.00%	(i)	11.57%		07/2028	554		543		0.2		554
Templafy APS and Templafy, LLC(8)(18)	One stop	SF +	6.00%		N/A(6)		07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(8)(18)	One stop	SF +	6.00%		N/A(6)		07/2028	—		(2)		—		—
Vendavo, Inc.	One stop	SF +	5.75%	(i)	11.17%		09/2027	1,094		1,089		0.3		1,028
Vendavo, Inc.	One stop	P +	4.75%	(a)	13.25%		09/2027	84		83		—		75
WebPT, Inc.	One stop	SF +	6.75%	(i)	12.19%		01/2028	35		34		—		34
Zendesk, Inc.#(23)	One stop	SF +	6.25%	(i)	11.57%		11/2028	9,451		9,308		2.6		9,451
Zendesk, Inc.(5)	One stop	SF +	6.25%		N/A(6)		11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.25%		N/A(6)		11/2028	—		(18)		—		—
								180,927		177,929		49.4		179,078
Specialty Retail
Ave Holdings III, Corp	One stop	SF +	5.25%	(i)	10.70%		02/2028	881		869		0.2		881
Ave Holdings III, Corp	One stop	SF +	5.25%	(i)	10.70%		02/2028	657		652		0.2		657
Ave Holdings III, Corp	One stop	SF +	5.25%	(i)	10.70%		02/2028	86		86		—		86
Ave Holdings III, Corp(5)	One stop	SF +	5.25%		N/A(6)		02/2028	—		(1)		—		—
Biscuit Parent, LLC#	One stop	SF +	4.75%	(i)	10.05%		02/2031	6,033		5,988		1.7		5,988
Biscuit Parent, LLC(5)	One stop	SF +	4.75%		N/A(6)		02/2031	—		(14)		—		(14)
Cavender Stores L.P.#	Senior secured	SF +	5.00%	(i)	10.30%		10/2029	11,300		11,196		3.1		11,300
PetVet Care Centers LLC#	One stop	SF +	6.00%	(h)	11.33%		11/2030	4,462		4,377		1.2		4,417
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)		11/2029	—		(12)		—		(7)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)		11/2030	—		(6)		—		(6)
PPV Intermediate Holdings, LLC#	One stop	SF +	5.75%	(i)	11.09%		08/2029	14,424		14,228		4.0		14,279
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK	08/2030	2,311		2,274		0.6		2,219
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK	08/2030	534		530		0.2		513
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK	08/2030	98		97		—		94
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK	08/2030	96		89		—		93
PPV Intermediate Holdings, LLC(23)	One stop	N/A			14.75%	PIK	08/2030	55		53		—		55
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2029	—		(6)		—		(4)
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	4,710		4,675		1.3		4,710
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	311		309		0.1		311
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	308		306		0.1		308
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	244		242		0.1		244
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(j)	14.25%		09/2029	229		226		0.1		229
Salon Lofts Group, LLC(5)	Second lien	SF +	9.00%		N/A(6)		09/2029	—		(4)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	102		101		—		102
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	77		76		—		77
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	71		71		—		71
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	67		66		—		67
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(8)		—		—
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(7)		—		—
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.37%		08/2028	139		138		0.1		139
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(j)	14.12%		09/2029	119		118		—		119
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(i)	11.55%		08/2028	94		93		—		94
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(i)	14.31%		09/2029	11		11		—		11
SureWerx Purchaser III, Inc.#(8)	One stop	SF +	6.75%	(i)	12.05%		12/2029	780		764		0.2		780
SureWerx Purchaser III, Inc.(8)	One stop	SF +	6.75%	(h)	12.08%		12/2028	21		20		—		21
SureWerx Purchaser III, Inc.(5)(8)	One stop	SF +	6.75%		N/A(6)		12/2029	—		(2)		—		—
VSG Acquisition Corp. and Sherrill, Inc.#	One stop	SF +	5.50%	(i)	11.10%		04/2028	455		451		0.1		433
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(i)(j)	11.11%		04/2028	174		168		0.1		165
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(i)	11.07%		04/2028	9		9		—		6
								48,858		48,223		13.4		48,438

See Notes to Consolidated Financial Statements

18

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Water Utilities
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(j)	9.86%	11/2026	$	119	$	118	—	%	$	117
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(h)	9.93%	11/2026	12		12		—		11
Vessco Midco Holdings, LLC	Senior secured	P +	3.50%	(a)	12.00%	10/2026	—		—		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	5.25%	(j)	10.62%	11/2026	5		4		—		5
Vessco Midco Holdings, LLC	Senior secured	SF +	5.00%	(j)	10.36%	11/2026	29		29		—		29
							165		163		—		162
Total debt investments							527,190		519,237		143.8		521,539

See Notes to Consolidated Financial Statements

19

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(20)(21)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	21	$	207	0.1	%	$	200
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	51		—		38
Go Car Wash Parent, Corp.(22)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	318		0.1		321
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	166		—		23
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	1	81		0.1		109
POY Holdings, LLC	LLC units	N/A	N/A		N/A	41	20		—		101
Yorkshire Parent, Inc.	LP units	N/A	N/A		N/A	—	45		—		46
							681		0.2		638
Building Products
BECO Holding Company, Inc.(22)	Preferred stock	N/A	11.75%	Non-Cash	N/A	15	1,775		0.5		1,894
BECO Holding Company, Inc.	LP Interest	N/A	N/A		N/A	1	103		0.1		131
							1,878		0.6		2,025
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP Interest	N/A	N/A		N/A	36	36		—		47
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	376	178		0.3		1,106
FR Vision Holdings, Inc.	LP units	N/A	N/A		N/A	—	38		—		42
Radwell Parent, LLC	LP units	N/A	N/A		N/A	1	105		0.1		143
							357		0.4		1,338
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	19	10		—		26
Diversified Consumer Services
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	93	93		—		120
EMS LINQ, LLC	LP Interest	N/A	N/A		N/A	33	33		—		31
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	31	31		—		32
NSG Buyer, Inc. (8)	LP units	N/A	N/A		N/A	1	588		0.2		671
Virginia Green Acquisition, LLC	LP units	N/A	N/A		N/A	33	33		—		35
							778		0.2		889
Food Products
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		N/A	—	34		—		20
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		N/A	—	1		—		2
							35		—		22
Healthcare Providers and Services
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	—	35		—		24
Hotels, Restaurants and Leisure
Harri US LLC	Preferred stock	N/A	N/A		N/A	4	50		—		54
Harri US LLC	LLC units	N/A	N/A		N/A	5	43		—		33
Harri US LLC	Preferred stock	N/A	N/A		N/A	5	30		—		27
Harri US LLC	Warrant	N/A	N/A		N/A	2	7		—		9
Harri US LLC	Warrant	N/A	N/A		N/A	5	—		—		56
							130		—		179
Insurance
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		N/A	2	34		—		35

See Notes to Consolidated Financial Statements

20

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services
Critical Start, Inc.	Common stock	N/A			N/A		N/A	17	$	17	—	%	$	23
Kentik Technologies, Inc.	Preferred stock	N/A			N/A		N/A	11	63		—		63
Netwrix Corporation	LLC units	N/A			N/A		N/A	4	8		—		14
									88		—		100
Leisure Products
Movement Holdings, LLC	LLC units	N/A			N/A		N/A	—	144		0.1		144
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	275	275		0.1		275
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	275	—		0.1		164
PAS Parent Inc.	LP Interest	N/A			N/A		N/A	1	82		—		88
PAS Parent Inc.	Preferred stock	N/A			N/A		N/A	—	12		—		16
Reaction Biology Corporation	LLC units	N/A			N/A		N/A	—	39		—		22
									408		0.2		565
Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	—	27		—		20
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									27		—		20
Pharmaceuticals
Cobalt Buyer Sub, Inc.(22)	Preferred stock	SF +	10.00%	(i)	15.30%	Non-Cash	N/A	—	615		0.2		689
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	10		—		12
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	—	—		—		—
									625		0.2		701
Professional Services
Enboarder, Inc.(8)(13)	Preferred stock	N/A			N/A		N/A	3	32		—		32
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	36	231		0.1		338
Filevine, Inc.	Warrant	N/A			N/A		N/A	15	15		—		19
Filevine, Inc.	Warrant	N/A			N/A		N/A	5	8		—		39
Procure Acquireco, Inc.	LP Interest	N/A			N/A		N/A	—	42		—		53
									328		0.1		481
Software
Anaplan, Inc.	LP Interest	N/A			N/A		N/A	336	336		0.2		493
Auvik Networks Inc.(8)(11)	Preferred stock	N/A			N/A		N/A	2	17		—		22
Auvik Networks Inc.(8)(11)	Preferred stock	N/A			N/A		N/A	—	2		—		3
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	243	243		0.1		245
Cynet Security Ltd.(8)(17)	Preferred stock	N/A			N/A		N/A	13	46		—		59
Denali Bidco Limited(8)(10)	LP Interest	N/A			N/A		N/A	32	42		—		51
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	26	26		—		42
Kaseya Inc.(22)	Preferred stock	SF +	10.75%	(i)	16.05%	Non-Cash	N/A	2	2,191		0.7		2,290
Kaseya Inc.	LP Interest	N/A			N/A		N/A	46	46		—		51
Ministry Brands Holdings LLC	LP Interest	N/A			N/A		N/A	46	46		—		42
Onit, Inc.(22)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	51		—		57
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		8
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		2
QAD, Inc.(22)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	105		—		115
QAD, Inc.	Common stock	N/A			N/A		N/A	7	—		—		13
Riskonnect Parent, LLC(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	1	1,171		0.3		1,101
Riskonnect Parent, LLC(22)	Preferred stock	SF +	10.50%	(i)	15.80%	Non-Cash	N/A	1	765		0.2		797
Riskonnect Parent, LLC	LP Interest	N/A			N/A		N/A	47	47		—		56
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A			N/A		N/A	—	8		—		11
Zendesk, Inc.	LP units	N/A			N/A		N/A	21	211		0.1		293
									5,363		1.6		5,751

See Notes to Consolidated Financial Statements

21

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp(22)	Preferred stock	N/A	11.50%	Non-Cash	N/A	1	$	1,154	0.3	%	$	1,045
Ave Holdings III, Corp	LP units	N/A	N/A		N/A	—	127		—		104
Salon Lofts Group, LLC	LP units	N/A	N/A		N/A	—	116		—		112
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		N/A	—	5		—		2
							1,402		0.3		1,263
Total equity investments							12,530		4.0		14,401
Total investments							531,767		147.8		535,940
Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Money Market (CUSIP 61747C582)			5.2%	(24)			8,929		2.5		8,929
Total investments and money market funds							$	540,696	150.3	%	$	544,869

See Notes to Consolidated Financial Statements

22

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

# Denotes that all or a portion of the investment collateralizes the PNC 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”), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) 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, 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 March 31, 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 March 31, 2024, as the loan may have priced or repriced based on an index rate prior to March 31, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of March 31, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.86% as of March 31, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.89% as of March 31, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.85% as of March 31, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.34% as of March 31, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of March 31, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.33% as of March 31, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 5.33% as of March 31, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 5.30% as of March 31, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 5.22% as of March 31, 2024.

(k) Denotes that all or a portion of the contract was indexed to CORRA, which was 5.02% as of March 31, 2024.

(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, 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 investment were valued using significant unobservable inputs, unless otherwise noted. See Note 6. Fair Value Measurements.

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

(6)The entire commitment was unfunded as of March 31, 2024. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of March 31, 2024, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, total non-qualifying assets at fair value represented 7.5% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(23)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, 2024.

(24)The rate shown is the annualized seven-day yield as of March 31, 2024.

See Notes to Consolidated Financial Statements

23

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.#	One stop	SF +	7.00%	(j)(l)	12.33%				02/2029	$	7,697	$	7,489	3.2	%	$	7,697
PPW Aero Buyer, Inc.(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										7,697		7,488		3.2		7,697
Auto Components
COP CollisionRight Holdings, Inc.#	One stop	SF +	5.25%	(k)	10.79%				04/2028	1,095		1,082		0.5		1,084
COP CollisionRight Holdings, Inc.	One stop	SF +	5.25%	(k)	10.79%				04/2028	21		21		—		21
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(k)(l)	10.10%				08/2027	274		272		0.1		263
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(l)	10.09%				08/2027	55		54		—		53
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(l)	10.03%				08/2027	13		12		—		9
										1,458		1,441		0.6		1,430
Automobiles
CG Group Holdings, LLC(21)	One stop	SF +	8.75%	(k)	12.14%	cash/	2.00%	PIK	07/2027	1,824		1,797		0.7		1,751
CG Group Holdings, LLC(21)	One stop	SF +	8.75%	(j)	12.07%	cash/	2.00%	PIK	07/2026	345		340		0.1		333
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	1,705		1,693		0.7		1,671
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	1,018		1,011		0.4		998
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	305		303		0.1		299
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	185		184		0.1		181
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	176		175		0.1		172
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	154		152		0.1		150
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	127		126		0.1		124
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	123		122		0.1		120
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	123		122		0.1		120
Denali Midco 2, LLC	One stop	SF +	6.25%	(j)	11.67%				12/2027	101		101		—		99
Denali Midco 2, LLC#	One stop	SF +	6.50%	(j)	11.92%				12/2027	95		92		—		94
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	13		12		—		13
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	6		6		—		6
Denali Midco 2, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(2)		—		(7)
Denali Midco 2, LLC(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(1)		—		—
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	22		21		—		21
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.92%				12/2027	25		25		—		25
National Express Wash Parent Holdco, LLC#	One stop	SF +	5.50%	(k)(l)	10.89%				07/2029	6,659		6,604		2.7		6,393
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.50%		N/A(6)				07/2029	—		(4)		—		(20)
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(l)	10.96%				07/2029	96		95		—		89
POY Holdings, LLC	One stop	SF +	5.50%	(k)	11.04%				11/2027	2,250		2,219		0.9		2,250
POY Holdings, LLC	One stop	SF +	5.50%	(k)	11.04%				11/2027	147		146		0.1		147
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(3)		—		—
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(2)		—		—
Spotless Brands, LLC#	One stop	SF +	6.50%	(k)	12.00%				07/2028	1,112		1,094		0.5		1,101
Spotless Brands, LLC	One stop	SF +	6.50%	(k)	12.02%				07/2028	121		120		0.1		120
Spotless Brands, LLC	One stop	SF +	6.50%	(k)	11.99%				07/2028	90		89		—		89
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
										16,822		16,637		6.9		16,339
Beverages
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(k)	11.89%				06/2030	2,832		2,791		1.2		2,803
Financial Information Technologies, LLC(21)	One stop	N/A			14.00%	PIK			06/2031	1,346		1,308		0.5		1,306
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(1)		—		(1)
										4,178		4,098		1.7		4,108

See Notes to Consolidated Financial Statements.

