FALSE2026Q10001868878September 30http://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatingxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregdlc:security00018688782025-10-012025-12-3100018688782026-02-1000018688782025-12-3100018688782025-09-3000018688782024-10-012025-09-3000018688782024-10-012024-12-310001868878us-gaap:CommonStockMember2024-09-300001868878us-gaap:AdditionalPaidInCapitalMember2024-09-300001868878us-gaap:RetainedEarningsMember2024-09-3000018688782024-09-300001868878us-gaap:CommonStockMember2024-10-012024-12-310001868878us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310001868878us-gaap:RetainedEarningsMember2024-10-012024-12-310001868878us-gaap:CommonStockMember2024-12-310001868878us-gaap:AdditionalPaidInCapitalMember2024-12-310001868878us-gaap:RetainedEarningsMember2024-12-3100018688782024-12-310001868878us-gaap:CommonStockMember2025-09-300001868878us-gaap:AdditionalPaidInCapitalMember2025-09-300001868878us-gaap:RetainedEarningsMember2025-09-300001868878us-gaap:RetainedEarningsMember2025-10-012025-12-310001868878us-gaap:CommonStockMember2025-10-012025-12-310001868878us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310001868878us-gaap:CommonStockMember2025-12-310001868878us-gaap:AdditionalPaidInCapitalMember2025-12-310001868878us-gaap:RetainedEarningsMember2025-12-310001868878Jeppesen Holdings, LLC, One stop 12025-12-310001868878Jeppesen Holdings, LLC, One stop 22025-12-310001868878PPW Aero Buyer, Inc., One stop 12025-12-310001868878PPW Aero Buyer, Inc., One stop 22025-12-310001868878PPW Aero Buyer, Inc., One stop 32025-12-310001868878PPW Aero Buyer, Inc., One stop 42025-12-310001868878PPW Aero Buyer, Inc., One stop 52025-12-310001868878PPW Aero Buyer, Inc., One stop 62025-12-310001868878PPW Aero Buyer, Inc., One stop 72025-12-310001868878Titan BW Borrower L.P., One stop 12025-12-310001868878Titan BW Borrower L.P., One stop 22025-12-310001868878Titan BW Borrower L.P., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:AerospaceAndDefenseSectorMember2025-12-310001868878RJW Group Holdings, Inc., One stop 12025-12-310001868878RJW Group Holdings, Inc., One stop 22025-12-310001868878RJW Group Holdings, Inc., One stop 32025-12-310001868878RJW Group Holdings, Inc., One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:AirFreightAndLogisticsSectorMember2025-12-310001868878Arnott, LLC, One stop 12025-12-310001868878Arnott, LLC, One stop 22025-12-310001868878Collision SP Subco, LLC, One stop 12025-12-310001868878Collision SP Subco, LLC, One stop 22025-12-310001868878Collision SP Subco, LLC, One stop 32025-12-310001868878Collision SP Subco, LLC, One stop 42025-12-310001868878Collision SP Subco, LLC, One stop 52025-12-310001868878Covercraft Parent III, Inc., Senior secured 12025-12-310001868878Covercraft Parent III, Inc., Senior secured 22025-12-310001868878Covercraft Parent III, Inc., Senior secured 32025-12-310001868878OEConnection, LLC, One stop 12025-12-310001868878OEConnection, LLC, One stop 22025-12-310001868878OEConnection, LLC, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:AutoComponentsSectorMember2025-12-310001868878CAP-KSI Holdings, LLC, One stop 12025-12-310001868878CAP-KSI Holdings, LLC, One stop 22025-12-310001868878CG Group Holdings, LLC, One stop 12025-12-310001868878CG Group Holdings, LLC, One stop 22025-12-310001868878Denali Midco 2, LLC, One stop 12025-12-310001868878Denali Midco 2, LLC, One stop 22025-12-310001868878Denali Midco 2, LLC, One stop 32025-12-310001868878Denali Midco 2, LLC, One stop 42025-12-310001868878Denali Midco 2, LLC, One stop 52025-12-310001868878Denali Midco 2, LLC, One stop 62025-12-310001868878Denali Midco 2, LLC, One stop 72025-12-310001868878Denali Midco 2, LLC, One stop 82025-12-310001868878Denali Midco 2, LLC, One stop 92025-12-310001868878Denali Midco 2, LLC, One stop 102025-12-310001868878Denali Midco 2, LLC, One stop 112025-12-310001868878Denali Midco 2, LLC, One stop 122025-12-310001868878Denali Midco 2, LLC, One stop 132025-12-310001868878Denali Midco 2, LLC, One stop 142025-12-310001868878Denali Midco 2, LLC, One stop 152025-12-310001868878Denali Midco 2, LLC, One stop 162025-12-310001868878Denali Midco 2, LLC One stop 172025-12-310001868878Denali Midco 2, LLC One stop 182025-12-310001868878Denali Midco 2, LLC, One stop 192025-12-310001868878Denali Midco 2, LLC Second lien2025-12-310001868878High Bar Brands Operating, LLC, Senior secured 12025-12-310001868878High Bar Brands Operating, LLC, Senior secured 22025-12-310001868878High Bar Brands Operating, LLC, Senior secured 32025-12-310001868878High Bar Brands Operating, LLC, Senior secured 42025-12-310001868878Lincoln Acq Buyer, LLC, One stop 12025-12-310001868878Lincoln Acq Buyer, LLC, One stop 22025-12-310001868878Lincoln Acq Buyer, LLC, One stop 32025-12-310001868878National Express Wash Parent Holdco, LLC, One stop 12025-12-310001868878National Express Wash Parent Holdco, LLC, One stop 22025-12-310001868878National Express Wash Parent Holdco, LLC, One stop 32025-12-310001868878National Express Wash Parent Holdco, LLC, One stop 42025-12-310001868878POY Holdings, LLC, One stop 12025-12-310001868878POY Holdings, LLC, One stop 22025-12-310001868878POY Holdings, LLC, One stop 32025-12-310001868878POY Holdings, LLC, One stop 42025-12-310001868878POY Holdings, LLC, One stop 52025-12-310001868878POY Holdings, LLC, One stop 62025-12-310001868878POY Holdings, LLC, One stop 72025-12-310001868878POY Holdings, LLC, One stop 82025-12-310001868878POY Holdings, LLC, One stop 92025-12-310001868878Quick Quack Car Wash Holdings, LLC, One stop 12025-12-310001868878Quick Quack Car Wash Holdings, LLC, One stop 22025-12-310001868878Quick Quack Car Wash Holdings, LLC, One stop2025-12-310001868878Quick Quack Car Wash Holdings, LLC, One stop 32025-12-310001868878Quick Quack Car Wash Holdings, LLC, One stop 42025-12-310001868878TWAS Holdings, LLC, One stop 12025-12-310001868878TWAS Holdings, LLC, One stop 22025-12-310001868878Yorkshire Parent, Inc., One stop 12025-12-310001868878Yorkshire Parent, Inc., One stop 22025-12-310001868878Yorkshire Parent, Inc., One stop 32025-12-310001868878Yorkshire Parent, Inc., One stop 42025-12-310001868878Yorkshire Parent, Inc., One stop 52025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:AutomobilesSectorMember2025-12-310001868878Empyrean Solutions, LLC, One stop 12025-12-310001868878Empyrean Solutions, LLC, One stop 22025-12-310001868878Empyrean Solutions, LLC, One stop 32025-12-310001868878OSP Hamilton Purchaser, LLC, One stop 12025-12-310001868878OSP Hamilton Purchaser, LLC, One stop 22025-12-310001868878OSP Hamilton Purchaser, LLC, One stop 32025-12-310001868878OSP Hamilton Purchaser, LLC, One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:BankSectorMember2025-12-310001868878Financial Information Technologies, LLC, One stop 12025-12-310001868878Financial Information Technologies, LLC, One stop 22025-12-310001868878Financial Information Technologies, LLC, One stop 32025-12-310001868878Financial Information Technologies, LLC, One stop 42025-12-310001868878Spindrift Beverage Co. Inc., One stop 12025-12-310001868878Spindrift Beverage Co. Inc., One stop 22025-12-310001868878Spindrift Beverage Co. Inc., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:BeveragesSectorMember2025-12-310001868878BECO Holding Company, Inc., One stop 12025-12-310001868878BECO Holding Company, Inc., One stop 22025-12-310001868878BECO Holding Company, Inc., One stop 32025-12-310001868878BECO Holding Company, Inc., One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:BuildingProductsSectorMember2025-12-310001868878BlueMatrix Holdings, LLC, One stop 12025-12-310001868878BlueMatrix Holdings, LLC, One stop 22025-12-310001868878BlueMatrix Holdings, LLC, One stop 32025-12-310001868878BlueMatrix Holdings, LLC, One stop 42025-12-310001868878BlueMatrix Holdings, LLC, One stop 52025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:CapitalMarketsSectorMember2025-12-310001868878AP Adhesives Holdings, LLC, One stop 12025-12-310001868878AP Adhesives Holdings, LLC, One stop 22025-12-310001868878AP Adhesives Holdings, LLC, One stop 32025-12-310001868878JSG II, Inc. and Checkers USA, Inc., One stop 12025-12-310001868878JSG II, Inc. and Checkers USA, Inc., One stop 22025-12-310001868878JSG II, Inc. and Checkers USA, Inc., One stop 32025-12-310001868878Krayden Holdings, Inc., Senior secured 12025-12-310001868878Krayden Holdings, Inc., Senior secured 22025-12-310001868878Krayden Holdings, Inc., Senior secured 32025-12-310001868878PHM NL SP Bidco B.V., One stop 12025-12-310001868878PHM NL SP Bidco B.V., One stop 22025-12-310001868878PHM NL SP Bidco B.V., One stop 32025-12-310001868878PHM NL SP Bidco B.V., One stop 42025-12-310001868878us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2025-12-310001868878CHA Vision Holdings, Inc., One stop 12025-12-310001868878CHA Vision Holdings, Inc., One stop 22025-12-310001868878CHA Vision Holdings, Inc., One stop 32025-12-310001868878CHA Vision Holdings, Inc., One stop 42025-12-310001868878CHA Vision Holdings, Inc., One stop 52025-12-310001868878CI (Quercus) Intermediate Holdings, LLC, One stop 12025-12-310001868878CI (Quercus) Intermediate Holdings, LLC, One stop 22025-12-310001868878CI (Quercus) Intermediate Holdings, LLC, One stop 32025-12-310001868878CI (Quercus) Intermediate Holdings, LLC, One stop 42025-12-310001868878Dispatch Acquisition Holdings, LLC, One stop 12025-12-310001868878Dispatch Acquisition Holdings, LLC, One stop 22025-12-310001868878Kleinfelder Intermediate, LLC, One stop 12025-12-310001868878Kleinfelder Intermediate, LLC, One stop 22025-12-310001868878Kleinfelder Intermediate, LLC, One stop 32025-12-310001868878Pearl Acquisition Buyer, Inc., One stop 12025-12-310001868878Pearl Acquisition Buyer, Inc., One stop 22025-12-310001868878Pearl Acquisition Buyer, Inc., One stop 32025-12-310001868878Profile Products LLC, One stop 12025-12-310001868878Profile Products LLC, One stop 22025-12-310001868878Profile Products LLC, One stop 32025-12-310001868878Profile Products LLC, One stop 42025-12-310001868878PSC Parent, Inc., One stop 12025-12-310001868878PSC Parent, Inc., One stop 22025-12-310001868878PSC Parent, Inc., One stop 32025-12-310001868878PSC Parent, Inc., One stop 42025-12-310001868878Radwell Parent, LLC, One stop 12025-12-310001868878Radwell Parent, LLC, One stop 22025-12-310001868878Radwell Parent, LLC, One stop 32025-12-310001868878Trinity Air Consultants Holdings Corporation, One stop 12025-12-310001868878Trinity Air Consultants Holdings Corporation, One stop 22025-12-310001868878Trinity Air Consultants Holdings Corporation, One stop 32025-12-310001868878Trinity Air Consultants Holdings Corporation, One stop 42025-12-310001868878Trinity Air Consultants Holdings Corporation, One stop 52025-12-310001868878WRE Holding Corp., One stop 12025-12-310001868878WRE Holding Corp., One stop 22025-12-310001868878WRE Holding Corp., One stop 32025-12-310001868878WRE Holding Corp., One stop 42025-12-310001868878WRE Holding Corp., One stop 52025-12-310001868878WRE Holding Corp., One stop 62025-12-310001868878WRE Holding Corp., One stop 72025-12-310001868878WRE Holding Corp., One stop 82025-12-310001868878WRE Holding Corp., One stop 92025-12-310001868878WRE Holding Corp., One stop 102025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:CommercialServicesAndSuppliesSectorMember2025-12-310001868878Consor Intermediate II, LLC, One stop 12025-12-310001868878Consor Intermediate II, LLC, One stop 22025-12-310001868878Consor Intermediate II, LLC, One stop 32025-12-310001868878DCCM, LLC, One stop 12025-12-310001868878DCCM, LLC, One stop 22025-12-310001868878DCCM, LLC, One stop 32025-12-310001868878Royal Holdco Corporation, One stop 12025-12-310001868878Royal Holdco Corporation, One stop 22025-12-310001868878Royal Holdco Corporation, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:ConstructionAndEngineeringMember2025-12-310001868878Chase Intermediate, One stop 12025-12-310001868878Chase Intermediate, One stop 22025-12-310001868878Chase Intermediate, One stop 32025-12-310001868878Chase Intermediate, One stop 42025-12-310001868878Fortis Solutions Group, LLC, One stop 12025-12-310001868878Fortis Solutions Group, LLC, One stop 22025-12-310001868878Fortis Solutions Group, LLC, One stop 32025-12-310001868878Fortis Solutions Group, LLC, One stop 42025-12-310001868878Packaging Coordinators Midco, Inc., One stop 12025-12-310001868878Packaging Coordinators Midco, Inc., One stop 22025-12-310001868878Packaging Coordinators Midco, Inc., One stop 32025-12-310001868878Packaging Coordinators Midco, Inc., One stop 42025-12-310001868878Packaging Coordinators Midco, Inc., One stop 52025-12-310001868878Packaging Coordinators Midco, Inc., One stop 62025-12-310001868878Packaging Coordinators Midco, Inc., One stop 72025-12-310001868878us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001868878ABC Legal Holdings, LLC, One stop 12025-12-310001868878ABC Legal Holdings, LLC, One stop 22025-12-310001868878ABC Legal Holdings, LLC, One stop 32025-12-310001868878Action Termite Control, LLC, Senior secured 12025-12-310001868878Action Termite Control, LLC, Senior secured 22025-12-310001868878Action Termite Control, LLC, Senior secured 32025-12-310001868878Any Hour, LLC, One stop 12025-12-310001868878Any Hour, LLC, One stop 22025-12-310001868878Any Hour, LLC, One stop 32025-12-310001868878Any Hour, LLC, One stop 42025-12-310001868878Apex Service Partners, LLC, One stop 12025-12-310001868878Apex Service Partners, LLC, One stop 22025-12-310001868878Apex Service Partners, LLC, One stop 32025-12-310001868878Apex Service Partners, LLC, One stop 42025-12-310001868878Apex Service Partners, LLC, One stop 52025-12-310001868878Apex Service Partners, LLC, One stop 62025-12-310001868878Aptive Environmental, LLC, One stop 12025-12-310001868878Aptive Environmental, LLC, One stop 22025-12-310001868878Aptive Environmental, LLC, One stop 32025-12-310001868878CHVAC Services Investment, LLC, One stop 12025-12-310001868878CHVAC Services Investment, LLC, One stop 22025-12-310001868878CHVAC Services Investment, LLC, One stop 32025-12-310001868878CHVAC Services Investment, LLC, One stop 42025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 12025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 22025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 32025-12-310001868878COP Hometown Acquisitions, Inc. , Senior secured 42025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 52025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 62025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 72025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 82025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 92025-12-310001868878COP Hometown Acquisitions, Inc. Senior secured 102025-12-310001868878COP Hometown Acquisitions, Inc., Senior secured 112025-12-310001868878EMS LINQ, LLC, One stop 12025-12-310001868878EMS LINQ, LLC, One stop 22025-12-310001868878Entomo Brands Acquisitions, Inc., Senior secured 12025-12-310001868878Entomo Brands Acquisitions, Inc., Senior secured 22025-12-310001868878Entomo Brands Acquisitions, Inc., Senior secured 32025-12-310001868878FPG Intermediate Holdco, LLC, One stop 12025-12-310001868878FPG Intermediate Holdco, LLC, One stop 22025-12-310001868878FPG Intermediate Holdco, LLC, One stop 32025-12-310001868878FPG Intermediate Holdco, LLC Senior secured2025-12-310001868878FPG Intermediate Holdco, LLC, One stop 42025-12-310001868878FSS Buyer LLC, One stop 12025-12-310001868878FSS Buyer LLC, One stop 22025-12-310001868878HS Spa Holdings, Inc., One stop 12025-12-310001868878HS Spa Holdings, Inc., One stop 22025-12-310001868878HS Spa Holdings, Inc., One stop 32025-12-310001868878Kodiak Buyer, LLC, One stop 12025-12-310001868878Kodiak Buyer, LLC, One stop 22025-12-310001868878Kodiak Buyer, LLC, One stop 32025-12-310001868878Litera Bidco, LLC, One stop 12025-12-310001868878Litera Bidco, LLC, One stop 22025-12-310001868878Litera Bidco, LLC, One stop 32025-12-310001868878Litera Bidco, LLC, One stop 42025-12-310001868878Mario Purchaser, LLC, One stop 12025-12-310001868878Mario Purchaser, LLC, One stop 22025-12-310001868878Mario Purchaser, LLC, One stop 32025-12-310001868878Mario Purchaser, LLC, One stop 42025-12-310001868878Mario Purchaser, LLC, One stop 52025-12-310001868878NSG Buyer, Inc., One stop 12025-12-310001868878NSG Buyer, Inc., One stop 22025-12-310001868878NSG Buyer, Inc., One stop 32025-12-310001868878RW AM Holdco LLC, One stop 12025-12-310001868878RW AM Holdco LLC, One stop 22025-12-310001868878Salisbury House, LLC, One stop 12025-12-310001868878Salisbury House, LLC, One stop 22025-12-310001868878Salisbury House, LLC, One stop 32025-12-310001868878SCP CDH Buyer, Inc., One stop 12025-12-310001868878SCP CDH Buyer, Inc., One stop 22025-12-310001868878SCP CDH Buyer, Inc., One stop 32025-12-310001868878Severin Acquisition, LLC, One stop 12025-12-310001868878Severin Acquisition, LLC, One stop 22025-12-310001868878Severin Acquisition, LLC, One stop 32025-12-310001868878Stellar Brands, LLC, Senior secured 12025-12-310001868878Stellar Brands, LLC, Senior secured 22025-12-310001868878Virginia Green Acquisition, LLC, One stop 12025-12-310001868878Virginia Green Acquisition, LLC, One stop 22025-12-310001868878Virginia Green Acquisition, LLC, One stop 32025-12-310001868878Virginia Green Acquisition, LLC , One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:DiversifiedConsumerServicesSectorMember2025-12-310001868878Baker Tilly Advisory Group, LP, One stop 12025-12-310001868878Baker Tilly Advisory Group, LP, One stop 22025-12-310001868878Baker Tilly Advisory Group, LP, One stop 32025-12-310001868878Baker Tilly Advisory Group, LP, One stop 42025-12-310001868878Banker's Toolbox, Inc., One stop 12025-12-310001868878Banker's Toolbox, Inc., One stop 22025-12-310001868878Banker's Toolbox, Inc., One stop 32025-12-310001868878Ceres Groupe SAS & Ceres PikCo Subordinated debt2025-12-310001868878Ceres Groupe SAS & Ceres PikCo, One stop 12025-12-310001868878Ceres Groupe SAS & Ceres PikCo, One stop 22025-12-310001868878Ceres Groupe SAS & Ceres PikCo, One stop 32025-12-310001868878Corsair Blade IV S.A R.L., One stop 12025-12-310001868878Corsair Blade IV S.A R.L., One stop 22025-12-310001868878Deerfield Dakota Holding, LLC, One stop 12025-12-310001868878Deerfield Dakota Holding, LLC, One stop 22025-12-310001868878Equity Methods, LLC, One stop 12025-12-310001868878Equity Methods, LLC, One stop 22025-12-310001868878Equity Methods, LLC, One stop 32025-12-310001868878Finastra USA, Inc., One stop 2025-12-310001868878Flash Topco, Inc., One stop 12025-12-310001868878Flash Topco, Inc., One stop 22025-12-310001868878Flash Topco, Inc., One stop 32025-12-310001868878Higginbotham Insurance Agency, Inc., One stop 12025-12-310001868878Higginbotham Insurance Agency, Inc., One stop 22025-12-310001868878Higginbotham Insurance Agency, Inc., One stop 32025-12-310001868878Medlar Bidco Limited, One stop 12025-12-310001868878Medlar Bidco Limited, One stop 22025-12-310001868878Medlar Bidco Limited, One stop 32025-12-310001868878Wealth Enhancement Group, LLC One stop 12025-12-310001868878Wealth Enhancement Group, LLC One stop 22025-12-310001868878Wealth Enhancement Group, LLC One stop 32025-12-310001868878Wealth Enhancement Group, LLC One stop 42025-12-310001868878Wealth Enhancement Group, LLC One stop 52025-12-310001868878Wealth Enhancement Group, LLC One stop 62025-12-310001868878Wealth Enhancement Group, LLC One stop 72025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:DiversifiedFinancialServicesSectorMember2025-12-310001868878Smart Energy Systems, Inc., One stop 12025-12-310001868878Smart Energy Systems, Inc., One stop 22025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:ElectricUtilitiesMember2025-12-310001868878Power Grid Holdings, Inc., One stop 12025-12-310001868878Power Grid Holdings, Inc., One stop 22025-12-310001868878Wildcat TopCo, Inc., One stop 12025-12-310001868878Wildcat TopCo, Inc., One stop 22025-12-310001868878Wildcat TopCo, Inc., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:ElectricalEquipmentSectorMember2025-12-310001868878CST Holding Company, One stop 12025-12-310001868878CST Holding Company, One stop 22025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001868878GMF Parent, Inc., One stop 12025-12-310001868878GMF Parent, Inc., One stop 22025-12-310001868878GMF Parent, Inc., One stop 32025-12-310001868878GMF Parent, Inc., One stop 42025-12-310001868878Wineshipping.com LLC, One stop 12025-12-310001868878Wineshipping.com LLC, One stop 22025-12-310001868878Wineshipping.com LLC, One stop 32025-12-310001868878Wineshipping.com LLC, One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:FoodAndStaplesRetailingSectorMember2025-12-310001868878Blast Bidco Inc., One stop 12025-12-310001868878Blast Bidco Inc., One stop 22025-12-310001868878Eagle Family Foods Group, LLC, One stop 12025-12-310001868878Eagle Family Foods Group, LLC, One stop 22025-12-310001868878Louisiana Fish Fry Products, Ltd., One stop 12025-12-310001868878Louisiana Fish Fry Products, Ltd., One stop 22025-12-310001868878Sphynx UK Bidco, Ltd., One stop 12025-12-310001868878Sphynx UK Bidco, Ltd., One stop 22025-12-310001868878Sphynx UK Bidco, Ltd., One stop 32025-12-310001868878Wizard Bidco Limited, One stop 12025-12-310001868878Wizard Bidco Limited, One stop 22025-12-310001868878Wizard Bidco Limited, One stop 32025-12-310001868878Wizard Bidco Limited, One stop 42025-12-310001868878Zullas, L.C., One stop 12025-12-310001868878Zullas, L.C., One stop 22025-12-310001868878Zullas, L.C., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:FoodProductsSectorMember2025-12-310001868878Bayou Intermediate II, LLC, One stop 12025-12-310001868878Bayou Intermediate II, LLC, One stop 22025-12-310001868878Bayou Intermediate II, LLC, One stop 32025-12-310001868878Belmont Instrument, LLC, One stop 12025-12-310001868878Belmont Instrument, LLC, One stop 22025-12-310001868878Blades Buyer, Inc., Senior secured 12025-12-310001868878Blades Buyer, Inc., Senior secured 22025-12-310001868878CCSL Holdings, LLC, One stop2025-12-310001868878Centegix Intermediate II, LLC, One stop 12025-12-310001868878Centegix Intermediate II, LLC, One stop 22025-12-310001868878Centegix Intermediate II, LLC, One stop 32025-12-310001868878HuFriedy Group Acquisition, LLC, One stop 12025-12-310001868878HuFriedy Group Acquisition, LLC, One stop 22025-12-310001868878HuFriedy Group Acquisition, LLC, One stop 32025-12-310001868878HuFriedy Group Acquisition, LLC, One stop 42025-12-310001868878Isto Group, Inc., One stop 12025-12-310001868878Isto Group, Inc., One stop 22025-12-310001868878Isto Group, Inc., One stop 32025-12-310001868878RTI Surgical, Inc., One stop 12025-12-310001868878RTI Surgical, Inc., One stop 22025-12-310001868878TIDI Legacy Products, Inc., One stop 12025-12-310001868878TIDI Legacy Products, Inc., One stop 22025-12-310001868878TIDI Legacy Products, Inc., One stop 32025-12-310001868878YI, LLC, One stop 12025-12-310001868878YI, LLC, One stop 22025-12-310001868878ZimVie, Inc., One stop 12025-12-310001868878ZimVie, Inc., One stop 22025-12-310001868878ZimVie, Inc., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:HealthcareEquipmentAndSuppliesSectorMember2025-12-310001868878AAH TOPCO, LLC, One stop 12025-12-310001868878AAH TOPCO, LLC, One stop 22025-12-310001868878AAH TOPCO, LLC Subordinated debt2025-12-310001868878AAH TOPCO, LLC, One stop 32025-12-310001868878AAH TOPCO, LLC, One stop 42025-12-310001868878AAH TOPCO, LLC, One stop 52025-12-310001868878Active Day, Inc., One stop 12025-12-310001868878Active Day, Inc., One stop 22025-12-310001868878Active Day, Inc., One stop 32025-12-310001868878Bamboo US Bidco LLC, One stop 12025-12-310001868878Bamboo US Bidco LLC, One stop 22025-12-310001868878Bamboo US Bidco LLC, One stop 32025-12-310001868878Bamboo US Bidco LLC, One stop 42025-12-310001868878Bamboo US Bidco LLC, One stop 52025-12-310001868878Bamboo US Bidco LLC, One stop 62025-12-310001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-12-310001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-12-310001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-12-310001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-12-310001868878BHG Holdings, LLC, One stop 12025-12-310001868878BHG Holdings, LLC, One stop 22025-12-310001868878BHG Holdings, LLC, One stop 32025-12-310001868878Community Care Partners, LLC, One stop2025-12-310001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-12-310001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-12-310001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-12-310001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-12-310001868878ERC Topco Holdings, LLC, One stop 12025-12-310001868878ERC Topco Holdings, LLC, One stop 22025-12-310001868878ERC Topco Holdings, LLC, One stop 32025-12-310001868878FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12025-12-310001868878FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22025-12-310001868878Heartland Veterinary Partners LLC, Senior secured 12025-12-310001868878Heartland Veterinary Partners LLC, Senior secured 22025-12-310001868878Heartland Veterinary Partners LLC, Senior secured 32025-12-310001868878HP TLE Buyer, Inc., One stop 12025-12-310001868878HP TLE Buyer, Inc., One stop 22025-12-310001868878LOV Acquisition LLC, Senior secured 12025-12-310001868878LOV Acquisition LLC, Senior secured 22025-12-310001868878PPV Intermediate Holdings, LLC, One stop 12025-12-310001868878PPV Intermediate Holdings, LLC, One stop 22025-12-310001868878PPV Intermediate Holdings, LLC, One stop 32025-12-310001868878PPV Intermediate Holdings, LLC, One stop 42025-12-310001868878PPV Intermediate Holdings, LLC, One stop 52025-12-310001868878PPV Intermediate Holdings, LLC, One stop 62025-12-310001868878PPV Intermediate Holdings, LLC, One stop 72025-12-310001868878PPV Intermediate Holdings, LLC, One stop 82025-12-310001868878Premise Health Holding Corp., One stop 12025-12-310001868878Premise Health Holding Corp., One stop 22025-12-310001868878Premise Health Holding Corp., One stop 32025-12-310001868878Premise Health Holding Corp., One stop 42025-12-310001868878Suveto Buyer, LLC, One stop 12025-12-310001868878Suveto Buyer, LLC, One stop 22025-12-310001868878Suveto Buyer, LLC, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:HealthcareProvidersAndServicesSectorMember2025-12-310001868878Amberfield Acquisition Co., One stop 12025-12-310001868878Amberfield Acquisition Co., One stop 22025-12-310001868878Amberfield Acquisition Co., One stop 32025-12-310001868878Color Intermediate, LLC, Senior secured2025-12-310001868878Crow River Buyer, Inc., One stop 12025-12-310001868878Crow River Buyer, Inc., One stop 22025-12-310001868878Crow River Buyer, Inc., One stop 32025-12-310001868878GHX Ultimate Parent Corporation, One stop 12025-12-310001868878GHX Ultimate Parent Corporation, One stop 22025-12-310001868878Healthmark Holdings, L.P., One stop 12025-12-310001868878Healthmark Holdings, L.P., One stop 22025-12-310001868878Healthmark Holdings, L.P., One stop 32025-12-310001868878Kona Buyer, LLC, One stop 12025-12-310001868878Kona Buyer, LLC, One stop 22025-12-310001868878Kona Buyer, LLC, One stop 32025-12-310001868878Kona Buyer, LLC, One stop 42025-12-310001868878Kona Buyer, LLC, One stop 52025-12-310001868878Kona Buyer, LLC, One stop 62025-12-310001868878Kona Buyer, LLC, One stop 72025-12-310001868878Kona Buyer, LLC, One stop 82025-12-310001868878Lacker Bidco Limited, One stop 12025-12-310001868878Lacker Bidco Limited, One stop 22025-12-310001868878Lacker Bidco Limited, One stop 32025-12-310001868878Lacker Bidco Limited, One stop 42025-12-310001868878Modernizing Medicine, Inc., One stop 12025-12-310001868878Modernizing Medicine, Inc., One stop 22025-12-310001868878Neptune Holdings, Inc., One stop 12025-12-310001868878Neptune Holdings, Inc., One stop 22025-12-310001868878Netsmart Technologies, Inc., One stop 12025-12-310001868878Netsmart Technologies, Inc., One stop 22025-12-310001868878Netsmart Technologies, Inc., One stop 32025-12-310001868878Netsmart Technologies, Inc., One stop 42025-12-310001868878Plasma Buyer LLC, One stop 12025-12-310001868878Plasma Buyer LLC, One stop 22025-12-310001868878Plasma Buyer LLC, One stop 32025-12-310001868878QF Holdings, Inc., One stop 12025-12-310001868878QF Holdings, Inc., One stop 22025-12-310001868878QF Holdings, Inc., One stop 32025-12-310001868878Signant Finance One Limited, One stop 12025-12-310001868878Signant Finance One Limited, One stop 22025-12-310001868878Signant Finance One Limited, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:HealthcareTechnologySectorMember2025-12-310001868878Barteca Restaurants, LLC, One stop 12025-12-310001868878Barteca Restaurants, LLC, One stop 22025-12-310001868878Barteca Restaurants, LLC, One stop 32025-12-310001868878Barteca Restaurants, LLC, One stop 42025-12-310001868878CB Sports Holdings Bidco, LLC, One stop 12025-12-310001868878CB Sports Holdings Bidco, LLC, One stop 22025-12-310001868878CB Sports Holdings Bidco, LLC, One stop 32025-12-310001868878CB Sports Holdings Bidco, LLC, One stop 42025-12-310001868878CR Fitness Holdings, LLC, Senior secured 12025-12-310001868878CR Fitness Holdings, LLC, Senior secured 22025-12-310001868878CR Fitness Holdings, LLC, Senior secured 32025-12-310001868878Crumbl Enterprises, LLC, One stop 12025-12-310001868878Crumbl Enterprises, LLC, One stop 22025-12-310001868878ESN Venture Holdings, LLC, One stop 12025-12-310001868878ESN Venture Holdings, LLC, One stop 22025-12-310001868878ESN Venture Holdings, LLC, One stop 32025-12-310001868878ESN Venture Holdings, LLC, One stop 42025-12-310001868878ESN Venture Holdings, LLC, One stop 52025-12-310001868878ESN Venture Holdings, LLC, One stop 62025-12-310001868878ESN Venture Holdings, LLC, One stop 72025-12-310001868878ESN Venture Holdings, LLC, One stop 82025-12-310001868878ESN Venture Holdings, LLC, One stop 92025-12-310001868878ESN Venture Holdings, LLC, One stop 102025-12-310001868878GFP Atlantic Holdco 2, LLC, One stop 12025-12-310001868878GFP Atlantic Holdco 2, LLC, One stop 22025-12-310001868878Harri US LLC, One stop 12025-12-310001868878Harri US LLC, One stop 22025-12-310001868878Harri US LLC, One stop 32025-12-310001868878Harri US LLC, One stop 42025-12-310001868878Harri US LLC, One stop 52025-12-310001868878Harri US LLC, One stop 62025-12-310001868878Health Buyer, LLC, Senior secured 12025-12-310001868878Health Buyer, LLC, Senior secured 22025-12-310001868878Health Buyer, LLC, Senior secured 32025-12-310001868878Olo Parent, Inc., One stop 12025-12-310001868878Olo Parent, Inc., One stop 22025-12-310001868878Patriot Acquireco, LLC, One stop 12025-12-310001868878Patriot Acquireco, LLC, One stop 22025-12-310001868878PB Group Holdings, LLC, One stop 12025-12-310001868878PB Group Holdings, LLC, One stop 22025-12-310001868878QSR Acquisition Co., One stop 12025-12-310001868878QSR Acquisition Co., One stop 22025-12-310001868878QSR Acquisition Co., One stop 32025-12-310001868878Rooster BidCo Limited, One stop 12025-12-310001868878Rooster BidCo Limited, One stop 22025-12-310001868878Rooster BidCo Limited, One stop 32025-12-310001868878Saguaro Buyer, LLC, One stop 12025-12-310001868878Saguaro Buyer, LLC, One stop 22025-12-310001868878Saguaro Buyer, LLC, One stop 32025-12-310001868878Saguaro Buyer, LLC, One stop 42025-12-310001868878SDC Holdco, LLC, One stop 12025-12-310001868878SDC Holdco, LLC, One stop 22025-12-310001868878SSRG Holdings, LLC, One stop 12025-12-310001868878SSRG Holdings, LLC, One stop 22025-12-310001868878YE Brands Holding, LLC, One stop 12025-12-310001868878YE Brands Holding, LLC, One stop 22025-12-310001868878YE Brands Holding, LLC, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:HotelsRestaurantsAndLeisureSectorMember2025-12-310001868878TLB Holdings I, LLC, One stop 12025-12-310001868878TLB Holdings I, LLC, One stop 22025-12-310001868878TLB Holdings I, LLC, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:HouseholdDurablesSectorMember2025-12-310001868878WU Holdco, Inc., One stop 12025-12-310001868878WU Holdco, Inc., One stop 22025-12-310001868878WU Holdco, Inc., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:HouseholdProductsMember2025-12-310001868878Dwyer Instruments, Inc., One stop 12025-12-310001868878Dwyer Instruments, Inc., One stop 22025-12-310001868878Dwyer Instruments, Inc., One stop 32025-12-310001868878Dwyer Instruments, Inc., One stop 42025-12-310001868878Dwyer Instruments, Inc., One stop 52025-12-310001868878Dwyer Instruments, Inc., One stop 62025-12-310001868878Dwyer Instruments, Inc., One stop 72025-12-310001868878Dwyer Instruments, Inc., One stop 82025-12-310001868878Dwyer Instruments, Inc., One stop 92025-12-310001868878Essential Services Holdings Corporation, One stop 12025-12-310001868878Essential Services Holdings