24

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.	One stop	SF +	5.25%	(k)	10.79%	11/2028	$	3,717	$	3,690	1.5	%	$	3,642
BECO Holding Company, Inc.	One stop	SF +	5.25%	(j)	10.67%	11/2027	22		19		—		13
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—		(7)		—		(19)
							3,739		3,702		1.5		3,636
Chemicals
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	E +	6.25%	(e)	10.39%	09/2028	1,923		2,080		0.7		1,693
PHM NL SP Bidco B.V.(7)(11)	One stop	SF +	6.25%	(i)	11.55%	09/2028	790		781		0.3		696
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	SN +	6.25%	(h)	11.44%	09/2028	421		455		0.1		371
PHM NL SP Bidco B.V.(7)(8)(11)	One stop	E +	6.25%	(e)	10.01%	09/2028	203		214		0.1		179
							3,337		3,530		1.2		2,939
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(j)(k)	10.79%	10/2028	1,008		998		0.4		1,008
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(j)	10.67%	10/2028	10		8		—		10
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%		N/A(6)	10/2028	—		—		—		—
Kleinfelder Intermediate, LLC	One stop	SF +	6.25%	(k)	11.66%	09/2028	14		12		—		12
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(k)	11.66%	09/2030	853		836		0.4		836
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)	09/2030	—		(2)		—		(2)
Profile Products LLC	One stop	SF +	5.75%	(k)	11.22%	11/2027	355		349		0.2		348
Profile Products LLC(7)	One stop	SF +	5.75%	(k)	11.22%	11/2027	72		71		—		70
Profile Products LLC	One stop	SF +	5.75%	(b)(j)	11.42%	11/2027	42		41		—		41
Profile Products LLC	One stop	P +	4.75%	(b)	13.25%	11/2027	8		8		—		8
Radwell Parent, LLC#	One stop	SF +	6.53%	(k)	12.02%	03/2029	7,709		7,611		3.3		7,709
Radwell Parent, LLC#	One stop	SF +	6.75%	(k)	12.14%	03/2029	306		298		0.1		307
Radwell Parent, LLC	One stop	SF +	6.75%	(k)	12.14%	03/2028	48		46		—		48
Radwell Parent, LLC(5)	One stop	SF +	6.53%		N/A(6)	03/2029	—		(12)		—		—
							10,425		10,264		4.4		10,395
Containers and Packaging
Chase Intermediate	One stop	SF +	5.25%	(j)(k)(l)	10.95%	10/2028	4,080		4,052		1.7		3,998
Chase Intermediate	One stop	SF +	5.25%	(l)	11.00%	10/2028	120		117		—		113
Chase Intermediate	One stop	SF +	5.25%		N/A(6)	10/2028	—		—		—		—
Chase Intermediate(5)	One stop	SF +	5.75%		N/A(6)	10/2028	—		(2)		—		(2)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.99%	10/2028	1,939		1,915		0.8		1,881
Fortis Solutions Group, LLC(5)	One stop	SF +	5.50%		N/A(6)	10/2027	—		(4)		—		(8)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.99%	10/2028	6		1		—		5
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.99%	10/2028	45		41		—		24
							6,190		6,120		2.5		6,011
Diversified Consumer Services
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.90%	07/2027	144		142		0.1		144
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.90%	07/2027	97		97		—		97
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.90%	07/2027	95		94		—		95
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.75%	(k)	10.31%	07/2027	87		85		—		87
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.92%	07/2027	62		62		—		62
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%	(k)	9.98%	07/2027	44		44		—		44
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%		N/A(6)	07/2027	—		—		—		—
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)	07/2029	—		(1)		—		(1)
COP Exterminators Acquisitions, Inc.#	Senior secured	SF +	5.50%	(k)	11.02%	07/2029	363		358		0.2		359
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)	07/2029	—		(3)		—		(3)
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(l)	11.59%	09/2028	3,421		3,371		1.5		3,421
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—		(16)		—		—
EMS LINQ, LLC	One stop	SF +	6.25%	(j)	11.67%	12/2027	523		520		0.2		508
EMS LINQ, LLC(5)	One stop	SF +	6.25%		N/A(6)	12/2027	—		(1)		—		(2)
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(k)	11.57%	03/2027	885		868		0.4		876

See Notes to Consolidated Financial Statements

25

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(k)	11.57%		03/2027	$	759	$	748	0.3	%	$	751
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(b)(k)	12.16%		03/2027	22		21		—		21
FPG Intermediate Holdco, LLC(5)	One stop	SF +	6.50%		N/A(6)		03/2027	—		(3)		—		—
FSS Buyer LLC	One stop	SF +	5.75%	(k)	11.24%		08/2028	308		304		0.1		308
FSS Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2027	—		(1)		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(l)	11.07%		06/2029	436		429		0.2		432
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(j)(k)	11.07%		06/2028	8		7		—		7
Mario Purchaser, LLC#	One stop	SF +	5.75%	(j)	11.17%		04/2029	418		412		0.2		402
Mario Purchaser, LLC(21)	One stop	SF +	10.75%	(j)	16.17%	PIK	04/2032	222		218		0.1		218
Mario Purchaser, LLC	One stop	SF +	5.75%	(j)	11.17%		04/2029	248		241		0.1		226
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)		04/2028	—		(1)		—		(2)
Mathnasium, LLC	One stop	SF +	5.00%	(k)	10.51%		11/2027	517		513		0.2		517
Mathnasium, LLC	One stop	SF +	5.00%	(k)	10.52%		11/2027	11		11		—		11
NSG Buyer, Inc. #	One stop	SF +	6.50%	(j)	11.92%		11/2029	6,133		6,028		2.6		6,133
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)		11/2029	—		(10)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)		11/2028	—		(13)		—		—
RW AM Holdco LLC#	One stop	SF +	5.25%	(l)	10.82%		04/2028	1,000		993		0.4		970
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)		04/2028	—		(1)		—		(3)
								15,803		15,515		6.6		15,678
Diversified Financial Services
Avalara, Inc.#	One stop	SF +	7.25%	(k)	12.64%		10/2028	1,091		1,068		0.5		1,091
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)		10/2028	—		(2)		—		—
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(k)	10.72%		07/2027	456		451		0.2		456
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(k)	10.72%		07/2027	85		85		—		85
Banker's Toolbox, Inc.	One stop	SF +	5.25%		N/A(6)		07/2027	—		—		—		—
Finastra USA, Inc.#(7)	One stop	SF +	7.25%	(l)	12.71%		09/2029	4,950		4,852		2.0		4,851
Finastra USA, Inc.(7)	One stop	SF +	7.25%	(j)	12.58%		09/2029	11		10		—		10
Flash Topco, Inc.	One stop	SF +	5.75%	(k)	11.22%		10/2028	939		932		0.4		892
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.87%		10/2028	41		40		—		38
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.87%		12/2024	19		18		—		18
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.50%		N/A(6)		11/2028	—		(15)		—		(15)
								7,592		7,439		3.1		7,426
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.50%	(j)	11.92%		11/2028	2,242		2,185		0.9		2,242
CST Holding Company(5)	One stop	SF +	6.50%		N/A(6)		11/2028	—		(1)		—		—
								2,242		2,184		0.9		2,242
Food and Staples Retailing
Wineshipping.com LLC	One stop	SF +	5.75%	(k)	11.32%		10/2027	379		376		0.2		364
Wineshipping.com LLC	One stop	SF +	5.75%	(b)(k)	11.47%		10/2027	63		63		—		60
Wineshipping.com LLC	One stop	SF +	5.75%	(k)	11.20%		10/2027	10		10		—		10
								452		449		0.2		434
Food Products
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(k)	11.79%		07/2027	556		552		0.2		539
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(b)(j)(k)	12.06%		07/2027	76		75		—		72
Ultimate Baked Goods Midco LLC	One stop	SF +	6.25%	(j)	11.67%		08/2027	374		371		0.2		374
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)		08/2027	—		(2)		—		—
Whitebridge Pet Brands, LLC#	One stop	SF +	4.75%	(j)	10.17%		07/2027	1,259		1,250		0.5		1,259
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)		07/2027	—		(2)		—		—
Wizard Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(h)	10.44%		03/2029	369		394		0.2		354
Wizard Bidco Limited(7)(8)(9)	One stop	SN +	5.25%	(h)	10.44%		09/2028	58		57		—		56
Wizard Bidco Limited#(7)(9)	One stop	SF +	6.50%	(k)	11.89%		03/2029	650		638		0.3		651
Wizard Bidco Limited#(7)(8)(9)	One stop	SN +	6.50%	(h)	11.69%		03/2029	217		216		0.1		217
Wizard Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)		03/2029	—		(2)		—		—
								3,559		3,547		1.5		3,522

See Notes to Consolidated Financial Statements

26

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(l)	13.36%		09/2024	$	21	$	21	—	%	$	21
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(j)	10.82%		05/2028	296		294		0.1		286
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(j)	10.82%		05/2028	9		8		—		7
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(j)	11.57%		05/2028	90		89		0.1		86
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	6.00%		N/A(6)		05/2028	—		(2)		—		(2)
Coding Solutions Acquisition, Inc.#	One stop	SF +	6.00%	(k)	11.32%		05/2028	40		39		—		39
Color Intermediate, LLC#	One stop	SF +	5.50%	(k)	10.99%		10/2029	1,066		1,048		0.4		1,034
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(k)	13.12%		01/2029	431		424		0.2		431
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)		01/2029	—		(1)		—		—
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)		08/2029	—		(1)		—		(1)
Neptune Holdings, Inc.#	One stop	SF +	6.00%	(l)	11.50%		09/2030	2,628		2,589		1.1		2,595
Plasma Buyer LLC#	One stop	SF +	5.75%	(k)	11.14%		05/2029	305		300		0.1		280
Plasma Buyer LLC	One stop	SF +	5.75%	(k)	11.14%		05/2028	7		6		—		4
Plasma Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)		05/2029	—		(1)		—		—
QF Holdings, Inc.	One stop	SF +	6.25%	(k)	11.72%		12/2027	35		34		—		35
Veranex, Inc.	Senior secured	SF +	5.25%	(l)	10.64%		04/2028	125		124		0.1		106
Veranex, Inc.	Senior secured	SF +	5.25%	(l)	10.54%		04/2028	42		42		—		36
Veranex, Inc.	Senior secured	SF +	5.25%	(l)	10.63%		04/2028	32		31		—		27
								5,127		5,044		2.1		4,984
Healthcare Equipment and Supplies
Belmont Instrument, LLC#	One stop	SF +	6.25%	(k)	11.64%		08/2028	1,889		1,874		0.8		1,889
Belmont Instrument, LLC	One stop	SF +	6.25%	(k)	11.64%		08/2028	29		28		—		29
								1,918		1,902		0.8		1,918
Healthcare Providers and Services
AAH TOPCO, LLC	One stop	SF +	5.50%	(j)	10.92%		12/2027	861		854		0.3		830
AAH TOPCO, LLC	One stop	SF +	5.50%	(j)	10.92%		12/2027	337		335		0.1		327
AAH TOPCO, LLC (21)	Subordinated debt	N/A			11.50%	PIK	12/2031	192		190		0.1		177
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)		12/2027	—		—		—		(1)
Bamboo US Bidco LLC#(7)(8)	One stop	E +	6.00%	(c)	9.86%		09/2030	1,595		1,547		0.6		1,547
Bamboo US Bidco LLC#	One stop	SF +	6.00%	(j)	11.32%		09/2030	2,424		2,352		1.0		2,352
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)		09/2029	—		(15)		—		(15)
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)		09/2030	—		(6)		—		(6)
Community Care Partners, LLC#	One stop	SF +	6.00%	(j)	11.43%		06/2026	132		131		0.1		124
Community Care Partners, LLC	One stop	SF +	6.00%		N/A(6)		06/2026	—		—		—		—
Datix Bidco Limited(7)(8)(9)	Senior secured	SN +	4.50%	(h)	9.69%		04/2025	3,079		3,415		1.3		3,048
Datix Bidco Limited(7)(8)(9)	Second lien	SN +	7.75%	(h)	12.94%		04/2026	1,093		1,209		0.5		1,087
ERC Topco Holdings, LLC	One stop	SF +	5.50%	(k)	11.15%		11/2028	2,164		2,152		0.8		1,796
ERC Topco Holdings, LLC	One stop	SF +	5.50%	(k)	11.10%		11/2027	60		59		—		37
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(j)	10.17%		12/2026	298		296		0.1		292
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%	(j)	10.17%		12/2026	47		47		—		46
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)		12/2026	—		—		—		—
Suveto Buyer, LLC	One stop	SF +	4.25%	(j)	9.67%		09/2027	1,114		1,107		0.5		1,081
Suveto Buyer, LLC	One stop	SF +	4.25%	(j)	9.67%		09/2027	24		23		—		19
								13,420		13,696		5.4		12,741

See Notes to Consolidated Financial Statements

27

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants and Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(k)	11.57%				08/2028	$	686	$	681	0.3	%	$	686
Barteca Restaurants, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC	One stop	SF +	6.00%	(k)	11.57%				08/2028	46		45		—		46
ESN Venture Holdings, LLC#	One stop	SF +	6.00%	(k)	11.39%				10/2028	2,087		2,063		0.9		2,087
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(k)	11.39%				10/2028	14		13		—		14
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(k)(l)	11.27%				10/2028	97		82		—		97
Harri US LLC(21)	One stop	SF +	10.00%	(k)	11.57%	cash/	4.00%	PIK	08/2026	48		44		—		48
Harri US LLC(21)	One stop	SF +	10.00%	(k)	11.57%	cash/	4.00%	PIK	08/2026	33		33		—		33
Harri US LLC	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC(21)	One stop	SF +	10.00%	(k)	11.57%	cash/	4.00%	PIK	08/2026	32		32		—		32
Health Buyer, LLC#	Senior secured	SF +	5.25%	(b)(k)	10.80%				04/2029	147		145		0.1		142
Health Buyer, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		(1)
Health Buyer, LLC	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		—		—		—
Health Buyer, LLC#	Senior secured	SF +	5.50%	(k)	10.89%				04/2029	75		74		—		74
YE Brands Holding, LLC(5)	One stop	SF +	5.50%		N/A(6)				10/2027	—		—		—		(1)
YE Brands Holding, LLC#	One stop	SF +	5.75%	(j)	11.18%				10/2027	2,977		2,948		1.3		2,947
										6,242		6,159		2.6		6,204
Household Durables
Groundworks LLC#	One stop	SF +	6.50%	(k)	11.81%				03/2030	651		634		0.3		651
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(2)		—		—
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—
										651		631		0.3		651
Industrial Conglomerates
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(b)(k)	11.25%				07/2027	220		217		0.1		220
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(j)(k)	11.23%				07/2027	7		7		—		7
Dwyer Instruments, Inc.	One stop	SF +	5.75%		N/A(6)				07/2027	—		—		—		—
Essential Services Holdings Corporation	One stop	SF +	5.75%	(k)	11.15%				11/2026	2,718		2,701		1.1		2,663
Essential Services Holdings Corporation(5)	One stop	SF +	5.75%		N/A(6)				11/2025	—		—		—		(1)
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(k)	11.21%				08/2029	722		710		0.3		714
Excelitas Technologies Corp.#(7)(8)	One stop	E +	5.75%	(d)	9.54%				08/2029	118		113		0.1		117
Excelitas Technologies Corp.	One stop	SF +	5.75%	(k)	11.27%				08/2028	39		38		—		39
Excelitas Technologies Corp.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(2)		—		(1)
										3,824		3,784		1.6		3,758
Insurance
Alera Group, Inc.	One stop	SF +	6.00%	(j)	11.42%				10/2028	1,423		1,413		0.6		1,409
Alera Group, Inc.	One stop	SF +	6.00%	(j)	11.42%				10/2028	460		457		0.2		456
Alera Group, Inc.	One stop	SF +	6.00%	(j)	11.42%				10/2028	404		400		0.2		400
AMBA Buyer, Inc.	One stop	SF +	5.25%	(k)	10.74%				07/2027	181		180		0.1		179
AMBA Buyer, Inc.	One stop	SF +	5.25%	(k)	10.74%				07/2027	54		54		—		53
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(k)	10.74%				07/2027	49		48		—		48
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)	10.67%				07/2027	4		4		—		4
AMBA Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		—		—		(1)
Captive Resources Midco, LLC#(21)	One stop	SF +	5.25%	(j)	5.29%	cash/	5.78%	PIK	07/2029	4,633		4,560		1.9		4,633
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(2)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(k)	12.92%				03/2029	384		376		0.2		375
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Illumifin Corporation(21)	One stop	SF +	7.00%	(k)	6.58%	cash/	6.00%	PIK	09/2027	171		169		0.1		147
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(j)(k)(l)	11.38%				07/2030	417		407		0.2		407
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(1)		—		(1)
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2026	—		(13)		—		(26)
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(k)	11.04%				05/2027	336		332		0.1		336

See Notes to Consolidated Financial Statements

28

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(k)	11.04%				05/2027	$	186	$	184	0.1	%	$	186
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(k)	11.04%				05/2027	129		127		—		129
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.50%		N/A(6)				03/2028	—		—		—		—
Paisley Bidco Limited(7)(8)(9)	One stop	E +	6.50%	(d)	10.21%				03/2028	255		253		0.1		255
Paisley Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(10)		—		—
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(l)	11.97%				05/2030	1,802		1,768		0.7		1,802
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.50%	(l)	11.97%				05/2030	601		589		0.3		601
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(k)	11.28%				10/2028	620		616		0.3		608
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(b)(k)	11.29%				10/2028	90		89		—		87
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		—		—		(1)
										12,199		11,997		5.1		12,084
IT Services
CivicPlus, LLC(21)	One stop	SF +	6.50%	(k)	9.57%	cash/	2.50%	PIK	08/2027	358		355		0.2		354
CivicPlus, LLC#(21)	One stop	SF +	6.50%	(k)	9.57%	cash/	2.50%	PIK	08/2027	230		228		0.1		228
CivicPlus, LLC(21)	One stop	SF +	6.50%	(k)	9.57%	cash/	2.50%	PIK	08/2027	168		166		0.1		166
CivicPlus, LLC(21)	One stop	SF +	11.75%	(l)	17.00%	PIK			06/2034	166		163		0.1		165
CivicPlus, LLC	One stop	SF +	6.00%	(j)	11.42%				08/2027	6		6		—		6
Critical Start, Inc.#(21)	One stop	SF +	6.75%	(k)	8.46%	cash/	3.63%	PIK	05/2028	189		188		0.1		187
Critical Start, Inc.	One stop	SF +	6.75%		N/A(6)				05/2028	—		—		—		—
Critical Start, Inc.#(21)	One stop	SF +	6.75%	(k)	8.46%	cash/	3.63%	PIK	05/2028	103		101		—		102
Goldcup 31018 AB(7)(8)(15)(21)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	802		756		0.3		794
Goldcup 31018 AB(5)(7)(8)(15)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—		(1)
Goldcup 31018 AB(7)(8)(15)(21)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	75		74		—		73
Netwrix Corporation#	One stop	SF +	5.00%	(k)(l)	10.37%				06/2029	3,475		3,452		1.4		3,406
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(5)		—		(20)
Netwrix Corporation	One stop	SF +	5.00%	(l)	10.47%				06/2029	27		25		—		25
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.12%				10/2026	205		202		0.1		205
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.12%				10/2026	50		50		—		50
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.12%				10/2026	15		15		—		15
WPEngine, Inc.#	One stop	SF +	6.50%	(l)	11.92%				08/2029	443		435		0.2		437
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)				08/2029	—		(1)		—		(1)
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(k)	11.92%				07/2027	437		437		0.2		437
Zarya Holdco, Inc.	One stop	SF +	6.50%	(k)	11.91%				07/2027	18		18		—		18
										6,767		6,664		2.8		6,646
Life Sciences Tools & Services
Celerion Buyer, Inc.#	One stop	SF +	6.50%	(l)	11.93%				11/2029	6,298		6,162		2.7		6,298
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(22)		—		—
Covaris Intermediate 3, LLC	One stop	SF +	5.25%	(k)	10.79%				01/2028	233		232		0.1		222
Covaris Intermediate 3, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		(2)
Covaris Intermediate 3, LLC	One stop	SF +	5.25%	(k)	10.79%				01/2028	66		63		—		42
PAS Parent Inc.	One stop	SF +	5.25%	(j)	10.68%				12/2028	2,620		2,585		1.1		2,568
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(4)		—		(4)
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(7)		—		(3)
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.79%				03/2029	324		322		0.1		308
Reaction Biology Corporation	One stop	SF +	5.25%	(l)	10.87%				03/2029	300		298		0.1		285
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.79%				03/2029	200		198		0.1		190
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.79%				03/2029	48		47		—		43
Reaction Biology Corporation(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(3)		—		(16)
Unchained Labs, LLC	Senior secured	SF +	5.50%	(j)	10.87%				08/2027	57		56		—		56
Unchained Labs, LLC	Senior secured	SF +	5.50%	(j)	10.87%				08/2027	48		47		—		47
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										10,194		9,973		4.2		10,034

See Notes to Consolidated Financial Statements

29

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Marine
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(k)	11.39%	04/2029	$	4,411	$	4,376	1.8	%	$	4,279
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(k)	11.39%	04/2029	45		44		—		41
							4,456		4,420		1.8		4,320
Paper and Forest Products
Messenger, LLC#	One stop	SF +	5.75%	(k)	11.29%	12/2027	596		591		0.3		573
Messenger, LLC	One stop	SF +	5.75%	(k)	11.27%	12/2027	180		179		0.1		173
Messenger, LLC	One stop	SF +	5.75%	(k)	11.29%	12/2027	90		90		—		87
Messenger, LLC	One stop	P +	4.75%	(b)	13.25%	12/2027	14		13		—		12
							880		873		0.4		845
Pharmaceuticals
Caerus Midco 3 S.A.R.L.#(7)(13)	One stop	SF +	5.50%	(k)	10.89%	05/2029	788		776		0.3		765
Caerus Midco 3 S.A.R.L.#(7)(13)	One stop	SF +	5.75%	(k)	11.14%	05/2029	141		138		0.1		138
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(j)	11.07%	05/2029	26		24		—		24
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(l)	11.21%	05/2029	53		52		—		51
Caerus Midco 3 S.A.R.L.(7)(13)	One stop	SF +	5.75%	(l)	11.21%	05/2029	9		9		—		9
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.43%	10/2028	596		587		0.2		584
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.43%	10/2028	200		197		0.1		196
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.43%	10/2027	12		11		—		10
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(j)	11.43%	10/2028	166		161		0.1		163
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(h)	9.94%	08/2028	1,374		1,532		0.5		1,271
Spark Bidco Limited#(7)(8)(9)	Senior secured	SN +	6.00%	(h)	11.19%	08/2028	604		592		0.2		586
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(h)	9.94%	08/2028	167		154		0.1		154
Spark Bidco Limited(7)(8)(9)	Senior secured	SN +	4.75%	(h)	9.94%	08/2028	146		144		0.1		135
Spark Bidco Limited(5)(7)(8)(9)	Senior secured	SN +	4.75%		N/A(6)	02/2028	—		(2)		—		(6)
Spark Bidco Limited(7)(9)	Senior secured	SF +	6.00%	(k)	11.39%	08/2028	475		467		0.2		461
							4,757		4,842		1.9		4,541

See Notes to Consolidated Financial Statements

30

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(j)	11.57%				05/2029	$	554	$	546	0.2	%	$	547
bswift, LLC#	One stop	SF +	6.63%	(k)	11.91%				11/2028	466		454		0.2		466
Citrin Cooperman Advisors LLC	One stop	SF +	5.75%	(k)	11.14%				10/2027	240		237		0.1		240
Citrin Cooperman Advisors LLC(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(1)		—		—
Citrin Cooperman Advisors LLC#	One stop	SF +	6.25%	(l)	11.70%				10/2027	133		129		0.1		133
DISA Holdings Corp.#	Senior secured	SF +	5.50%	(j)	10.83%				09/2028	330		324		0.2		330
DISA Holdings Corp.(21)	Subordinated debt	SF +	10.00%	(j)	13.33%	cash/	2.00%	PIK	03/2029	51		49		—		51
DISA Holdings Corp.	Senior secured	SF +	5.50%	(j)	10.83%				09/2028	20		20		—		20
DISA Holdings Corp.	One stop	SF +	5.50%	(j)	10.83%				09/2028	15		15		—		15
DISA Holdings Corp.	Senior secured	SF +	5.50%	(j)	10.83%				09/2028	6		5		—		6
Eliassen Group, LLC#	One stop	SF +	5.50%	(l)	10.84%				04/2028	75		74		—		75
Eliassen Group, LLC	One stop	SF +	5.50%	(j)(k)	10.86%				04/2028	15		15		—		15
Filevine, Inc.(21)	One stop	SF +	6.50%	(k)(l)	9.13%	cash/	2.50%	PIK	04/2027	301		294		0.1		304
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(j)(k)	11.45%				09/2028	366		361		0.2		366
IG Investments Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2027	—		(1)		—		—
IG Investments Holdings, LLC	One stop	SF +	6.00%	(k)	11.47%				09/2028	35		34		—		35
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(k)	10.77%				11/2028	3,236		3,218		1.3		3,139
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(k)	10.78%				11/2028	157		156		0.1		150
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—		(5)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%		N/A(6)				11/2028	—		—		—		—
Procure Acquireco, Inc.	One stop	SF +	5.00%	(k)	10.57%				12/2028	952		945		0.4		952
Procure Acquireco, Inc.	One stop	SF +	5.00%		N/A(6)				12/2028	—		—		—		—
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(4)		—		—
										6,952		6,865		2.9		6,844
Software
Anaplan, Inc.#	One stop	SF +	6.50%	(j)	11.82%				06/2029	8,552		8,482		3.6		8,552
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Armstrong Bidco Limited#(7)(8)(9)	One stop	SN +	5.00%	(h)	10.19%				06/2029	624		611		0.3		593
Armstrong Bidco Limited(7)(8)(9)	One stop	SN +	5.00%	(h)	10.19%				06/2029	326		310		0.1		309
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(k)	11.89%				06/2030	2,048		1,998		0.8		2,022
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(6)		—		(6)
Auvik Networks Inc.(7)(10)(21)	One stop	SF +	5.75%	(k)	8.52%	cash/	2.75%	PIK	07/2027	415		413		0.2		409
Auvik Networks Inc.#(7)(10)(21)	One stop	SF +	6.25%	(k)	8.52%	cash/	3.25%	PIK	07/2027	87		86		—		87
Auvik Networks Inc.(5)(7)(10)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Bayshore Intermediate #2, L.P.(21)	One stop	SF +	7.50%	(k)	13.00%				10/2028	4,109		4,055		1.7		4,109
Bayshore Intermediate #2, L.P.	One stop	SF +	6.50%	(k)	11.87%				10/2027	33		31		—		33
Bonterra LLC	One stop	SF +	7.25%	(k)	12.64%				09/2027	3,591		3,556		1.5		3,483
Bonterra LLC(5)	One stop	SF +	7.25%		N/A(6)				09/2027	—		(2)		—		(6)
Bonterra LLC	One stop	SF +	8.00%	(k)	13.39%				09/2027	4,369		4,303		1.8		4,238
Bottomline Technologies, Inc.	One stop	SF +	5.25%	(j)	10.57%				05/2029	1,552		1,527		0.6		1,486
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		(5)
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(11)	One stop	SF +	7.25%	(k)	12.60%				01/2029	507		493		0.2		507
Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(11)	One stop	SF +	7.25%	(k)	12.60%				01/2029	134		130		0.1		134
Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(11)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(11)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Camelia Bidco Limited(7)(8)(9)	One stop	A +	6.25%	(f)	10.39%				08/2030	41		40		—		40
Camelia Bidco Limited#(7)(8)(9)	One stop	SN +	6.25%	(h)	11.44%				08/2030	625		638		0.3		616