Corporation, One stop 22025-12-310001868878Essential Services Holdings Corporation, One stop 32025-12-310001868878Excelitas Technologies Corp., One stop 12025-12-310001868878Excelitas Technologies Corp., One stop 22025-12-310001868878Excelitas Technologies Corp., One stop 32025-12-310001868878Excelitas Technologies Corp., One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:IndustrialConglomeratesSectorMember2025-12-310001868878AMBA Buyer, Inc., One stop 12025-12-310001868878AMBA Buyer, Inc., One stop 22025-12-310001868878AMBA Buyer, Inc., One stop 32025-12-310001868878AMBA Buyer, Inc., One stop 42025-12-310001868878AMBA Buyer, Inc., One stop 52025-12-310001868878Bellwether Buyer, LLC, One stop 12025-12-310001868878Bellwether Buyer, LLC, One stop 22025-12-310001868878Bellwether Buyer, LLC , One stop 32025-12-310001868878Ben Nevis Midco Limited, One stop 12025-12-310001868878Ben Nevis Midco Limited, One stop 22025-12-310001868878Ben Nevis Midco Limited, One stop 32025-12-310001868878Ben Nevis Midco Limited, One stop 42025-12-310001868878Captive Resources Midco, LLC, One stop 12025-12-310001868878Captive Resources Midco, LLC, One stop 22025-12-310001868878Doxa Insurance Holdings LLC, One stop 12025-12-310001868878Doxa Insurance Holdings LLC, One stop 22025-12-310001868878Doxa Insurance Holdings LLC, One stop 32025-12-310001868878Doxa Insurance Holdings LLC, One stop 42025-12-310001868878Gimlet Bidco GMBH, One stop 12025-12-310001868878Gimlet Bidco GMBH, One stop 22025-12-310001868878Gimlet Bidco GMBH, One stop 32025-12-310001868878Huskies Parent, Inc., One stop 2025-12-310001868878Illumifin Corporation, One stop2025-12-310001868878Integrity Marketing Acquisition, LLC, One stop 12025-12-310001868878Integrity Marketing Acquisition, LLC, One stop 22025-12-310001868878Integrity Marketing Acquisition, LLC, One stop 32025-12-310001868878Koala Investment Holdings, Inc., One stop 12025-12-310001868878Koala Investment Holdings, Inc., One stop 22025-12-310001868878Koala Investment Holdings, Inc., One stop 32025-12-310001868878MRH Trowe Germany GMBH, One stop 12025-12-310001868878MRH Trowe Germany GMBH, One stop 22025-12-310001868878MRH Trowe Germany GMBH, One stop 32025-12-310001868878Oakbridge Insurance Agency LLC, One stop 12025-12-310001868878Oakbridge Insurance Agency LLC, One stop 22025-12-310001868878Oakbridge Insurance Agency LLC, One stop 32025-12-310001868878Oakbridge Insurance Agency LLC, One stop 42025-12-310001868878Oakbridge Insurance Agency LLC, One stop 52025-12-310001868878Pareto Health Intermediate Holdings, Inc., One stop 12025-12-310001868878Pareto Health Intermediate Holdings, Inc., One stop 22025-12-310001868878Pareto Health Intermediate Holdings, Inc., One stop 32025-12-310001868878Patriot Growth Insurance Services, LLC, One stop 12025-12-310001868878Patriot Growth Insurance Services, LLC, One stop 22025-12-310001868878Patriot Growth Insurance Services, LLC, One stop 32025-12-310001868878Patriot Growth Insurance Services, LLC, One stop 42025-12-310001868878Wasabi Lower Holdco, LLC, Senior secured 12025-12-310001868878Wasabi Lower Holdco, LLC, Senior secured 22025-12-310001868878World Insurance Associates, LLC, One stop 12025-12-310001868878World Insurance Associates, LLC, One stop 22025-12-310001868878us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001868878CivicPlus, LLC, One stop 12025-12-310001868878CivicPlus, LLC, One stop 22025-12-310001868878CivicPlus, LLC, One stop 32025-12-310001868878CivicPlus, LLC, One stop 42025-12-310001868878CivicPlus, LLC, One stop 52025-12-310001868878ContractPod Technologies, Ltd., One stop 12025-12-310001868878ContractPod Technologies, Ltd., One stop 22025-12-310001868878ContractPod Technologies, Ltd., One stop 32025-12-310001868878Critical Start, Inc., One stop 12025-12-310001868878Critical Start, Inc., One stop 22025-12-310001868878Critical Start, Inc., One stop 32025-12-310001868878Goldcup 31018 AB, One stop 12025-12-310001868878Goldcup 31018 AB, One stop 22025-12-310001868878Goldcup 31018 AB, One stop 32025-12-310001868878Kentik Technologies, Inc., One stop 12025-12-310001868878Kentik Technologies, Inc., One stop 22025-12-310001868878Kentik Technologies, Inc., One stop 32025-12-310001868878Kentik Technologies, Inc., One stop 42025-12-310001868878Netwrix Corporation, One stop 12025-12-310001868878Netwrix Corporation, One stop 22025-12-310001868878Netwrix Corporation, One stop 32025-12-310001868878Netwrix Corporation, One stop 42025-12-310001868878PDQ.com Corporation, One stop 12025-12-310001868878PDQ.com Corporation, One stop 22025-12-310001868878PDQ.com Corporation, One stop 32025-12-310001868878ReliaQuest Holdings, LLC, One stop 12025-12-310001868878ReliaQuest Holdings, LLC, One stop 22025-12-310001868878ReliaQuest Holdings, LLC, One stop 32025-12-310001868878ReliaQuest Holdings, LLC, One stop 42025-12-310001868878WPEngine, Inc., One stop 12025-12-310001868878WPEngine, Inc., One stop 22025-12-310001868878Zarya Holdco, Inc., One stop 12025-12-310001868878Zarya Holdco, Inc., One stop 22025-12-310001868878Zarya Holdco, Inc., One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:ITServicesSectorMember2025-12-310001868878Crunch Holdings, LLC, One stop 12025-12-310001868878Crunch Holdings, LLC, One stop 22025-12-310001868878Movement Holdings, LLC, One stop 12025-12-310001868878Movement Holdings, LLC, One stop 22025-12-310001868878Movement Holdings, LLC, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:LeisureProductsSectorMember2025-12-310001868878Celerion Buyer, Inc., One stop 12025-12-310001868878Celerion Buyer, Inc., One stop 22025-12-310001868878Celerion Buyer, Inc., One stop 3 2025-12-310001868878Celerion Buyer, Inc., One stop 42025-12-310001868878Diamondback Acquisition, Inc. , One stop 12025-12-310001868878Diamondback Acquisition, Inc. , One stop 22025-12-310001868878Diamondback Acquisition, Inc. , One stop 32025-12-310001868878PAS Parent Inc. , One stop 12025-12-310001868878PAS Parent Inc., One stop 22025-12-310001868878PAS Parent Inc., One stop 32025-12-310001868878Reaction Biology Corporation , One stop 12025-12-310001868878Reaction Biology Corporation , One stop 22025-12-310001868878Unchained Labs, LLC , Senior secured 12025-12-310001868878Unchained Labs, LLC, Senior secured 22025-12-310001868878Unchained Labs, LLC, Senior secured 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:LifeSciencesToolsAndServicesSectorMember2025-12-310001868878AI Titan Parent, Inc., One stop 12025-12-310001868878AI Titan Parent, Inc., One stop 22025-12-310001868878AI Titan Parent, Inc., One stop 32025-12-310001868878Blackbird Purchaser, Inc., One stop 12025-12-310001868878Blackbird Purchaser, Inc., One stop 22025-12-310001868878Blackbird Purchaser, Inc., One stop 32025-12-310001868878Thermogenics, Inc., One stop 12025-12-310001868878Thermogenics, Inc., One stop 22025-12-310001868878Thermogenics, Inc., One stop 32025-12-310001868878Thermogenics, Inc., One stop 42025-12-310001868878Thermogenics, Inc., One stop 52025-12-310001868878Thermogenics, Inc., One stop 62025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:MachinerySectorMember2025-12-310001868878Project Nike Purchaser, LLC, One stop 12025-12-310001868878Project Nike Purchaser, LLC, One stop 22025-12-310001868878Project Nike Purchaser, LLC, One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:MarineSectorMember2025-12-310001868878Lotus Topco, Inc., One stop 12025-12-310001868878Lotus Topco, Inc, One stop 22025-12-310001868878Lotus Topco, Inc., One stop 32025-12-310001868878Lotus Topco, Inc., One stop 42025-12-310001868878Shout! Factory, LLC, One stop 12025-12-310001868878Shout! Factory, LLC, One stop 22025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:MediaSectorMember2025-12-310001868878Edition Holdings, Inc., One stop 12025-12-310001868878Edition Holdings, Inc., One stop 22025-12-310001868878Edition Holdings, Inc., One stop 32025-12-310001868878Edition Holdings, Inc., One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:OilGasAndConsumableFuelsSectorMember2025-12-310001868878Messenger, LLC, One stop 12025-12-310001868878Messenger, LLC, One stop 22025-12-310001868878Messenger, LLC, One stop 32025-12-310001868878Messenger, LLC, One stop 42025-12-310001868878Messenger, LLC, One stop 52025-12-310001868878Messenger, LLC, One stop 62025-12-310001868878Messenger, LLC, One stop 72025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:PaperAndForestProductsSectorMember2025-12-310001868878ACP Ulysses Buyer, Inc., One stop2025-12-310001868878Caerus Midco 3 S.A.R.L., One stop 12025-12-310001868878Caerus Midco 3 S.A.R.L., One stop 22025-12-310001868878Caerus Midco 3 S.A.R.L., One stop 32025-12-310001868878Caerus Midco 3 S.A.R.L., One stop 42025-12-310001868878Caerus Midco 3 S.A.R.L., One stop 52025-12-310001868878Cobalt Buyer Sub, Inc., One stop 12025-12-310001868878Cobalt Buyer Sub, Inc., One stop 22025-12-310001868878Cobalt Buyer Sub, Inc., One stop 32025-12-310001868878Cobalt Buyer Sub, Inc., One stop 42025-12-310001868878Cobalt Buyer Sub, Inc., One stop 52025-12-310001868878Cobalt Buyer Sub, Inc., One stop 62025-12-310001868878Creek Parent, Inc., One stop 12025-12-310001868878Creek Parent, Inc., One stop 22025-12-310001868878Spark Bidco Limited, Senior secured 12025-12-310001868878Spark Bidco Limited, Senior secured 22025-12-310001868878Spark Bidco Limited, Senior secured 32025-12-310001868878Spark Bidco Limited, Senior secured 42025-12-310001868878Spark Bidco Limited, Senior secured 52025-12-310001868878Spark Bidco Limited, Senior secured 62025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:PharmaceuticalsSectorMember2025-12-310001868878ALKU Intermediate Holdings, LLC, One stop 12025-12-310001868878ALKU Intermediate Holdings, LLC, One stop 22025-12-310001868878bswift, LLC, One stop 12025-12-310001868878bswift, LLC, One stop 22025-12-310001868878bswift, LLC, One stop 32025-12-310001868878Denali Intermediate Holdings, Inc., One stop 12025-12-310001868878Denali Intermediate Holdings, Inc., One stop 22025-12-310001868878DISA Holdings Corp., Senior secured 12025-12-310001868878DISA Holdings Corp., Subordinated debt2025-12-310001868878DISA Holdings Corp., Senior secured 22025-12-310001868878DISA Holdings Corp., One stop2025-12-310001868878DISA Holdings Corp., Senior secured 32025-12-310001868878DISA Holdings Corp., Senior secured 42025-12-310001868878DISA Holdings Corp., Senior secured 52025-12-310001868878Eclipse Buyer, Inc., One stop 12025-12-310001868878Eclipse Buyer, Inc., One stop 22025-12-310001868878Eclipse Buyer, Inc., One stop 32025-12-310001868878Eliassen Group, LLC, One stop 12025-12-310001868878Eliassen Group, LLC, One stop 22025-12-310001868878IG Investments Holdings, LLC, One stop 12025-12-310001868878IG Investments Holdings, LLC, One stop 22025-12-310001868878NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12025-12-310001868878NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22025-12-310001868878NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32025-12-310001868878Procure Acquireco, Inc., One stop 12025-12-310001868878Procure Acquireco, Inc., One stop 22025-12-310001868878Procure Acquireco, Inc., One stop 32025-12-310001868878Procure Acquireco, Inc., One stop 42025-12-310001868878Procure Acquireco, Inc., One stop 52025-12-310001868878Varicent Intermediate Holdings Corporation, One stop 12025-12-310001868878Varicent Intermediate Holdings Corporation, One stop 22025-12-310001868878Varicent Intermediate Holdings Corporation, One stop 32025-12-310001868878Varicent Intermediate Holdings Corporation, One stop 42025-12-310001868878Varicent Intermediate Holdings Corporation, One stop 52025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:ProfessionalServicesSectorMember2025-12-310001868878Anaplan, Inc., One stop 12025-12-310001868878Anaplan, Inc., One stop 22025-12-310001868878Armstrong Bidco Limited, One stop 12025-12-310001868878Armstrong Bidco Limited, One stop 22025-12-310001868878Arrow Buyer, Inc., One stop 12025-12-310001868878Arrow Buyer, Inc., One stop 22025-12-310001868878Arrow Buyer, Inc., One stop 32025-12-310001868878Artifact Bidco, Inc., One stop 12025-12-310001868878Artifact Bidco, Inc., One stop 22025-12-310001868878Artifact Bidco, Inc., One stop 32025-12-310001868878Artifact Bidco, Inc., One stop 42025-12-310001868878Auvik Networks Inc., One stop 12025-12-310001868878Auvik Networks Inc., One stop 22025-12-310001868878Auvik Networks Inc., One stop 32025-12-310001868878Auvik Networks Inc., One stop 42025-12-310001868878Azurite Intermediate Holdings, Inc., One stop 12025-12-310001868878Azurite Intermediate Holdings, Inc., One stop 22025-12-310001868878Azurite Intermediate Holdings, Inc., One stop 32025-12-310001868878Baxter Planning Systems, LLC, One stop 12025-12-310001868878Baxter Planning Systems, LLC, One stop 22025-12-310001868878Baxter Planning Systems, LLC, One stop 32025-12-310001868878Bayshore Intermediate #2, L.P. , One stop 12025-12-310001868878Bayshore Intermediate #2, L.P. , One stop 22025-12-310001868878BestPass, Inc. One stop 12025-12-310001868878BestPass, Inc. One stop 22025-12-310001868878BestPass, Inc. One stop 32025-12-310001868878Bloomerang, LLC, One stop 12025-12-310001868878Bloomerang, LLC, One stop 22025-12-310001868878Bloomerang, LLC, One stop 32025-12-310001868878Blue Bidco Limited, One stop 12025-12-310001868878Blue Bidco Limited, One stop 22025-12-310001868878Blue Bidco Limited, One stop 32025-12-310001868878Blue Bidco Limited, One stop 42025-12-310001868878Blue Bidco Limited, One stop 52025-12-310001868878Bottomline Technologies, Inc., One stop 12025-12-310001868878Bottomline Technologies, Inc., One stop 22025-12-310001868878Burning Glass Intermediate Holdings Company, Inc., One stop 12025-12-310001868878Burning Glass Intermediate Holdings Company, Inc., One stop 22025-12-310001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-12-310001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-12-310001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-12-310001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-12-310001868878Camelia Bidco Limited, One stop 12025-12-310001868878Camelia Bidco Limited, One stop 22025-12-310001868878Camelia Bidco Limited, One stop 32025-12-310001868878Camelia Bidco Limited, One stop 42025-12-310001868878CB Buyer, Inc., One stop 12025-12-310001868878CB Buyer, Inc., One stop 22025-12-310001868878CB Buyer, Inc., One stop 32025-12-310001868878Coupa Holdings, LLC, One stop 12025-12-310001868878Coupa Holdings, LLC, One stop 22025-12-310001868878Coupa Holdings, LLC, One stop 32025-12-310001868878Crewline Buyer, Inc., One stop 12025-12-310001868878Crewline Buyer, Inc., One stop 22025-12-310001868878Daxko Acquisition Corporation, One stop 12025-12-310001868878Daxko Acquisition Corporation, One stop 22025-12-310001868878Daxko Acquisition Corporation, One stop 32025-12-310001868878Daxko Acquisition Corporation, One stop 42025-12-310001868878Daxko Acquisition Corporation, One stop 52025-12-310001868878Denali Bidco Limited, One stop 12025-12-310001868878Denali Bidco Limited, One stop 22025-12-310001868878Denali Bidco Limited, Subordinated debt 12025-12-310001868878Denali Bidco Limited, Subordinated debt 22025-12-310001868878Denali Bidco Limited, One stop 32025-12-310001868878Einstein Parent, Inc., One stop 12025-12-310001868878Einstein Parent, Inc., One stop 22025-12-310001868878Espresso Bidco, Inc., One stop 12025-12-310001868878Espresso Bidco, Inc., One stop 22025-12-310001868878Espresso Bidco, Inc., One stop 32025-12-310001868878Evergreen IX Borrower 2023, LLC., One stop 12025-12-310001868878Evergreen IX Borrower 2023, LLC., One stop 22025-12-310001868878Evergreen IX Borrower 2023, LLC., One stop 32025-12-310001868878Flexera Software, LLC., One stop 12025-12-310001868878Flexera Software, LLC., One stop 22025-12-310001868878Flexera Software, LLC., One stop 32025-12-310001868878Flexera Software, LLC., One stop 42025-12-310001868878Gainsight, Inc., One stop 12025-12-310001868878Gainsight, Inc., One stop 22025-12-310001868878GTIV, LLC, One stop2025-12-310001868878GTY Technology Holdings, Inc., One stop 12025-12-310001868878GTY Technology Holdings, Inc., One stop 22025-12-310001868878GTY Technology Holdings, Inc., One stop 32025-12-310001868878GTY Technology Holdings, Inc., One stop 42025-12-310001868878GTY Technology Holdings, Inc., One stop 52025-12-310001868878GTY Technology Holdings, Inc., One stop 62025-12-310001868878GTY Technology Holdings, Inc., One stop 72025-12-310001868878Gurobi Optimization, LLC, One stop 12025-12-310001868878Gurobi Optimization, LLC, One stop 22025-12-310001868878Hyland Software, Inc., One stop 12025-12-310001868878Hyland Software, Inc., One stop 22025-12-310001868878Icefall Parent, Inc., One stop 12025-12-310001868878Icefall Parent, Inc., One stop 22025-12-310001868878ICIMS, Inc., One stop 12025-12-310001868878ICIMS, Inc., One stop 22025-12-310001868878IQN Holding Corp., One stop 12025-12-310001868878IQN Holding Corp., One stop 22025-12-310001868878IQN Holding Corp., One stop 32025-12-310001868878Island Bidco AB, One stop 12025-12-310001868878Island Bidco AB, One stop 22025-12-310001868878Island Bidco AB, One stop 32025-12-310001868878Island Bidco AB, One stop 42025-12-310001868878Island Bidco AB, One stop 52025-12-310001868878Kairos Bidco Limited, One stop 12025-12-310001868878Kairos Bidco Limited, One stop 22025-12-310001868878Kairos Bidco Limited, One stop 32025-12-310001868878Kairos Bidco Limited, One stop 42025-12-310001868878LeadsOnline, LLC, One stop 12025-12-310001868878LeadsOnline, LLC, One stop 22025-12-310001868878LeadsOnline, LLC, One stop 32025-12-310001868878LeadsOnline, LLC, One stop 42025-12-310001868878Lighthouse Bidco GMBH, One stop 12025-12-310001868878Lighthouse Bidco GMBH, One stop 22025-12-310001868878Lighthouse Bidco GMBH, One stop 32025-12-310001868878LogicMonitor, Inc., One stop 12025-12-310001868878LogicMonitor, Inc., One stop 22025-12-310001868878LogicMonitor, Inc., One stop 32025-12-310001868878Matrix42 Holding GMBH, One stop2025-12-310001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-12-310001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-12-310001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-12-310001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-12-310001868878Ministry Brands Holdings LLC, One stop 12025-12-310001868878Ministry Brands Holdings LLC, One stop 22025-12-310001868878Ministry Brands Holdings LLC, One stop 32025-12-310001868878MYOB Invest Co Pty Ltd, One stop2025-12-310001868878Navex Global Holdings Corporation, One stop 12025-12-310001868878Navex Global Holdings Corporation, One stop 22025-12-310001868878Navex Global Holdings Corporation, One stop 32025-12-310001868878Naviga Inc., Senior secured2025-12-310001868878Onit, Inc., One stop 12025-12-310001868878Onit, Inc., One stop 22025-12-310001868878Onit, Inc., One stop 32025-12-310001868878Onit, Inc., One stop 42025-12-310001868878Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-12-310001868878Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-12-310001868878Panzura, LLC, One stop2025-12-310001868878Pineapple German Bidco GMBH , One stop 12025-12-310001868878Pineapple German Bidco GMBH , One stop 22025-12-310001868878Pineapple German Bidco GMBH , One stop 32025-12-310001868878Pineapple German Bidco GMBH , One stop 42025-12-310001868878Pineapple German Bidco GMBH , One stop 52025-12-310001868878Pineapple German Bidco GMBH , One stop 62025-12-310001868878Pineapple German Bidco GMBH , One stop 72025-12-310001868878ProcessUnity Holdings, LLC , One stop 12025-12-310001868878ProcessUnity Holdings, LLC , One stop 22025-12-310001868878ProcessUnity Holdings, LLC , One stop 32025-12-310001868878ProcessUnity Holdings, LLC , One stop 42025-12-310001868878ProcessUnity Holdings, LLC , One stop 52025-12-310001868878QAD, Inc., One stop 12025-12-310001868878QAD, Inc., One stop 22025-12-310001868878Quant Buyer, Inc. , One stop 12025-12-310001868878Quant Buyer, Inc. , One stop 22025-12-310001868878Quant Buyer, Inc. , One stop 32025-12-310001868878Quant Buyer, Inc. , One stop 42025-12-310001868878Rainforest Bidco Limited , One stop 12025-12-310001868878Rainforest Bidco Limited , One stop 22025-12-310001868878Rainforest Bidco Limited , One stop 32025-12-310001868878Rainforest Bidco Limited , One stop 42025-12-310001868878Rainforest Bidco Limited , One stop 52025-12-310001868878Rainforest Bidco Limited , One stop 62025-12-310001868878Rainforest Bidco Limited , One stop 72025-12-310001868878Riskonnect Parent, LLC, One stop 12025-12-310001868878Riskonnect Parent, LLC, One stop 22025-12-310001868878Riskonnect Parent, LLC, One stop 32025-12-310001868878Riskonnect Parent, LLC, One stop 42025-12-310001868878Riskonnect Parent, LLC, One stop 52025-12-310001868878Riskonnect Parent, LLC, One stop 62025-12-310001868878Sapphire Bidco Oy , One stop 12025-12-310001868878Sapphire Bidco Oy , One stop 22025-12-310001868878Sapphire Bidco Oy , One stop 32025-12-310001868878Sapphire Bidco Oy , One stop 42025-12-310001868878Spark Bidco Limited, One stop 12025-12-310001868878Spark Bidco Limited, One stop 22025-12-310001868878Spark Bidco Limited, One stop 32025-12-310001868878Spark Bidco Limited, One stop 42025-12-310001868878Spark Bidco Limited, One stop 52025-12-310001868878Templafy APS and Templafy, LLC, One stop 12025-12-310001868878Templafy APS and Templafy, LLC, One stop 22025-12-310001868878Togetherwork Holdings, LLC , One stop 12025-12-310001868878Togetherwork Holdings, LLC , One stop 22025-12-310001868878Togetherwork Holdings, LLC , One stop 32025-12-310001868878Transform Bidco Limited, One stop 12025-12-310001868878Transform Bidco Limited, One stop 22025-12-310001868878Transform Bidco Limited, One stop 32025-12-310001868878Transform Bidco Limited, One stop 42025-12-310001868878Transform Bidco Limited, One stop 52025-12-310001868878Transform Bidco Limited, One stop 62025-12-310001868878Transform Bidco Limited, One stop 72025-12-310001868878Tricentis Operations Holdings, Inc., One stop 12025-12-310001868878Tricentis Operations Holdings, Inc., One stop 22025-12-310001868878Tricentis Operations Holdings, Inc., One stop 32025-12-310001868878Vanco Payment Solutions, LLC, One stop 12025-12-310001868878Vanco Payment Solutions, LLC, One stop 22025-12-310001868878Vantage Bidco GMBH, One stop 12025-12-310001868878Vantage Bidco GMBH, One stop 22025-12-310001868878Varinem German Midco GMBH, One stop 12025-12-310001868878Varinem German Midco GMBH, One stop 22025-12-310001868878Vendavo, Inc. , One stop 12025-12-310001868878Vendavo, Inc. , One stop 22025-12-310001868878Vendavo, Inc. , One stop 32025-12-310001868878Viper Bidco, Inc. , One stop 12025-12-310001868878Viper Bidco, Inc. , One stop 22025-12-310001868878Viper Bidco, Inc. , One stop 32025-12-310001868878Viper Bidco, Inc. , One stop 42025-12-310001868878Viper Bidco, Inc. , One stop 52025-12-310001868878WebPT, Inc. , One stop2025-12-310001868878Zendesk, Inc. , One stop 12025-12-310001868878Zendesk, Inc. , One stop 22025-12-310001868878Zendesk, Inc. , One stop 32025-12-310001868878Zendesk, Inc. , One stop 42025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:SoftwareSectorMember2025-12-310001868878Ave Holdings III, Corp , One stop 12025-12-310001868878Ave Holdings III, Corp , One stop 22025-12-310001868878Ave Holdings III, Corp , One stop 32025-12-310001868878Ave Holdings III, Corp , One stop 42025-12-310001868878Biscuit Parent, LLC , One stop 12025-12-310001868878Biscuit Parent, LLC , One stop 22025-12-310001868878Biscuit Parent, LLC , One stop 32025-12-310001868878Cavender Stores L.P. , Senior secured2025-12-310001868878Consilio Midco Limited , Senior secured 12025-12-310001868878Consilio Midco Limited , Senior secured 22025-12-310001868878Consilio Midco Limited , Senior secured 32025-12-310001868878Consilio Midco Limited , Senior secured 42025-12-310001868878Consilio Midco Limited , Senior secured 52025-12-310001868878Consilio Midco Limited , Subordinated debt 12025-12-310001868878Consilio Midco Limited , Subordinated debt 22025-12-310001868878Consilio Midco Limited , Subordinated debt 32025-12-310001868878CVP Holdco, Inc. , One stop 12025-12-310001868878CVP Holdco, Inc. , One stop 22025-12-310001868878CVP Holdco, Inc. , One stop 32025-12-310001868878Metal Supermarkets US Buyer, LLC , One stop 12025-12-310001868878Metal Supermarkets US Buyer, LLC , One stop 22025-12-310001868878PetVet Care Centers LLC , One stop 12025-12-310001868878PetVet Care Centers LLC , One stop 22025-12-310001868878Radiance Borrower, LLC , One stop 12025-12-310001868878Radiance Borrower, LLC , One stop 22025-12-310001868878Salon Lofts Group, LLC , Senior secured 12025-12-310001868878Salon Lofts Group, LLC , Senior secured 22025-12-310001868878Salon Lofts Group, LLC , Senior secured 32025-12-310001868878Salon Lofts Group, LLC , Senior secured 42025-12-310001868878Salon Lofts Group, LLC , Second lien 12025-12-310001868878Salon Lofts Group, LLC , Second lien 22025-12-310001868878Salon Lofts Group, LLC , Senior secured 52025-12-310001868878Salon Lofts Group, LLC , Senior secured 62025-12-310001868878Salon Lofts Group, LLC , Senior secured 72025-12-310001868878Salon Lofts Group, LLC , Senior secured 82025-12-310001868878Salon Lofts Group, LLC , Senior secured 92025-12-310001868878Salon Lofts Group, LLC , Senior secured 102025-12-310001868878Salon Lofts Group, LLC , Senior secured 112025-12-310001868878Salon Lofts Group, LLC , Second lien 32025-12-310001868878Salon Lofts Group, LLC , Senior secured 122025-12-310001868878Salon Lofts Group, LLC , Second lien 42025-12-310001868878Salon Lofts Group, LLC , Senior secured 132025-12-310001868878Salon Lofts Group, LLC , Second lien 52025-12-310001868878Salon Lofts Group, LLC , Second lien 62025-12-310001868878Salon Lofts Group, LLC , Senior secured 142025-12-310001868878Salon Lofts Group, LLC , Senior secured 152025-12-310001868878Salon Lofts Group, LLC , Senior secured 162025-12-310001868878Salon Lofts Group, LLC , Second lien 72025-12-310001868878Salon Lofts Group, LLC , Second lien 82025-12-310001868878Salon Lofts Group, LLC , Senior secured 172025-12-310001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. , One stop 12025-12-310001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. , One stop 22025-12-310001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. , One stop 32025-12-310001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. , One stop 42025-12-310001868878VSG Acquisition Corp. and Sherrill, Inc. , One stop 12025-12-310001868878VSG Acquisition Corp. and Sherrill, Inc. , One stop 22025-12-310001868878VSG Acquisition Corp. and Sherrill, Inc. , One stop 32025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:SpecialtyRetailSectorMember2025-12-310001868878LDS Intermediate Holdings, LLC , One stop 12025-12-310001868878LDS Intermediate Holdings, LLC , One stop 22025-12-310001868878LDS Intermediate Holdings, LLC , One stop 32025-12-310001868878LDS Intermediate Holdings, LLC , One stop 42025-12-310001868878LDS Intermediate Holdings, LLC , One stop 52025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:TransportationInfrastructureSectorMember2025-12-310001868878S.J. Electro Systems, LLC , One stop 12025-12-310001868878S.J. Electro Systems, LLC , One stop 22025-12-310001868878Vessco Midco Holdings, LLC , One stop 12025-12-310001868878Vessco Midco Holdings, LLC , One stop 22025-12-310001868878Vessco Midco Holdings, LLC , One stop 32025-12-310001868878Vessco Midco Holdings, LLC , One stop 42025-12-310001868878Vessco Midco Holdings, LLC , One stop 52025-12-310001868878us-gaap:DebtSecuritiesMembergdlc:WaterUtilitiesSectorMember2025-12-310001868878us-gaap:DebtSecuritiesMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:AerospaceAndDefenseSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:AirFreightAndLogisticsSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:AutoComponentsSectorMember2025-12-310001868878CAP-KSI Holdings, LLC , LLC interest2025-12-310001868878CAP-KSI Holdings, LLC , Preferred stock2025-12-310001868878CG Group Holdings, LLC , LP interest2025-12-310001868878Go Car Wash Parent, Corp. , Preferred stock2025-12-310001868878Go Car Wash Parent, Corp. , Common stock2025-12-310001868878National Express Wash Parent Holdco, LLC , LP interest2025-12-310001868878POY Holdings, LLC , LP interest2025-12-310001868878Quick Quack Car Wash Holdings, LLC , LLC units2025-12-310001868878Quick Quack Car Wash Holdings, LLC , LLC interest2025-12-310001868878Yorkshire Parent, Inc. , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:AutomobilesSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:BeveragesSectorMember2025-12-310001868878BECO Holding Company, Inc. , Preferred stock2025-12-310001868878BECO Holding Company, Inc. , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:BuildingProductsSectorMember2025-12-310001868878CHA Vision Holdings, Inc. , LP interest2025-12-310001868878CI (Quercus) Intermediate Holdings, LLC , LP interest2025-12-310001868878Radwell Parent, LLC , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:CommercialServicesAndSuppliesSectorMember2025-12-310001868878Chase Intermediate , LP units2025-12-310001868878Packaging Coordinators Midco, Inc. , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001868878Action Termite Control, LLC , Preferred stock2025-12-310001868878Action Termite Control, LLC , Common stock2025-12-310001868878CHVAC Services Investment, LLC , Common stock2025-12-310001868878DP Flores Holdings, LLC , LLC interest2025-12-310001868878EMS LINQ, LLC , LP interest2025-12-310001868878FPG Intermediate Holdco, LLC , LLC interest2025-12-310001868878HS Spa Holdings, Inc. , Common stock2025-12-310001868878Kodiak Buyer, LLC , Common stock2025-12-310001868878NSG Buyer, Inc. , LP units2025-12-310001868878SCP CDH Buyer, Inc. , Preferred stock2025-12-310001868878SCP CDH Buyer, Inc. , Common stock2025-12-310001868878Virginia Green Acquisition, LLC , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:DiversifiedConsumerServicesSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:ElectricUtilitiesMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:ElectricalEquipmentSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:FoodAndStaplesRetailingSectorMember2025-12-310001868878Louisiana Fish Fry Products, Ltd. , Common stock2025-12-310001868878Louisiana Fish Fry Products, Ltd. , Preferred stock2025-12-310001868878Zullas, L.C. , Common stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:FoodProductsSectorMember2025-12-310001868878Centegix Intermediate II, LLC , LLC interest2025-12-310001868878Isto Group, Inc. , LP interest2025-12-310001868878ZimVie, Inc. , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:HealthcareEquipmentAndSuppliesSectorMember2025-12-310001868878ERC Topco Holdings, LLC, Common stock2025-12-310001868878HP TLE Buyer, Inc., Common stock2025-12-310001868878Suveto Buyer, LLC, Common stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:HealthcareProvidersAndServicesSectorMember2025-12-310001868878Amberfield Acquisition Co. , Common stock2025-12-310001868878Modernizing Medicine, Inc. , Preferred stock2025-12-310001868878Veranex, Inc. , Preferred stock 12025-12-310001868878Veranex, Inc. , Preferred stock 22025-12-310001868878Veranex, Inc. , Common stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:HealthcareTechnologySectorMember2025-12-310001868878Harri US LLC , Preferred stock 12025-12-310001868878Harri US LLC , Preferred stock 22025-12-310001868878Harri US LLC , Preferred stock 32025-12-310001868878Harri US LLC , Warrant 12025-12-310001868878Harri US LLC , Warrant 22025-12-310001868878Harri US LLC , Warrant 32025-12-310001868878Harri US LLC , Warrant 42025-12-310001868878Patriot Acquireco, LLC , Common stock2025-12-310001868878PB Group Holdings, LLC , LP interest2025-12-310001868878Rooster BidCo Limited , Preferred stock2025-12-310001868878Saguaro Buyer, LLC , Common stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:HotelsRestaurantsAndLeisureSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001868878Critical Start, Inc. , Common stock2025-12-310001868878Kentik Technologies, Inc. , Preferred stock2025-12-310001868878Kentik Technologies, Inc. , Warrant2025-12-310001868878Netwrix Corporation , LLC interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:ITServicesSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:LeisureProductsSectorMember2025-12-310001868878Celerion Buyer, Inc. , Common stock2025-12-310001868878PAS Parent Inc. , LP interest2025-12-310001868878PAS Parent Inc. , Preferred stock2025-12-310001868878Reaction Biology Corporation , Common stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:LifeSciencesToolsAndServicesSectorMember2025-12-310001868878Messenger, LLC , Common stock2025-12-310001868878Messenger, LLC , Preferred stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:PaperAndForestProductsSectorMember2025-12-310001868878Cobalt Buyer Sub, Inc., Preferred stock 12025-12-310001868878Cobalt Buyer Sub, Inc., Preferred stock 22025-12-310001868878Cobalt Buyer Sub, Inc., Common stock2025-12-310001868878Creek Parent, Inc., LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:PharmaceuticalsSectorMember2025-12-310001868878Eclipse Buyer, Inc., Preferred stock2025-12-310001868878Enboarder, Inc., Preferred stock2025-12-310001868878Filevine, Inc., Preferred stock 12025-12-310001868878Filevine, Inc., Preferred stock 22025-12-310001868878Filevine, Inc., Warrant2025-12-310001868878Procure Acquireco, Inc., LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:ProfessionalServicesSectorMember2025-12-310001868878Anaplan, Inc. , LP interest2025-12-310001868878Auvik Networks Inc. , Preferred stock 12025-12-310001868878Auvik Networks Inc. , Preferred stock 22025-12-310001868878Bayshore Intermediate #2, L.P. , Common stock2025-12-310001868878CB Buyer, Inc. , LP interest2025-12-310001868878Cynet Security Ltd. , Preferred stock2025-12-310001868878Denali Bidco Limited , LP units2025-12-310001868878Energy Worldnet, LLC , LLC interest2025-12-310001868878GTY Technology Holdings, Inc. , LP interest2025-12-310001868878Gurobi Optimization, LLC , Common stock2025-12-310001868878Kaseya Inc. , Preferred stock2025-12-310001868878Kaseya Inc. , LP interest2025-12-310001868878LogicMonitor, Inc. , LP interest2025-12-310001868878Menlo Ridgeview Co-Invest, LLC , LLC interest2025-12-310001868878Ministry Brands Holdings LLC , LP interest2025-12-310001868878Navex Global Holdings Corporation , LP interest2025-12-310001868878Onit, Inc. , Common stock2025-12-310001868878Panzura, LLC , LLC units2025-12-310001868878QAD, Inc. , Preferred stock2025-12-310001868878QAD, Inc. , Common stock2025-12-310001868878Riskonnect Parent, LLC , Preferred stock 12025-12-310001868878Riskonnect Parent, LLC , Preferred stock 22025-12-310001868878Riskonnect Parent, LLC , LP interest2025-12-310001868878Riskonnect Parent, LLC , Preferred stock 32025-12-310001868878StrongDM, Inc. , Preferred stock2025-12-310001868878Templafy APS and Templafy, LLC , Warrant2025-12-310001868878Togetherwork Holdings, LLC , Preferred stock2025-12-310001868878Transform Bidco Limited , LP interest2025-12-310001868878Tricentis Operations Holdings, Inc. , LP interest2025-12-310001868878Zendesk, Inc. , Common stock2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:SoftwareSectorMember2025-12-310001868878Ave Holdings III, Corp , Preferred stock2025-12-310001868878Ave Holdings III, Corp , Common stock2025-12-310001868878Metal Supermarkets US Buyer, LLC , Common stock2025-12-310001868878Metal Supermarkets US Buyer, LLC , Preferred stock2025-12-310001868878Salon Lofts Group, LLC , Common stock2025-12-310001868878VSG Acquisition Corp. and Sherrill, Inc. , LP interest2025-12-310001868878us-gaap:EquitySecuritiesMembergdlc:SpecialtyRetailSectorMember2025-12-310001868878us-gaap:EquitySecuritiesMember2025-12-310001868878Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-12-310001868878gdlc:NonQualifyingAssetMembergdlc:AssetConcentrationRiskMembergdlc:InvestmentsAtFairValueMember2025-10-012025-12-310001868878PPW Aero Buyer, Inc., One stop 12025-09-300001868878PPW Aero Buyer, Inc., One stop 22025-09-300001868878PPW Aero Buyer, Inc., One stop 32025-09-300001868878PPW Aero Buyer, Inc., One stop 42025-09-300001868878PPW Aero Buyer, Inc., One stop 52025-09-300001868878PPW Aero Buyer, Inc., One stop 62025-09-300001868878PPW Aero Buyer, Inc., One stop 72025-09-300001868878Titan BW Borrower L.P., One stop 12025-09-300001868878Titan BW Borrower L.P., One stop 22025-09-300001868878Titan BW Borrower L.P., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:AerospaceAndDefenseSectorMember2025-09-300001868878RJW Group Holdings, Inc., One stop 12025-09-300001868878RJW Group Holdings, Inc., One stop 22025-09-300001868878RJW Group Holdings, Inc., One stop 32025-09-300001868878RJW Group Holdings, Inc., One stop 42025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:AirFreightAndLogisticsSectorMember2025-09-300001868878Arnott, LLC, One stop 12025-09-300001868878Arnott, LLC, One stop 22025-09-300001868878Collision SP Subco, LLC, One stop 12025-09-300001868878Collision SP Subco, LLC, One stop 22025-09-300001868878Collision SP Subco, LLC, One stop 32025-09-300001868878Collision SP Subco, LLC, One stop 42025-09-300001868878Collision SP Subco, LLC, One stop 52025-09-300001868878Covercraft Parent III, Inc., Senior secured 12025-09-300001868878Covercraft Parent III, Inc., Senior secured 22025-09-300001868878Covercraft Parent III, Inc., Senior secured 32025-09-300001868878OEConnection, LLC, One stop 12025-09-300001868878OEConnection, LLC, One stop 22025-09-300001868878OEConnection, LLC, One stop 32025-09-300001868878OEConnection, LLC, One stop 42025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:AutoComponentsSectorMember2025-09-300001868878CAP-KSI Holdings, LLC, One stop 12025-09-300001868878CAP-KSI Holdings, LLC, One stop 22025-09-300001868878CG Group Holdings, LLC, One stop 12025-09-300001868878CG Group Holdings, LLC, One stop 22025-09-300001868878Denali Midco 2, LLC, One stop 12025-09-300001868878Denali Midco 2, LLC, One stop 22025-09-300001868878Denali Midco 2, LLC, One stop 32025-09-300001868878Denali Midco 2, LLC, One stop 42025-09-300001868878Denali Midco 2, LLC, One stop 52025-09-300001868878Denali Midco 2, LLC, One stop 62025-09-300001868878Denali Midco 2, LLC, One stop 72025-09-300001868878Denali Midco 2, LLC, One stop 82025-09-300001868878Denali Midco 2, LLC, One stop 92025-09-300001868878Denali Midco 2, LLC, One stop 102025-09-300001868878Denali Midco 2, LLC, One stop 112025-09-300001868878Denali Midco 2, LLC, One stop 122025-09-300001868878Denali Midco 2, LLC, One stop 132025-09-300001868878Denali Midco 2, LLC, One stop 142025-09-300001868878Denali Midco 2, LLC, One stop 152025-09-300001868878Denali Midco 2, LLC, One stop 162025-09-300001868878Denali Midco 2, LLC, One stop 172025-09-300001868878Denali Midco 2, LLC, One stop 182025-09-300001868878Denali Midco 2, LLC, One stop 192025-09-300001868878Denali Midco 2, LLC, Second lien2025-09-300001868878High Bar Brands Operating, LLC, Senior secured 12025-09-300001868878High Bar Brands Operating, LLC, Senior secured 22025-09-300001868878High Bar Brands Operating, LLC, Senior secured 32025-09-300001868878High Bar Brands Operating, LLC, Senior secured 42025-09-300001868878National Express Wash Parent Holdco, LLC, One stop 12025-09-300001868878National Express Wash Parent Holdco, LLC, One stop 22025-09-300001868878National Express Wash Parent Holdco, LLC, One stop 32025-09-300001868878National Express Wash Parent Holdco, LLC, One stop 42025-09-300001868878POY Holdings, LLC, One stop 12025-09-300001868878POY Holdings, LLC, One stop 22025-09-300001868878POY Holdings, LLC, One stop 32025-09-300001868878POY Holdings, LLC, One stop 42025-09-300001868878POY Holdings, LLC, One stop 52025-09-300001868878POY Holdings, LLC, One stop 62025-09-300001868878POY Holdings, LLC, One stop 72025-09-300001868878POY Holdings, LLC, One stop 82025-09-300001868878POY Holdings, LLC, One stop 92025-09-300001868878Quick Quack Car Wash Holdings, LLC, One stop 12025-09-300001868878Quick Quack Car Wash Holdings, LLC, One stop 22025-09-300001868878Quick Quack Car Wash Holdings, LLC, One stop 32025-09-300001868878Quick Quack Car Wash Holdings, LLC, One stop 42025-09-300001868878Quick Quack Car Wash Holdings, LLC, One stop 52025-09-300001868878Yorkshire Parent, Inc., One stop 12025-09-300001868878Yorkshire Parent, Inc., One stop 22025-09-300001868878Yorkshire Parent, Inc., One stop 32025-09-300001868878Yorkshire Parent, Inc., One stop 42025-09-300001868878Yorkshire Parent, Inc., One stop 52025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:AutomobilesSectorMember2025-09-300001868878Empyrean Solutions, LLC, One stop 12025-09-300001868878Empyrean Solutions, LLC, One stop 22025-09-300001868878Empyrean Solutions, LLC, One stop 32025-09-300001868878OSP Hamilton Purchaser, LLC, One stop 12025-09-300001868878OSP Hamilton Purchaser, LLC, One stop 22025-09-300001868878OSP Hamilton Purchaser, LLC, One stop 32025-09-300001868878OSP Hamilton Purchaser, LLC, One stop 42025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:BankSectorMember2025-09-300001868878Financial Information Technologies, LLC, One stop 12025-09-300001868878Financial Information Technologies, LLC, One stop 22025-09-300001868878Financial Information Technologies, LLC, One stop 32025-09-300001868878Financial Information Technologies, LLC, One stop 42025-09-300001868878Financial Information Technologies, LLC, One stop 52025-09-300001868878Spindrift Beverage Co. Inc., One stop 12025-09-300001868878Spindrift Beverage Co. Inc., One stop 22025-09-300001868878Spindrift Beverage Co. Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:BeveragesSectorMember2025-09-300001868878BECO Holding Company, Inc., One stop 12025-09-300001868878BECO Holding Company, Inc., One stop 22025-09-300001868878BECO Holding Company, Inc., One stop 32025-09-300001868878BECO Holding Company, Inc., One stop 42025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:BuildingProductsSectorMember2025-09-300001868878BlueMatrix Holdings, LLC, One stop 12025-09-300001868878BlueMatrix Holdings, LLC, One stop 22025-09-300001868878BlueMatrix Holdings, LLC, One stop 32025-09-300001868878BlueMatrix Holdings, LLC, One stop 42025-09-300001868878BlueMatrix Holdings, LLC, One stop 52025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:CapitalMarketsSectorMember2025-09-300001868878AP Adhesives Holdings, LLC, One stop 12025-09-300001868878AP Adhesives Holdings, LLC, One stop 22025-09-300001868878AP Adhesives Holdings, LLC, One stop 32025-09-300001868878JSG II, Inc. and Checkers USA, Inc., One stop 12025-09-300001868878JSG II, Inc. and Checkers USA, Inc., One stop 22025-09-300001868878JSG II, Inc. and Checkers USA, Inc., One stop 32025-09-300001868878Krayden Holdings, Inc., Senior secured 12025-09-300001868878Krayden Holdings, Inc., Senior secured 22025-09-300001868878Krayden Holdings, Inc., Senior secured 32025-09-300001868878PHM NL SP Bidco B.V., One stop 12025-09-300001868878PHM NL SP Bidco B.V., One stop 22025-09-300001868878PHM NL SP Bidco B.V., One stop 32025-09-300001868878PHM NL SP Bidco B.V., One stop 42025-09-300001868878us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2025-09-300001868878BradyIFS Holdings, LLC, One stop 12025-09-300001868878BradyIFS Holdings, LLC, One stop 22025-09-300001868878CI (Quercus) Intermediate Holdings, LLC, One stop 12025-09-300001868878CI (Quercus) Intermediate Holdings, LLC, One stop 22025-09-300001868878CI (Quercus) Intermediate Holdings, LLC, One stop 32025-09-300001868878CI (Quercus) Intermediate Holdings, LLC, One stop 42025-09-300001868878CHA Vision Holdings, Inc., One stop 12025-09-300001868878CHA Vision Holdings, Inc., One stop 22025-09-300001868878CHA Vision Holdings, Inc., One stop 32025-09-300001868878CHA Vision Holdings, Inc., One stop 42025-09-300001868878CHA Vision Holdings, Inc., One stop 52025-09-300001868878Kleinfelder Intermediate, LLC, One stop 12025-09-300001868878Kleinfelder Intermediate, LLC, One stop 22025-09-300001868878Kleinfelder Intermediate, LLC, One stop 32025-09-300001868878North Haven Stack Buyer, LLC, One stop 42025-09-300001868878North Haven Stack Buyer, LLC, Second lien2025-09-300001868878Profile Products LLC, One stop 12025-09-300001868878Profile Products LLC, One stop 22025-09-300001868878Profile Products LLC, One stop 32025-09-300001868878Profile Products LLC, One stop 42025-09-300001868878PSC Parent, Inc., One stop 12025-09-300001868878PSC Parent, Inc., One stop 22025-09-300001868878PSC Parent, Inc., One stop 32025-09-300001868878PSC Parent, Inc., One stop 42025-09-300001868878Radwell Parent, LLC, One stop 12025-09-300001868878Radwell Parent, LLC, One stop 22025-09-300001868878Radwell Parent, LLC, One stop 32025-09-300001868878WRE Holding Corp., One stop 12025-09-300001868878WRE Holding Corp., One stop 22025-09-300001868878WRE Holding Corp., One stop 32025-09-300001868878WRE Holding Corp., One stop 42025-09-300001868878WRE Holding Corp., One stop 52025-09-300001868878WRE Holding Corp., One stop 62025-09-300001868878WRE Holding Corp., One stop 72025-09-300001868878WRE Holding Corp., One stop 82025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:CommercialServicesAndSuppliesSectorMember2025-09-300001868878Consor Intermediate II, LLC, One stop 12025-09-300001868878Consor Intermediate II, LLC, One stop 22025-09-300001868878Consor Intermediate II, LLC, One stop 32025-09-300001868878DCCM, LLC, One stop 12025-09-300001868878DCCM, LLC, One stop 22025-09-300001868878DCCM, LLC, One stop 32025-09-300001868878Royal Holdco Corporation, One stop 12025-09-300001868878Royal Holdco Corporation, One stop 22025-09-300001868878Royal Holdco Corporation, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:ConstructionAndEngineeringMember2025-09-300001868878Chase Intermediate, One stop 12025-09-300001868878Chase Intermediate, One stop 22025-09-300001868878Chase Intermediate, One stop 32025-09-300001868878Chase Intermediate, One stop 42025-09-300001868878Fortis Solutions Group, LLC, One stop 12025-09-300001868878Fortis Solutions Group, LLC, One stop 22025-09-300001868878Fortis Solutions Group, LLC, One stop 32025-09-300001868878Fortis Solutions Group, LLC, One stop 42025-09-300001868878Packaging Coordinators Midco, Inc., One stop 12025-09-300001868878Packaging Coordinators Midco, Inc., One stop 22025-09-300001868878Packaging Coordinators Midco, Inc., One stop 32025-09-300001868878Packaging Coordinators Midco, Inc., One stop 42025-09-300001868878Packaging Coordinators Midco, Inc., One stop 52025-09-300001868878Packaging Coordinators Midco, Inc., One stop 62025-09-300001868878Packaging Coordinators Midco, Inc., One stop 72025-09-300001868878Packaging Coordinators Midco, Inc., One stop 82025-09-300001868878us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001868878ABC Legal Holdings, LLC, One stop 12025-09-300001868878ABC Legal Holdings, LLC, One stop 22025-09-300001868878ABC Legal Holdings, LLC, One stop 32025-09-300001868878Any Hour, LLC, One stop 12025-09-300001868878Any Hour, LLC, One stop 22025-09-300001868878Any Hour, LLC, One stop 32025-09-300001868878Any Hour, LLC, One stop 42025-09-300001868878Apex Service Partners, LLC, One stop 12025-09-300001868878Apex Service Partners, LLC, One stop 22025-09-300001868878Apex Service Partners, LLC, One stop 32025-09-300001868878Apex Service Partners, LLC, One stop 42025-09-300001868878Apex Service Partners, LLC, One stop 52025-09-300001868878Apex Service Partners, LLC, One stop 62025-09-300001868878CHVAC Services Investment, LLC, One stop 12025-09-300001868878CHVAC Services Investment, LLC, One stop 22025-09-300001868878CHVAC Services Investment, LLC, One stop 32025-09-300001868878CHVAC Services Investment, LLC, One stop 42025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 12025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 22025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 32025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 42025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 52025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 62025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 72025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 82025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 92025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 102025-09-300001868878COP Hometown Acquisitions, Inc., Senior secured 112025-09-300001868878EMS LINQ, LLC, One stop 12025-09-300001868878EMS LINQ, LLC, One stop 22025-09-300001868878Entomo Brands Acquisitions, Inc., Senior secured 12025-09-300001868878Entomo Brands Acquisitions, Inc., Senior secured 22025-09-300001868878Entomo Brands Acquisitions, Inc., Senior secured 32025-09-300001868878FPG Intermediate Holdco, LLC, One stop 12025-09-300001868878FPG Intermediate Holdco, LLC, One stop 22025-09-300001868878FPG Intermediate Holdco, LLC, One stop 32025-09-300001868878FPG Intermediate Holdco, LLC, Senior secured2025-09-300001868878FPG Intermediate Holdco, LLC, One stop 42025-09-300001868878FSS Buyer LLC, One stop 12025-09-300001868878FSS Buyer LLC, One stop 22025-09-300001868878HS Spa Holdings, Inc., One stop 12025-09-300001868878HS Spa Holdings, Inc., One stop 22025-09-300001868878HS Spa Holdings, Inc., One stop 32025-09-300001868878Kodiak Buyer, LLC, One stop 12025-09-300001868878Kodiak Buyer, LLC, One stop 22025-09-300001868878Kodiak Buyer, LLC, One stop 32025-09-300001868878Litera Bidco, LLC, One stop 12025-09-300001868878Litera Bidco, LLC, One stop 22025-09-300001868878Litera Bidco, LLC, One stop 32025-09-300001868878Litera Bidco, LLC, One stop 42025-09-300001868878Mario Purchaser, LLC, One stop 12025-09-300001868878Mario Purchaser, LLC, One stop 22025-09-300001868878Mario Purchaser, LLC, One stop 32025-09-300001868878Mario Purchaser, LLC, One stop 42025-09-300001868878Mario Purchaser, LLC, One stop 52025-09-300001868878NSG Buyer, Inc., One stop 12025-09-300001868878NSG Buyer, Inc., One stop 22025-09-300001868878NSG Buyer, Inc., One stop 32025-09-300001868878RW AM Holdco LLC, One stop 12025-09-300001868878RW AM Holdco LLC, One stop 22025-09-300001868878Salisbury House, LLC, One stop 12025-09-300001868878Salisbury House, LLC, One stop 22025-09-300001868878Salisbury House, LLC, One stop 32025-09-300001868878Severin Acquisition, LLC, One stop 12025-09-300001868878Severin Acquisition, LLC, One stop 22025-09-300001868878Severin Acquisition, LLC, One stop 32025-09-300001868878Stellar Brands, LLC, Senior secured 12025-09-300001868878Stellar Brands, LLC, Senior secured 22025-09-300001868878Virginia Green Acquisition, LLC, One stop 12025-09-300001868878Virginia Green Acquisition, LLC, One stop 22025-09-300001868878Virginia Green Acquisition, LLC, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:DiversifiedConsumerServicesSectorMember2025-09-300001868878Baker Tilly Advisory Group, LP, One stop 12025-09-300001868878Baker Tilly Advisory Group, LP, One stop 22025-09-300001868878Baker Tilly Advisory Group, LP, One stop 32025-09-300001868878Baker Tilly Advisory Group, LP, One stop 42025-09-300001868878Banker's Toolbox, Inc., One stop 12025-09-300001868878Banker's Toolbox, Inc., One stop 22025-09-300001868878Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-09-300001868878Ceres Groupe SAS & Ceres PikCo, One stop 12025-09-300001868878Ceres Groupe SAS & Ceres PikCo, One stop 22025-09-300001868878Ceres Groupe SAS & Ceres PikCo, One stop 32025-09-300001868878Corsair Blade IV S.A R.L., One stop 12025-09-300001868878Corsair Blade IV S.A R.L., One stop 22025-09-300001868878Deerfield Dakota Holding, LLC, One stop 12025-09-300001868878Deerfield Dakota Holding, LLC, One stop 22025-09-300001868878Equity Methods, LLC, One stop 12025-09-300001868878Equity Methods, LLC, One stop 22025-09-300001868878Equity Methods, LLC, One stop 32025-09-300001868878Finastra USA, Inc., One stop2025-09-300001868878Flash Topco, Inc., One stop 12025-09-300001868878Flash Topco, Inc., One stop 22025-09-300001868878Flash Topco, Inc., One stop 32025-09-300001868878Higginbotham Insurance Agency, Inc., One stop 12025-09-300001868878Higginbotham Insurance Agency, Inc., One stop 22025-09-300001868878Medlar Bidco Limited, One stop 12025-09-300001868878Medlar Bidco Limited, One stop 22025-09-300001868878Medlar Bidco Limited, One stop 32025-09-300001868878Wealth Enhancement Group, LLC, One stop 12025-09-300001868878Wealth Enhancement Group, LLC, One stop 22025-09-300001868878Wealth Enhancement Group, LLC, One stop 32025-09-300001868878Wealth Enhancement Group, LLC, One stop 42025-09-300001868878Wealth Enhancement Group, LLC, One stop 52025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:DiversifiedFinancialServicesSectorMember2025-09-300001868878Smart Energy Systems, Inc., One stop 12025-09-300001868878Smart Energy Systems, Inc., One stop 22025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:ElectricUtilitiesMember2025-09-300001868878Power Grid Holdings, Inc., One stop 12025-09-300001868878Power Grid Holdings, Inc., One stop 22025-09-300001868878Wildcat TopCo, Inc., One stop 12025-09-300001868878Wildcat TopCo, Inc., One stop 22025-09-300001868878Wildcat TopCo, Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:ElectricalEquipmentSectorMember2025-09-300001868878CST Holding Company, One stop 12025-09-300001868878CST Holding Company, One stop 22025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001868878Wineshipping.com LLC, One stop 12025-09-300001868878Wineshipping.com LLC, One stop 22025-09-300001868878Wineshipping.com LLC, One stop 32025-09-300001868878Wineshipping.com LLC, One stop 42025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:FoodAndStaplesRetailingSectorMember2025-09-300001868878Blast Bidco Inc., One stop 12025-09-300001868878Blast Bidco Inc., One stop 22025-09-300001868878Eagle Family Foods Group, LLC, One stop 12025-09-300001868878Eagle Family Foods Group, LLC, One stop 22025-09-300001868878Louisiana Fish Fry Products, Ltd., One stop 12025-09-300001868878Louisiana Fish Fry Products, Ltd., One stop 22025-09-300001868878Sphynx UK Bidco, Ltd., One stop 12025-09-300001868878Sphynx UK Bidco, Ltd., One stop 22025-09-300001868878Sphynx UK Bidco, Ltd., One stop 32025-09-300001868878Wizard Bidco Limited, One stop 12025-09-300001868878Wizard Bidco Limited, One stop 22025-09-300001868878Wizard Bidco Limited, One stop 32025-09-300001868878Wizard Bidco Limited, One stop 42025-09-300001868878Zullas, L.C., One stop 12025-09-300001868878Zullas, L.C., One stop 22025-09-300001868878Zullas, L.C., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:FoodProductsSectorMember2025-09-300001868878Belmont Instrument, LLC, One stop 12025-09-300001868878Belmont Instrument, LLC, One stop 22025-09-300001868878Centegix Intermediate II, LLC, One stop 12025-09-300001868878Centegix Intermediate II, LLC, One stop 22025-09-300001868878Centegix Intermediate II, LLC, One stop 32025-09-300001868878HuFriedy Group Acquisition, LLC, One stop 12025-09-300001868878HuFriedy Group Acquisition, LLC, One stop 22025-09-300001868878HuFriedy Group Acquisition, LLC, One stop 32025-09-300001868878Isto Group, Inc., One stop 12025-09-300001868878Isto Group, Inc., One stop 22025-09-300001868878Isto Group, Inc., One stop 32025-09-300001868878RTI Surgical, Inc., One stop 12025-09-300001868878RTI Surgical, Inc., One stop 22025-09-300001868878TIDI Legacy Products, Inc., One stop 12025-09-300001868878TIDI Legacy Products, Inc., One stop 22025-09-300001868878TIDI Legacy Products, Inc., One stop 32025-09-300001868878YI, LLC, One stop 12025-09-300001868878YI, LLC, One stop 22025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:HealthcareEquipmentAndSuppliesSectorMember2025-09-300001868878AAH TOPCO, LLC, One stop 12025-09-300001868878AAH TOPCO, LLC, One stop 22025-09-300001868878AAH TOPCO, LLC, Subordinated debt2025-09-300001868878AAH TOPCO, LLC, One stop 32025-09-300001868878AAH TOPCO, LLC, One stop 42025-09-300001868878AAH TOPCO, LLC, One stop 52025-09-300001868878Bamboo US Bidco LLC, One stop 12025-09-300001868878Bamboo US Bidco LLC, One stop 22025-09-300001868878Bamboo US Bidco LLC, One stop 32025-09-300001868878Bamboo US Bidco LLC, One stop 42025-09-300001868878Bamboo US Bidco LLC, One stop 52025-09-300001868878Bamboo US Bidco LLC, One stop 62025-09-300001868878Bayou Intermediate II, LLC, One stop 12025-09-300001868878Bayou Intermediate II, LLC, One stop 22025-09-300001868878Bayou Intermediate II, LLC, One stop 32025-09-300001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-09-300001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-09-300001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-09-300001868878Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-09-300001868878BHG Holdings, LLC, One stop 12025-09-300001868878BHG Holdings, LLC, One stop 22025-09-300001868878BHG Holdings, LLC, One stop 32025-09-300001868878Community Care Partners, LLC, One stop2025-09-300001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-09-300001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-09-300001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-09-300001868878Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-09-300001868878ERC Topco Holdings, LLC, One stop 12025-09-300001868878ERC Topco Holdings, LLC, One stop 22025-09-300001868878ERC Topco Holdings, LLC, One stop 32025-09-300001868878Heartland Veterinary Partners LLC, Senior secured 12025-09-300001868878Heartland Veterinary Partners LLC, Senior secured 22025-09-300001868878Heartland Veterinary Partners LLC, Senior secured 32025-09-300001868878HP TLE Buyer, Inc., One stop 12025-09-300001868878HP TLE Buyer, Inc., One stop 22025-09-300001868878LOV Acquisition LLC, Senior secured 12025-09-300001868878LOV Acquisition LLC, Senior secured 22025-09-300001868878PPV Intermediate Holdings, LLC, One stop 12025-09-300001868878PPV Intermediate Holdings, LLC, One stop 22025-09-300001868878PPV Intermediate Holdings, LLC, One stop 32025-09-300001868878PPV Intermediate Holdings, LLC, One stop 42025-09-300001868878PPV Intermediate Holdings, LLC, One stop 52025-09-300001868878PPV Intermediate Holdings, LLC, One stop 62025-09-300001868878PPV Intermediate Holdings, LLC, One stop 72025-09-300001868878PPV Intermediate Holdings, LLC, One stop 82025-09-300001868878Premise Health Holding Corp., One stop 12025-09-300001868878Premise Health Holding Corp., One stop 22025-09-300001868878Suveto Buyer, LLC, One stop 12025-09-300001868878Suveto Buyer, LLC, One stop 22025-09-300001868878Suveto Buyer, LLC, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:HealthcareProvidersAndServicesSectorMember2025-09-300001868878Amberfield Acquisition Co., One stop 12025-09-300001868878Amberfield Acquisition Co., One stop 22025-09-300001868878Amberfield Acquisition Co., One stop 32025-09-300001868878Color Intermediate, LLC, Senior secured2025-09-300001868878Crow River Buyer, Inc., One stop 12025-09-300001868878Crow River Buyer, Inc., One stop 22025-09-300001868878Crow River Buyer, Inc., One stop 32025-09-300001868878GHX Ultimate Parent Corporation, One stop 12025-09-300001868878GHX Ultimate Parent Corporation, One stop 22025-09-300001868878Healthmark Holdings, L.P., One stop 12025-09-300001868878Healthmark Holdings, L.P., One stop 22025-09-300001868878Healthmark Holdings, L.P., One stop 32025-09-300001868878Kona Buyer, LLC, One stop 12025-09-300001868878Kona Buyer, LLC, One stop 22025-09-300001868878Kona Buyer, LLC, One stop 32025-09-300001868878Kona Buyer, LLC, One stop 42025-09-300001868878Kona Buyer, LLC, One stop 52025-09-300001868878Kona Buyer, LLC, One stop 62025-09-300001868878Kona Buyer, LLC, One stop 72025-09-300001868878Kona Buyer, LLC, One stop 82025-09-300001868878Lacker Bidco Limited, One stop 12025-09-300001868878Lacker Bidco Limited, One stop 22025-09-300001868878Lacker Bidco Limited, One stop 32025-09-300001868878Modernizing Medicine, Inc., One stop 12025-09-300001868878Modernizing Medicine, Inc., One stop 22025-09-300001868878Neptune Holdings, Inc., One stop 12025-09-300001868878Neptune Holdings, Inc., One stop 22025-09-300001868878Netsmart Technologies, Inc., One stop 12025-09-300001868878Netsmart Technologies, Inc., One stop 22025-09-300001868878Netsmart Technologies, Inc., One stop 32025-09-300001868878Plasma Buyer LLC, One stop 12025-09-300001868878Plasma Buyer LLC, One stop 22025-09-300001868878Plasma Buyer LLC, One stop 32025-09-300001868878QF Holdings, Inc., One stop2025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:HealthcareTechnologySectorMember2025-09-300001868878Barteca Restaurants, LLC, One stop 12025-09-300001868878Barteca Restaurants, LLC, One stop 22025-09-300001868878Barteca Restaurants, LLC, One stop 32025-09-300001868878Barteca Restaurants, LLC, One stop 42025-09-300001868878Crumbl Enterprises, LLC, One stop 12025-09-300001868878Crumbl Enterprises, LLC, One stop 22025-09-300001868878ESN Venture Holdings, LLC, One stop 12025-09-300001868878ESN Venture Holdings, LLC, One stop 22025-09-300001868878ESN Venture Holdings, LLC, One stop 32025-09-300001868878ESN Venture Holdings, LLC, One stop 42025-09-300001868878ESN Venture Holdings, LLC, One stop 52025-09-300001868878ESN Venture Holdings, LLC, One stop 62025-09-300001868878ESN Venture Holdings, LLC, One stop 72025-09-300001868878ESN Venture Holdings, LLC, One stop 82025-09-300001868878ESN Venture Holdings, LLC, One stop 92025-09-300001868878GFP Atlantic Holdco 2, LLC, One stop 12025-09-300001868878GFP Atlantic Holdco 2, LLC, One stop 22025-09-300001868878Harri US LLC, One stop 12025-09-300001868878Harri US LLC, One stop 22025-09-300001868878Harri US LLC, One stop 32025-09-300001868878Harri US LLC, One stop 42025-09-300001868878Harri US LLC, One stop 52025-09-300001868878Harri US LLC, One stop 62025-09-300001868878Health Buyer, LLC, Senior secured 12025-09-300001868878Health Buyer, LLC, Senior secured 22025-09-300001868878Health Buyer, LLC, Senior secured 32025-09-300001868878Health Buyer, LLC, Senior secured 42025-09-300001868878Health Buyer, LLC, Senior secured 52025-09-300001868878Olo Parent, Inc., One stop 12025-09-300001868878Olo Parent, Inc., One stop 22025-09-300001868878Patriot Acquireco, LLC, One stop 12025-09-300001868878Patriot Acquireco, LLC, One stop 22025-09-300001868878PB Group Holdings, LLC, One stop 12025-09-300001868878PB Group Holdings, LLC, One stop 22025-09-300001868878QSR Acquisition Co., One stop 12025-09-300001868878QSR Acquisition Co., One stop 22025-09-300001868878QSR Acquisition Co., One stop 32025-09-300001868878Rooster BidCo Limited, One stop 12025-09-300001868878Rooster BidCo Limited, One stop 22025-09-300001868878Rooster BidCo Limited, One stop 32025-09-300001868878Saguaro Buyer, LLC, One stop 12025-09-300001868878Saguaro Buyer, LLC, One stop 22025-09-300001868878Saguaro Buyer, LLC, One stop 32025-09-300001868878Saguaro Buyer, LLC, One stop 42025-09-300001868878SDC Holdco, LLC, One stop 12025-09-300001868878SDC Holdco, LLC, One stop 22025-09-300001868878SSRG Holdings, LLC, One stop 12025-09-300001868878SSRG Holdings, LLC, One stop 22025-09-300001868878Super REGO, LLC, Subordinated debt2025-09-300001868878YE Brands Holding, LLC, One stop 12025-09-300001868878YE Brands Holding, LLC, One stop 22025-09-300001868878YE Brands Holding, LLC, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:HotelsRestaurantsAndLeisureSectorMember2025-09-300001868878WU Holdco, Inc., One stop 12025-09-300001868878WU Holdco, Inc., One stop 22025-09-300001868878WU Holdco, Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:HouseholdProductsMember2025-09-300001868878Dwyer Instruments, Inc., One stop 12025-09-300001868878Dwyer Instruments, Inc., One stop 22025-09-300001868878Dwyer Instruments, Inc., One stop 32025-09-300001868878Dwyer Instruments, Inc., One stop 42025-09-300001868878Dwyer Instruments, Inc., One stop 52025-09-300001868878Dwyer Instruments, Inc., One stop 62025-09-300001868878Dwyer Instruments, Inc., One stop 72025-09-300001868878Dwyer Instruments, Inc., One stop 82025-09-300001868878Dwyer Instruments, Inc., One stop 92025-09-300001868878Essential Services Holdings Corporation, One stop 12025-09-300001868878Essential Services Holdings Corporation, One stop 22025-09-300001868878Essential Services Holdings Corporation, One stop 32025-09-300001868878Excelitas Technologies Corp., One stop 12025-09-300001868878Excelitas Technologies Corp., One stop 22025-09-300001868878Excelitas Technologies Corp., One stop 32025-09-300001868878Excelitas Technologies Corp., One stop 42025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:IndustrialConglomeratesSectorMember2025-09-300001868878AMBA Buyer, Inc., One stop 12025-09-300001868878AMBA Buyer, Inc., One stop 22025-09-300001868878AMBA Buyer, Inc., One stop 32025-09-300001868878AMBA Buyer, Inc., One stop 42025-09-300001868878AMBA Buyer, Inc., One stop 52025-09-300001868878Bellwether Buyer, LLC, One stop 12025-09-300001868878Bellwether Buyer, LLC, One stop 22025-09-300001868878Bellwether Buyer, LLC, One stop 32025-09-300001868878Ben Nevis Midco Limited, One stop 12025-09-300001868878Ben Nevis Midco Limited, One stop 22025-09-300001868878Ben Nevis Midco Limited, One stop 32025-09-300001868878Ben Nevis Midco Limited, One stop 42025-09-300001868878Captive Resources Midco, LLC, One stop 12025-09-300001868878Captive Resources Midco, LLC, One stop 22025-09-300001868878Doxa Insurance Holdings LLC, One stop 12025-09-300001868878Doxa Insurance Holdings LLC, One stop 22025-09-300001868878Doxa Insurance Holdings LLC, One stop 32025-09-300001868878Doxa Insurance Holdings LLC, One stop 42025-09-300001868878Gimlet Bidco GMBH, One stop 12025-09-300001868878Gimlet Bidco GMBH, One stop 22025-09-300001868878Gimlet Bidco