See Notes to Consolidated Financial Statements

31

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Camelia Bidco Limited#(5)(7)(8)(9)	One stop	SN +	6.25%		N/A(6)				08/2030	$	—	$	(4)	—	%	$	(4)
Coupa Holdings, LLC#	One stop	SF +	7.50%	(j)	12.82%				02/2030	3,079		3,009		1.3		3,002
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(3)		—		(7)
Daxko Acquisition Corporation	One stop	SF +	5.50%	(j)	10.92%				10/2028	1,546		1,535		0.6		1,484
Daxko Acquisition Corporation	One stop	SF +	5.50%	(j)	10.92%				10/2028	130		129		0.1		125
Daxko Acquisition Corporation	One stop	P +	4.50%	(b)	13.00%				10/2027	22		21		—		17
Daxko Acquisition Corporation(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		—		—		(2)
Denali Bidco Limited#(7)(8)(9)	One stop	E +	6.00%	(c)	9.86%				08/2030	248		248		0.1		241
Denali Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(4)		—		(4)
Denali Bidco Limited#(7)(8)(9)	One stop	SN +	6.00%	(h)	11.19%				08/2030	986		996		0.4		961
Dragon UK Bidco Limited(7)(8)(9)	One stop	SN +	5.75%	(h)	10.94%				02/2029	787		840		0.3		763
Dragon UK Bidco Limited(7)(8)(9)	One stop	C +	5.75%	(g)	11.26%				02/2029	479		499		0.2		465
Dragon UK Bidco Limited(5)(7)(8)(9)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(6)
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(15)		—		(15)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(k)	11.39%				09/2030	5,518		5,380		2.3		5,380
Gainsight, Inc.(21)	One stop	SF +	6.75%	(k)	12.27%	PIK			07/2027	673		667		0.3		667
Gainsight, Inc.(21)	One stop	SF +	6.75%	(k)	12.27%	PIK			07/2027	56		55		—		55
GTY Technology Holdings, Inc.#(21)	One stop	SF +	6.87%	(k)	7.97%	cash/	4.30%	PIK	07/2029	1,744		1,716		0.7		1,726
GTY Technology Holdings, Inc.(21)	One stop	SF +	6.88%	(k)	7.97%	cash/	4.30%	PIK	07/2029	1,139		1,118		0.5		1,127
GTY Technology Holdings, Inc.(21)	One stop	SF +	6.88%	(k)	7.97%	cash/	4.30%	PIK	07/2029	209		207		0.1		207
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(1)		—		(1)
Hyland Software, Inc.#	One stop	SF +	6.00%	(j)	11.32%				09/2030	13,359		13,160		5.5		13,159
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(2)
ICIMS, Inc.#(21)	One stop	SF +	7.25%	(k)	8.76%	cash/	3.88%	PIK	08/2028	13,932		13,742		5.7		13,653
ICIMS, Inc.	One stop	SF +	6.75%	(k)	12.14%				08/2028	47		43		—		42
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(64)
IQN Holding Corp. #	One stop	SF +	5.25%	(k)	10.67%				05/2029	936		927		0.4		918
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(2)		—		(4)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(1)
Island Bidco AB#(7)(8)(15)(21)	One stop	E +	7.25%	(e)	3.93%	cash/	7.25%	PIK	07/2028	355		348		0.1		355
Island Bidco AB#(7)(15)(21)	One stop	SF +	7.00%	(l)	8.84%	cash/	3.50%	PIK	07/2028	173		172		0.1		173
Island Bidco AB(7)(15)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(7)(8)(15)	One stop	E +	6.50%		N/A(6)				07/2028	—		—		—		—
Kaseya Inc.#(21)	One stop	SF +	6.25%	(k)	9.12%	cash/	2.50%	PIK	06/2029	4,194		4,143		1.7		4,152
Kaseya Inc.(21)	One stop	SF +	6.25%	(j)	9.07%	cash/	2.50%	PIK	06/2029	41		40		—		39
Kaseya Inc.(21)	One stop	SF +	6.25%	(k)	9.12%	cash/	2.50%	PIK	06/2029	15		13		—		13
LeadsOnline, LLC#	One stop	SF +	6.25%	(j)	11.58%				02/2028	367		358		0.2		358
LeadsOnline, LLC#	One stop	SF +	6.25%	(j)	11.58%				02/2028	2,077		2,026		0.9		2,025
LeadsOnline, LLC(5)	One stop	SF +	6.25%		N/A(6)				02/2028	—		(1)		—		(1)
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)	10.92%				12/2028	1,187		1,178		0.5		1,140
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)	10.92%				12/2027	53		52		—		49
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)(k)	10.99%				12/2028	175		167		0.1		131
Naviga Inc.	Senior secured	SF +	7.00%	(k)	12.49%				12/2023	6		6		—		6
Panzura, LLC(21)	One stop	N/A			2.00%	cash/	13.00%	PIK	08/2027	50		44		—		44
PING Identity Holding Corp.#	One stop	SF +	7.00%	(j)	12.32%				10/2029	910		898		0.4		910
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(j)	12.07%				09/2028	239		237		0.1		239
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(k)	12.14%				09/2028	48		47		—		48
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(k)	12.14%				09/2028	146		144		0.1		146
QAD, Inc.	One stop	SF +	5.38%	(j)	10.69%				11/2027	3,877		3,850		1.6		3,877
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.	One stop	SF +	6.00%	(l)	11.30%				06/2029	2,422		2,402		1.0		2,367

See Notes to Consolidated Financial Statements

32

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Quant Buyer, Inc.#	One stop	SF +	6.00%	(l)	11.30%				06/2029	$	2,040	$	2,024	0.8	%	$	1,994
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(2)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(39)		—		—
Rainforest Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.50%	(h)	8.69%	cash/	2.00%	PIK	07/2029	689		657		0.3		658
Rainforest Bidco Limited(7)(9)(21)	One stop	SF +	5.50%	(i)	8.80%	cash/	2.00%	PIK	07/2029	133		132		0.1		127
Rainforest Bidco Limited(7)(8)(9)(21)	One stop	SN +	5.50%	(h)	8.69%	cash/	2.00%	PIK	07/2029	51		48		—		48
Rainforest Bidco Limited(5)(7)(8)(9)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(64)		—		(64)
Riskonnect Parent, LLC#	One stop	SF +	5.50%	(k)	11.04%				12/2028	4,190		4,159		1.7		4,107
Riskonnect Parent, LLC	One stop	SF +	5.50%	(k)	11.04%				12/2028	92		90		—		87
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(1)		—		(2)
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.25%	(j)	11.58%				08/2029	17,386		17,094		7.2		17,212
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—		(5)		—		(3)
Sapphire Bidco Oy(7)(8)(14)	One stop	E +	5.75%	(d)	9.41%				07/2029	1,808		1,695		0.8		1,808
Sapphire Bidco Oy#(7)(8)(14)	One stop	E +	5.75%		N/A(6)				07/2029	—		—		—		—
Tahoe Bidco B.V. (7)(11)	One stop	SF +	6.00%	(j)	11.42%				09/2028	683		678		0.3		663
Tahoe Bidco B.V. (5)(7)(11)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		(2)
Templafy APS and Templafy, LLC#(7)(17)	One stop	SF +	6.00%	(l)	11.68%				07/2028	554		542		0.2		554
Templafy APS and Templafy, LLC(7)(17)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(7)(17)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(2)		—		—
Vendavo, Inc.	One stop	SF +	5.75%	(k)	11.25%				09/2027	1,100		1,093		0.4		1,045
Vendavo, Inc.	One stop	P +	4.75%	(b)	13.25%				09/2027	85		84		—		78
WebPT, Inc.	One stop	SF +	6.75%	(k)	12.27%				01/2028	35		34		—		34
Zendesk, Inc.#(21)	One stop	SF +	6.75%	(k)	8.90%	cash/	3.25%	PIK	11/2028	9,373		9,215		3.9		9,373
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(20)		—		—
										126,457		124,451		52.2		124,267

See Notes to Consolidated Financial Statements

33

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
Ave Holdings III, Corp	One stop	SF +	5.50%	(k)	11.04%		02/2028	$	1,022	$	1,006	0.4	%	$	991
Ave Holdings III, Corp	One stop	SF +	5.50%	(k)	11.04%		02/2028	761		756		0.3		738
Ave Holdings III, Corp(5)	One stop	SF +	5.50%		N/A(6)		02/2028	—		(1)		—		(3)
Ave Holdings III, Corp	One stop	SF +	5.50%	(k)	11.04%		02/2028	95		81		—		60
PPV Intermediate Holdings, LLC#	One stop	SF +	5.75%	(k)	11.17%		08/2029	14,424		14,210		6.0		14,208
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	2,159		2,118		0.9		2,029
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)		08/2029	—		(6)		—		(6)
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	90		82		—		85
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	499		494		0.2		469
PPV Intermediate Holdings, LLC(21)	One stop	N/A			13.50%	PIK	08/2030	92		91		0.1		86
PPV Intermediate Holdings, LLC(21)	One stop	N/A			14.25%	PIK	08/2030	51		49		—		49
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.59%		08/2028	309		307		0.1		306
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(l)	11.59%		08/2028	4,734		4,695		2.0		4,687
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.64%		08/2028	77		77		—		77
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.60%		08/2028	67		66		—		65
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(11)		—		(13)
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.64%		08/2028	245		243		0.1		242
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.64%		08/2028	102		101		0.1		101
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.63%		08/2028	72		71		—		71
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.68%		08/2028	319		316		0.1		316
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)		08/2028	—		(8)		—		(8)
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(l)	14.45%		09/2029	114		105		—		107
SureWerx Purchaser III, Inc.#(7)	One stop	SF +	6.75%	(k)	12.14%		12/2029	784		767		0.3		784
SureWerx Purchaser III, Inc.(7)	One stop	SF +	6.75%	(j)(k)	12.07%		12/2028	29		28		—		29
SureWerx Purchaser III, Inc.(5)(7)	One stop	SF +	6.75%		N/A(6)		12/2029	—		(2)		—		—
VSG Acquisition Corp. and Sherrill, Inc.#	One stop	SF +	5.50%	(l)	11.40%		04/2028	458		453		0.2		439
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(l)	11.31%		04/2028	174		168		0.1		167
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(b)(k)	11.34%		04/2028	6		5		—		4
								26,683		26,261		10.9		26,080
Water Utilities
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(a)(l)	10.04%		11/2026	119		118		0.1		119
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(j)	9.92%		11/2026	12		12		—		12
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%		N/A(6)		10/2026	—		—		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	4.00%		N/A(6)		11/2026	—		—		—		—
								131		130		0.1		131
Total debt investments								314,152		310,106		129.4		307,905

See Notes to Consolidated Financial Statements

34

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(18)(19)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	21	$	207	0.1	%	$	216
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	51		—		34
Go Car Wash Parent, Corp.(20)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	292		0.1		304
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	166		0.1		131
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	1	81		0.1		93
POY Holdings, LLC(20)	LLC units	N/A	N/A		N/A	41	41		0.1		102
							631		0.4		664
Building Products
BECO Holding Company, Inc.(20)	Preferred stock	N/A	11.75%	Non-Cash	N/A	15	1,661		0.8		1,779
BECO Holding Company, Inc.	LP interest	N/A	N/A		N/A	1	103		—		105
							1,764		0.8		1,884
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A		N/A	36	36		—		42
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	376	254		0.2		539
Radwell Parent, LLC(20)	LP units	N/A	N/A		N/A	1	105		0.1		132
							395		0.3		713
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	19	10		—		22
Diversified Consumer Services
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	93	93		0.1		105
EMS LINQ, LLC	LP interest	N/A	N/A		N/A	33	33		—		25
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	31	31		—		32
NSG Buyer, Inc. (7)	LP units	N/A	N/A		N/A	1	551		0.2		536
							708		0.3		698
Food Products
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		N/A	—	34		—		25
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		N/A	—	1		—		2
							35		—		27
Healthcare Providers and Services
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	—	35		—		24
Hotels, Restaurants and Leisure
Harri US LLC	LLC units	N/A	N/A		N/A	5	43		—		40
Harri US LLC	Preferred stock	N/A	N/A		N/A	5	30		—		34
Harri US LLC	Warrant	N/A	N/A		N/A	2	7		—		11
							80		—		85
IT Services
Critical Start, Inc.	Common stock	N/A	N/A		N/A	17	17		—		21
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	11	63		—		63
Netwrix Corporation(20)	LLC units	N/A	N/A		N/A	4	8		—		13
							88		—		97
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	275	275		0.1		275
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	275	—		0.1		85
PAS Parent Inc.	LP interest	N/A	N/A		N/A	1	82		—		78
PAS Parent Inc.	Preferred stock	N/A	N/A		N/A	—	12		—		14
Reaction Biology Corporation	LLC units	N/A	N/A		N/A	—	38		—		40
							407		0.2		492

See Notes to Consolidated Financial Statements

35

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	—	$	27	—	%	$	14
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									27		—		14
Pharmaceuticals
Cobalt Buyer Sub, Inc.(20)	Preferred stock	SF +	10.00%	(k)	15.24%	Non-Cash	N/A	—	565		0.3		638
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	10		—		10
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	—	—		—		—
									575		0.3		648
Professional Services
Enboarder, Inc.(7)(12)	Preferred stock	N/A			N/A		N/A	3	32		—		32
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	36	231		0.1		263
Filevine, Inc.	Warrant	N/A			N/A		N/A	5	8		—		28
Filevine, Inc.	Warrant	N/A			N/A		N/A	15	15		—		15
Procure Acquireco, Inc.	LP interest	N/A			N/A		N/A	—	42		—		53
									328		0.1		391
Software
Anaplan, Inc.	LP interest	N/A			N/A		N/A	336	336		0.2		478
Auvik Networks Inc.(7)(10)	Preferred stock	N/A			N/A		N/A	2	17		—		20
Auvik Networks Inc.(7)(10)	Preferred stock	N/A			N/A		N/A	—	2		—		2
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	243	243		0.1		213
Cynet Security Ltd.(7)(16)	Preferred stock	N/A			N/A		N/A	13	46		—		55
Denali Bidco Limited(7)(9)	LP interest	N/A			N/A		N/A	32	42		—		42
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	26	26		—		33
Kaseya Inc.(20)	Preferred stock	N/A			11.75%	Non-Cash	N/A	2	2,037		0.9		2,074
Kaseya Inc.	LP interest	N/A			N/A		N/A	46	46		—		51
Ministry Brands Holdings LLC	LP interest	N/A			N/A		N/A	46	46		—		41
Onit, Inc.(20)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	46		—		50
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		4
QAD, Inc.(20)	Preferred stock	N/A			9.00%	Non-Cash	N/A	—	100		0.1		110
QAD, Inc.	Common stock	N/A			N/A		N/A	7	—		—		9
Riskonnect Parent, LLC(20)	Preferred stock	N/A			11.00%	Non-Cash	N/A	1	1,105		0.5		1,061
Riskonnect Parent, LLC(20)	Preferred stock	SF +	10.50%	(k)	15.92%	Non-Cash	N/A	1	705		0.3		735
Riskonnect Parent, LLC	LP interest	N/A			N/A		N/A	47	47		—		61
Templafy APS and Templafy, LLC(7)(17)	Warrant	N/A			N/A		N/A	—	11		—		8
Zendesk, Inc.	LP units	N/A			N/A		N/A	21	211		0.1		292
									5,076		2.2		5,346
Specialty Retail
Ave Holdings III, Corp(20)	Preferred stock	N/A			11.50%	Non-Cash	N/A	1	1,084		0.5		1,045
Ave Holdings III, Corp	LP units	N/A			N/A		N/A	—	127		0.1		121
Salon Lofts Group, LLC	LP units	N/A			N/A		N/A	—	116		—		91
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A			N/A		N/A	—	5		—		3
									1,332		0.6		1,260
Total equity investments									11,698		5.3		12,581
Total investments									321,804		134.7		320,486
Money market funds (included in cash and cash equivalents)
Morgan Stanley Institutional Money Market (CUSIP 61747C582)					5.17%	(22)			14,996		6.3		14,996
Total investments and money market funds									$	336,800	141.0	%	$	335,482

See Notes to Consolidated Financial Statements

36

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

# Denotes that all or a portion of the investment collateralizes the PNC 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”), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) or Canadian Bankers’ Acceptance Rate (“CDOR” or “C”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

(a) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was last quoted on June 30, 2023 at 5.76%.

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

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

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

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

(f) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.14% as of September 30, 2023.

(g) Denotes that all or a portion of the contract was indexed to 90-day CDOR, which was 5.51% as of September 30, 2023.

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

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

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

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

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

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

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

(4)The fair values of investment were valued using significant unobservable inputs, unless otherwise noted. See Note 6. Fair Value Measurements.

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

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

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 13.0% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

37

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1.    Organization

Golub Capital Direct Lending Corporation (“GDLC” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on June 30, 2021. On July 1, 2021, the date of commencement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GDLC's common stock in private placements. In addition, for U.S. federal income tax purposes, GDLC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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

Note 2.    Significant Accounting Policies and Recent Accounting Updates

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

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

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

38

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

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

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

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

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

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

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

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and six months ended March 31, 2024, interest income included $430 and $801, respectively, of accretion of discounts and amortization of premiums. For the three and six months ended March 31, 2023, interest income included $181 and $360, respectively, of accretion of discounts and amortization of premiums. For the three and six months ended March 31,

39

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

2024, the Company received loan origination fees of $1,119 and $4,160, respectively. For the three and six months ended March 31, 2023, the Company received loan origination fees of $498 and $1,350, respectively.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2024, investment income included $1,017 and $1,962, respectively, of PIK interest and the Company capitalized PIK interest of $1,009 and $1,907, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2023, investment income included $503 and $832, respectively, of PIK interest and the Company capitalized PIK interest of $520 and $782, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. For the three and six months ended March 31, 2024, fee income included $0 and $3 from non-recurring prepayment premiums, respectively. For the three and six months ended March 31, 2023, fee income included $0 and $4 from non-recurring prepayment premiums, respectively. All other income is recorded into income when earned.

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 amounts of $12,209 and $19,049, respectively. For the three and six months ended March 31, 2023, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $6,085 and $11,030, 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, 2024, the Company recognized PIK and non-cash dividend income of $290 and $551, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2023, the Company recognized PIK and non-cash dividend income of $235 and $448, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024 and 2023, the Company received no cash payments of accrued and capitalized preferred dividends.

Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the amortized cost basis of the investment. For the three and six months ended March 31, 2024, the Company did not record any dividend income received in cash, and recorded return of capital distributions received in cash of $0 and $97, respectively. For the three and six months ended March 31, 2023, the Company recorded dividend income received in cash of $0 and $1, respectively, and return of capital distributions received in cash of $36 and $36, respectively.

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.

40

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. The total fair value of the non-accrual loan was $5 as of March 31, 2024. As of September 30, 2023, the Company had no portfolio company investments on non-accrual status.

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2024, $16 and $91, respectively was recorded for U.S. federal excise tax. For the three and six months ended March 31, 2023, $38 and $143, 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, 2024. The Company’s tax returns for the 2020 through 2022 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

41

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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, 2024 and September 30, 2023, the Company had deferred debt issuance costs of $743 and $890, respectively. These amounts are amortized and included in interest expense 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, 2024 was $189 and $361, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2023 was $87 and $162, respectively.

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are amortized on a straight-line basis over three years. For the three and six months ended March 31, 2024 the Company amortized $31 and $63, 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, 2023, the Company amortized $31 and $64, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

Note 3. Stockholders’ Equity

GDLC is authorized to issue 1,000,000 shares of preferred stock at a par value of $0.001 per share and 200,000,000 shares of common stock at a par value of $0.001 per share. Since the commencement of operations on July 1, 2021, GDLC has entered into Subscription Agreements with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GDLC’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GDLC’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by GDLC with a minimum of 10 calendar days prior notice.

As of March 31, 2024 and September 30, 2023, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

	As of March 31, 2024				As of September 30, 2023
	Subscriptions		Contributions		Subscriptions		Contributions
GDLC Stockholders	$	480,551	$	359,121	$	450,551	$	231,988

As of March 31, 2024 and September 30, 2023, the ratio of total contributed capital to total capital subscriptions was 74.7% and 51.5%, respectively, and the Company had uncalled capital commitments of $121,430 and $218,563, respectively.

42

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table summarizes the shares of GDLC common stock issued for the six months ended March 31, 2024 and 2023:

	Date	Shares Issued	NAV per share		Proceeds
Shares issued for the six months ended March 31, 2023
Issuance of shares	11/14/22	1,018,651.533	$	15.00	$	15,280
Issuance of shares	02/06/23	905,468.001	15.00		13,582
Shares issued for capital drawdowns		1,924,119.534			$	28,862
Issuance of shares	12/28/22	945.746	$	15.00	$	14
Issuance of shares	02/28/23	30,624.251	15.00		460
Issuance of shares	03/21/23	38,331.885	15.00		575
Shares issued through DRIP		69,901.882			$	1,049
Shares issued for the six months ended March 31, 2024
Issuance of shares	10/27/23	1,396,651.533	$	15.00	$	20,950
Issuance of shares	11/28/23	1,396,651.533	15.00		20,950
Issuance of shares	12/29/23	3,015,877.266	15.00		45,238
Issuance of shares	02/27/24	902,286.667	15.00		13,534
Issuance of shares	03/25/24	1,764,086.666	15.00		26,461
Shares issued for capital drawdowns		8,475,553.665			$	127,133

Note 4.    Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. The Board most recently reapproved the Investment Advisory Agreement in May 2024. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.00% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of GDLC, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company. The Investment Adviser has agreed to certain waivers with respect to the base management fee for the periods following July 1, 2021, the initial closing date for the private placement of shares of the Company's common stock, and will irrevocably waive 100% of the base management fee payable

43

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

pursuant to the Investment Advisory Agreement for the period from July 1, 2021 to June 30, 2022; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from July 1, 2022 to June 30, 2023; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from July 1, 2023 to June 30, 2024.

The base management fee incurred for the three and six months ended March 31, 2024, was $1,257 and $2,255, respectively, and the base management fee irrevocably waived by the Investment Adviser was $419 and $751, respectively . The base management fee incurred for the three and six months ended March 31, 2023, was $621 and $1,191, respectively, and the base management fee irrevocably waived by the Investment Adviser was $414 and $794, respectively.

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

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

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed ‘‘hurdle rate’’ of 1.5% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

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

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

44

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

For the three and six months ended March 31, 2024, the Income Incentive Fee incurred was $1,058 and $1,896, respectively. For the three and six months ended March 31, 2023, the Income Incentive Fee incurred was $493 and $906, respectively.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 10.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or, upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ended December 31, 2021, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s ‘‘Capital Gain Incentive Fee Base’’ equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis, less (2) unamortized deferred debt issuance costs as of the date of calculation, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis from the date the Company elected to be a BDC.

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

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

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

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

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.

For the three and six months ended March 31, 2024 and 2023, the Company did not accrue a Capital Gain Incentive Fee. As of both March 31, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to March 31, 2024.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 10.0% of such amount,

45

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and six months ended March 31, 2024, the Company accrued a capital gain incentive fee under GAAP of $359. For the three and six months ended March 31, 2023, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of March 31, 2024, there was $359 of cumulative accrual for capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2023, there was no cumulative accrual for capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

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

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that the Income Incentive Fee and the Capital Gain Incentive Fee will not be paid at any time if, after such payment, the cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to date would exceed an incentive fee cap (the ‘‘Incentive Fee Cap’’). The Incentive Fee Cap in any quarter is equal to the difference between (a) 10% of Cumulative Pre-Incentive Fee Net Income and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since June 30, 2021.

To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no incentive fee would be payable in that quarter. ‘‘Cumulative Pre-Incentive Fee Net Income’’ is equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period since June 30, 2021 and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation since June 30, 2021.

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

As of March 31, 2024 and September 30, 2023, included in accounts payable and other liabilities is $157 and $102, respectively, for accrued allocated shared services under the Administration Agreement.

46

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through June 30, 2021 and incurred $185 of organization costs and professional fees on behalf of the Company since the Company’s formation in September 2020.

The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700. Any costs in excess of $700 will be borne by the Investment Adviser. As of March 31, 2024 and September 30, 2023, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $373.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2024 were $234 and $459, respectively. There were no expenses reimbursed to the Administrator for the three and six months ended March 31, 2023. As of March 31, 2024 and September 30, 2023, accounts payable and other liabilities included $301 and $225, net of waiver of the reimbursement of operating expenses, respectively, for reimbursable expenses that were paid by the Administrator on behalf of the Company.

On June 30, 2021, GGP Holdings LP, an affiliate of the Investment Adviser, acquired 700.000 shares of common stock of the Company as part of the Company's conversion to a Maryland corporation, in respect of GGP Holdings LP's capital contribution to the Company prior to such date of $11. On July 1, 2021, GGP Holdings LP entered into a Subscription Agreement for $102,000. On April 1, 2022, GGP Holdings LP transferred its shares and capital commitments to its wholly-owned subsidiary, GGP Class B-P, LLC. As of March 31, 2024, GGP Class B-P, LLC has an aggregate commitment of $102,011. As of March 31, 2024, the Company has issued 6,806,927.360 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $102,011 and has also issued 214,587.492 shares to GGP Class B-P, LLC through the DRIP.

On July 1, 2022, GDLC Feeder Fund L.P., a Delaware limited partnership, (“GDLCF”) whose general partner is controlled by the Investment Adviser, initially entered into a Subscription Agreement for an aggregate commitment of $115,000. As of March 31, 2024, GDLCF has an aggregate commitment of $250,000. As of March 31, 2024, the Company has issued 9,125,353.655 shares of its common stock to GDLC Feeder Fund L.P. in exchange for aggregate capital contributions totaling $136,775.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2024, permits the Company to borrow a maximum of $70,000 and expires on November 15, 2024. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

47

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5.    Investments

Investments as of March 31, 2024 and September 30, 2023 consisted of the following:

	As of March 31, 2024						As of September 30, 2023
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	38,626	$	38,422	$	38,393	$	15,040	$	15,386	$	14,692
One stop	486,716		478,900		481,318		297,662		293,167		291,791
Second lien	1,490		1,563		1,489		1,207		1,314		1,194
Subordinated debt	358		352		339		243		239		228
Equity	N/A		12,530		14,401		N/A		11,698		12,581
Total	$	527,190	$	531,767	$	535,940	$	314,152	$	321,804	$	320,486

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, 2024				As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic	$	82,691	15.6	%	$	55,985	17.4	%
Midwest	90,551		17.0		47,193		14.7
Northeast	80,687		15.2		53,912		16.7
Southeast	73,042		13.7		51,327		15.9
Southwest	67,255		12.6		37,625		11.7
West	99,054		18.6		51,697		16.1
Canada	596		0.1		518		0.2
United Kingdom	21,928		4.1		14,046		4.4
Netherlands	4,158		0.8		4,829		1.5
Australia	32		0.0	*	32		0.0	*
Luxembourg	971		0.2		999		0.3
Finland	1,843		0.4		1,695		0.5
Sweden	1,431		0.3		1,349		0.4
Israel	46		0.0	*	46		0.0	*
Denmark	549		0.1		551		0.2
Germany	6,933		1.3		—		—
Total	$	531,767	100.0	%	$	321,804	100.0	%

* Represents an amount less than 0.1%

48

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	As of March 31, 2024				As of September 30, 2023
Fair Value:
United States
Mid-Atlantic	$	84,032	15.7	%	$	56,368	17.6	%
Midwest	91,328		17.0		47,219		14.7
Northeast	80,920		15.1		53,655		16.7
Southeast	74,604		13.9		51,510		16.1
Southwest	67,833		12.7		37,491		11.7
West	99,388		18.5		51,593		16.1
Canada	606		0.1		517		0.2
United Kingdom	21,583		4.0		13,054		4.1
Netherlands	3,632		0.7		4,241		1.3
Australia	32		0.0	*	32		0.0	*
Luxembourg	968		0.2		987		0.3
Finland	1,996		0.4		1,808		0.6
Sweden	1,497		0.3		1,394		0.4
Israel	59		0.0	*	55		0.0	*
Denmark	565		0.1		562		0.2
Germany	6,897		1.3		—		—
Total	$	535,940	100.0	%	$	320,486	100.0	%