GMBH, One stop 32025-09-300001868878Illumifin Corporation, One stop2025-09-300001868878Integrated Specialty Coverages, LLC, One stop 12025-09-300001868878Integrated Specialty Coverages, LLC, One stop 22025-09-300001868878Integrated Specialty Coverages, LLC, One stop 32025-09-300001868878Integrity Marketing Acquisition, LLC, One stop 42025-09-300001868878Integrity Marketing Acquisition, LLC, One stop 52025-09-300001868878Integrity Marketing Acquisition, LLC, One stop 62025-09-300001868878Koala Investment Holdings, Inc., One stop 12025-09-300001868878Koala Investment Holdings, Inc., One stop 22025-09-300001868878Koala Investment Holdings, Inc., One stop 32025-09-300001868878MRH Trowe Germany GMBH, One stop 12025-09-300001868878MRH Trowe Germany GMBH, One stop 22025-09-300001868878MRH Trowe Germany GMBH, One stop 32025-09-300001868878Oakbridge Insurance Agency LLC, One stop 12025-09-300001868878Oakbridge Insurance Agency LLC, One stop 22025-09-300001868878Oakbridge Insurance Agency LLC, One stop 32025-09-300001868878Oakbridge Insurance Agency LLC, One stop 42025-09-300001868878Pareto Health Intermediate Holdings, Inc., One stop 12025-09-300001868878Pareto Health Intermediate Holdings, Inc., One stop 22025-09-300001868878Pareto Health Intermediate Holdings, Inc., One stop 32025-09-300001868878Patriot Growth Insurance Services, LLC, One stop 12025-09-300001868878Patriot Growth Insurance Services, LLC, One stop 22025-09-300001868878Patriot Growth Insurance Services, LLC, One stop 32025-09-300001868878Patriot Growth Insurance Services, LLC, One stop 42025-09-300001868878Wasabi Lower Holdco, LLC, Senior secured 12025-09-300001868878Wasabi Lower Holdco, LLC, Senior secured 22025-09-300001868878World Insurance Associates, LLC, One stop 12025-09-300001868878World Insurance Associates, LLC, One stop 22025-09-300001868878us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001868878CivicPlus, LLC, One stop 12025-09-300001868878CivicPlus, LLC, One stop 22025-09-300001868878CivicPlus, LLC, One stop 32025-09-300001868878CivicPlus, LLC, One stop 42025-09-300001868878ContractPod Technologies, Ltd., One stop 12025-09-300001868878ContractPod Technologies, Ltd., One stop 22025-09-300001868878ContractPod Technologies, Ltd., One stop 32025-09-300001868878Critical Start, Inc., One stop 12025-09-300001868878Critical Start, Inc., One stop 22025-09-300001868878Critical Start, Inc., One stop 32025-09-300001868878Goldcup 31018 AB, One stop 12025-09-300001868878Goldcup 31018 AB, One stop 22025-09-300001868878Goldcup 31018 AB, One stop 32025-09-300001868878Kentik Technologies, Inc., Senior secured 12025-09-300001868878Kentik Technologies, Inc., Senior secured 22025-09-300001868878Netwrix Corporation, One stop 12025-09-300001868878Netwrix Corporation, One stop 22025-09-300001868878Netwrix Corporation, One stop 32025-09-300001868878Netwrix Corporation, One stop 42025-09-300001868878PDQ Intermediate, Inc., Subordinated debt2025-09-300001868878ReliaQuest Holdings, LLC, One stop 12025-09-300001868878ReliaQuest Holdings, LLC, One stop 22025-09-300001868878ReliaQuest Holdings, LLC, One stop 32025-09-300001868878ReliaQuest Holdings, LLC, One stop 42025-09-300001868878WPEngine, Inc., One stop 12025-09-300001868878WPEngine, Inc., One stop 22025-09-300001868878Zarya Holdco, Inc., One stop 12025-09-300001868878Zarya Holdco, Inc., One stop 22025-09-300001868878Zarya Holdco, Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:ITServicesSectorMember2025-09-300001868878Crunch Holdings, LLC, One stop 12025-09-300001868878Crunch Holdings, LLC, One stop 22025-09-300001868878Movement Holdings, LLC, One stop 12025-09-300001868878Movement Holdings, LLC, One stop 22025-09-300001868878Movement Holdings, LLC, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:LeisureProductsSectorMember2025-09-300001868878Celerion Buyer, Inc., One stop 12025-09-300001868878Celerion Buyer, Inc., One stop 22025-09-300001868878Celerion Buyer, Inc., One stop 32025-09-300001868878Celerion Buyer, Inc., One stop 42025-09-300001868878Diamondback Acquisition, Inc., One stop 12025-09-300001868878Diamondback Acquisition, Inc., One stop 22025-09-300001868878Diamondback Acquisition, Inc., One stop 32025-09-300001868878PAS Parent Inc., One stop 12025-09-300001868878PAS Parent Inc., One stop 22025-09-300001868878PAS Parent Inc., One stop 32025-09-300001868878Reaction Biology Corporation, One stop 12025-09-300001868878Reaction Biology Corporation, One stop 22025-09-300001868878Unchained Labs, LLC, Senior secured 12025-09-300001868878Unchained Labs, LLC, Senior secured 22025-09-300001868878Unchained Labs, LLC, Senior secured 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:LifeSciencesToolsAndServicesSectorMember2025-09-300001868878AI Titan Parent, Inc., One stop 12025-09-300001868878AI Titan Parent, Inc., One stop 22025-09-300001868878AI Titan Parent, Inc., One stop 32025-09-300001868878Blackbird Purchaser, Inc., One stop 12025-09-300001868878Blackbird Purchaser, Inc., One stop 22025-09-300001868878Blackbird Purchaser, Inc., One stop 32025-09-300001868878Thermogenics, Inc., One stop 12025-09-300001868878Thermogenics, Inc., One stop 22025-09-300001868878Thermogenics, Inc., One stop 32025-09-300001868878Thermogenics, Inc., One stop 42025-09-300001868878Thermogenics, Inc., One stop 52025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:MachinerySectorMember2025-09-300001868878Project Nike Purchaser, LLC, One stop 12025-09-300001868878Project Nike Purchaser, LLC, One stop 22025-09-300001868878Project Nike Purchaser, LLC, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:MarineSectorMember2025-09-300001868878Lotus Topco, Inc., One stop 12025-09-300001868878Lotus Topco, Inc., One stop 22025-09-300001868878Lotus Topco, Inc., One stop 32025-09-300001868878Lotus Topco, Inc., One stop 42025-09-300001868878Shout! Factory, LLC, One stop 12025-09-300001868878Shout! Factory, LLC, One stop 22025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:MediaSectorMember2025-09-300001868878Envernus, Inc., One stop 12025-09-300001868878Envernus, Inc., One stop 22025-09-300001868878Envernus, Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:OilGasAndConsumableFuelsSectorMember2025-09-300001868878Messenger, LLC, One stop 12025-09-300001868878Messenger, LLC, One stop 22025-09-300001868878Messenger, LLC, One stop 32025-09-300001868878Messenger, LLC, One stop 42025-09-300001868878Messenger, LLC, One stop 52025-09-300001868878Messenger, LLC, One stop 62025-09-300001868878Messenger, LLC, One stop 72025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:PaperAndForestProductsSectorMember2025-09-300001868878Caerus Midco 3 S.A.R.L., One stop 12025-09-300001868878Caerus Midco 3 S.A.R.L., One stop 22025-09-300001868878Caerus Midco 3 S.A.R.L., One stop 32025-09-300001868878Caerus Midco 3 S.A.R.L., One stop 42025-09-300001868878Caerus Midco 3 S.A.R.L., One stop 52025-09-300001868878Cobalt Buyer Sub, Inc., One stop 12025-09-300001868878Cobalt Buyer Sub, Inc., One stop 22025-09-300001868878Cobalt Buyer Sub, Inc., One stop 32025-09-300001868878Cobalt Buyer Sub, Inc., One stop 42025-09-300001868878Cobalt Buyer Sub, Inc., One stop 52025-09-300001868878Cobalt Buyer Sub, Inc., One stop 62025-09-300001868878Creek Parent, Inc., One stop 12025-09-300001868878Creek Parent, Inc., One stop 22025-09-300001868878Spark Bidco Limited, Senior secured 12025-09-300001868878Spark Bidco Limited, Senior secured 22025-09-300001868878Spark Bidco Limited, Senior secured 32025-09-300001868878Spark Bidco Limited, Senior secured 42025-09-300001868878Spark Bidco Limited, Senior secured 52025-09-300001868878Spark Bidco Limited, Senior secured 62025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:PharmaceuticalsSectorMember2025-09-300001868878ALKU Intermediate Holdings, LLC, One stop 12025-09-300001868878ALKU Intermediate Holdings, LLC, One stop 22025-09-300001868878bswift, LLC, One stop 12025-09-300001868878bswift, LLC, One stop 22025-09-300001868878Denali Intermediate Holdings, Inc., One stop 12025-09-300001868878Denali Intermediate Holdings, Inc., One stop 22025-09-300001868878DISA Holdings Corp., Senior secured 12025-09-300001868878DISA Holdings Corp., Subordinated debt2025-09-300001868878DISA Holdings Corp., Senior secured 22025-09-300001868878DISA Holdings Corp., One stop2025-09-300001868878DISA Holdings Corp., Senior secured 32025-09-300001868878DISA Holdings Corp., Senior secured 42025-09-300001868878DISA Holdings Corp., Senior secured 52025-09-300001868878Eclipse Buyer, Inc., One stop 12025-09-300001868878Eclipse Buyer, Inc., One stop 22025-09-300001868878Eclipse Buyer, Inc., One stop 32025-09-300001868878Eliassen Group, LLC, One stop 12025-09-300001868878Eliassen Group, LLC, One stop 22025-09-300001868878IG Investments Holdings, LLC, One stop 12025-09-300001868878IG Investments Holdings, LLC, One stop 22025-09-300001868878NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12025-09-300001868878NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22025-09-300001868878NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32025-09-300001868878Procure Acquireco, Inc., One stop 12025-09-300001868878Procure Acquireco, Inc., One stop 22025-09-300001868878Procure Acquireco, Inc., One stop 32025-09-300001868878Procure Acquireco, Inc., One stop 42025-09-300001868878Procure Acquireco, Inc., One stop 52025-09-300001868878Varicent Intermediate Holdings Corporation, One stop 12025-09-300001868878Varicent Intermediate Holdings Corporation, One stop 22025-09-300001868878Varicent Intermediate Holdings Corporation, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:ProfessionalServicesSectorMember2025-09-300001868878VRS Buyer, Inc., Senior secured 12025-09-300001868878VRS Buyer, Inc., Senior secured 22025-09-300001868878VRS Buyer, Inc., Senior secured 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:RoadAndRailSectorMember2025-09-300001868878Anaplan, Inc., One stop 12025-09-300001868878Anaplan, Inc., One stop 22025-09-300001868878Armstrong Bidco Limited, One stop 12025-09-300001868878Armstrong Bidco Limited, One stop 22025-09-300001868878Arrow Buyer, Inc., One stop 12025-09-300001868878Arrow Buyer, Inc., One stop 22025-09-300001868878Arrow Buyer, Inc., One stop 32025-09-300001868878Artifact Bidco, Inc., One stop 12025-09-300001868878Artifact Bidco, Inc., One stop 22025-09-300001868878Artifact Bidco, Inc., One stop 32025-09-300001868878Artifact Bidco, Inc., One stop 42025-09-300001868878Auvik Networks Inc., One stop 12025-09-300001868878Auvik Networks Inc., One stop 22025-09-300001868878Auvik Networks Inc., One stop 32025-09-300001868878Auvik Networks Inc., One stop 42025-09-300001868878Azurite Intermediate Holdings, Inc., One stop 12025-09-300001868878Azurite Intermediate Holdings, Inc., One stop 22025-09-300001868878Azurite Intermediate Holdings, Inc., One stop 32025-09-300001868878Baxter Planning Systems, LLC, One stop 12025-09-300001868878Baxter Planning Systems, LLC, One stop 22025-09-300001868878Baxter Planning Systems, LLC, One stop 32025-09-300001868878Bayshore Intermediate #2, L.P., One stop 12025-09-300001868878Bayshore Intermediate #2, L.P., One stop 22025-09-300001868878BestPass, Inc., One stop 12025-09-300001868878BestPass, Inc., One stop 22025-09-300001868878BestPass, Inc., One stop 32025-09-300001868878Bloomerang, LLC, One stop 12025-09-300001868878Bloomerang, LLC, One stop 22025-09-300001868878Bloomerang, LLC, One stop 32025-09-300001868878Blue Bidco Limited, One stop 12025-09-300001868878Blue Bidco Limited, One stop 22025-09-300001868878Blue Bidco Limited, One stop 32025-09-300001868878Blue Bidco Limited, One stop 42025-09-300001868878Blue Bidco Limited, One stop 52025-09-300001868878Bottomline Technologies, Inc., One stop 12025-09-300001868878Bottomline Technologies, Inc., One stop 22025-09-300001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-09-300001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-09-300001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-09-300001868878Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-09-300001868878Camelia Bidco Limited, One stop 12025-09-300001868878Camelia Bidco Limited, One stop 22025-09-300001868878Camelia Bidco Limited, One stop 32025-09-300001868878Camelia Bidco Limited, One stop 42025-09-300001868878CB Buyer, Inc., One stop 12025-09-300001868878CB Buyer, Inc., One stop 22025-09-300001868878CB Buyer, Inc., One stop 32025-09-300001868878Coupa Holdings, LLC, One stop 12025-09-300001868878Coupa Holdings, LLC, One stop 22025-09-300001868878Coupa Holdings, LLC, One stop 32025-09-300001868878Crewline Buyer, Inc., One stop 12025-09-300001868878Crewline Buyer, Inc., One stop 22025-09-300001868878Daxko Acquisition Corporation, One stop 12025-09-300001868878Daxko Acquisition Corporation, One stop 22025-09-300001868878Daxko Acquisition Corporation, One stop 32025-09-300001868878Daxko Acquisition Corporation, One stop 42025-09-300001868878Daxko Acquisition Corporation, One stop 52025-09-300001868878Denali Bidco Limited, One stop 12025-09-300001868878Denali Bidco Limited, One stop 22025-09-300001868878Denali Bidco Limited, Subordinated debt 12025-09-300001868878Denali Bidco Limited, Subordinated debt 22025-09-300001868878Denali Bidco Limited, One stop 32025-09-300001868878Einstein Parent, Inc., One stop 12025-09-300001868878Einstein Parent, Inc., One stop 22025-09-300001868878Espresso Bidco, Inc., One stop 12025-09-300001868878Espresso Bidco, Inc., One stop 22025-09-300001868878Espresso Bidco, Inc., One stop 32025-09-300001868878Evergreen IX Borrower 2023, LLC, One stop 12025-09-300001868878Evergreen IX Borrower 2023, LLC, One stop 22025-09-300001868878Evergreen IX Borrower 2023, LLC, One stop 32025-09-300001868878Flexera Software, LLC, One stop 12025-09-300001868878Flexera Software, LLC, One stop 22025-09-300001868878Flexera Software, LLC, One stop 32025-09-300001868878Gainsight, Inc., One stop 12025-09-300001868878Gainsight, Inc., One stop 22025-09-300001868878GTY Technology Holdings, Inc., One stop 12025-09-300001868878GTY Technology Holdings, Inc., One stop 22025-09-300001868878GTY Technology Holdings, Inc., One stop 32025-09-300001868878GTY Technology Holdings, Inc., One stop 42025-09-300001868878GTY Technology Holdings, Inc., One stop 52025-09-300001868878GTY Technology Holdings, Inc., One stop 62025-09-300001868878GTY Technology Holdings, Inc., One stop 72025-09-300001868878Gurobi Optimization, LLC, One stop 12025-09-300001868878Gurobi Optimization, LLC, One stop 22025-09-300001868878Hornet Security Holding GMBH, One stop 12025-09-300001868878Hornet Security Holding GMBH, One stop 22025-09-300001868878Hornet Security Holding GMBH, One stop 32025-09-300001868878Hornet Security Holding GMBH, One stop 42025-09-300001868878Hyland Software, Inc., One stop 12025-09-300001868878Hyland Software, Inc., One stop 22025-09-300001868878Icefall Parent, Inc., One stop 12025-09-300001868878Icefall Parent, Inc., One stop 22025-09-300001868878ICIMS, Inc., One stop 12025-09-300001868878ICIMS, Inc., One stop 22025-09-300001868878IQN Holding Corp. , One stop 12025-09-300001868878IQN Holding Corp., One stop 22025-09-300001868878IQN Holding Corp., One stop 32025-09-300001868878Island Bidco AB, One stop 12025-09-300001868878Island Bidco AB, One stop 22025-09-300001868878Island Bidco AB, One stop 32025-09-300001868878Island Bidco AB, One stop 42025-09-300001868878Island Bidco AB, One stop 52025-09-300001868878Kairos Bidco Limited, One stop 12025-09-300001868878Kairos Bidco Limited, One stop 22025-09-300001868878Kairos Bidco Limited, One stop 32025-09-300001868878Kairos Bidco Limited, One stop 42025-09-300001868878LeadsOnline, LLC, One stop 12025-09-300001868878LeadsOnline, LLC, One stop 22025-09-300001868878LeadsOnline, LLC, One stop 32025-09-300001868878LeadsOnline, LLC, One stop 42025-09-300001868878Lighthouse Bidco GMBH, One stop 12025-09-300001868878Lighthouse Bidco GMBH, One stop 22025-09-300001868878Lighthouse Bidco GMBH, One stop 32025-09-300001868878LogicMonitor, Inc., One stop 12025-09-300001868878LogicMonitor, Inc., One stop 22025-09-300001868878Matrix42 Holding GMBH, One stop2025-09-300001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-09-300001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-09-300001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-09-300001868878Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-09-300001868878Ministry Brands Holdings LLC, One stop 12025-09-300001868878Ministry Brands Holdings LLC, One stop 22025-09-300001868878Ministry Brands Holdings LLC, One stop 32025-09-300001868878MYOB Invest Co Pty Ltd, One stop2025-09-300001868878Navex TopCo, Inc., One stop 12025-09-300001868878Navex TopCo, Inc., One stop 22025-09-300001868878Naviga Inc., Senior secured2025-09-300001868878Onit, Inc., One stop 12025-09-300001868878Onit, Inc., One stop 22025-09-300001868878Onit, Inc., One stop 32025-09-300001868878Onit, Inc., One stop 42025-09-300001868878Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-09-300001868878Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-09-300001868878Panzura, LLC, One stop2025-09-300001868878Pineapple German Bidco GMBH, One stop 12025-09-300001868878Pineapple German Bidco GMBH, One stop 22025-09-300001868878Pineapple German Bidco GMBH, One stop 32025-09-300001868878Pineapple German Bidco GMBH, One stop 42025-09-300001868878Pineapple German Bidco GMBH, One stop 52025-09-300001868878Pineapple German Bidco GMBH, One stop 62025-09-300001868878Pineapple German Bidco GMBH, One stop 72025-09-300001868878PING Identity Holding Corp., One stop 12025-09-300001868878PING Identity Holding Corp., One stop 22025-09-300001868878ProcessUnity Holdings, LLC, One stop 12025-09-300001868878ProcessUnity Holdings, LLC, One stop 22025-09-300001868878ProcessUnity Holdings, LLC, One stop 32025-09-300001868878ProcessUnity Holdings, LLC, One stop 42025-09-300001868878ProcessUnity Holdings, LLC, One stop 52025-09-300001868878QAD, Inc., One stop 12025-09-300001868878QAD, Inc., One stop 22025-09-300001868878Quant Buyer, Inc., One stop 12025-09-300001868878Quant Buyer, Inc., One stop 22025-09-300001868878Quant Buyer, Inc., One stop 32025-09-300001868878Quant Buyer, Inc., One stop 42025-09-300001868878Quant Buyer, Inc., One stop 52025-09-300001868878Rainforest Bidco Limited, One stop 12025-09-300001868878Rainforest Bidco Limited, One stop 22025-09-300001868878Rainforest Bidco Limited, One stop 32025-09-300001868878Rainforest Bidco Limited, One stop 42025-09-300001868878Rainforest Bidco Limited, One stop 52025-09-300001868878Rainforest Bidco Limited, One stop 62025-09-300001868878Rainforest Bidco Limited, One stop 72025-09-300001868878Riskonnect Parent, LLC, One stop 12025-09-300001868878Riskonnect Parent, LLC, One stop 22025-09-300001868878Riskonnect Parent, LLC, One stop 32025-09-300001868878Riskonnect Parent, LLC, One stop 42025-09-300001868878Riskonnect Parent, LLC, One stop 52025-09-300001868878Riskonnect Parent, LLC, One stop 62025-09-300001868878Sapphire Bidco Oy, One stop 12025-09-300001868878Sapphire Bidco Oy, One stop 22025-09-300001868878Sapphire Bidco Oy, One stop 32025-09-300001868878Spark Bidco Limited, One stop 12025-09-300001868878Spark Bidco Limited, One stop 22025-09-300001868878Spark Bidco Limited, One stop 32025-09-300001868878Spark Bidco Limited, One stop 42025-09-300001868878Templafy APS and Templafy, LLC, One stop 12025-09-300001868878Templafy APS and Templafy, LLC, One stop 22025-09-300001868878Togetherwork Holdings, LLC, One stop 12025-09-300001868878Togetherwork Holdings, LLC, One stop 22025-09-300001868878Togetherwork Holdings, LLC, One stop 32025-09-300001868878Transform Bidco Limited, One stop 12025-09-300001868878Transform Bidco Limited, One stop 22025-09-300001868878Transform Bidco Limited, One stop 32025-09-300001868878Transform Bidco Limited, One stop 42025-09-300001868878Transform Bidco Limited, One stop 52025-09-300001868878Transform Bidco Limited, One stop 62025-09-300001868878Transform Bidco Limited, One stop 72025-09-300001868878Tricentis Operations Holdings, Inc., One stop 12025-09-300001868878Tricentis Operations Holdings, Inc., One stop 22025-09-300001868878Tricentis Operations Holdings, Inc., One stop 32025-09-300001868878Vantage Bidco GMBH, One stop 12025-09-300001868878Vantage Bidco GMBH, One stop 22025-09-300001868878Varinem German Midco GMBH, One stop 12025-09-300001868878Varinem German Midco GMBH, One stop 22025-09-300001868878Vendavo, Inc., One stop 12025-09-300001868878Vendavo, Inc., One stop 22025-09-300001868878Vendavo, Inc., One stop 32025-09-300001868878Viper Bidco, Inc., One stop 12025-09-300001868878Viper Bidco, Inc., One stop 22025-09-300001868878Viper Bidco, Inc., One stop 32025-09-300001868878Viper Bidco, Inc., One stop 42025-09-300001868878Viper Bidco, Inc., One stop 52025-09-300001868878WebPT, Inc., One stop2025-09-300001868878Zendesk, Inc., One stop 12025-09-300001868878Zendesk, Inc., One stop 22025-09-300001868878Zendesk, Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:SoftwareSectorMember2025-09-300001868878Ave Holdings III, Corp, One stop 12025-09-300001868878Ave Holdings III, Corp, One stop 22025-09-300001868878Ave Holdings III, Corp, One stop 32025-09-300001868878Ave Holdings III, Corp, One stop 42025-09-300001868878Biscuit Parent, LLC, One stop 12025-09-300001868878Biscuit Parent, LLC, One stop 22025-09-300001868878Biscuit Parent, LLC, One stop 32025-09-300001868878Cavender Stores L.P., Senior secured2025-09-300001868878Consilio Midco Limited, Senior secured 12025-09-300001868878Consilio Midco Limited, Senior secured 22025-09-300001868878Consilio Midco Limited, Senior secured 32025-09-300001868878Consilio Midco Limited, Senior secured 42025-09-300001868878Consilio Midco Limited, Senior secured 52025-09-300001868878Consilio Midco Limited, Subordinated debt 12025-09-300001868878Consilio Midco Limited, Subordinated debt 22025-09-300001868878Consilio Midco Limited, Subordinated debt 32025-09-300001868878CVP Holdco, Inc., One stop 12025-09-300001868878CVP Holdco, Inc., One stop 22025-09-300001868878CVP Holdco, Inc., One stop 32025-09-300001868878Metal Supermarkets US Buyer, LLC, One stop 12025-09-300001868878Metal Supermarkets US Buyer, LLC, One stop 22025-09-300001868878PetVet Care Centers LLC, One stop 12025-09-300001868878PetVet Care Centers LLC, One stop 22025-09-300001868878PetVet Care Centers LLC, One stop 32025-09-300001868878Radiance Borrower, LLC, One stop 12025-09-300001868878Radiance Borrower, LLC, One stop 22025-09-300001868878Salon Lofts Group, LLC, Senior secured 12025-09-300001868878Salon Lofts Group, LLC, Senior secured 22025-09-300001868878Salon Lofts Group, LLC, Senior secured 32025-09-300001868878Salon Lofts Group, LLC, Senior secured 42025-09-300001868878Salon Lofts Group, LLC, Second lien 12025-09-300001868878Salon Lofts Group, LLC, Second lien 22025-09-300001868878Salon Lofts Group, LLC, Senior secured 52025-09-300001868878Salon Lofts Group, LLC, Senior secured 62025-09-300001868878Salon Lofts Group, LLC, Senior secured 72025-09-300001868878Salon Lofts Group, LLC, Senior secured 82025-09-300001868878Salon Lofts Group, LLC, Senior secured 92025-09-300001868878Salon Lofts Group, LLC, Senior secured 102025-09-300001868878Salon Lofts Group, LLC, Senior secured 112025-09-300001868878Salon Lofts Group, LLC, Second lien 32025-09-300001868878Salon Lofts Group, LLC, Senior secured 122025-09-300001868878Salon Lofts Group, LLC, Second lien 42025-09-300001868878Salon Lofts Group, LLC, Senior secured 132025-09-300001868878Salon Lofts Group, LLC, Second lien 52025-09-300001868878Salon Lofts Group, LLC, Second lien 62025-09-300001868878Salon Lofts Group, LLC, Senior secured 142025-09-300001868878Salon Lofts Group, LLC, Senior secured 152025-09-300001868878Salon Lofts Group, LLC, Senior secured 162025-09-300001868878Salon Lofts Group, LLC, Second lien 72025-09-300001868878Salon Lofts Group, LLC, Second lien 82025-09-300001868878Salon Lofts Group, LLC, Senior secured 172025-09-300001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-09-300001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-09-300001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-09-300001868878Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-09-300001868878VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-09-300001868878VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-09-300001868878VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:SpecialtyRetailSectorMember2025-09-300001868878LDS Intermediate Holdings, LLC, One stop 12025-09-300001868878LDS Intermediate Holdings, LLC, One stop 22025-09-300001868878LDS Intermediate Holdings, LLC, One stop 32025-09-300001868878LDS Intermediate Holdings, LLC, One stop 42025-09-300001868878LDS Intermediate Holdings, LLC, One stop 52025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:TransportationInfrastructureSectorMember2025-09-300001868878Vessco Midco Holdings, LLC, One stop 12025-09-300001868878Vessco Midco Holdings, LLC, One stop 22025-09-300001868878Vessco Midco Holdings, LLC, One stop 32025-09-300001868878us-gaap:DebtSecuritiesMembergdlc:WaterUtilitiesSectorMember2025-09-300001868878us-gaap:DebtSecuritiesMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:AerospaceAndDefenseSectorMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:AirFreightAndLogisticsSectorMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:AutoComponentsSectorMember2025-09-300001868878CAP-KSI Holdings, LLC, Common stock2025-09-300001868878CAP-KSI Holdings, LLC, Preferred stock2025-09-300001868878CG Group Holdings, LLC, LLC units2025-09-300001868878Go Car Wash Parent, Corp., Common stock2025-09-300001868878Go Car Wash Parent, Corp., Preferred stock2025-09-300001868878National Express Wash Parent Holdco, LLC, LLC units2025-09-300001868878POY Holdings, LLC, LP interest2025-09-300001868878Quick Quack Car Wash Holdings, LLC, LLC units2025-09-300001868878Quick Quack Car Wash Holdings, LLC, Preferred stock2025-09-300001868878Yorkshire Parent, Inc., LP interest2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:AutomobilesSectorMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:BeveragesSectorMember2025-09-300001868878BECO Holding Company, Inc., Common stock 12025-09-300001868878BECO Holding Company, Inc., Common stock 22025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:BuildingProductsSectorMember2025-09-300001868878CI (Quercus) Intermediate Holdings, LLC, Preferred stock2025-09-300001868878CHA Vision Holdings, Inc., Warrant2025-09-300001868878Radwell Parent, LLC, Preferred stock2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:CommercialServicesAndSuppliesSectorMember2025-09-300001868878Chase Intermediate, LP units2025-09-300001868878Packaging Coordinators Midco, Inc., LP units2025-09-300001868878us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001868878CHVAC Services Investment, LLC, Preferred stock2025-09-300001868878DP Flores Holdings, LLC, Preferred stock2025-09-300001868878EMS LINQ, LLC, Preferred stock2025-09-300001868878FPG Intermediate Holdco, LLC, LLC units2025-09-300001868878HS Spa Holdings, Inc., Warrant2025-09-300001868878Kodiak Buyer, LLC, LP interest2025-09-300001868878NSG Buyer, Inc., Preferred stock2025-09-300001868878Virginia Green Acquisition, LLC, Preferred stock2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:DiversifiedConsumerServicesSectorMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:ElectricUtilitiesMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:ElectricalEquipmentSectorMember2025-09-300001868878Louisiana Fish Fry Products, Ltd., Preferred stock 12025-09-300001868878Louisiana Fish Fry Products, Ltd., Preferred stock 22025-09-300001868878Zullas, L.C., Warrant2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:FoodProductsSectorMember2025-09-300001868878Centegix Intermediate II, LLC, Preferred stock2025-09-300001868878Isto Group, Inc., LP units2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:HealthcareEquipmentAndSuppliesSectorMember2025-09-300001868878ERC Topco Holdings, LLC, LLC units2025-09-300001868878HP TLE Buyer, Inc., LP units2025-09-300001868878Suveto Buyer, LLC, Common stock2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:HealthcareProvidersAndServicesSectorMember2025-09-300001868878Amberfield Acquisition Co., Preferred stock2025-09-300001868878Modernizing Medicine, Inc., Preferred stock2025-09-300001868878Veranex, Inc., LP units 12025-09-300001868878Veranex, Inc., LP units 22025-09-300001868878Veranex, Inc., LP units 32025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:HealthcareTechnologySectorMember2025-09-300001868878Harri US LLC, Preferred stock2025-09-300001868878Harri US LLC, LP units2025-09-300001868878Harri US LLC, Common stock2025-09-300001868878Harri US LLC, LP interest2025-09-300001868878Harri US LLC, LLC units2025-09-300001868878Harri US LLC, Warrant 12025-09-300001868878Harri US LLC, Warrant 22025-09-300001868878Patriot Acquireco, LLC, LP units2025-09-300001868878PB Group Holdings, LLC, Preferred stock2025-09-300001868878Rooster BidCo Limited, LLC units2025-09-300001868878Saguaro Buyer, LLC, LP units2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:HotelsRestaurantsAndLeisureSectorMember2025-09-300001868878us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001868878Critical Start, Inc., LLC units2025-09-300001868878Kentik Technologies, Inc., LP units2025-09-300001868878Kentik Technologies, Inc., Preferred stock2025-09-300001868878Netwrix Corporation, Common stock2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:ITServicesSectorMember2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:LeisureProductsSectorMember2025-09-300001868878Celerion Buyer, Inc., LLC interest2025-09-300001868878Celerion Buyer, Inc., Common stock2025-09-300001868878PAS Parent Inc., LLC units2025-09-300001868878PAS Parent Inc., Preferred stock2025-09-300001868878Reaction Biology Corporation, LLC units2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:LifeSciencesToolsAndServicesSectorMember2025-09-300001868878Messenger, LLC, Preferred stock 12025-09-300001868878Messenger, LLC, Preferred stock 22025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:PaperAndForestProductsSectorMember2025-09-300001868878Cobalt Buyer Sub, Inc., LP interest 12025-09-300001868878Cobalt Buyer Sub, Inc., LP interest 22025-09-300001868878Cobalt Buyer Sub, Inc., Preferred stock2025-09-300001868878Creek Parent, Inc., Preferred stock2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:PharmaceuticalsSectorMember2025-09-300001868878Eclipse Buyer, Inc., Preferred stock2025-09-300001868878Enboarder, Inc., LLC units2025-09-300001868878Filevine, Inc., LP interest2025-09-300001868878Filevine, Inc., LLC units2025-09-300001868878Filevine, Inc., LP units2025-09-300001868878Procure Acquireco, Inc., LP interest2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:ProfessionalServicesSectorMember2025-09-300001868878Anaplan, Inc., LLC units2025-09-300001868878Auvik Networks Inc., LLC units2025-09-300001868878Auvik Networks Inc., LP units2025-09-300001868878Bayshore Intermediate #2, L.P., LLC units2025-09-300001868878CB Buyer, Inc., Preferred stock2025-09-300001868878Cynet Security Ltd., Preferred stock2025-09-300001868878Denali Bidco Limited, LP units2025-09-300001868878Energy Worldnet, LLC, Preferred stock2025-09-300001868878GTY Technology Holdings, Inc., Common stock2025-09-300001868878Gurobi Optimization, LLC, LLC units2025-09-300001868878Kaseya Inc., Preferred stock2025-09-300001868878Kaseya Inc., Common stock2025-09-300001868878LogicMonitor, Inc., LLC units2025-09-300001868878Menlo Ridgeview Co-Invest, LLC, LLC units2025-09-300001868878Ministry Brands Holdings LLC, Warrant2025-09-300001868878Onit, Inc., Common stock2025-09-300001868878Panzura, LLC, LLC units2025-09-300001868878QAD, Inc., LLC units2025-09-300001868878QAD, Inc., LP interest2025-09-300001868878Riskonnect Parent, LLC, Preferred stock 12025-09-300001868878Riskonnect Parent, LLC, LP units2025-09-300001868878Riskonnect Parent, LLC, Preferred stock 22025-09-300001868878Riskonnect Parent, LLC, LLC units2025-09-300001868878StrongDM, Inc., Preferred stock2025-09-300001868878Templafy APS and Templafy, LLC, Preferred stock2025-09-300001868878Togetherwork Holdings, LLC, Preferred stock2025-09-300001868878Transform Bidco Limited, LP units2025-09-300001868878Tricentis Operations Holdings, Inc., Preferred stock2025-09-300001868878Zendesk, Inc., LP units2025-09-300001868878us-gaap:EquitySecuritiesMembergdlc:SoftwareSectorMember2025-09-300001868878Ave Holdings III, Corp, Preferred stock 12025-09-300001868878Ave Holdings III, Corp, Preferred stock 22025-09-300001868878Metal Supermarkets US Buyer, LLC, Preferred stock2025-09-300001868878Metal Supermarkets US Buyer, LLC, LLC 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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 December 31, 2025