* Represents an amount less than 0.1%

49

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as of March 31, 2024 and September 30, 2023 were as follows:

	As of March 31, 2024				As of September 30, 2023
Amortized Cost:
Aerospace and Defense	$	7,701	1.5	%	$	7,695	2.4	%
Auto Components	3,739		0.7		1,441		0.4
Automobiles	31,368		5.9		17,268		5.4
Banks	1,322		0.3		—		—
Beverages	4,745		0.9		4,098		1.3
Building Products	5,698		1.1		5,466		1.7
Capital Markets	4,821		0.9		—		—
Chemicals	3,534		0.7		3,530		1.1
Commercial Services and Supplies	30,978		5.8		10,659		3.3
Containers and Packaging	6,121		1.2		6,130		1.9
Diversified Consumer Services	44,522		8.4		16,223		5.0
Diversified Financial Services	10,552		2.0		7,439		2.3
Electrical Equipment	239		0.0	*	—		—
Electronic Equipment, Instruments and Components	2,184		0.4		2,184		0.7
Food and Staples Retailing	458		0.1		449		0.1
Food Products	10,507		2.0		3,582		1.1
Healthcare Technology	6,873		1.3		5,044		1.6
Healthcare Equipment and Supplies	5,517		1.0		1,902		0.6
Healthcare Providers and Services	21,142		4.0		13,731		4.3
Hotels, Restaurants and Leisure	8,049		1.5		6,239		1.9
Household Durables	—		—		631		0.2
Industrial Conglomerates	3,936		0.7		3,784		1.2
Insurance	27,338		5.1		11,997		3.7
IT Services	11,416		2.1		6,752		2.1
Leisure Products	2,525		0.5		—		—
Life Sciences Tools & Services	10,390		2.0		10,380		3.2
Machinery	8,652		1.6		—		—
Marine	4,511		0.8		4,420		1.4
Oil, Gas and Consumable Fuels	5,428		1.0		—		—
Paper and Forest Products	883		0.2		900		0.3
Pharmaceuticals	5,474		1.0		5,417		1.7
Professional Services	8,064		1.5		7,193		2.2
Software	183,292		34.5		129,527		40.3
Specialty Retail	49,625		9.3		27,593		8.6
Water Utilities	163		0.0	*	130		0.0	*
Total	$	531,767	100.0	%	$	321,804	100.0	%

* Represents an amount less than 0.1%

50

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	As of March 31, 2024				As of September 30, 2023
Fair Value:
Aerospace and Defense	$	7,882	1.5	%	$	7,913	2.5	%
Auto Components	3,708		0.7		1,430		0.4
Automobiles	31,552		5.9		17,003		5.3
Banks	1,349		0.3		—		—
Beverages	4,888		0.9		4,108		1.3
Building Products	5,873		1.1		5,520		1.7
Capital Markets	4,818		0.9		—		—
Chemicals	2,991		0.6		2,939		0.9
Commercial Services and Supplies	32,415		6.0		11,108		3.5
Containers and Packaging	6,059		1.1		6,033		1.9
Diversified Consumer Services	45,255		8.4		16,376		5.1
Diversified Financial Services	10,651		2.0		7,426		2.3
Electrical Equipment	239		0.0	*	—		—
Electronic Equipment, Instruments and Components	2,236		0.4		2,242		0.7
Food and Staples Retailing	423		0.1		434		0.1
Food Products	10,522		2.0		3,549		1.1
Healthcare Technology	6,891		1.3		4,984		1.6
Healthcare Equipment and Supplies	5,528		1.0		1,918		0.6
Healthcare Providers and Services	20,460		3.8		12,765		4.0
Hotels, Restaurants and Leisure	8,170		1.5		6,289		2.0
Household Durables	—		—		651		0.2
Industrial Conglomerates	3,937		0.7		3,758		1.2
Insurance	27,687		5.2		12,084		3.8
IT Services	11,536		2.2		6,743		2.1
Leisure Products	2,525		0.5		—		—
Life Sciences Tools & Services	10,592		2.0		10,526		3.3
Machinery	8,759		1.6		—		—
Marine	4,406		0.8		4,320		1.3
Oil, Gas and Consumable Fuels	5,453		1.0		—		—
Paper and Forest Products	873		0.2		859		0.3
Pharmaceuticals	5,383		1.0		5,189		1.6
Professional Services	8,187		1.5		7,235		2.3
Software	184,829		34.5		129,613		40.4
Specialty Retail	49,701		9.3		27,340		8.5
Water Utilities	162		0.0	*	131		0.0	*
Total	$	535,940	100.0	%	$	320,486	100.0	%

* Represents an amount less than 0.1%

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

51

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2024 and 2023. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of March 31, 2024 and September 30, 2023, were valued using Level 3 inputs. As of March 31, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.

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

52

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2024 and September 30, 2023:

As of March 31, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	521,539	$	521,539
Equity investments(1)	—		—		14,401		14,401
Money market funds(1)(2)	8,929		—		—		8,929
Total assets, at fair value:	$	8,929	$	—	$	535,940	$	544,869
As of September 30, 2023	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	307,905	$	307,905
Equity investments(1)	—		—		12,581		12,581
Money market funds(1)(2)	14,996		—		—		14,996
Total assets, at fair value:	$	14,996	$	—	$	320,486	$	335,482

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

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

The net change in unrealized appreciation (depreciation) for the three and 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 $4,300 and $5,450, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2023 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2023 was $1,039 and $964, respectively.

53

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2024 and 2023:

	For the six months ended March 31, 2024
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	307,905	$	12,581	$	320,486
Net change in unrealized appreciation (depreciation) on investments	3,978		988		4,966
Net translation of investments in foreign currencies	525		—		525
Realized gain (loss) on investments	—		(3)		(3)
Realized gain (loss) on translation of investments in foreign currencies	20		—		20
Fundings of (proceeds from) revolving loans, net	303		—		303
Fundings of investments	211,148		625		211,773
PIK interest and non-cash dividends	1,907		551		2,458
Proceeds from principal payments and sales of portfolio investments	(5,048)		(341)		(5,389)
Accretion of discounts and amortization of premiums	801		—		801
Fair value, end of period	$	521,539	$	14,401	$	535,940

	For the six months ended March 31, 2023
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	192,105	$	9,731	$	201,836
Net change in unrealized appreciation (depreciation) on investments	(444)		31		(413)
Net translation of investments in foreign currencies	1,366		—		1,366
Realized gain (loss) on translation of investments in foreign currencies	(21)		—		(21)
Fundings of (proceeds from) revolving loans, net	364		—		364
Fundings of investments	57,465		2,078		59,543
PIK interest and non-cash dividends	781		448		1,229
Proceeds from principal payments and sales of portfolio investments	(2,799)		(422)		(3,221)
Accretion of discounts and amortization of premiums	360		—		360
Fair value, end of period	$	249,177	$	11,866	$	261,043

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2024 and September 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans(2)	$	38,393	Yield analysis	Market interest rate	8.8% - 12.3% (9.5%)
			Market comparable companies	EBITDA multiples	3.3x - 27.0x (11.5x)
One stop loans(3)	$	481,318	Yield analysis	Market interest rate	6.3% - 20.0% (10.6%)
			Market comparable companies	EBITDA multiples	8.0x - 40.3x (17.0x)
			Market comparable companies	Revenue multiples	4.0x - 28.0x (9.9x)
Subordinated debt and second lien loans	$	1,828	Yield analysis	Market interest rate	11.8% - 15.8% (12.4%)
			Market comparable companies	EBITDA multiples	9.5x - 24.0x (19.4x)
Equity(4)	$	14,401	Market comparable companies	EBITDA multiples	8.5x - 35.8x (18.8x)
				Revenue multiples	4.0x - 18.0x (13.4x)

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

(2)$5 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $368,097 and $113,221 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

54

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(4)The Company valued $12,442 and $1,959 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value as of September 30, 2023		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans	$	14,692	Yield analysis	Market interest rate	8.3% - 13.5% (10.3%)
			Market comparable companies	EBITDA multiples	8.0x - 24.0x (15.5x)
One stop loans(2)	$	291,791	Yield analysis	Market interest rate	7.3% - 19.8% (10.3%)
			Market comparable companies	EBITDA multiples	8.0x - 34.0x (17.7x)
			Market comparable companies	Revenue multiples	5.0x - 27.0x (10.2x)
Subordinated debt and second lien loans	$	1,422	Yield analysis	Market interest rate	13.0% - 14.0% (13.5%)
			Market comparable companies	EBITDA multiples	9.5x - 22.0x (20.5x)
Equity(3)	$	12,581	Market comparable companies	EBITDA multiples	8.5x - 26.0x (18.5x)
				Revenue multiples	5.5x - 18.0x (12.9x)

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

(2)The Company valued $214,005 and $77,786 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 $10,887 and $1,694 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

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

The following are the carrying values and fair values of the Company’s debt as of March 31, 2024 and September 30, 2023:

	As of March 31, 2024				As of September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	178,520	$	178,520	$	109,347	$	109,347

55

Golub Capital Direct Lending Corporation 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. The Company has not sought or obtained any approval necessary to be subject to the reduced asset coverage requirements available to BDCs pursuant to Section 61(a)(2) of the 1940 Act, which permits a BDC to have asset coverage of 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of March 31, 2024, the Company’s asset coverage for borrowed amounts was 299.4%.

PNC Facility: On March 21, 2022, the Company and GDLC Funding entered into a revolving credit and security agreement (the “PNC Facility”) with PNC Bank, National Association (“PNC Bank”), as administrative agent, collateral agent and a lender and PNC Capital Markets LLC, as structuring agent. On August 16, 2022, the Company entered into a Joinder and First Amendment on the PNC Facility to add GDLCF, as a Borrower and Golub Onshore GP 3, LLC (“Feeder GP”), the general partner to GDLCF, which is controlled by the Investment Adviser. As of March 31, 2024, the PNC Facility allowed the Company to borrow an aggregate amount of up to $220,000, subject to leverage and borrowing base restrictions, with a stated maturity date of March 21, 2025. Through a series of amendments, most recently on November 15, 2023, the Company amended the PNC Facility with PNC Bank to, among other things, increase the borrowing capacity from $170,000 to $220,000 and update the applicable margin range of 2.00% to 2.40% such that borrowings under the PNC Facility will bear interest at the applicable base rate plus a margin ranging from 2.10% to 2.45%, depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus the assets of GDLC Funding securing the facility.

As of March 31, 2024, the PNC Facility bears interest, at the Company’s election and depending on the currency of the borrowing, of either the Eurocurrency Rate, €STR, SONIA, the Daily Simple SOFR, the Term SOFR Rate, or the Base Rate (each, as defined in the PNC Facility) plus a margin ranging from 2.10% to 2.45% depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus the assets of GDLC Funding securing the facility. As of March 31, 2024 and September 30, 2023, the Company had outstanding debt of $178,520 and $109,347, respectively, under the PNC Facility.

For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the PNC Facility were as follows:

	Three months ended March 31,						Six months ended March 31,
	2024			2023			2024			2023
Stated interest expense	$	3,412		$	1,283		$	6,071		$	2,288
Facility fees	23			13			54			25
Amortization of debt issuance costs	189			87			361			162
Total interest expense	$	3,624		$	1,383		$	6,486		$	2,475
Cash paid for interest expense	$	2,700		$	1,033		$	4,506		$	1,556
Annualized average stated interest rate (1)	7.7		%	6.6		%	7.7		%	6.1		%
Average outstanding balance	$	179,336		$	79,332		$	158,579		$	74,875

(1) The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to

U.S. dollar.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2024 and September 30, 2023, the Company was permitted to borrow up to $70,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of November 15, 2024. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR in effect as of March 31, 2024 was 4.6%. As of March 31, 2024 and September 30, 2023, the Company had no outstanding debt under the Adviser Revolver.

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Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and six months ended March 31, 2024 and 2023, the components of 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,
	2024			2023			2024			2023
Stated interest expense	$	0	*	$	168		$	0	*	$	296
Cash paid for interest expense	0		*	—			0		*	128
Annualized average stated interest rate (1)	4.9		%	4.6		%	4.9		%	4.4		%
Average outstanding balance	$	11		$	14,950		$	5		$	13,562

* Represents an amount less than $1.

(1) The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to

U.S. dollar.

For the three and six months ended March 31, 2024, the average total debt outstanding was $179,347 and $158,584, respectively. For the three and six months ended March 31, 2023, the average total debt outstanding was $94,282 and $88,437, respectively.

For 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% and 8.2% , respectively. For the three and six months ended March 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company’s total debt was 6.7% and 6.3%, respectively.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2024 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
PNC Facility	$	178,520	$	178,520	$	—	$	—	$	—
Adviser Revolver	—		—		—		—		—
Total borrowings	$	178,520	$	178,520	$	—	$	—	$	—

Note 8. Commitments and Contingencies

Commitments: As of March 31, 2024, the Company had outstanding commitments to fund investments totaling $153,441, including $32,321 of commitments on undrawn revolvers. As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $53,557, including $11,692 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of March 31, 2024 and September 30, 2023, there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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Golub Capital Direct Lending Corporation 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,
Per share data:(1)	2024			2023
Net asset value at beginning of period	$	15.00		$	15.00
Distributions declared:(2)
From net investment income - after tax	(1.09)			(0.75)
Net investment income - after tax	0.85			0.81
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.24			(0.06)
Net asset value at end of period	$	15.00		$	15.00
Total return based on net asset value per share(4)	7.41		%	5.05		%
Number of common shares outstanding	24,178,193.551			11,060,503.464

	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2024			2023
Ratio of net investment income - after tax to average net assets *	11.39		%	10.82		%
Ratio of total expenses to average net assets * (5)	7.31		%	6.71		%
Ratio of management fee waiver to average net assets *	(0.51)		%	(1.05)		%
Ratio of incentive fees to average net assets (5)	0.77		%	0.60		%
Ratio of excise tax to average net assets (5)	0.03		%	0.09		%
Ratio of net expenses to average net assets * (5)	6.80		%	5.57		%
Ratio of total expenses (without incentive fees) to average net assets * (5)	6.54		%	6.11		%
Total return based on average net asset value(6)	7.41		%	5.15		%
Total return based on average net asset value - annualized(6) *	14.81		%	10.32		%
Net assets at end of period	$	362,673		$	165,908
Average debt outstanding	$	158,584		$	88,437
Average debt outstanding per share	$	6.56		$	8.00
Portfolio Turnover *	2.42		%	2.73		%
Asset coverage ratio(7)	299.35		%	269.71		%
Asset coverage ratio per unit(8)	$	2,993		$	2,697
Average market value per unit(9):
Adviser Revolver	N/A			N/A
PNC Facility	N/A			N/A

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

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

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

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

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

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

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

(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.

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Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

(9)Not applicable as both the Adviser Revolver and PNC Facility are not registered for public trading.

Note 10. 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, 2024 and 2023:

	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Earnings available to stockholders	$	13,710	$	5,237	$	21,715	$	7,782
Basic and diluted weighted average shares outstanding	21,984,637		10,644,934		19,639,113		10,115,711
Basic and diluted earnings per share	$	0.62	$	0.49	$	1.11	$	0.77

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Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the six months ended March 31, 2024 and 2023:

Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
For the six months ended March 31, 2024
08/03/2023	10/20/2023	12/28/2023	15,702,639.886	$	0.1455	$	2,284
11/17/2023	11/20/2023	12/28/2023	17,099,291.419	0.1619		2,768
11/17/2023	12/15/2023	02/21/2024	18,495,942.952	0.1596		2,953
11/17/2023	01/19/2024	03/20/2024	21,511,820.218	0.1371		2,948
02/02/2024	02/26/2024	05/22/2024	21,511,820.218	0.2181		4,692
02/02/2024	03/15/2024	05/22/2024	22,414,106.885	0.2708		6,070
Total dividends declared for the six months ended March 31, 2024						$	21,715
For the six months ended March 31, 2023
08/05/2022	10/18/2022	12/28/2022	9,066,482.048	$	0.1073	$	973
11/18/2022	11/21/2022	12/28/2022	10,085,133.581	0.0418		422
11/18/2022	12/15/2022	02/28/2023	10,085,133.581	0.1097		1,106
11/18/2022	01/17/2023	03/21/2023	10,086,079.327	0.1373		1,384
02/07/2023	02/24/2023	05/23/2023	10,991,547.328	0.1535		1,687
02/07/2023	03/17/2023	05/23/2023	11,022,171.579	0.1966		2,166
Total dividends declared for the six months ended March 31, 2023						$	7,738

The Company did not have distributions reinvested during the three and six months ended March 31, 2024. The following table summarizes the Company’s distributions reinvested during the three and six months ended March 31, 2023:

Payment Date	DRIP Shares Issued	NAV ($) per share		DRIP Shares Value
For the six months ended March 31, 2023
December 28, 2022	945.746	$	15.00	$	14
February 28, 2023	30,624.251	15.00		460
March 21, 2023	38,331.885	15.00		575
	69,901.882			$	1,049

.

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:

On April 1, 2024, the Company entered into subscription agreements with additional stockholders totaling $12,000 in the aggregate.

On April 23, 2024, the Company entered into an amendment to the PNC Facility to, among other things, replace the applicable reference rate with respect to borrowings denominated in Canadian Dollars, to the Canadian Overnight Repo Rate Average (“CORRA”), and otherwise conform the PNC Facility to accommodate COBRA as the reference

61

Golub Capital Direct Lending Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

rate for certain borrowings denominated in Canadian dollars. The other material terms of the PNC Facility were unchanged.

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

Record Date	Payment Date	Amount Per Share
April 19, 2024	June 17, 20241	In an amount (if positive) such that the net asset value of the Company as of April 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period April 1, 2024 through April 30, 2024 and the payment of this distribution is $15.00 per share.
May 27, 2024	August 21, 2024	In an amount (if positive) such that the net asset value of the Company as of May 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period May 1, 2024 through May 31, 2024 and the payment of this distribution is $15.00 per share.
June 21, 2024	August 21, 2024	In an amount (if positive) such that the net asset value of the Company as of June 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period June 1, 2024 through June 30, 2024 and the payment of this distribution is $15.00 per share.
July 19, 2024	September 18, 2024	In an amount (if positive) such that the net asset value of the Company as of July 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period July 1, 2024 through July 31, 2024 and the payment of this distribution is $15.00 per share.

1 On May 3, 2024, the Company’s board of directors accelerated the payment date to June 17, 2024, for the previously declared April 2024 monthly distribution to stockholders of record as of April 19, 2024.

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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 “GDLC” refer to Golub Capital Direct Lending Corporation and its consolidated subsidiaries.

Forward-Looking Statements

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

•our future operating results;

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

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

•our contractual arrangements and relationships with third parties;

•completion of a liquidity event;

•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, including the COVID-19 pandemic;

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

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

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

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

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

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

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Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2023.

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

Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We were formed in September 2020 as a Delaware limited liability company and converted to a Maryland corporation effective July 1, 2021.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $65.0 billion in capital under management as of January 1, 2024, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

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

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

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

As of March 31, 2024 and September 30, 2023, our portfolio at fair value was comprised of the following:

	As of March 31, 2024				As of September 30, 2023
Investment Type	Investments at  Fair Value (In thousands)		Percentage of Total Investments		Investments at  Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	38,393	7.1	%	$	14,692	4.6	%
One stop	481,318		89.8		291,791		91.0
Second lien	1,489		0.3		1,194		0.4
Subordinated debt	339		0.1		228		0.1
Equity	14,401		2.7		12,581		3.9
Total	$	535,940	100.0	%	$	320,486	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, 2024 and September 30, 2023, one stop loans included $113.2 million and $77.8 million, respectively, of recurring revenue loans at fair value.

As of March 31, 2024 and September 30, 2023, we had debt and equity investments in 185 and 151 portfolio companies, respectively.

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

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023	March 31, 2024	March 31, 2023
Weighted average income yield(1)*	12.1%	12.3%	12.2%	10.8%
Weighted average investment income yield(2)*	12.5%	12.7%	12.6%	11.1%
Total return based on average net asset value(3)*	16.8%	12.3%	14.8%	10.3%
Net investment income - return on equity(4)*	11.2%	11.6%	11.4%	10.8%

* Annualized for periods of less than one year.

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

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

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

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

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As of March 31, 2024, GDLC has earned an inception-to-date internal rate of return, or IRR, of 12.1% for stockholders taken as a whole. An individual stockholder’s IRR may vary based on the timing of their capital transactions. For the six months ended March 31, 2024 and 2023, GDLC earned a fiscal year-to-date IRR of 18.9% and 10.6%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the DRIP), outflows (capital distributions), the stockholders’ net asset value, or NAV, at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

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

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

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

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

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

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

•expenses related to unsuccessful portfolio acquisition efforts;

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

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

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

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

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•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

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

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

•costs associated with individual or group stockholders;

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

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

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

•proxy voting expenses; and

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

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

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

Recent Developments

On April 1, 2024, we entered into subscription agreements with additional stockholders totaling $12.0 million in the aggregate.

On April 23, 2024, we entered into an amendment to the PNC Facility to, among other things, replace the applicable reference rate with respect to borrowings denominated in Canadian Dollars, to the Canadian Overnight Repo Rate Average (“CORRA”), and otherwise conform the PNC Facility to accommodate CORRA as the reference rate for certain borrowings denominated in Canadian dollars. The other material terms of the PNC Facility were unchanged.

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

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Record Date	Payment Date	Amount Per Share
April 19, 2024	June 17, 20242	In an amount (if positive) such that our net asset value as of April 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period April 1, 2024 through April 30, 2024 and the payment of this distribution is $15.00 per share.
May 27, 2024	August 21, 2024	In an amount (if positive) such that our net asset value as of May 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period May 1, 2024 through May 31, 2024 and the payment of this distribution is $15.00 per share.
June 21, 2024	August 21, 2024	In an amount (if positive) such that our net asset value as of June 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period June 1, 2024 through June 30, 2024 and the payment of this distribution is $15.00 per share.
July 19, 2024	September 18, 2024	In an amount (if positive) such that our net asset value as of July 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period July 1, 2024 through July 31, 2024 and the payment of this distribution is $15.00 per share.

Consolidated Results of Operations

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

Consolidated operating results for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and 2023 are as follows:

2 On May 3, 2024, our board of director’s accelerated the payment date to June 17, 2024, for the previously declared April 2024 monthly distribution to stockholders of record as of April 19, 2024.

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	Three months ended				Variances		Six months ended				Variances
	March 31, 2024		December 31, 2023		March 31, 2024  vs. December 31, 2023		March 31, 2024		March 31, 2023			March 31, 2024  vs. March 31, 2023
	(In thousands)						(In thousands)
Interest income	$	13,689	$	10,775	$	2,914	$	24,464	$	11,278		$	13,186
Payment-in-kind interest income	1,017		945		72		1,962		832			1,130
Accretion of discounts and amortization of premiums	430		371		59		801		360			441
Non-cash dividend income	290		261		29		551		448			103
Dividend income	—		—		—		—		1			(1)
Fee income	39		32		7		71		34			37
Total investment income	15,465		12,384		3,081		27,849		12,953			14,896
Net expenses	6,280		4,771		1,509		11,051		4,653			6,398
Net investment income - before tax	9,185		7,613		1,572		16,798		8,300			8,498
Excise tax	16		75		(59)		91		143			(52)
Net investment income - after tax	9,169		7,538		1,631		16,707		8,157			8,550
Net realized gain (loss) on investment transactions	24		12		12		36		13			23
Net change in unrealized appreciation (depreciation) on investment transactions	4,517		455		4,062		4,972		(388)			5,360
Net increase (decrease) in net assets resulting from operations	$	13,710	$	8,005	$	5,705	$	21,715	$	7,782		$	13,933
Average earning debt investments, at fair value	$	489,870	$	380,482	$	109,388	$	435,609	$	226,911		$	208,698
Average earning preferred equity investments, at fair value	$	8,064	$	7,796	$	268	$	7,954	$	7,061		$	893

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, 2023 to the three months ended March 31, 2024 by $3.1 million, primarily due to an increase in interest income due to an increase in the average earning debt investments balance of $109.4 million.

Investment income increased from the six months ended March 31, 2023 to the six months ended March 31, 2024 by $14.9 million, primarily due to an increase in interest and payment in kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $208.7 million coupled with rising interest base rates.

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

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023		March 31, 2024	March 31, 2023
Senior secured	11.4%	11.3%		11.4%	9.4%
One stop	12.0%	12.2%		12.1%	10.7%
Second lien	13.4%	14.3%		14.1%	12.5%
Subordinated debt	13.8%	13.4%		13.4%	12.7%

Income yields on senior secured and one stop loans remained relatively flat for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023. Income yields on senior secured and one stop loans increased for the six months ended March 31, 2024 as compared to the six months ended March 31, 2023, primarily due to rising interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 97.4% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2024 and September 30, 2023, the weighted average base rate floor of our loans was 0.77% and 0.73%, respectively.

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As of March 31, 2024, we have second lien investments in two portfolio companies and subordinated debt investments in four portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and 2023:

	Three months ended				Variances	Six months ended						Variances
	March 31, 2024		December 31, 2023			March 31, 2024  vs. December 31, 2023		March 31, 2024		March 31, 2023			March 31, 2024  vs. March 31, 2023
	(In thousands)
Interest and facility fee expenses	$	3,435	$	2,690		$	745	$	6,125	$	2,609		$	3,516
Amortization of debt issuance costs	189		172			17		361		162			199
Base management fee, net of waiver	838		666			172		1,504		397			1,107
Income incentive fee	1,058		838			220		1,896		906			990
Capital gain incentive fee accrued under GAAP	359		—			359		359		—			359
Professional fees	198		202			(4)		400		384			16
Administrative service fee	157		118			39		275		147			128
General and administrative expenses	46		85			(39)		131		48			83
Net expenses	$	6,280	$	4,771		$	1,509	$	11,051	$	4,653		$	6,398
Average debt outstanding	$	179,347	$	138,869		$	40,478	$	158,584	$	88,437		$	70,147

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $0.8 million from the three months ended December 31, 2023 to the three months ended March 31, 2024 primarily due to an increase in average debt outstanding of $40.5 million.

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $3.7 million from the six months ended March 31, 2023 to the six months ended March 31, 2024 primarily due to an increase in average debt outstanding of $70.1 million as well as rising interest base rates on borrowings from our floating rate debt facility and, to a lesser extent, increased interest rate spreads made in connection with amendments on our PNC Facility. For more information about our outstanding borrowings for the six months ended March 31, 2024 and 2023, including the terms thereof, see “Note 7. Borrowings” in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended March 31, 2024 and December 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 8.1% and 8.2% , respectively. For the six months ended March 31, 2024 and 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 8.2% and 6.3%, respectively.

The effective average interest rate increased for the three months ended December 31, 2023 to the three months ended March 31, 2024 was relatively flat and increased for the six months ended March 31, 2023 to the six months ended March 31, 2024 primarily due to rising interest base rates on our borrowings from our floating rate debt facility, and, to a lesser extent, increased interest rate spreads made in connection with amendments on our PNC Facility.

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Management Fees

The base management fee, net of waiver, increased as a result of an increase in average gross assets for both the three months ended December 31, 2023 to the three months ended March 31, 2024 and for the six months ended March 31, 2023 to the six months ended March 31, 2024.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the Income Incentive Fee and (2) the Capital Gains Incentive Fee.

The Income Incentive Fee increased by $0.2 million from the three months ended December 31, 2023 to the three months ended March 31, 2024, primarily as a result of an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 4 to our consolidated financial statements) and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee increased by $1.0 million from the six months ended March 31, 2023 to the six months ended March 31, 2024, primarily as a result of an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 4 to our consolidated financial statements) and a greater rate of return on the value of our net assets driven by net funds growth, the impact of rising interest base rates and an increase in accretion income during the first two quarters of fiscal year 2024.

For the three months ended December 31, 2022, we were fully through the catch-up provision of the Income Incentive Fee calculation. The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income, net of waiver, was 10.0% for both the three and six months ended March 31, 2024 and 2023.