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01412

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 February 10, 2026, the Registrant had 36,417,798.158 shares of common stock, $0.001 par value, outstanding.

1

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TABLE OF CONTENTS

Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Statements of Financial Condition as of December 31, 2025 (unaudited) and September 30, 2025			3
			Consolidated Statements of Operations for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)			5
			Consolidated Statements of Cash Flows for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)			6
			Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025			8
			Notes to Consolidated Financial Statements (unaudited)			59
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			85
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			105
Item 4.			Controls and Procedures			107
Part II. Other Information
Item 1.			Legal Proceedings			107
Item 1A.			Risk Factors			107
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			107
Item 3.			Defaults Upon Senior Securities			107
Item 4.			Mine Safety Disclosures			107
Item 5.			Other Information			107
Item 6.			Exhibits			108

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

			December 31, 2025						September 30, 2025
Assets			(unaudited)
Non-controlled/non-affiliate company investments at fair value (amortized cost of $843,415 and $833,977, respectively)			$	853,435					$	845,821
Cash			5,294						4,700
Cash equivalents			2,252						523
Foreign currencies (cost of $2,177 and $1,573, respectively)			2,194						1,564
Restricted cash			10,213						4,946
Restricted cash equivalents			6,894						7,191
Restricted foreign currencies (cost of $519 and $1,813, respectively)			559						1,820
Interest receivable			7,735						8,843
Receivable for investments			794						877
Other assets			63						37
Total Assets			$	889,433					$	876,322
Liabilities
Debt			$	329,681					$	314,868
Less unamortized debt issuance costs			(2,298)						(2,084)
Debt less unamortized debt issuance costs			327,383						312,784
Interest payable			4,514						4,557
Distributions payable			6,795						8,098
Management and income incentive fees payable			3,482						3,473
Payable for investments purchased			7						10
Accrued trustee fees			43						39
Accounts payable and other liabilities			953						1,139
Total Liabilities			343,177						330,100
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 December 31, 2025 and September 30, 2025			—						—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 36,417,109.195 and 36,414,793.025 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively			36						36
Paid in capital in excess of par			545,377						545,343
Distributable earnings (losses)			843						843
Total Net Assets			546,256						546,222
Total Liabilities and Total Net Assets			$	889,433					$	876,322
Number of common shares outstanding			36,417,109.195						36,414,793.025
Net asset value per common share			$	15.00					$	15.00

See Notes to Consolidated Financial Statements

3

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

									Three months ended December 31,
															2025						2024
Investment income
Interest income															$	19,490					$	18,071
Payment-in-kind interest income															1,300						1,276
Dividend income															347						376
Fee income															89						54
Total investment income															21,226						19,777
Expenses
Interest and other debt financing expenses															5,269						5,218
Base management fee															2,165						1,840
Incentive fee															1,132						1,266
Administrative service fee															300						236
Professional fees															264						289
General and administrative expenses															53						44
Total expenses															9,183						8,893
Net investment income															12,043						10,884
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Foreign currency transactions															106						(726)
Net realized gain (loss) on investment transactions															106						(726)
Net change in unrealized appreciation (depreciation) from:
Investments															(1,677)						1,373
Translation of assets and liabilities in foreign currencies															(79)						448
Net change in unrealized appreciation (depreciation) on investment transactions															(1,756)						1,821
Net gain (loss) on investment transactions															(1,650)						1,095
Net realized gain (loss) on extinguishment of debt															—						(432)
Net increase (decrease) in net assets resulting from operations															$	10,393					$	11,547
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 10)															$	0.29					$	0.37
Basic and diluted weighted average common shares outstanding (Note 10)															36,415,646						31,095,433

See Notes to Consolidated Financial Statements

4

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TABLE OF CONTENTS

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, 2024			30,764,173.550						$	31					$	460,589					$	843					$	461,463
Issuance of common stock			2,031,000.000						2						30,463						—						30,465
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						10,884						10,884
Net realized gain (loss) on investment transactions			—						—						—						(726)						(726)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						1,821						1,821
Net realized gain (loss) on extinguishment of debt			—						—						—						(432)						(432)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			776.116						—						11						—						11
Distributions from distributable earnings (losses)			—						—						—						(11,547)						(11,547)
Total increase (decrease) for the three months ended December 31, 2024			2,031,776.116						2						30,474						—						30,476
Balance at December 31, 2024			32,795,949.666						$	33					$	491,063					$	843					$	491,939
Balance at September 30, 2025			36,414,793.025						$	36					$	545,343					$	843					$	546,222
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						12,043						12,043
Net realized gain (loss) on investment transactions			—						—						—						106						106
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						(1,756)						(1,756)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			2,316.170						—						34						—						34
Distributions from distributable earnings (losses)			—						—						—						(3,598)						(3,598)
Distributions declared and payable			—						—						—						(6,795)						(6,795)
Total increase (decrease) for the three months ended December 31, 2025			2,316.170						—						34						—						34
Balance at December 31, 2025			36,417,109.195						$	36					$	545,377					$	843					$	546,256

See Notes to Consolidated Financial Statements

5

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

						Three months ended December 31,
						2025						2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations						$	10,393					$	11,547
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						353						339
Accretion of discounts and amortization of premiums						(873)						(527)
Net realized (gain) loss on foreign currency transactions						(106)						726
Net realized (gain) loss on extinguishment of debt						—						432
Net change in unrealized (appreciation) depreciation on investments						1,677						(1,373)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies						79						(448)
Proceeds from (fundings of) revolving loans, net						(1,234)						(682)
Fundings of investments						(39,075)						(85,175)
Proceeds from principal payments and sales of portfolio investments						33,663						12,191
Payment-in-kind interest capitalized						(1,291)						(1,276)
Non-cash dividends capitalized						(307)						(334)
Changes in operating assets and liabilities:
Interest receivable						1,108						1,556
Receivable for investments						83						698
Other assets						(26)						—
Interest payable						(43)						(841)
Management and income incentive fees payable						9						146
Payable for investments purchased						(3)						139
Accrued trustee fees						4						(5)
Accounts payable and other liabilities						(186)						154
Net cash provided by (used in) operating activities						4,225						(62,733)
Cash flows from financing activities
Borrowings on debt						37,697						296,172
Repayments of debt						(23,074)						(251,139)
Capitalized debt issuance costs						(567)						(1,029)
Proceeds from issuance of common shares						—						30,465
Distributions paid						(11,662)						(10,492)
Net cash provided by (used in) financing activities						2,394						63,977
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies						6,619						1,244
Effect of foreign currency exchange rates						43						(863)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period						20,744						20,120
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period						$	27,406					$	20,501
Supplemental disclosure of cash flow information:
Cash paid during the period for interest						$	4,959					$	5,719
Distributions declared for the period						10,393						11,547
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan						$	34					$	11
Change in distributions payable						(1,303)						1,044

    

See Notes to Consolidated Financial Statements

6

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

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

(In thousands)

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

						As of
						December 31, 2025						September 30, 2025
Cash						$	5,294					$	4,700
Cash equivalents						2,252						523
Foreign currencies (cost of $2,177 and $1,573, respectively)						2,194						1,564
Restricted cash						10,213						4,946
Restricted cash equivalents						6,894						7,191
Restricted foreign currencies (cost of $519 and $1,813, respectively)						559						1,820
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)						$	27,406					$	20,744