As of March 31, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of March 31, 2024, there was $0.4 million in capital gain incentive fee accrual under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2023, there was no capital gain incentive fee accrual calculated in accordance with GAAP. For the three and six months ended March 31, 2024, the accrual of capital gain incentive fee under GAAP was $0.4 million. For the three months ended December 31, 2023 and the three and six months ended March 31, 2023, there was no accrual of capital gain incentive fee under GAAP.

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, 2024 and September 30, 2023, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

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

In total, professional fees, the administrative service fee, and general and administrative expenses remained relatively flat from the three months ended December 31, 2023 to the three months ended March 31, 2024. In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.2 million from the six months ended March 31, 2023 to the six months ended March 31, 2024, primarily due to higher 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, 2024 and December 31, 2023 were $0.2 million and $0.2 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2024 and 2023 were $0.5 million and $0.2 million, respectively.

As of March 31, 2024 and September 30, 2023, included in accounts payable and other liabilities were $0.3 million and $0.2 million, respectively, of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

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

	Three months ended				Variances			Six months ended			Variances
	March 31, 2024		December 31, 2023			March 31, 2024  vs. December 31, 2023			March 31, 2024		March 31, 2023		March 31, 2024 vs. March 31, 2023
	(In thousands)
Net realized gain (loss) from investments	$	—	$	(3)		$	3		$	(3)	$	—	$	(3)
Net realized gain (loss) from foreign currency transactions	24		15			9			39		13		26
Net realized gain (loss) on investment transactions	$	24	$	12		$	12		$	36	$	13	$	23
Unrealized appreciation from investments	$	4,993	$	1,478		$	3,515		$	5,768	$	1,951	$	3,817
Unrealized (depreciation) from investments	(430)		(1,075)			645			(802)		(2,364)		1,562
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(46)		52			(98)			6		25		(19)
Net change in unrealized appreciation (depreciation) on investment transactions	$	4,517	$	455		$	4,062		$	4,972	$	(388)	$	5,360

During the three months ended March 31, 2024, we had a net realized gain on investment transactions of less than $0.1 million, primarily driven by realized gains from translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2023, we had a net realized gain on investment transactions of less than $0.1 million, primarily driven by realized gains from translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by a realized loss on the partial redemption of an equity investment.

During the six months ended March 31, 2024, we had a net realized gain on investment transactions of less than $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars that were, partially offset by a realized loss on the partial redemption of an equity investment. During the six months ended March 31, 2023, we had a net realized gain on investment transactions of less than $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended March 31, 2024, we had $5.0 million in unrealized appreciation on 104 portfolio company investments, which was offset by $0.4 million in unrealized depreciation on 86 portfolio company investments. For the three months ended December 31, 2023, we had $1.5 million in unrealized appreciation on 63 portfolio company investments, which was offset by $1.1 million in unrealized depreciation on 113 portfolio company investments.

Unrealized appreciation for the three months ended March 31, 2024 and December 31, 2023 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, 2024 and December 31, 2023 primarily resulted from amortization of discounts during each quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

For the six months ended March 31, 2024, we had $5.8 million in unrealized appreciation on 116 portfolio company investments, which was offset by $0.8 million in unrealized depreciation on 74 portfolio company investments. For the six months ended March 31, 2023, we had $2.0 million in unrealized appreciation on 96 portfolio company investments, which was offset by $2.4 million in unrealized depreciation on 113 portfolio company investments.

Unrealized appreciation for the six months ended March 31, 2024 primarily resulted from improved performance of certain portfolio companies and fair valuing recent originations up to or near par. Unrealized appreciation for the six months ended March 31, 2023 resulted from loan repayments and fair valuing recent originations up to par. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from amortization of discounts on recently originated loans and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the six months ended March 31, 2023 primarily resulted from decreases in the fair value across our portfolio company investments due to incremental spread widening in the market during the first quarter

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of the 2023 fiscal year and, to a lesser extent, modest deterioration in the credit performance of certain portfolio companies.

Liquidity and Capital Resources

For the six months ended March 31, 2024, we experienced a net decrease in cash and cash equivalents and foreign currencies of $16.2 million. During the period, we used $196.7 million in operating activities, primarily as a result of fundings of portfolio investments of $211.8 million, which was partially offset by proceeds from principal payments of portfolio investments of $5.4 million. During the same period, cash provided by financing activities was $180.5 million, primarily driven by borrowings on debt of $101.1 million and proceeds from the issuance of common shares of $127.1 million, that were partially offset by repayments of debt of $32.5 million and distributions paid of $15.1 million.

For the six months ended March 31, 2023, we experienced a net decrease in cash and cash equivalents and foreign currencies of $0.6 million. During the period, we used $48.1 million in operating activities, primarily as a result of fundings of portfolio investments of $59.5 million, which was partially offset by proceeds from principal payments of portfolio investments of $3.2 million. During the same period, cash provided by financing activities was $47.6 million, primarily driven by borrowings on debt of $41.7 million and proceeds from the issuance of common shares of $28.9 million, that were partially offset by repayments of debt of $20.0 million and distributions paid of $2.8 million.

As of March 31, 2024 and September 30, 2023, we had $10.8 million and $27.7 million, respectively, of cash and cash equivalents. In addition, as of March 31, 2024 and September 30, 2023, we had $2.1 million and $1.4 million, respectively, of foreign currencies. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions.

As of March 31, 2024 and September 30, 2023, we had investor capital subscriptions totaling $480.6 million and $450.6 million, respectively, of which $359.1 million and $232.0 million, respectively, had been called and contributed, leaving $121.4 million and $218.6 million, respectively, of uncalled investor capital subscriptions.

Revolving Debt Facilities

PNC Facility - On March 21, 2022, we entered into the PNC Facility (as defined in Note 7 of our consolidated financial statements). As of March 31, 2024 and September 30, 2023, we were permitted to borrow up to $220.0 million and $170.0 million, respectively, at any one time. As of March 31, 2024 and September 30, 2023, we had outstanding debt of $178.5 million and $109.3 million, respectively, under the PNC Facility.

Adviser Revolver - As of March 31, 2024 and September 30, 2023, we were permitted to borrow up to $70.0 million at any one time outstanding under the Adviser Revolver. As of March 31, 2024 and September 30, 2023, we had no outstanding debt under the Adviser Revolver.

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. We have not sought or obtained approval to reduce our asset coverage ratio as permitted by and subject to the requirements of Section 61(a)(2) of the 1940 Act and, as a result, remain subject to the 200% asset coverage requirement under Section 61(a)(1) of the 1940 Act. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.35x to 0.65x. As of March 31, 2024, our asset coverage for borrowed amounts was 299.4%.

As of March 31, 2024, we had outstanding commitments to fund investments totaling $153.4 million, including $32.3 million of unfunded commitments on revolvers. As of September 30, 2023, we had outstanding commitments to fund investments totaling $53.6 million, including $11.7 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

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borrowers as of March 31, 2024 subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings under the PNC Facility and the Adviser Revolver as of March 31, 2024 are included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2024. As of March 31, 2024, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments and cash balances that we maintain, availability under our PNC Facility and Adviser Revolver, as well as ongoing principal repayments on debt investment assets and uncalled investor capital subscriptions.

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

Portfolio Composition, Investment Activity and Yield

As of March 31, 2024 and September 30, 2023, we had investments in 185 and 151 portfolio companies, respectively, with a total fair value of $535.9 million and $320.5 million, respectively.

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

	Three months ended								Six months ended
	March 31, 2024				December 31, 2023					March 31, 2024			March 31, 2023
	(in thousands)		Percentage		(in thousands)		Percentage				(in thousands)		Percentage		(in thousands)		Percentage
Senior secured	$	998	1.1	%	$	30,533	13.2	%			$	31,531	9.8	%	$	1,193	2.0	%
One stop	89,598		98.7		200,810		86.7				290,408		90.1		55,912		95.0
Subordinated debt	50		0.0	*	50		0.0	*			100		0.0	*	50		0.1
Second lien	—		—		—		—				—		—		—		—
Equity	182		0.2		199		0.1				381		0.1		1,692		2.9
Total new investment commitments	$	90,828	100.0	%	$	231,592	100.0	%			$	322,420	100.0	%	$	58,847	100.0	%

* Represents an amount less than 0.1%

For the six months ended March 31, 2024 and 2023, we had approximately $5.4 million and $3.2 million, respectively, in proceeds from principal payments and sales of portfolio investments.

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

	As of March 31, 2024(1)						As of September 30, 2023(2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(in thousands)						(in thousands)
Senior secured	$	38,626	$	38,422	$	38,393	$	15,040	$	15,386	$	14,692
One stop	486,716		478,900		481,318		297,662		293,167		291,791
Second lien	1,490		1,563		1,489		1,207		1,314		1,194
Subordinated debt	358		352		339		243		239		228
Equity	N/A		12,530		14,401		N/A		11,698		12,581
Total	$	527,190	$	531,767	$	535,940	$	314,152	$	321,804	$	320,486

(1)As of March 31, 2024, $78.6 million of our loans at both amortized cost and fair value included a feature permitting a portion of interest due on such loan to be PIK interest.

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(2)As of September 30, 2023, $50.8 million and $50.8 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, 2024 we had a loan in one portfolio company on non-accrual status. As of September 30, 2023, we had no loans on non-accrual status. As of March 31, 2024 and September 30, 2023, the fair value of our debt investments as a percentage of the outstanding principal value was 98.9% and 98.0%, respectively.

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

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023		March 31, 2024	March 31, 2023
Weighted average rate of new investment fundings	10.8%	11.2%		11.1%	11.3%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.7%	5.8%		5.8%	6.7%
Weighted average fees of new investment fundings	1.1%	1.2%		1.2%	1.7%
Weighted average rate of sales and payoffs of portfolio investments	11.3%	11.4%		11.4%	9.5%

As of March 31, 2024, 97.4% and 97.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2023, 96.4% and 96.3% of our debt portfolio at both fair value and at amortized cost had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2024 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $71.4 million and $63.9 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 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.

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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2024 and September 30, 2023:

	As of March 31, 2024				As of September 30, 2023
Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	6,019	1.1	%	$	561	0.2	%
4	512,496		95.6		303,051		94.5
3	17,425		3.3		16,874		5.3
2	—		—		—		—
1	—		—		—		—
Total	$	535,940	100.0	%	$	320,486	100.0	%

The table below details the weighted average price of our debt investments by internal performance rating held as of March 31, 2024 and September 30, 2023:

	Weighted Average Price(1)
Category	As of March 31, 2024	As of September 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	99.2%	98.3%
Internal Performance Rating 3 (Performing Below Expectations)	92.1	92.8
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	—	—
Total	98.9%	98.0%

(1)Includes only debt investments held as of March 31, 2024 and September 30, 2023. Value reflects weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating category.

Distributions

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

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

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

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

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

Related Party Transactions

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

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

•GC Advisors has agreed to certain waivers with respect to the base management fee for the periods following July 1, 2021, the initial closing date for the private placement of shares of our common stock, and irrevocably waived 100% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from July 1, 2021 to June 30, 2022; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from July 1, 2022 to June 30, 2023; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from July 1, 2023 to June 30, 2024.

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

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

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

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

•As of March 31, 2024, GGP Class B-P, LLC, an affiliate of GC Advisors, had an aggregate commitment to us of $102.0 million. As of March 31, 2024, we have issued 6,806,927.360 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $102.0 million. We have also issued 214,587.492 shares to GGP Class B-P, LLC through the DRIP.

•As of March 31, 2024, GDLC Feeder Fund L.P., a Delaware limited partnership, whose general partner is controlled by GC Advisors, has an aggregate commitment to us of $250.0 million. As of March 31, 2024, we have issued 9,125,353.655 shares of our common stock to GDLC Feeder Fund, L.P., in exchange for aggregate capital contributions totaling $136.8 million.

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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 BDC 3, Inc., or GBDC 3, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4 and Golub Capital Private Credit Fund, or GCRED, all of which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, most of our officers and directors serve in similar capacities for GBDC, GBDC 3, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GBDC 3, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

Fair Value Measurements

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

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

Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

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

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

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during three and six months ended March 31, 2024 and 2023. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2024 and September 30, 2023, were valued using Level 3 inputs. As of both March 31, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.

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

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

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

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

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

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

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

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

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

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

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paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loan was approximately $5,000 as of March 31, 2024. As of September 30, 2023, we had no portfolio company investments on non-accrual status.

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2024, we recorded $16,000 and $91,000, respectively, for U.S. federal excise tax. For the three and six months ended March 31, 2023, we recorded $38,000 and $143,000, respectively, for U.S. federal excise tax.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of March 31, 2024 and September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.77% and 0.73%, respectively. In addition, The PNC Facility bears interest at the Company’s election and depending on the currency of the borrowing, of either the Daily SOFR, the Term SOFR, €STR, SONIA, Eurocurrency or the Base Rate (each, as defined in the PNC Facility), plus a margin ranging from 2.10% to 2.45% depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus investment asset coverage of the borrowing base. The Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. 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, 2024 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

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	$	(10,385)	$	(3,570)	$	(6,815)
Down 150 basis points	(7,788)		(2,678)		(5,110)
Down 100 basis points	(5,193)		(1,785)		(3,408)
Down 50 basis points	(2,596)		(893)		(1,703)
Up 50 basis points	2,596		893		1,703
Up 100 basis points	5,193		1,785		3,408
Up 150 basis points	7,788		2,678		5,110
Up 200 basis points	10,385		3,570		6,815

(1)Assumes applicable three-month base rate as of March 31, 2024, with the exception of SONIA and Prime that utilize the March 31, 2024 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2024, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Adviser Revolver, PNC Facility or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

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Item 4. Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

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

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the three months ended March 31, 2024 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2023.

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

EXHIBIT INDEX

Number	Description
10.1	Fifth Amendment to Revolving Credit and Security Agreement, dated as of April 23, 2024, by and among Golub Capital Direct Lending Corporation, a Maryland corporation, GDLC Funding LLC, a Delaware limited liability company, and PNC Bank, National Association, as Administrative Agent and PNC Capital Markets LLC, as Structuring Agent, and the other Lenders from time to time party thereto, dated as of April 23, 2024. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01412), filed on April 29, 2024).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	*

_________________

* Filed herewith

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SIGNATURES

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

	Golub Capital Direct Lending Corporation
Date: May 13, 2024	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 13, 2024	By	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

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