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

See Notes to Consolidated Financial Statements

7

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			Jeppesen Holdings, LLC^			One stop						SF +			4.75%			(j)						8.59%															11/2032						$	951					$	947					0.2			%			$	944
			Jeppesen Holdings, LLC			One stop																		N/A(6)															11/2032						—						—						—						—
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															09/2031						7,523						7,366						1.4						7,523
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(1)						—						—
			PPW Aero Buyer, Inc.			One stop																		N/A(6)															09/2031						—						—						—						—
			PPW Aero Buyer, Inc.			One stop						SF +			5.00%			(j)						8.67%															09/2031						48						47						—						48
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															09/2031						517						512						0.1						517
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															09/2031						50						50						—						50
			PPW Aero Buyer, Inc.			One stop																		N/A(6)															09/2031						—						—						—						—
			Titan BW Borrower L.P.^(25)			One stop						SF +			5.38%			(j)						6.38%			cash/			2.88%			PIK						07/2032						1,180						1,169						0.2						1,180
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(2)						—						—
			Titan BW Borrower L.P.			One stop																		N/A(6)															07/2032						—						—						—						—
																																													10,269						10,088						1.9						10,262
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(j)						8.67%															11/2031						4,380						4,303						0.8						4,380
			RJW Group Holdings, Inc.			One stop						SF +			5.00%			(k)						8.73%															11/2031						277						271						0.1						277
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(j)						8.67%															11/2031						855						847						0.1						855
			RJW Group Holdings, Inc.(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
																																													5,512						5,420						1.0						5,512
			Auto Components
			Arnott, LLC			One stop						SF +			4.75%			(k)						8.62%															11/2030						442						438						0.1						429
			Arnott, LLC			One stop						SF +			4.75%			(k)						8.50%															11/2030						43						42						—						40
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(j)						8.59%															01/2030						22						22						—						22
			Collision SP Subco, LLC			One stop						SF +			4.75%			(j)(k)						8.48%															01/2030						51						49						—						51
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(j)						8.59%															01/2030						3,377						3,332						0.6						3,377
			Collision SP Subco, LLC			One stop						SF +			4.75%			(j)(k)						8.45%															01/2030						1,972						1,958						0.5						1,972
			Collision SP Subco, LLC			One stop						SF +			4.75%			(j)						8.57%															01/2030						81						73						—						81
			Covercraft Parent III, Inc.(25)			Senior secured						SF +			5.00%			(j)						8.55%			cash/			0.50%			PIK						08/2027						268						267						—						222
			Covercraft Parent III, Inc.(25)			Senior secured						SF +			5.00%			(j)						8.49%			cash/			0.50%			PIK						08/2027						54						54						—						45
			Covercraft Parent III, Inc.(25)			Senior secured						SF +			5.00%			(j)						8.41%			cash/			0.50%			PIK						08/2027						93						93						—						77
			OEConnection, LLC^			One stop						SF +			4.50%			(i)						8.23%															12/2032						6,815						6,763						1.2						6,826
			OEConnection, LLC(5)			One stop																		N/A(6)															12/2032						—						(5)						—						1
			OEConnection, LLC(5)			One stop																		N/A(6)															12/2032						—						(3)						—						1
																																													13,218						13,083						2.4						13,144
			Automobiles
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25%			(j)						8.98%															06/2030						2,658						2,630						0.5						2,658
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(a)(j)						9.48%															06/2030						118						114						—						118
			CG Group Holdings, LLC(25)			One stop						SF +			8.75%			(j)						10.42%			cash/			2.00%			PIK						07/2027						1,868						1,857						0.4						1,868
			CG Group Holdings, LLC(25)			One stop						SF +			8.75%			(i)						10.47%			cash/			2.00%			PIK						07/2026						404						403						0.1						404
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						1,447						1,439						0.3						1,447
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						864						860						0.2						864
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						259						257						0.1						259
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						157						156						—						157
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						149						148						—						149
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						130						130						—						130
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						107						107						—						107
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						104						104						—						104
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						104						104						—						104
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						86						86						—						86

See Notes to Consolidated Financial Statements

8

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						$	80					$	79					—			%			$	80
			Denali Midco 2, LLC			One stop						SF +			5.25%			(i)						8.97%															12/2028						1,225						1,192						0.2						1,225
			Denali Midco 2, LLC			One stop						SF +			5.25%			(i)						8.97%															12/2028						22						21						—						22
			Denali Midco 2, LLC			One stop						SF +			5.25%			(i)						8.97%															12/2028						18						18						—						18
			Denali Midco 2, LLC			One stop						SF +			5.25%			(i)						8.97%															12/2028						11						11						—						11
			Denali Midco 2, LLC			One stop						SF +			5.25%			(i)						8.97%															12/2028						5						5						—						5
			Denali Midco 2, LLC(5)			One stop																		N/A(6)															12/2028						—						(2)						—						—
			Denali Midco 2, LLC			One stop						SF +			5.25%			(i)						8.97%															12/2028						25						25						—						25
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(i)						8.97%															12/2028						2,115						2,103						0.4						2,115
			Denali Midco 2, LLC(25)			Second lien						N/A												13.00%			PIK												12/2029						3,716						3,711						0.7						3,716
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(j)						8.92%															12/2029						272						269						0.1						272
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(j)						8.92%															12/2029						57						56						—						57
			High Bar Brands Operating, LLC(5)			Senior secured																		N/A(6)															12/2029						—						(1)						—						—
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(j)						8.92%															12/2029						48						48						—						48
			Lincoln Acq Buyer, LLC^			One stop						SF +			4.50%			(i)						8.22%															11/2032						469						466						0.1						466
			Lincoln Acq Buyer, LLC			One stop						SF +			4.50%			(i)(j)						8.22%															11/2032						15						15						—						15
			Lincoln Acq Buyer, LLC			One stop						SF +			4.50%			(j)						8.20%															11/2032						7						6						—						6
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(k)						8.87%															07/2029						52						50						—						52
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						8.67%															07/2029						138						137						—						138
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00%			(j)						8.67%															07/2029						10,209						10,148						1.9						10,209
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(k)						8.60%															07/2029						115						114						—						115
			POY Holdings, LLC^			One stop						SF +			5.50%			(j)						9.32%															11/2027						5,096						5,047						0.9						4,892
			POY Holdings, LLC^			One stop						SF +			5.50%			(j)						9.32%															11/2027						3,886						3,855						0.7						3,731
			POY Holdings, LLC^			One stop						SF +			5.50%			(j)						9.32%															11/2027						224						223						—						215
			POY Holdings, LLC			One stop						SF +			5.50%			(j)						9.33%															11/2027						190						189						—						180
			POY Holdings, LLC			One stop						SF +			5.50%			(j)						9.32%															11/2027						121						121						—						116
			POY Holdings, LLC			One stop						SF +			5.50%			(j)						9.32%															11/2027						271						270						0.1						260
			POY Holdings, LLC			One stop																		N/A(6)															11/2027						—						—						—						—
			POY Holdings, LLC			One stop						SF +			5.50%			(j)						9.32%															11/2027						363						362						0.1						348
			POY Holdings, LLC			One stop						SF +			5.50%			(j)						9.31%															11/2027						20						20						—						19
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(i)						8.47%															06/2031						112						110						—						112
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(i)						8.47%															06/2031						263						262						0.1						263
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75%			(i)						8.47%															06/2031						600						596						0.1						600
			Quick Quack Car Wash Holdings, LLC			One stop																		N/A(6)															06/2031						—						—						—						—
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(i)						8.47%															06/2031						34						33						—						34
			TWAS Holdings, LLC^			One stop						SF +			4.75%			(i)						8.47%															12/2029						180						179						—						179
			TWAS Holdings, LLC(5)			One stop																		N/A(6)															12/2029						—						(3)						—						(3)
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(j)						9.17%															12/2029						6,072						6,011						1.1						6,072
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(j)						9.17%															12/2029						251						237						—						251
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(j)						9.34%															12/2029						1,682						1,667						0.3						1,682
			Yorkshire Parent, Inc.			One stop						SF +			5.00%			(j)						8.84%															12/2029						7						6						—						7
			Yorkshire Parent, Inc.^			One stop						SF +			5.00%			(j)						8.84%															12/2029						42						42						—						42
																																													46,468						46,093						8.4						46,050
			Banks
			Empyrean Solutions, LLC			One stop						SF +			4.50%			(j)						8.17%															11/2031						516						514						0.1						516
			Empyrean Solutions, LLC			One stop																		N/A(6)															11/2031						—						—						—						—
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(j)						8.61%															12/2029						74						71						—						74
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75%			(j)						8.59%															12/2029						1,325						1,314						0.3						1,325
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(j)						8.64%															12/2029						1,267						1,257						0.2						1,267
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(j)						8.59%															12/2029						106						105						—						106
																																													3,288						3,260						0.6						3,288
			Beverages
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(j)						8.42%															06/2030						2,770						2,736						0.5						2,770

See Notes to Consolidated Financial Statements

9

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(j)						8.42%															06/2030						$	1,143					$	1,133					0.2			%			$	1,143
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(j)						8.42%															06/2030						842						840						0.2						842
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00%			(j)						8.94%															02/2032						1,652						1,634						0.3						1,652
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(4)						—						—
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(1)						—						—
																																													6,407						6,337						1.2						6,407
			Building Products
			BECO Holding Company, Inc.^			One stop						SF +			5.25%			(j)						9.07%															11/2028						3,779						3,763						0.7						3,779
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2027						—						(2)						—						—
			BECO Holding Company, Inc.^			One stop						SF +			5.25%			(j)						9.07%															11/2028						249						249						—						249
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2028						—						(2)						—						—
																																													4,028						4,008						0.7						4,028
			Capital Markets
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															01/2031						4,810						4,768						0.9						4,810
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(j)						8.42%															01/2031						427						419						0.1						427
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(j)						8.42%															01/2031						1,618						1,604						0.3						1,618
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															01/2031						828						823						0.1						828
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															01/2031						50						50						—						50
																																													7,733						7,664						1.4						7,733
			Chemicals
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			AP Adhesives Holdings, LLC			One stop																		N/A(6)															04/2031						—						—						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75%			(j)						8.66%															04/2032						532						530						0.1						532
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50%			(i)						8.23%															09/2032						717						713						0.1						717
			JSG II, Inc. and Checkers USA, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			JSG II, Inc. and Checkers USA, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75%			(i)						8.42%															03/2029						337						335						0.1						337
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(i)(j)						8.46%															03/2029						38						37						—						38
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(i)						8.42%															03/2029						105						103						—						105
			PHM NL SP Bidco B.V.(8)(9)(10)(25)			One stop						E +			6.75%			(d)						5.87%			cash/			3.00%			PIK						09/2028						2,236						2,187						0.4						2,079
			PHM NL SP Bidco B.V.(8)(10)(25)			One stop						SF +			6.75%			(h)						7.66%			cash/			3.00%			PIK						09/2028						827						822						0.2						769
			PHM NL SP Bidco B.V.(8)(9)(10)(25)			One stop						SN +			6.75%			(g)						7.47%			cash/			3.00%			PIK						09/2028						486						476						0.1						452
			PHM NL SP Bidco B.V.(8)(9)(10)(25)			One stop						E +			6.75%			(d)						5.92%			cash/			3.00%			PIK						09/2028						236						227						—						220
																																													5,514						5,429						1.0						5,249
			Commercial Services & Supplies
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(j)						8.87%															01/2031						6,250						6,197						1.1						6,250
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(j)						8.87%															01/2031						2,035						2,018						0.4						2,035
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2030						—						(4)						—						—
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(j)						8.87%															01/2031						50						50						—						50
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(j)						8.82%															01/2031						3						2						—						3
			CI (Quercus) Intermediate Holdings, LLC(5)			One stop																		N/A(6)															06/2031						—						(4)						—						—
			CI (Quercus) Intermediate Holdings, LLC^			One stop						SF +			5.00%			(j)						8.69%															06/2031						1,552						1,541						0.3						1,552
			CI (Quercus) Intermediate Holdings, LLC(5)			One stop																		N/A(6)															06/2031						—						(11)						—						—
			CI (Quercus) Intermediate Holdings, LLC			One stop						SF +			5.00%			(j)						8.67%															06/2031						78						76						—						78
			Dispatch Acquisition Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															11/2032						846						842						0.2						842
			Dispatch Acquisition Holdings, LLC			One stop						SF +			4.75%			(a)(j)						8.59%															11/2032						56						55						—						55
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00%			(j)						8.84%															09/2030						834						816						0.2						834
			Kleinfelder Intermediate, LLC(5)			One stop																		N/A(6)															09/2028						—						(1)						—						—
			Kleinfelder Intermediate, LLC			One stop						SF +			5.00%			(j)						8.84%															09/2030						91						89						—						91
			Pearl Acquisition Buyer, Inc.			One stop						SF +			4.50%			(j)						8.17%															12/2032						5						5						—						5
			Pearl Acquisition Buyer, Inc.^			One stop						SF +			4.50%			(j)						8.17%															12/2032						548						547						0.1						547
			Pearl Acquisition Buyer, Inc.			One stop																		N/A(6)															12/2032						—						—						—						—
			Profile Products LLC			One stop						SF +			5.50%			(j)						9.49%															11/2027						347						344						0.1						347

See Notes to Consolidated Financial Statements

10

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Profile Products LLC			One stop						SF +			5.50%			(j)						9.49%															11/2027						$	70					$	70					—			%			$	70
			Profile Products LLC			One stop						P +			4.50%			(a)						11.25%															11/2027						30						30						—						30
			Profile Products LLC			One stop																		N/A(6)															11/2027						—						—						—						—
			PSC Parent, Inc.			One stop						SF +			5.25%			(i)						9.00%															04/2031						55						54						—						55
			PSC Parent, Inc.			One stop						SF +			5.25%			(i)						8.97%															04/2031						73						73						—						73
			PSC Parent, Inc.			One stop						SF +			5.25%			(i)						8.97%															04/2030						33						33						—						33
			PSC Parent, Inc.^			One stop						SF +			5.25%			(i)						8.99%															04/2031						437						434						0.1						437
			Radwell Parent, LLC^			One stop						SF +			5.50%			(j)						9.17%															03/2029						8,300						8,237						1.5						8,300
			Radwell Parent, LLC^			One stop						SF +			5.50%			(j)						9.17%															03/2029						299						295						0.1						299
			Radwell Parent, LLC			One stop						SF +			5.50%			(j)						9.17%															03/2029						49						44						—						49
			Trinity Air Consultants Holdings Corporation			One stop																		N/A(6)															06/2029						—						—						—						—
			Trinity Air Consultants Holdings Corporation			One stop						SF +			4.50%			(j)						8.50%															06/2029						35						35						—						34
			Trinity Air Consultants Holdings Corporation			One stop						SF +			4.50%			(i)(j)						8.44%															06/2029						103						103						—						102
			Trinity Air Consultants Holdings Corporation			One stop						SF +			4.50%			(j)						8.48%															06/2029						220						218						—						218
			Trinity Air Consultants Holdings Corporation			One stop																		N/A(6)															06/2029						—						—						—						—
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2031						—						(3)						—						—
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.71%															07/2031						56						56						—						56
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						87						87						—						87
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.62%															07/2031						532						530						0.1						532
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						321						319						0.1						321
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						249						248						—						249
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						89						89						—						89
			WRE Holding Corp.			One stop						SF +			5.00%			(k)						8.60%															07/2031						55						55						—						55
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2030						—						(5)						—						—
			WRE Holding Corp.^			One stop						SF +			5.00%			(k)						8.87%															07/2031						4,846						4,808						0.9						4,846
																																													28,634						28,372						5.2						28,624
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Consor Intermediate II, LLC			One stop						SF +			4.50%			(j)						8.17%															05/2031						16						15						—						16
			Consor Intermediate II, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2031						441						440						0.1						441
			DCCM, LLC^			One stop						SF +			4.75%			(i)						8.47%															06/2032						473						471						0.1						473
			DCCM, LLC			One stop																		N/A(6)															06/2032						—						—						—						—
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(1)						—						—
			Royal Holdco Corporation			One stop						SF +			4.50%			(j)						8.20%															12/2030						35						34						—						35
			Royal Holdco Corporation			One stop						SF +			4.50%			(j)						8.29%															12/2030						40						39						—						40
			Royal Holdco Corporation^			One stop						SF +			4.50%			(j)						8.24%															12/2030						555						550						0.1						555
																																													1,560						1,547						0.3						1,560
			Containers & Packaging
			Chase Intermediate^			One stop						SF +			4.75%			(j)						8.59%															10/2028						3,999						3,984						0.8						3,999
			Chase Intermediate			One stop						SF +			4.75%			(j)						8.42%															10/2028						136						134						—						136
			Chase Intermediate			One stop						SF +			4.75%			(j)						8.59%															10/2028						200						199						0.1						200
			Chase Intermediate			One stop						SF +			4.75%			(j)						8.59%															10/2028						55						52						—						55
			Fortis Solutions Group, LLC^			One stop						SF +			5.50%			(j)						9.27%															10/2028						2,113						2,099						0.4						2,092
			Fortis Solutions Group, LLC			One stop						SF +			5.50%			(j)						9.27%															10/2028						141						141						—						140
			Fortis Solutions Group, LLC			One stop						SF +			5.50%			(j)						9.27%															10/2028						5						3						—						5
			Fortis Solutions Group, LLC			One stop						SF +			5.50%			(a)(j)						9.67%															10/2027						88						86						—						85
			Packaging Coordinators Midco, Inc.(9)			One stop						SN +			4.50%			(g)						8.22%															07/2032						1,187						1,157						0.2						1,187
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.50%			(j)						8.34%															07/2032						587						578						0.1						587
			Packaging Coordinators Midco, Inc.(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop						SF +			4.50%			(j)						8.34%															07/2032						3						3						—						3
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
																																													8,514						8,435						1.6						8,489

See Notes to Consolidated Financial Statements

11

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Consumer Services
			ABC Legal Holdings, LLC^			One stop						SF +			4.50%			(j)						8.34%															08/2032						$	667					$	664					0.1			%			$	667
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						—
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						—
			Action Termite Control, LLC			Senior secured																		N/A(6)															12/2032						—						—						—						—
			Action Termite Control, LLC^			Senior secured						SF +			4.25%			(j)						7.96%															12/2032						172						171						—						171
			Action Termite Control, LLC(5)			Senior secured																		N/A(6)															12/2032						—						(3)						—						(3)
			Any Hour, LLC			One stop						SF +			5.25%			(j)						8.92%															05/2030						77						73						—						73
			Any Hour, LLC(25)			One stop						N/A												13.00%			PIK												05/2031						1,029						1,016						0.2						885
			Any Hour, LLC			One stop						SF +			5.25%			(i)(j)						8.96%															05/2030						350						346						0.1						325
			Any Hour, LLC^			One stop						SF +			5.25%			(j)						8.92%															05/2030						2,722						2,692						0.5						2,559
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.78%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.82%															10/2030						2,034						1,994						0.4						2,039
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.71%															10/2029						174						155						—						174
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(j)						8.82%															10/2030						8,545						8,372						1.6						8,566
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(j)						8.84%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(j)						8.81%															10/2030						34						34						—						34
			Aptive Environmental, LLC^			One stop						SF +			4.75%			(i)						8.47%															10/2032						884						875						0.2						875
			Aptive Environmental, LLC(5)			One stop																		N/A(6)															10/2032						—						(1)						—						(1)
			Aptive Environmental, LLC			One stop																		N/A(6)															10/2032						—						—						—						—
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(j)						8.17%															05/2030						6						2						—						6
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(j)						8.17%															05/2030						136						135						—						136
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.23%															05/2030						10						10						—						10
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2030						523						517						0.1						523
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(j)						9.13%															07/2027						3,904						3,872						0.7						3,904
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(j)						9.12%															07/2027						2,956						2,931						0.6						2,956
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(j)						9.08%															07/2027						2,601						2,579						0.5						2,601
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(j)						9.24%															07/2027						141						140						—						141
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(j)						9.24%															07/2027						95						95						—						95
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(j)						9.24%															07/2027						93						91						—						93
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(j)						9.09%															07/2027						85						84						—						85
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(j)						9.09%															07/2027						61						61						—						61
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(j)						9.14%															07/2027						43						43						—						43
			COP Hometown Acquisitions, Inc.			Senior secured																		N/A(6)															07/2027						—						—						—						—
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(j)						9.19%															07/2027						50						49						—						50
			EMS LINQ, LLC			One stop						SF +			6.25%			(i)						10.07%															12/2027						523						521						0.1						518
			EMS LINQ, LLC			One stop						SF +			6.25%			(i)						10.07%															12/2027						27						27						—						26
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50%			(j)						9.32%															07/2029						355						352						0.1						355
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(j)						9.32%															07/2029						7						7						—						7
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(j)						9.32%															07/2029						103						102						—						103
			FPG Intermediate Holdco, LLC(25)			One stop						SF +			5.00%			(k)						8.70%			PIK												06/2029						43						43						—						43
			FPG Intermediate Holdco, LLC(25)			One stop						SF +			5.00%			(k)						8.70%			PIK												06/2029						74						74						—						74
			FPG Intermediate Holdco, LLC(25)			One stop						SF +			5.00%			(j)(k)						8.70%			PIK												06/2029						109						109						—						109
			FPG Intermediate Holdco, LLC(25)			Senior secured						SF +			5.00%			(k)						8.70%			PIK												06/2029						373						353						0.1						339
			FPG Intermediate Holdco, LLC(7)(25)			One stop						SF +			5.00%			(k)						8.70%			PIK												06/2029						149						125						—						125
			FSS Buyer LLC			One stop						SF +			4.50%			(i)						8.22%															08/2031						273						269						0.1						273
			FSS Buyer LLC			One stop																		N/A(6)															08/2030						—						—						—						—
			HS Spa Holdings, Inc.^			One stop						SF +			5.25%			(j)						9.07%															06/2029						426						422						0.1						426
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(a)(i)						8.97%															06/2028						14						13						—						14
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(j)						9.09%															06/2029						206						206						—						206
			Kodiak Buyer, LLC^			One stop						SF +			4.50%			(j)						8.17%															07/2032						491						489						0.1						491
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
			Litera Bidco, LLC			One stop																		N/A(6)															05/2028						—						—						—						—

See Notes to Consolidated Financial Statements

12

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Litera Bidco, LLC			One stop						SF +			5.00%			(i)						8.72%															05/2028						$	169					$	169					—			%			$	169
			Litera Bidco, LLC			One stop																		N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC^			One stop						SF +			5.00%			(i)						8.72%															05/2028						423						422						0.1						423
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(j)						9.84%															04/2029						409						405						0.1						392
			Mario Purchaser, LLC			One stop						SF +			5.75%			(j)						9.84%															04/2029						530						524						0.1						509
			Mario Purchaser, LLC(25)			One stop						N/A												14.84%			PIK												04/2032						307						304						0.1						301
			Mario Purchaser, LLC			One stop						SF +			5.75%			(j)						9.74%															04/2028						41						40						—						39
			Mario Purchaser, LLC			One stop						SF +			5.75%			(j)						9.84%															04/2029						69						68						—						66
			NSG Buyer, Inc. ^			One stop						SF +			5.00%			(j)						8.67%															11/2029						9,227						9,091						1.7						9,227
			NSG Buyer, Inc.			One stop						SF +			5.00%			(j)						8.67%															11/2028						78						65						—						78
			NSG Buyer, Inc.			One stop																		N/A(6)															11/2029						—						—						—						—
			RW AM Holdco LLC^(7)			One stop						SF +			5.25%			(j)						9.02%															04/2028						887						888						0.1						488
			RW AM Holdco LLC(5)(7)			One stop																		N/A(6)															04/2028						—						—						—						(27)
			Salisbury House, LLC			One stop						SF +			5.00%			(i)						8.72%															08/2032						15						15						—						15
			Salisbury House, LLC^			One stop						SF +			5.00%			(k)						8.73%															08/2032						749						745						0.1						749
			Salisbury House, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						—
			SCP CDH Buyer, Inc.^			One stop						SF +			4.50%			(j)						8.17%															12/2032						708						705						0.1						701
			SCP CDH Buyer, Inc.(5)			One stop																		N/A(6)															12/2032						—						—						—						(1)
			SCP CDH Buyer, Inc.(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(2)
			Severin Acquisition, LLC^(25)			One stop						SF +			4.75%			(i)						6.22%			cash/			2.25%			PIK						10/2031						3,179						3,154						0.6						3,147
			Severin Acquisition, LLC(5)			One stop																		N/A(6)															10/2031						—						(3)						—						(4)
			Severin Acquisition, LLC(25)			One stop						SF +			4.75%			(i)						6.22%			cash/			2.25%			PIK						10/2031						138						136						—						132
			Stellar Brands, LLC^			Senior secured						SF +			4.50%			(j)						8.17%															02/2031						672						668						0.1						672
			Stellar Brands, LLC			Senior secured																		N/A(6)															02/2031						—						—						—						—
			Virginia Green Acquisition, LLC			One stop																		N/A(6)															12/2030						—						—						—						—
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25%			(k)						8.86%															12/2030						8,966						8,902						1.6						8,921
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2029						—						(7)						—						(6)
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2030						—						(4)						—						(3)
																																													57,232						56,488						10.3						56,263
			Diversified Financial Services
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2030						—						(4)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75%			(i)						8.47%															06/2031						1,743						1,724						0.3						1,747
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.25%			(i)						7.97%															06/2031						475						473						0.1						475
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2031						—						(1)						—						—
			Banker's Toolbox, Inc.^			One stop						SF +			4.50%			(j)						8.17%															07/2029						1,724						1,710						0.3						1,724
			Banker's Toolbox, Inc.(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Banker's Toolbox, Inc.(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)(25)			Subordinated debt						E +			8.00%			(d)						10.08%			PIK												07/2032						120						110						—						120
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(20)			One stop						E +			4.75%			(d)						6.83%															07/2031						509						465						0.1						509
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)			One stop						E +			4.75%			(d)						6.85%															07/2031						72						65						—						72
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corsair Blade IV S.A R.L.(8)(9)(14)(25)			One stop						SN +			5.75%			(g)						9.22%			cash/			0.25%			PIK						12/2030						30						23						—						30
			Corsair Blade IV S.A R.L.(8)(14)(25)			One stop						SF +			5.75%			(j)						9.76%			cash/			0.25%			PIK						12/2030						92						92						—						92
			Deerfield Dakota Holding, LLC(5)			One stop																		N/A(6)															09/2032						—						(1)						—						—
			Deerfield Dakota Holding, LLC^(25)			One stop						SF +			5.75%			(j)						6.67%			cash/			2.75%			PIK						09/2032						922						913						0.2						922
			Equity Methods, LLC^			One stop						SF +			4.75%			(j)						8.42%															04/2032						1,847						1,838						0.3						1,847
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—

See Notes to Consolidated Financial Statements

13

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Finastra USA, Inc.^(8)(10)			One stop						SF +			7.25%			(j)						10.97%															09/2029						$	1,353					$	1,353					0.2			%			$	1,353
			Flash Topco, Inc.^			One stop						SF +			6.00%			(k)						9.70%															10/2028						318						317						0.1						312
			Flash Topco, Inc.			One stop						SF +			6.00%			(k)						9.95%															10/2028						917						914						0.2						899
			Flash Topco, Inc.			One stop						SF +			6.50%			(k)						10.20%															10/2028						78						77						—						77
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50%			(i)(j)						8.22%															06/2031						2,057						2,048						0.4						2,051
			Higginbotham Insurance Agency, Inc.			One stop																		N/A(6)															06/2031						—						—						—						—
			Higginbotham Insurance Agency, Inc.			One stop																		N/A(6)															06/2031						—						—						—						—
			Medlar Bidco Limited(8)(9)(21)			One stop						SN +			5.00%			(g)						8.72%															05/2032						2,042						2,001						0.4						2,042
			Medlar Bidco Limited(8)(9)(21)			One stop						E +			5.00%			(c)						6.99%															05/2032						2,537						2,427						0.5						2,537
			Medlar Bidco Limited(5)(8)(9)(21)			One stop																		N/A(6)															05/2032						—						(4)						—						—
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.49%															10/2028						26						26						—						26
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.49%															10/2028						116						116						—						116
			Wealth Enhancement Group, LLC			One stop																		N/A(6)															10/2028						—						—						—						—
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.49%															10/2028						252						252						—						252
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.49%															10/2028						350						350						0.1						350
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(j)						8.36%															10/2028						315						313						0.1						315
			Wealth Enhancement Group, LLC(5)			One stop																		N/A(6)															10/2028						—						(1)						—						—
																																													17,895						17,590						3.3						17,868
			Electric Utilities
			Smart Energy Systems, Inc.(25)			One stop						SF +			7.50%			(j)						7.74%			cash/			3.75%			PIK						01/2030						67						67						—						66
			Smart Energy Systems, Inc.^(25)			One stop						SF +			7.50%			(j)						7.74%			cash/			3.75%			PIK						01/2030						612						601						0.1						600
																																													679						668						0.1						666
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75%			(j)						8.42%															12/2030						173						170						—						172
			Power Grid Holdings, Inc.			One stop						P +			3.75%			(a)						10.50%															12/2030						6						5						—						5
			Wildcat TopCo, Inc.^			One stop						SF +			4.50%			(j)						8.32%															11/2031						1,856						1,840						0.4						1,856
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(3)						—						—
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(2)						—						—
																																													2,035						2,010						0.4						2,033
			Electronic Equipment, Instruments & Components
			CST Holding Company^			One stop						SF +			5.00%			(i)						8.82%															11/2028						2,192						2,131						0.4						2,192
			CST Holding Company(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
																																													2,192						2,130						0.4						2,192
			Food & Staples Retailing
			GMF Parent, Inc.			One stop																		N/A(6)															12/2032						—						—						—						—
			GMF Parent, Inc.^			One stop						SF +			4.50%			(j)						8.20%															12/2032						473						471						0.1						471
			GMF Parent, Inc.(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(1)
			GMF Parent, Inc.(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(1)
			Wineshipping.com LLC(25)			One stop						SF +			6.25%			(j)						4.82%			cash/			5.25%			PIK						12/2028						426						425						0.1						341
			Wineshipping.com LLC(25)			One stop						SF +			6.25%			(j)						4.82%			cash/			5.25%			PIK						12/2028						81						81						—						63
			Wineshipping.com LLC(25)			One stop						SF +			6.25%			(j)						4.82%			cash/			5.25%			PIK						12/2028						11						11						—						9
			Wineshipping.com LLC(5)			One stop																		N/A(6)															12/2028						—						—						—						(8)
																																													991						986						0.2						874
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00%			(j)						9.67%															10/2030						6,973						6,900						1.3						6,973
			Blast Bidco Inc.(5)			One stop																		N/A(6)															10/2029						—						(8)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00%			(k)						8.79%															08/2030						1,070						1,062						0.2						1,070
			Eagle Family Foods Group, LLC(5)			One stop																		N/A(6)															08/2030						—						(1)						—						—
			Louisiana Fish Fry Products, Ltd.			One stop						SF +			6.25%			(j)						10.07%															07/2027						543						542						0.1						543
			Louisiana Fish Fry Products, Ltd.			One stop						SF +			6.25%			(i)(j)						10.07%															07/2027						127						126						—						127
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						SN +			4.50%			(g)						8.22%															09/2032						705						696						0.1						705
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						A +			4.50%			(e)						8.23%															09/2032						156						152						—						156
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						E +			4.50%			(c)						6.52%															09/2032						152						150						—						152
			Wizard Bidco Limited^(8)(10)			One stop						SF +			6.00%			(j)						9.67%															03/2029						650						643						0.1						650

See Notes to Consolidated Financial Statements

14

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Wizard Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.25%			(g)						8.47%			cash/			1.50%			PIK						03/2029						$	421					$	409					0.1			%			$	421
			Wizard Bidco Limited^(8)(9)(10)			One stop						SN +			6.00%			(g)						9.72%															03/2029						240						217						0.1						240
			Wizard Bidco Limited(8)(9)(10)			One stop						SN +			4.75%			(g)						8.47%															09/2028						64						58						—						64
			Zullas, L.C.			One stop																		N/A(6)															06/2031						—						—						—						—
			Zullas, L.C.^			One stop						SF +			4.75%			(i)						8.47%															06/2031						350						349						0.1						350
			Zullas, L.C.			One stop						SF +			4.75%			(i)						8.47%															06/2031						57						56						—						57
																																													11,508						11,351						2.1						11,508
			Healthcare Equipment & Supplies
			Bayou Intermediate II, LLC			One stop																		N/A(6)															09/2032						—						—						—						—
			Bayou Intermediate II, LLC^			One stop						SF +			4.75%			(j)						8.42%															09/2032						705						702						0.1						705
			Bayou Intermediate II, LLC			One stop						SF +			4.75%			(i)(j)						8.43%															09/2032						76						75						—						76
			Belmont Instrument, LLC^			One stop						SF +			5.25%			(j)						8.92%															08/2028						1,846						1,826						0.3						1,846
			Belmont Instrument, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Blades Buyer, Inc.			Senior secured																		N/A(6)															03/2028						—						—						—						—
			Blades Buyer, Inc.(5)			Senior secured																		N/A(6)															03/2028						—						(3)						—						(6)
			CCSL Holdings, LLC			One stop						SF +			5.75%			(i)						9.47%															12/2028						77						76						—						77
			Centegix Intermediate II, LLC^(25)			One stop						SF +			6.00%			(j)						6.63%			cash/			3.25		%	PIK						08/2032						686						682						0.1						686
			Centegix Intermediate II, LLC			One stop						SF +			5.50%			(j)						9.31%															08/2032						68						67						—						68
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						—
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50%			(j)						9.32%															06/2031						3,636						3,608						0.7						3,636
			HuFriedy Group Acquisition, LLC(5)			One stop																		N/A(6)															05/2030						—						(3)						—						—
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(j)(k)						9.18%															06/2031						796						785						0.2						796
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(j)						9.26%															06/2031						110						108						—						110
			Isto Group, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Isto Group, Inc.^			One stop						SF +			4.75%			(j)						8.46%															09/2032						471						468						0.1						471
			Isto Group, Inc.(5)			One stop																		N/A(6)															09/2032						—						(1)						—						—
			RTI Surgical, Inc.(5)			One stop																		N/A(6)															09/2032						—						(1)						—						—
			RTI Surgical, Inc.^			One stop						SF +			4.75%			(i)						8.47%															09/2032						833						829						0.3						833
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50%			(i)						8.22%															12/2029						742						740						0.1						742
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.			One stop						SF +			4.50%			(i)						8.22%															12/2029						199						197						—						199
			YI, LLC^			One stop						SF +			5.75%			(i)						9.49%															12/2029						2,893						2,855						0.5						2,893
			YI, LLC(5)			One stop																		N/A(6)															12/2029						—						(7)						—						—
			ZimVie, Inc.			One stop						SF +			4.75%			(j)						8.42%															10/2032						40						39						—						39
			ZimVie, Inc.^			One stop						SF +			4.75%			(j)						8.42%															10/2032						750						746						0.1						746
			ZimVie, Inc.(5)			One stop																		N/A(6)															10/2032						—						(1)						—						(1)
																																													13,928						13,785						2.5						13,916
			Healthcare Providers & Services
			AAH TOPCO, LLC			One stop						SF +			5.25%			(i)						9.07%															12/2027						929						926						0.2						932
			AAH TOPCO, LLC			One stop						SF +			5.25%			(i)						9.07%															12/2027						330						328						0.1						330
			AAH TOPCO, LLC (25)			Subordinated debt						N/A												11.50%			PIK												12/2031						249						247						—						247
			AAH TOPCO, LLC			One stop																		N/A(6)															12/2027						—						—						—						—
			AAH TOPCO, LLC			One stop						SF +			5.25%			(i)						9.07%															12/2027						3,954						3,935						0.7						3,964
			AAH TOPCO, LLC			One stop						SF +			5.00%			(i)						8.82%															12/2027						229						226						—						229
			Active Day, Inc.^			One stop						SF +			5.00%			(i)						8.72%															05/2027						442						440						0.1						440
			Active Day, Inc.(5)			One stop																		N/A(6)															05/2027						—						(1)						—						(1)
			Active Day, Inc.			One stop						SF +			5.00%			(i)						8.72%															05/2027						151						150						—						150
			Bamboo US Bidco LLC^(9)			One stop						E +			5.00%			(c)						7.07%															09/2030						1,798						1,590						0.3						1,798
			Bamboo US Bidco LLC			One stop						SF +			5.00%			(i)(j)						8.83%															09/2030						121						120						—						121
			Bamboo US Bidco LLC			One stop						SF +			5.00%			(i)						8.79%															09/2030						101						101						—						101
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(j)						9.09%															09/2030						376						375						0.1						376
			Bamboo US Bidco LLC(5)			One stop																		N/A(6)															10/2029						—						(10)						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(j)						9.09%															09/2030						2,460						2,416						0.5						2,460

See Notes to Consolidated Financial Statements

15

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			4.75%			(j)						8.57%															11/2030						$	460					$	458					0.1			%			$	460
			Benefit Plan Administrators of Eau Claire, LLC			One stop																		N/A(6)															11/2030						—						—						—						—
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(1)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			4.75%			(j)						8.57%															11/2030						2,603						2,589						0.5						2,603
			BHG Holdings, LLC^			One stop						SF +			5.50%			(j)						9.34%															04/2032						3,890						3,859						0.7						3,890
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(4)						—						—
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(9)						—						—
			Community Care Partners, LLC^			One stop						SF +			6.00%			(i)						9.83%															06/2026						129						129						—						129
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															04/2031						1,550						1,422						0.3						1,550
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															04/2031						—						(3)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)			One stop						SF +			5.00%			(k)						8.73%															04/2031						2,484						2,446						0.5						2,484
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															10/2030						—						(6)						—						—
			ERC Topco Holdings, LLC(25)			One stop						SF +			6.76%			(j)						1.00%			cash/			9.76		%	PIK						03/2030						670						620						0.1						549
			ERC Topco Holdings, LLC			One stop						SF +			5.50%			(j)						9.46%															03/2030						117						111						—						117
			ERC Topco Holdings, LLC			One stop						SF +			5.50%			(j)						9.43%															03/2030						6						6						—						6
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.^(8)(9)(11)			One stop						CA +			5.00%			(l)						7.30%															09/2029						468						456						0.1						468
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(11)			One stop						CA +			5.00%			(l)						7.30%															09/2029						172						167						—						172
			Heartland Veterinary Partners LLC			Senior secured						SF +			4.75%			(k)						8.80%															06/2028						291						290						0.1						291
			Heartland Veterinary Partners LLC			Senior secured						SF +			4.75%			(k)						8.80%															06/2028						46						46						—						46
			Heartland Veterinary Partners LLC			Senior secured																		N/A(6)															06/2028						—						—						—						—
			HP TLE Buyer, Inc.^			One stop						SF +			4.75%			(j)						8.42%															07/2032						3,794						3,776						0.7						3,794
			HP TLE Buyer, Inc.(5)			One stop																		N/A(6)															07/2032						—						(4)						—						—
			LOV Acquisition LLC^			Senior secured						SF +			4.25%			(i)						7.97%															11/2031						2,371						2,361						0.4						2,371
			LOV Acquisition LLC(5)			Senior secured																		N/A(6)															11/2031						—						(1)						—						—
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.75%			(j)						9.57%															08/2029						14,207						14,076						2.6						14,065
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						2,939						2,912						0.5						2,844
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						679						676						0.1						657
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						125						124						—						121
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						123						117						—						119
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												14.75%			PIK												08/2030						71						70						—						71
			PPV Intermediate Holdings, LLC			One stop						SF +			5.75%			(j)						9.63%															08/2029						47						43						—						43
			PPV Intermediate Holdings, LLC			One stop						SF +			5.25%			(j)						9.07%															08/2029						20						19						—						19
			Premise Health Holding Corp.^			One stop						SF +			4.50%			(j)						8.17%															11/2032						6,429						6,341						1.2						6,365
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															11/2031						—						(10)						—						(8)
			Premise Health Holding Corp.^			One stop						SF +			4.50%			(j)						8.17%															11/2032						525						520						0.1						520
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															11/2032						—						(1)						—						(2)
			Suveto Buyer, LLC			One stop						SF +			4.50%			(i)						8.22%															09/2027						274						273						0.1						274
			Suveto Buyer, LLC^			One stop						SF +			4.50%			(i)						8.22%															09/2027						1,089						1,086						0.2						1,089
			Suveto Buyer, LLC			One stop						P +			3.50%			(a)						10.25%															09/2027						9						9						—						9
																																													56,728						55,806						10.3						56,263
			Healthcare Technology
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(j)						9.17%															05/2030						14						14						—						14
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(j)						9.17%															05/2030						19						18						—						19
			Amberfield Acquisition Co.^			One stop						SF +			5.50%			(j)						9.17%															05/2030						587						582						0.1						587
			Color Intermediate, LLC^			Senior secured						SF +			4.75%			(j)						8.52%															10/2029						1,042						1,031						0.2						1,042
			Crow River Buyer, Inc.^			One stop						SF +			6.00%			(j)						9.84%															01/2029						367						363						0.1						367
			Crow River Buyer, Inc.(5)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Crow River Buyer, Inc.^			One stop						SF +			6.00%			(i)						9.72%															01/2029						821						815						0.2						821
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75%			(j)						8.42%															12/2031						10,145						10,059						1.9						10,145

See Notes to Consolidated Financial Statements

16

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			GHX Ultimate Parent Corporation(5)			One stop																		N/A(6)															12/2031						$	—					$	(8)					—			%			$	—
			Healthmark Holdings, L.P.			One stop																		N/A(6)															07/2032						—						—						—						—
			Healthmark Holdings, L.P.^			One stop						SF +			4.50%			(j)						8.32%															07/2032						750						746						0.1						750
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50%			(j)						8.36%															07/2031						406						403						0.1						406
			Kona Buyer, LLC			One stop						SF +			4.50%			(j)						8.36%															07/2031						24						24						—						24
			Kona Buyer, LLC			One stop						SF +			4.50%			(j)						8.36%															07/2031						7						7						—						7
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75%			(g)						9.47%															02/2031						2,072						1,919						0.4						2,072
			Lacker Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(5)						—						—
			Lacker Bidco Limited(8)(9)(10)			One stop						SN +			5.75%			(g)						9.47%															02/2031						2,763						2,701						0.5						2,763
			Lacker Bidco Limited(8)(9)(10)			One stop						SN +			5.50%			(g)						9.22%															02/2031						48						48						—						40
			Modernizing Medicine, Inc.^(25)			One stop						SF +			4.75%			(j)						6.17%			cash/			2.25%			PIK						04/2032						6,513						6,455						1.2						6,513
			Modernizing Medicine, Inc.(5)			One stop																		N/A(6)															04/2032						—						(5)						—						—
			Neptune Holdings, Inc.^			One stop						SF +			4.50%			(j)						8.17%															09/2030						2,576						2,539						0.5						2,576
			Neptune Holdings, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.^(25)			One stop						SF +			5.20%			(i)						6.22%			cash/			2.70%			PIK						08/2031						7,076						7,024						1.3						7,076
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						—
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						—
			Netsmart Technologies, Inc.^(25)			One stop						SF +			5.20%			(i)						6.22%			cash/			2.70%			PIK						08/2031						169						169						—						169
			Plasma Buyer LLC^(7)(25)			One stop						SF +			5.75%			(j)						9.42%			PIK												05/2029						315						296						—						258
			Plasma Buyer LLC(7)(25)			One stop						SF +			5.75%			(j)						9.42%			PIK												05/2028						36						34						—						29
			Plasma Buyer LLC(7)(25)			One stop						SF +			5.75%			(j)						9.42%			PIK												05/2029						12						11						—						10
			QF Holdings, Inc.			One stop																		N/A(6)															12/2032						—						—						—						—
			QF Holdings, Inc.^			One stop						SF +			4.50%			(j)						8.19%															12/2032						743						741						0.1						740
			QF Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						—						—						(1)
			Signant Finance One Limited(5)			One stop																		N/A(6)															10/2031						—						(1)						—						(1)
			Signant Finance One Limited^(25)			One stop						SF +			4.75%			(j)						8.42%			PIK												10/2031						754						746						0.1						746
			Signant Finance One Limited(5)			One stop																		N/A(6)															10/2031						—						(1)						—						(2)
																																													37,259						36,713						6.8						37,170
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC^			One stop						SF +			6.00%			(j)(k)						9.82%															08/2028						811						807						—						811
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(k)						9.95%															08/2028						41						41						—						41
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(j)(k)						9.94%															08/2028						92						91						—						92
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(j)						9.82%															08/2028						76						72						—						76
			CB Sports Holdings Bidco, LLC			One stop																		N/A(6)															12/2032						—						—						—						—
			CB Sports Holdings Bidco, LLC^			One stop						SF +			4.50%			(j)						8.20%															12/2032						295						294						0.1						294
			CB Sports Holdings Bidco, LLC(5)			One stop																		N/A(6)															12/2032						—						(1)						—						(1)
			CB Sports Holdings Bidco, LLC(5)			One stop																		N/A(6)															12/2032						—						—						—						(1)
			CR Fitness Holdings, LLC			Senior secured						SF +			4.25%			(j)						7.92%															10/2031						16						16						—						16
			CR Fitness Holdings, LLC^			Senior secured						SF +			4.25%			(j)						7.92%															10/2032						750						748						0.1						748
			CR Fitness Holdings, LLC			Senior secured																		N/A(6)															10/2032						—						—						—						—
			Crumbl Enterprises, LLC(5)			One stop																		N/A(6)															05/2032						—						(2)						—						—
			Crumbl Enterprises, LLC^			One stop						SF +			4.50%			(j)						8.17%															05/2032						4,351						4,332						0.8						4,351
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						168						167						—						168
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						106						106						—						106
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						2,058						2,033						0.4						2,058
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						311						307						0.1						311
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						70						69						—						70
			ESN Venture Holdings, LLC(5)			One stop																		N/A(6)															10/2029						—						(2)						—						—

See Notes to Consolidated Financial Statements

17

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						10/2029						$	143					$	141					—			%			$	143
			ESN Venture Holdings, LLC(5)(25)			One stop																		N/A(6)															10/2029						—						(1)						—						—
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(j)						6.54%			cash/			3.38%			PIK						10/2029						352						349						0.1						352
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.25%			(j)						6.69%			cash/			3.38%			PIK						10/2029						267						266						—						267
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00%			(j)						9.87%															11/2027						1,231						1,219						0.2						1,231
			GFP Atlantic Holdco 2, LLC			One stop						SF +			6.00%			(j)						9.85%															11/2027						920						899						0.2						920
			Harri US LLC(25)			One stop						SF +			7.25%			(j)						6.32%			cash/			4.75%			PIK						08/2028						53						52						—						51
			Harri US LLC(25)			One stop						SF +			7.25%			(j)						6.32%			cash/			4.75%			PIK						08/2028						36						36						—						34
			Harri US LLC(25)			One stop						SF +			7.25%			(j)						6.32%			cash/			4.75%			PIK						08/2028						35						35						—						33
			Harri US LLC(5)			One stop																		N/A(6)															08/2028						—						—						—						(1)
			Harri US LLC^(25)			One stop						SF +			7.25%			(j)						6.32%			cash/			4.75%			PIK						08/2028						325						306						0.1						312
			Harri US LLC			One stop						N/A												14.00%															08/2028						892						881						0.2						892
			Health Buyer, LLC			Senior secured						SF +			4.75%			(i)						8.48%															04/2030						12						11						—						12
			Health Buyer, LLC(5)			Senior secured																		N/A(6)															04/2030						—						(1)						—						—
			Health Buyer, LLC^			Senior secured						SF +			4.75%			(j)						8.42%															04/2030						296						292						0.1						296
			Olo Parent, Inc.^			One stop						SF +			4.50%			(j)						8.32%															09/2032						1,039						1,037						0.2						1,039
			Olo Parent, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Patriot Acquireco, LLC			One stop						SF +			4.50%			(j)						8.18%															09/2032						18						18						—						18
			Patriot Acquireco, LLC^			One stop						SF +			4.50%			(j)						8.17%															09/2032						907						902						0.2						907
			PB Group Holdings, LLC^(25)			One stop						SF +			5.50%			(i)						6.47%			cash/			2.75%			PIK						08/2030						3,342						3,330						0.6						3,342
			PB Group Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															08/2030						162						161						—						162
			QSR Acquisition Co.^			One stop						SF +			4.25%			(i)						7.97%															06/2032						5,326						5,307						1.0						5,326
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(4)						—						—
			Rooster BidCo Limited(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															03/2032						11						10						—						11
			Rooster BidCo Limited(5)(8)(9)(10)			One stop																		N/A(6)															03/2032						—						(2)						—						—
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															03/2032						465						442						0.1						465
			Saguaro Buyer, LLC			One stop																		N/A(6)															07/2032						—						—						—						—
			Saguaro Buyer, LLC^			One stop						SF +			4.50%			(j)						8.17%															07/2032						319						317						0.1						319
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(j)						8.34%															07/2032						174						173						—						174
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(j)						8.17%															07/2032						43						42						—						43
			SDC Holdco, LLC			One stop																		N/A(6)															07/2032						—						—						—						—
			SDC Holdco, LLC^			One stop						SF +			4.38%			(i)						8.10%															07/2032						894						890						0.2						894
			SSRG Holdings, LLC(5)			One stop																		N/A(6)															11/2029						—						(1)						—						—
			SSRG Holdings, LLC^			One stop						SF +			4.75%			(j)						8.42%															11/2029						541						538						0.1						541
			YE Brands Holding, LLC^			One stop						SF +			4.75%			(j)						8.42%															10/2027						2,910						2,895						0.5						2,910
			YE Brands Holding, LLC			One stop						SF +			4.75%			(j)						8.42%															10/2027						12						12						—						12
			YE Brands Holding, LLC			One stop						SF +			4.75%			(j)						8.42%															10/2027						418						415						0.1						418
																																													30,288						30,043						5.5						30,263
			Household Durables
			TLB Holdings I, LLC(5)			One stop																		N/A(6)															10/2031						—						(1)						—						(1)
			TLB Holdings I, LLC^			One stop						SF +			4.75%			(j)						8.62%															10/2031						445						442						0.1						442
			TLB Holdings I, LLC(5)			One stop																		N/A(6)															10/2031						—						(1)						—						(1)
																																													445						440						0.1						440
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															04/2032						891						887						0.2						891
			WU Holdco, Inc.			One stop						SF +			4.75%			(j)						8.44%															04/2032						6						5						—						6
			WU Holdco, Inc.			One stop																		N/A(6)															04/2032						—						—						—						—
																																													897						892						0.2						897
			Industrial Conglomerates
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(j)						8.42%															07/2029						215						213						—						215
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.69%															07/2029						283						279						0.2						283
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.42%															07/2029						54						54						—						54
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(j)						8.42%															07/2029						28						28						—						28

See Notes to Consolidated Financial Statements

18

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.42%															07/2029						$	33					$	33					—			%			$	33
			Dwyer Instruments, Inc.(5)(9)			One stop																		N/A(6)															07/2029						—						(3)						—						—
			Dwyer Instruments, Inc.^(9)			One stop						E +			5.00%			(c)						7.02%															07/2029						4,885						4,351						0.9						4,885
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(j)						8.42%															07/2029						1,679						1,664						0.3						1,679
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(j)						8.42%															07/2029						387						384						0.1						387
			Essential Services Holdings Corporation^			One stop						SF +			5.00%			(j)						8.88%															06/2031						3,421						3,395						0.6						3,387
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(j)						8.88%															06/2030						168						165						—						165
			Essential Services Holdings Corporation(5)			One stop																		N/A(6)															06/2031						—						(3)						—						(7)
			Excelitas Technologies Corp.^			One stop						SF +			5.25%			(i)						8.97%															08/2029						644						636						0.1						644
			Excelitas Technologies Corp.^(9)			One stop						E +			5.25%			(b)						7.15%															08/2029						128						111						—						128
			Excelitas Technologies Corp.			One stop																		N/A(6)															08/2028						—						—						—						—
			Excelitas Technologies Corp.(5)			One stop																		N/A(6)															08/2029						—						(4)						—						—
																																													11,925						11,303						2.2						11,881
			Insurance
			AMBA Buyer, Inc.			One stop						SF +			5.25%			(j)						9.02%															07/2027						177						177						—						177
			AMBA Buyer, Inc.			One stop						SF +			5.25%			(j)						9.02%															07/2027						53						53						—						53
			AMBA Buyer, Inc.^			One stop						SF +			5.25%			(j)						9.02%															07/2027						50						49						—						50
			AMBA Buyer, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
			AMBA Buyer, Inc.			One stop						SF +			5.25%			(j)						9.02%															07/2027						19						19						—						19
			Bellwether Buyer, LLC			One stop																		N/A(6)															04/2032						—						—						—						—
			Bellwether Buyer, LLC^			One stop						SF +			4.50%			(i)						8.23%															04/2032						463						461						0.1						463
			Bellwether Buyer, LLC(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(j)						9.34%															03/2028						851						842						0.2						851
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(j)						9.29%															03/2028						572						572						0.1						572
			Ben Nevis Midco Limited(8)(10)			One stop						SF +			5.50%			(j)						9.34%															03/2028						147						146						—						147
			Ben Nevis Midco Limited(8)(10)			One stop						SF +			5.50%			(j)						9.34%															03/2028						704						695						0.1						704
			Captive Resources Midco, LLC^			One stop						SF +			4.50%			(i)						8.22%															07/2029						5,335						5,291						1.0						5,335
			Captive Resources Midco, LLC(5)			One stop																		N/A(6)															07/2028						—						(1)						—						—
			Doxa Insurance Holdings LLC^			One stop						SF +			4.50%			(j)						8.17%															12/2030						4,902						4,842						0.9						4,902
			Doxa Insurance Holdings LLC			One stop						SF +			4.50%			(j)						8.17%															12/2029						128						122						—						128
			Doxa Insurance Holdings LLC			One stop						SF +			4.50%			(j)						8.17%															12/2030						4,663						4,630						0.9						4,663
			Doxa Insurance Holdings LLC			One stop						SF +			4.50%			(j)						8.34%															12/2030						23						23						—						23
			Gimlet Bidco GMBH^(8)(9)(19)			One stop						E +			5.75%			(c)						7.82%															04/2031						3,831						3,422						0.7						3,831
			Gimlet Bidco GMBH(8)(9)(19)			One stop						E +			5.75%			(b)(c)						7.82%															04/2031						1,495						1,395						0.3						1,495
			Gimlet Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															04/2031						—						(3)						—						—
			Huskies Parent, Inc.^			One stop						SF +			6.00%			(i)						9.82%															11/2029						384						380						0.1						376
			Illumifin Corporation			One stop						SF +			6.00%			(j)						10.13%															09/2027						184						183						—						177
			Integrity Marketing Acquisition, LLC			One stop						SF +			5.00%			(j)						8.82%															08/2028						4,300						4,274						0.8						4,300
			Integrity Marketing Acquisition, LLC			One stop																		N/A(6)															08/2028						—						—						—						—
			Integrity Marketing Acquisition, LLC			One stop																		N/A(6)															08/2028						—						—						—						—
			Koala Investment Holdings, Inc.^			One stop						SF +			4.50%			(j)						8.17%															08/2032						782						778						0.1						782
			Koala Investment Holdings, Inc.			One stop																		N/A(6)															08/2032						—						—						—						—
			Koala Investment Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(1)						—						—
			MRH Trowe Germany GMBH(8)(9)(19)			One stop																		N/A(6)															11/2031						—						—						—						—
			MRH Trowe Germany GMBH^(8)(9)(19)			One stop						E +			5.00%			(d)						7.11%															05/2032						574						545						0.1						574
			MRH Trowe Germany GMBH(8)(9)(19)			One stop						E +			5.00%			(c)						7.03%															05/2032						89						88						—						89
			Oakbridge Insurance Agency LLC			One stop						SF +			5.00%			(i)						8.72%															11/2029						297						291						0.1						295
			Oakbridge Insurance Agency LLC^			One stop						SF +			4.75%			(i)						8.47%															11/2029						3,117						3,089						0.6						3,086
			Oakbridge Insurance Agency LLC			One stop						SF +			4.75%			(i)						8.48%															11/2029						173						169						—						168
			Oakbridge Insurance Agency LLC			One stop						SF +			4.75%			(i)						8.47%															11/2029						1,505						1,492						0.3						1,490
			Oakbridge Insurance Agency LLC(5)			One stop																		N/A(6)															11/2029						—						(3)						—						(6)
			Pareto Health Intermediate Holdings, Inc.^			One stop						SF +			4.75%			(k)						8.35%															06/2030						6,905						6,834						1.3						6,905
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2030						—						(5)						—						—

See Notes to Consolidated Financial Statements

19

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Patriot Growth Insurance Services, LLC			One stop						SF +			5.00%			(j)						8.67%															10/2028						$	9,989					$	9,909					1.8			%			$	9,989
			Patriot Growth Insurance Services, LLC^			One stop						SF +			5.00%			(j)						8.82%															10/2028						656						639						0.1						656
			Patriot Growth Insurance Services, LLC			One stop						SF +			5.00%			(j)						8.82%															10/2028						136						135						—						136
			Patriot Growth Insurance Services, LLC(5)			One stop																		N/A(6)															10/2028						—						(1)						—						—
			Wasabi Lower Holdco, LLC(5)			Senior secured																		N/A(6)															06/2032						—						(1)						—						—
			Wasabi Lower Holdco, LLC			Senior secured						SF +			4.50%			(i)						8.22%															06/2032						240						237						—						240
			World Insurance Associates, LLC			One stop																		N/A(6)															04/2030						—						—						—						—
			World Insurance Associates, LLC			One stop						SF +			5.00%			(j)						8.68%															04/2030						421						420						0.1						421
																																													53,165						52,185						9.7						53,091
			IT Services
			CivicPlus, LLC(25)			One stop						SF +			11.75%			(j)						15.42%			PIK												06/2034						131						130						—						131
			CivicPlus, LLC(5)			One stop																		N/A(6)															08/2030						—						(1)						—						—
			CivicPlus, LLC^(25)			One stop						SF +			6.00%			(j)						7.07%			cash/			2.75%			PIK						08/2030						1,198						1,189						0.2						1,198
			CivicPlus, LLC			One stop						SF +			5.50%			(j)						9.20%															08/2030						204						202						—						204
			CivicPlus, LLC(5)			One stop																		N/A(6)															08/2030						—						(3)						—						—
			ContractPod Technologies, Ltd.^(8)(10)(25)			One stop						SF +			6.50%			(j)						6.92%			cash/			3.25%			PIK						07/2030						299						298						0.2						299
			ContractPod Technologies, Ltd.(8)(10)(25)			One stop						SF +			6.50%			(j)						7.09%			cash/			3.25%			PIK						07/2030						74						73						—						74
			ContractPod Technologies, Ltd.(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(1)						—						—
			Critical Start, Inc.^(25)			One stop						SF +			6.76%			(j)						6.99%			cash/			3.63%			PIK						05/2028						206						205						—						204
			Critical Start, Inc.^(25)			One stop						SF +			6.76%			(j)						6.99%			cash/			3.63%			PIK						05/2028						112						111						—						111
			Critical Start, Inc.			One stop						P +			5.25%			(a)						12.00%															05/2028						8						8						—						8
			Goldcup 31018 AB(8)(9)(16)(25)			One stop						E +			6.50%			(d)						8.61%			PIK												07/2029						985						851						0.2						943
			Goldcup 31018 AB(8)(9)(16)(25)			One stop						E +			6.50%			(d)						8.61%			PIK												07/2029						92						82						—						88
			Goldcup 31018 AB(8)(9)(16)			One stop						E +			6.25%			(d)						8.36%															01/2029						29						25						—						25
			Kentik Technologies, Inc.(25)			One stop						SF +			8.00%			(j)						7.70%			cash/			4.00%			PIK						11/2029						51						50						—						49
			Kentik Technologies, Inc.(25)			One stop						SF +			8.00%			(j)						7.70%			cash/			4.00%			PIK						11/2029						57						54						—						55
			Kentik Technologies, Inc.(25)			One stop						SF +			8.00%			(j)						7.70%			cash/			4.00%			PIK						11/2029						20						17						—						19
			Kentik Technologies, Inc.(25)			One stop						SF +			8.00%			(i)						7.73%			cash/			4.00%			PIK						11/2029						8						7						—						6
			Netwrix Corporation			One stop						SF +			4.50%			(j)						8.32%															06/2029						615						611						0.1						615
			Netwrix Corporation^			One stop						SF +			4.50%			(j)						8.32%															06/2029						4,341						4,326						0.8						4,341
			Netwrix Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			4.50%			(j)						8.32%															06/2029						266						253						0.1						266
			PDQ.com Corporation			One stop																		N/A(6)															10/2032						—						—						—						—
			PDQ.com Corporation^			One stop						SF +			4.75%			(j)						8.42%															10/2032						506						505						0.1						503
			PDQ.com Corporation(5)			One stop																		N/A(6)															10/2032						—						(1)						—						(1)
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(4)						—						—
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(2)						—						—
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00%			(j)						6.59%			cash/			3.25%			PIK						04/2031						8,341						8,293						1.5						8,341
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00%			(j)						6.59%			cash/			3.25%			PIK						04/2031						51						51						—						51
			WPEngine, Inc.^			One stop						SF +			5.75%			(j)						9.45%															08/2029						443						438						0.1						443
			WPEngine, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(j)						10.32%															07/2027						430						430						0.1						430
			Zarya Holdco, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(j)						10.32%															07/2027						171						169						—						171
																																													18,638						18,365						3.4						18,574
			Leisure Products
			Crunch Holdings, LLC^			One stop						SF +			4.50%			(i)						8.22%															09/2031						6,161						6,147						1.1						6,161
			Crunch Holdings, LLC(5)			One stop																		N/A(6)															09/2031						—						(2)						—						—
			Movement Holdings, LLC^(8)(10)			One stop						SF +			5.50%			(j)						9.32%															03/2030						2,389						2,372						0.5						2,389
			Movement Holdings, LLC(8)(10)			One stop						SF +			5.50%			(j)						9.32%															03/2030						81						78						—						81
			Movement Holdings, LLC(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(11)						—						—
																																													8,631						8,584						1.6						8,631
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.89%															11/2029						6,215						6,109						1.1						6,184

See Notes to Consolidated Financial Statements

20

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2028						$	—					$	(1)					—			%			$	—
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.89%															11/2029						842						835						0.3						838
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.69%															11/2029						1,000						995						0.2						995
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50%			(i)						8.22%															09/2032						746						744						0.1						744
			Diamondback Acquisition, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Diamondback Acquisition, Inc.			One stop						SF +			4.50%			(i)						8.22%															09/2032						19						19						—						19
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2032						—						(2)						—						—
			PAS Parent Inc.^			One stop						SF +			4.50%			(i)						8.22%															08/2032						3,195						3,148						0.6						3,195
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2031						—						(4)						—						—
			Reaction Biology Corporation(25)			One stop						SF +			4.75%			(j)						8.42%			PIK												03/2029						205						205						—						170
			Reaction Biology Corporation(25)			One stop						SF +			4.75%			(j)						8.42%			PIK												03/2029						73						73						—						73
			Unchained Labs, LLC			Senior secured						SF +			5.50%			(i)						9.27%															08/2027						55						55						—						54
			Unchained Labs, LLC			Senior secured						SF +			5.50%			(i)						9.27%															08/2027						47						47						—						46
			Unchained Labs, LLC(5)			Senior secured																		N/A(6)															08/2027						—						—						—						(1)
																																													12,397						12,223						2.3						12,317
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.50%			(i)						8.22%															08/2031						930						923						0.2						921
			AI Titan Parent, Inc.			One stop						SF +			4.50%			(i)						8.32%															08/2031						42						41						—						40
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						—						(1)						—						(1)
			Blackbird Purchaser, Inc.^			One stop						SF +			5.75%			(j)						9.42%															12/2030						9,110						9,052						1.7						9,110
			Blackbird Purchaser, Inc.(5)			One stop																		N/A(6)															12/2030						—						(5)						—						—
			Blackbird Purchaser, Inc.			One stop						SF +			5.75%			(i)(j)						9.43%															12/2029						769						762						0.1						769
			Thermogenics, Inc.(8)(11)			One stop						SF +			4.25%			(j)						7.92%															06/2032						85						84						—						85
			Thermogenics, Inc.(8)(11)			One stop																		N/A(6)															06/2032						—						—						—						—
			Thermogenics, Inc.^(8)(11)			One stop						SF +			4.25%			(j)						7.92%															06/2032						144						143						—						144
			Thermogenics, Inc.(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25%			(m)						6.51%															06/2032						112						112						—						112
			Thermogenics, Inc.(8)(9)(11)			One stop						CA +			4.25%			(m)						6.51%															06/2032						12						11						—						11
																																													11,204						11,120						2.0						11,191
			Marine
			Project Nike Purchaser, LLC^			One stop						SF +			5.25%			(j)						8.92%															04/2029						4,311						4,291						0.8						4,268
			Project Nike Purchaser, LLC^			One stop						SF +			5.25%			(j)						8.92%															04/2029						97						97						—						96
			Project Nike Purchaser, LLC(5)			One stop																		N/A(6)															04/2029						—						(1)						—						(2)
																																													4,408						4,387						0.8						4,362
			Media
			Lotus Topco, Inc.			One stop																		N/A(6)															06/2030						—						—						—						—
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															06/2030						406						403						0.1						406
			Lotus Topco, Inc.			One stop						SF +			4.75%			(j)						8.42%															06/2030						51						50						—						51
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															06/2030						517						513						0.1						517
			Shout! Factory, LLC^			One stop						SF +			5.25%			(j)						8.92%															06/2031						1,166						1,158						0.2						1,166
			Shout! Factory, LLC			One stop						SF +			5.25%			(j)						8.93%															06/2031						17						16						—						17
																																													2,157						2,140						0.4						2,157
			Oil, Gas & Consumable Fuels
			Edition Holdings, Inc.^			One stop						SF +			4.50%			(j)						8.20%															12/2032						527						525						0.1						525
			Edition Holdings, Inc.			One stop																		N/A(6)															12/2032						—						—						—						—
			Edition Holdings, Inc.(5)			One stop																		N/A(6)															12/2032						—						—						—						(1)
			Edition Holdings, Inc.			One stop																		N/A(6)															12/2032						—						—						—						—
																																													527						525						0.1						524
			Paper & Forest Products
			Messenger, LLC^			One stop						SF +			5.00%			(j)						8.82%															12/2027						548						546						0.1						548
			Messenger, LLC^			One stop						SF +			5.00%			(j)						8.82%															12/2027						166						165						—						166
			Messenger, LLC			One stop						SF +			5.00%			(j)						8.82%															12/2027						83						83						—						83
			Messenger, LLC			One stop																		N/A(6)															12/2027						—						—						—						—
			Messenger, LLC(5)(9)			One stop																		N/A(6)															12/2027						—						(1)						—						—

See Notes to Consolidated Financial Statements

21

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Messenger, LLC^(9)			One stop						SN +			5.00%			(g)						8.72%															12/2027						$	1,004					$	926					0.2			%			$	1,004
			Messenger, LLC^			One stop						SF +			5.00%			(j)						8.82%															12/2027						559						556						0.1						559
																																													2,360						2,275						0.4						2,360
			Pharmaceuticals
			ACP Ulysses Buyer, Inc.^			One stop						SF +			4.75%			(j)						8.42%															02/2030						226						217						—						226
			Caerus Midco 3 S.A.R.L.^(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						771						763						0.2						771
			Caerus Midco 3 S.A.R.L.^(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						138						136						—						138
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						118						117						—						118
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(i)						8.73%															05/2029						78						77						—						78
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(j)						8.67%															05/2029						20						20						—						20
			Cobalt Buyer Sub, Inc.			One stop						SF +			5.75%			(j)						9.57%															10/2028						582						577						0.1						559
			Cobalt Buyer Sub, Inc.			One stop						SF +			5.75%			(j)						9.57%															10/2028						195						194						—						187
			Cobalt Buyer Sub, Inc.^			One stop						SF +			5.75%			(j)						9.57%															10/2028						163						160						—						156
			Cobalt Buyer Sub, Inc.			One stop						SF +			5.75%			(j)						9.59%															10/2027						88						87						—						84
			Cobalt Buyer Sub, Inc.^			One stop						SF +			5.75%			(j)						9.57%															10/2028						246						244						0.1						236
			Cobalt Buyer Sub, Inc.(5)			One stop																		N/A(6)															10/2028						—						(2)						—						—
			Creek Parent, Inc.^			One stop						SF +			5.00%			(i)						8.73%															12/2031						7,115						7,009						1.3						7,115
			Creek Parent, Inc.(5)			One stop																		N/A(6)															12/2031						—						(14)						—						—
			Spark Bidco Limited(8)(9)(10)(25)			Senior secured						SN +			4.88%			(g)						7.47%			cash/			1.13%			PIK						08/2028						1,547						1,570						0.3						1,458
			Spark Bidco Limited^(8)(9)(10)			Senior secured						SN +			6.00%			(g)						9.72%															08/2028						667						596						0.1						647
			Spark Bidco Limited(8)(10)			Senior secured						SF +			6.00%			(j)						9.67%															08/2028						475						471						0.1						461
			Spark Bidco Limited(8)(9)(10)(25)			Senior secured						SN +			4.88%			(g)						7.47%			cash/			1.13%			PIK						08/2028						188						158						—						177
			Spark Bidco Limited(8)(9)(10)(25)			Senior secured						SN +			4.88%			(g)						7.47%			cash/			1.13%			PIK						08/2028						164						148						—						155
			Spark Bidco Limited(8)(9)(10)			Senior secured						SN +			3.75%			(g)						7.47%															02/2028						101						101						—						96
																																													12,882						12,629						2.2						12,682
			Professional Services
			ALKU Intermediate Holdings, LLC^			One stop						SF +			6.25%			(j)						9.92%															05/2029						542						537						0.1						531
			ALKU Intermediate Holdings, LLC^			One stop						SF +			5.50%			(j)						9.17%															05/2029						60						59						—						57
			bswift, LLC^			One stop						SF +			4.75%			(j)						8.66%															11/2028						456						449						0.1						453
			bswift, LLC^			One stop						SF +			4.75%			(j)						8.69%															11/2028						2,595						2,585						0.5						2,581
			bswift, LLC			One stop						SF +			4.75%			(i)						8.57%															11/2028						370						368						0.1						368
			Denali Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(1)						—						—
			Denali Intermediate Holdings, Inc.^			One stop						SF +			5.50%			(i)						9.23%															08/2032						909						900						0.2						909
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(j)						8.99%															09/2028						322						319						0.1						322
			DISA Holdings Corp.(25)			Subordinated debt						SF +			8.50%			(j)						10.38%			cash/			2.00%			PIK						03/2029						53						52						—						53
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(j)						8.99%															09/2028						36						36						—						36
			DISA Holdings Corp.			One stop						SF +			5.00%			(j)						8.99%															09/2028						45						45						—						45
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(j)						8.98%															09/2028						46						44						—						46
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(j)						8.99%															09/2028						488						483						0.1						488
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(j)						8.98%															09/2028						358						355						0.1						358
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(5)						—						—
			Eclipse Buyer, Inc.^			One stop						SF +			4.50%			(i)						8.25%															09/2031						1,264						1,254						0.2						1,264
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(1)						—						—
			Eliassen Group, LLC^			One stop						SF +			5.75%			(j)						9.42%															04/2028						73						73						—						70
			Eliassen Group, LLC			One stop						SF +			5.75%			(j)						9.42%															04/2028						15						15						—						14
			IG Investments Holdings, LLC^			One stop						SF +			5.00%			(j)						8.84%															09/2028						677						670						0.1						677
			IG Investments Holdings, LLC			One stop																		N/A(6)															09/2028						—						—						—						—
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00%			(j)						6.34%			cash/			3.50%			PIK						11/2030						3,219						3,211						0.6						2,962
			NBG Acquisition Corp. and NBG-P Acquisition Corp.(25)			One stop						SF +			6.00%			(j)						6.18%			cash/			3.50%			PIK						11/2030						161						160						—						142
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00%			(j)						6.17%			cash/			3.50%			PIK						11/2030						236						235						—						217
			Procure Acquireco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															12/2028						930						926						0.2						930
			Procure Acquireco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															12/2028						131						130						—						131

See Notes to Consolidated Financial Statements

22

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Procure Acquireco, Inc.			One stop																		N/A(6)															12/2028						$	—					$	—					—			%			$	—
			Procure Acquireco, Inc.(5)			One stop																		N/A(6)															12/2028						—						(2)						—						—
			Procure Acquireco, Inc.			One stop						SF +			4.75%			(j)						8.42%															12/2028						138						137						—						138
			Varicent Intermediate Holdings Corporation(8)(11)(25)			One stop						SF +			6.26%			(j)						6.55%			cash/			3.38%			PIK						08/2031						173						172						—						172
			Varicent Intermediate Holdings Corporation(8)(11)			One stop																		N/A(6)															08/2031						—						—						—						—
			Varicent Intermediate Holdings Corporation^(8)(11)(25)			One stop						SF +			6.26%			(j)						6.54%			cash/			3.38%			PIK						08/2031						5,570						5,507						1.0						5,542
			Varicent Intermediate Holdings Corporation(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(8)						—						(4)
			Varicent Intermediate Holdings Corporation(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(5)						—						(4)
																																													18,867						18,700						3.4						18,498
			Software
			Anaplan, Inc.^			One stop						SF +			4.50%			(j)						8.32%															06/2029						8,682						8,638						1.6						8,682
			Anaplan, Inc.			One stop																		N/A(6)															06/2028						—						—						—						—
			Armstrong Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(g)						8.97%															06/2029						689						615						0.1						689
			Armstrong Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(g)						8.97%															06/2029						360						312						0.1						360
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(j)						8.67%															07/2030						2,007						1,974						0.4						2,007
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(j)						8.67%															07/2030						127						127						—						127
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(j)						8.67%															07/2030						132						131						—						132
			Artifact Bidco, Inc.			One stop																		N/A(6)															05/2031						—						—						—						—
			Artifact Bidco, Inc.			One stop																		N/A(6)															05/2030						—						—						—						—
			Artifact Bidco, Inc.			One stop																		N/A(6)															05/2030						—						—						—						—
			Artifact Bidco, Inc.^			One stop						SF +			4.15%			(j)						7.82%															05/2031						453						449						0.1						453
			Auvik Networks Inc.^(8)(11)(25)			One stop						SF +			6.25%			(j)						6.84%			cash/			3.25%			PIK						07/2027						446						445						0.1						446
			Auvik Networks Inc.^(8)(11)(25)			One stop						SF +			6.25%			(j)						6.84%			cash/			3.25%			PIK						07/2027						94						93						—						94
			Auvik Networks Inc.(8)(11)			One stop																		N/A(6)															07/2027						—						—						—						—
			Auvik Networks Inc.^(8)(11)(25)			One stop						SF +			6.25%			(j)						6.84%			cash/			3.25%			PIK						07/2027						75						75						—						75
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(i)						9.72%															03/2031						839						830						0.2						839
			Azurite Intermediate Holdings, Inc.			One stop						SF +			6.00%			(i)						9.72%															03/2031						1,907						1,885						0.3						1,907
			Azurite Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															03/2031						—						(3)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Baxter Planning Systems, LLC^(25)			One stop						SF +			6.26%			(j)						6.72%			cash/			3.38%			PIK						05/2031						1,288						1,281						0.2						1,288
			Bayshore Intermediate #2, L.P.			One stop						SF +			5.00%			(j)						8.69%															10/2027						468						461						0.1						468
			Bayshore Intermediate #2, L.P.^(25)			One stop						SF +			5.50%			(j)						6.19%			cash/			3.00%			PIK						10/2028						4,980						4,951						0.9						4,980
			BestPass, Inc.^			One stop						SF +			4.75%			(i)						8.47%															08/2031						6,184						6,160						1.1						6,184
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(2)						—						—
			BestPass, Inc.			One stop						SF +			4.75%			(i)						8.47%															08/2031						821						818						0.2						821
			Bloomerang, LLC^(25)			One stop						SF +			6.50%			(j)						6.67%			cash/			3.50%			PIK						12/2029						4,684						4,653						0.9						4,684
			Bloomerang, LLC			One stop						P +			5.00%			(a)(j)						10.71%															12/2029						520						513						0.1						520
			Bloomerang, LLC(25)			One stop						SF +			6.50%			(j)						6.67%			cash/			3.50%			PIK						12/2029						468						459						0.1						468
			Blue Bidco Limited^(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															06/2032						865						857						0.2						865
			Blue Bidco Limited(8)(9)(10)			One stop																		N/A(6)															06/2032						—						—						—						—
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00%			(k)						8.68%															06/2032						125						124						—						125
			Blue Bidco Limited^(8)(9)(10)			One stop						E +			5.00%			(d)						7.17%															06/2032						498						478						0.1						498
			Blue Bidco Limited(8)(10)			One stop						SF +			5.00%			(k)						8.68%															06/2032						256						256						—						256
			Bottomline Technologies, Inc.(5)			One stop																		N/A(6)															05/2028						—						(1)						—						—
			Bottomline Technologies, Inc.^			One stop						SF +			4.50%			(j)						8.17%															05/2029						1,789						1,771						0.3						1,789
			Burning Glass Intermediate Holdings Company, Inc.			One stop						SF +			4.50%			(j)						8.32%															06/2028						28						28						—						28
			Burning Glass Intermediate Holdings Company, Inc.^			One stop						SF +			4.50%			(j)						8.32%															06/2028						490						489						0.1						490
			Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)			One stop						SF +			6.00%			(j)						9.86%															01/2029						507						499						0.1						507

See Notes to Consolidated Financial Statements

23

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)			One stop						SF +			6.00%			(j)						9.86%															01/2029						$	134					$	132					—			%			$	134
			Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(12)			One stop																		N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(12)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50%			(g)						9.22%															08/2030						690						643						0.1						690
			Camelia Bidco Limited^(8)(9)(10)			One stop						A +			5.50%			(f)						9.05%															08/2030						42						41						—						42
			Camelia Bidco Limited(8)(9)(10)			One stop						SN +			5.50%			(g)						9.22%															08/2030						135						126						—						135
			Camelia Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(4)						—						—
			CB Buyer, Inc.			One stop						SF +			5.25%			(i)						8.97%															07/2031						38						33						—						32
			CB Buyer, Inc.^			One stop						SF +			5.25%			(j)						8.92%															07/2031						5,824						5,781						1.1						5,765
			CB Buyer, Inc.			One stop						SF +			5.25%			(j)						8.92%															07/2031						64						57						—						53
			Coupa Holdings, LLC^			One stop						SF +			5.25%			(j)						9.09%															02/2030						3,033						2,982						0.6						3,033
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2030						—						(3)						—						—
			Crewline Buyer, Inc.^			One stop						SF +			6.75%			(j)						10.59%															11/2030						11,639						11,518						2.1						11,639
			Crewline Buyer, Inc.(5)			One stop																		N/A(6)															11/2030						—						(13)						—						—
			Daxko Acquisition Corporation^			One stop						SF +			4.75%			(i)						8.47%															10/2028						1,511						1,505						0.3						1,511
			Daxko Acquisition Corporation			One stop						SF +			4.75%			(i)						8.47%															10/2028						127						127						—						127
			Daxko Acquisition Corporation(5)			One stop																		N/A(6)															10/2028						—						(2)						—						—
			Daxko Acquisition Corporation			One stop						SF +			4.75%			(i)						8.47%															10/2028						8						8						—						8
			Daxko Acquisition Corporation			One stop						SF +			4.75%			(i)						8.47%															10/2028						267						265						—						267
			Denali Bidco Limited^(8)(9)(10)			One stop						SN +			5.00%			(g)						8.72%															09/2031						1,403						1,316						0.3						1,403
			Denali Bidco Limited^(8)(9)(10)			One stop						E +			5.00%			(c)						7.02%															09/2031						3,164						2,882						0.6						3,164
			Denali Bidco Limited(8)(9)(10)(25)			Subordinated debt						N/A												11.20%			PIK												09/2032						62						62						—						62
			Denali Bidco Limited(8)(9)(10)(25)			Subordinated debt						N/A												9.80%			PIK												09/2032						94						93						—						94
			Denali Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															09/2031						—						(16)						—						—
			Einstein Parent, Inc.^			One stop						SF +			6.50%			(j)						10.36%															01/2031						4,001						3,934						0.7						4,001
			Einstein Parent, Inc.(5)			One stop																		N/A(6)															01/2031						—						(7)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(3)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(3)						—						—
			Espresso Bidco, Inc.^(25)			One stop						SF +			5.76%			(j)						6.30%			cash/			3.13%			PIK						03/2032						1,733						1,710						0.3						1,733
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(j)						8.42%															09/2030						5,408						5,294						1.0						5,408
			Evergreen IX Borrower 2023, LLC(5)			One stop																		N/A(6)															10/2029						—						(12)						—						—
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(j)						8.42%															09/2030						392						389						0.1						392
			Flexera Software, LLC			One stop																		N/A(6)															08/2032						—						—						—						—
			Flexera Software, LLC^			One stop						SF +			4.50%			(j)						8.35%															08/2032						700						700						0.1						698
			Flexera Software, LLC^(9)			One stop						E +			4.50%			(b)						6.43%															08/2032						248						247						—						247
			Flexera Software, LLC^			One stop						SF +			4.50%			(j)						8.19%															08/2032						380						379						0.1						379
			Gainsight, Inc.			One stop						SF +			5.75%			(j)						9.72%															07/2027						600						598						0.1						600
			Gainsight, Inc.(5)			One stop																		N/A(6)															07/2027						—						(1)						—						—
			GTIV, LLC^			One stop						SF +			4.75%			(i)(j)						8.59%															02/2031						1,000						998						0.2						998
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(j)						6.17%			cash/			4.13%			PIK						07/2029						1,920						1,903						0.5						1,920
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(j)						6.17%			cash/			4.13%			PIK						07/2029						1,255						1,243						0.2						1,255
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(j)						6.17%			cash/			4.13%			PIK						07/2029						230						229						—						230
			GTY Technology Holdings, Inc.(5)			One stop																		N/A(6)															07/2029						—						(4)						—						—
			GTY Technology Holdings, Inc.(25)			One stop						SF +			6.63%			(j)						6.27%			cash/			4.13%			PIK						07/2029						711						700						0.1						711
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(j)						6.40%			cash/			4.13%			PIK						07/2029						304						302						0.1						304
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(j)						6.27%			cash/			4.13%			PIK						07/2029						2,090						2,066						0.4						2,090
			Gurobi Optimization, LLC(5)			One stop																		N/A(6)															09/2031						—						(3)						—						—
			Gurobi Optimization, LLC^			One stop						SF +			4.50%			(j)						8.17%															09/2031						4,184						4,150						0.8						4,184
			Hyland Software, Inc.^			One stop						SF +			5.00%			(j)						8.67%															09/2030						13,092						12,958						2.4						13,092
			Hyland Software, Inc.(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.^			One stop						SF +			4.50%			(j)						8.17%															01/2030						7,558						7,444						1.4						7,558

See Notes to Consolidated Financial Statements

24

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Icefall Parent, Inc.(5)			One stop																		N/A(6)															01/2030						$	—					$	(11)					—			%			$	—
			ICIMS, Inc.^			One stop						SF +			5.75%			(j)						9.61%															08/2028						14,550						14,450						2.6						13,968
			ICIMS, Inc.			One stop						SF +			5.75%			(j)						9.59%															08/2028						93						91						—						82
			IQN Holding Corp.			One stop						SF +			5.25%			(j)						8.93%															05/2028						45						45						—						45
			IQN Holding Corp.^(25)			One stop						SF +			5.76%			(j)						6.30%			cash/			3.13%			PIK						05/2029						932						927						0.2						932
			IQN Holding Corp.(25)			One stop						SF +			5.76%			(j)						6.30%			cash/			3.13%			PIK						05/2029						385						382						0.1						385
			Island Bidco AB^(8)(16)(25)			One stop						SF +			7.00%			(k)						7.10%			cash/			3.50%			PIK						07/2028						1,097						1,092						0.2						1,086
			Island Bidco AB(8)(9)(16)(25)			One stop						E +			7.25%			(d)						2.12%			cash/			7.25%			PIK						07/2028						462						413						0.1						457
			Island Bidco AB^(8)(16)(25)			One stop						SF +			7.00%			(k)						7.10%			cash/			3.50%			PIK						07/2028						187						186						—						185
			Island Bidco AB(8)(16)			One stop						SF +			6.50%			(k)						10.26%															07/2028						27						27						—						27
			Island Bidco AB(5)(8)(9)(16)			One stop																		N/A(6)															07/2028						—						—						—						(1)
			Kairos Bidco Limited			One stop						SF +			4.75%			(j)						8.42%															07/2032						8						8						—						8
			Kairos Bidco Limited^			One stop						SF +			4.75%			(j)						8.42%															07/2032						483						481						0.1						483
			Kairos Bidco Limited(5)			One stop																		N/A(6)															07/2032						—						(1)						—						—
			Kairos Bidco Limited			One stop						SF +			4.75%			(j)						8.42%															07/2032						73						72						—						73
			LeadsOnline, LLC^			One stop						SF +			4.50%			(j)						8.48%															02/2028						2,031						2,003						0.4						2,031
			LeadsOnline, LLC^			One stop						SF +			4.50%			(j)						8.48%															02/2028						358						354						0.1						358
			LeadsOnline, LLC(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—
			LeadsOnline, LLC^			One stop						SF +			4.50%			(j)						8.17%															02/2028						201						200						—						201
			Lighthouse Bidco GMBH(8)(9)(19)			One stop						E +			4.75%			(d)						6.87%															06/2031						46						44						—						46
			Lighthouse Bidco GMBH^(8)(9)(19)			One stop						E +			4.75%			(c)						6.77%															12/2031						494						436						0.1						494
			Lighthouse Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															12/2031						—						(2)						—						—
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(3)						—						(8)
			LogicMonitor, Inc.^			One stop						SF +			5.50%			(j)						9.34%															11/2031						5,564						5,534						1.0						5,495
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(2)						—						(3)
			Matrix42 Holding GMBH(8)(9)(19)			One stop						E +			6.25%			(c)						8.31%															12/2029						1,021						1,003						0.2						1,021
			Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(15)			One stop						E +			5.00%			(c)						7.06%															11/2030						327						323						0.1						327
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.00%			(c)						7.07%															11/2031						1,617						1,436						0.3						1,617
			Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(15)			One stop						E +			5.00%			(c)						7.06%															11/2031						144						140						—						144
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)			One stop						SF +			5.00%			(j)						8.82%															11/2031						1,031						1,018						0.2						1,031
			Ministry Brands Holdings LLC^			One stop						SF +			5.50%			(i)						9.32%															12/2028						1,160						1,155						0.2						1,137
			Ministry Brands Holdings LLC			One stop						SF +			5.50%			(i)						9.32%															12/2028						333						332						0.1						327
			Ministry Brands Holdings LLC			One stop						P +			4.50%			(a)						11.25%															12/2027						10						9						—						8
			MYOB Invest Co Pty Ltd^(8)(9)(13)(25)			One stop						A +			5.25%			(e)						6.19%			cash/			2.75%			PIK						06/2030						5,284						5,098						1.0						5,284
			Navex Global Holdings Corporation^			One stop						SF +			5.00%			(j)						8.91%															10/2032						10,901						10,720						2.0						10,846
			Navex Global Holdings Corporation(5)			One stop																		N/A(6)															10/2031						—						(2)						—						(5)
			Navex Global Holdings Corporation			One stop																		N/A(6)															10/2032						—						—						—						—
			Naviga Inc.(7)			Senior secured						SF +			1.00%			(j)						4.77%															09/2026						7						5						—						2
			Onit, Inc.^			One stop						SF +			4.75%			(j)						8.59%															01/2032						504						499						0.1						505
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(1)						—						—
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(1)						—						—
			Onit, Inc.^			One stop						SF +			4.50%			(j)						8.34%															01/2032						137						137						—						137
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(8)(9)(12)			One stop						E +			5.00%			(c)						7.02%															11/2029						33						27						—						33
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(8)(9)(12)			One stop						E +			5.75%			(c)						7.77%															11/2029						769						694						0.1						771
			Panzura, LLC(25)			One stop						N/A												7.00%			cash/			8.00%			PIK						08/2027						67						65						—						60
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						3,672						3,347						0.7						3,672
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						252						228						—						252
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						1,138						1,027						0.2						1,138
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.26%			(c)						4.15%			cash/			3.13%			PIK						01/2031						132						113						—						132
			Pineapple German Bidco GMBH(8)(19)(25)			One stop						SF +			5.26%			(j)						5.78%			cash/			3.13%			PIK						01/2031						373						370						0.1						373
			Pineapple German Bidco GMBH(8)(19)(25)			One stop						SF +			5.26%			(j)						5.78%			cash/			3.13%			PIK						01/2031						248						243						—						248

See Notes to Consolidated Financial Statements

25

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Pineapple German Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															01/2031						$	—					$	(5)					—			%			$	—
			ProcessUnity Holdings, LLC			One stop						SF +			6.50%			(j)						10.17%															09/2028						239						238						—						234
			ProcessUnity Holdings, LLC^			One stop						SF +			6.50%			(j)						10.17%															09/2028						146						145						—						143
			ProcessUnity Holdings, LLC			One stop						SF +			6.50%			(j)						10.17%															09/2028						48						48						—						47
			ProcessUnity Holdings, LLC			One stop						SF +			6.50%			(j)						10.17%															09/2028						54						54						—						52
			ProcessUnity Holdings, LLC^			One stop						SF +			6.50%			(j)						10.17%															09/2028						400						399						0.1						392
			QAD, Inc.^			One stop						SF +			4.75%			(i)						8.47%															11/2027						3,788						3,776						0.7						3,788
			QAD, Inc.(5)			One stop																		N/A(6)															11/2027						—						(1)						—						—
			Quant Buyer, Inc.			One stop						SF +			5.25%			(j)						9.03%															06/2029						1,541						1,515						0.3						1,525
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(j)						9.07%															06/2029						2,367						2,356						0.4						2,343
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(j)						9.08%															06/2029						3,243						3,223						0.6						3,211
			Quant Buyer, Inc.			One stop						SF +			5.25%			(j)						9.07%															06/2029						70						70						—						69
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			5.18%			(g)						7.22%			cash/			1.68%			PIK						07/2029						802						701						0.1						802
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			5.18%			(h)						7.16%			cash/			1.68%			PIK						07/2029						141						140						—						141
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			5.18%			(g)						7.22%			cash/			1.68%			PIK						07/2029						59						52						—						59
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			5.18%			(h)						7.16%			cash/			1.68%			PIK						07/2029						915						915						0.2						915
			Rainforest Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															07/2029						—						(5)						—						—
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			5.18%			(h)						7.16%			cash/			1.68%			PIK						07/2029						637						637						0.1						637
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			4.93%			(g)						7.22%			cash/			1.43%			PIK						07/2029						3,689						3,477						0.7						3,689
			Riskonnect Parent, LLC^			One stop						SF +			4.75%			(k)						8.62%															12/2028						4,095						4,077						0.8						4,095
			Riskonnect Parent, LLC			One stop						SF +			4.75%			(j)(k)						8.44%															12/2028						56						54						—						56
			Riskonnect Parent, LLC			One stop						SF +			4.75%			(k)						8.62%															12/2028						101						100						—						101
			Riskonnect Parent, LLC^			One stop						SF +			4.75%			(k)						8.62%															12/2028						3,306						3,282						0.6						3,306
			Riskonnect Parent, LLC^			One stop						SF +			4.75%			(k)						8.62%															12/2028						2,326						2,308						0.4						2,326
			Riskonnect Parent, LLC(5)			One stop																		N/A(6)															12/2028						—						(1)						—						—
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			5.00%			(c)						7.02%															07/2029						1,031						942						0.2						1,034
			Sapphire Bidco Oy(8)(9)(15)			One stop						E +			4.75%			(c)						6.78%															07/2029						2,008						1,703						0.4						2,008
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			5.00%			(c)						7.02%															07/2029						164						146						—						165
			Sapphire Bidco Oy(8)(9)(15)			One stop						E +			4.75%			(c)						6.83%															07/2029						160						158						—						160
			Spark Bidco Limited(8)(9)(10)			One stop						SN +			3.98%			(g)						7.70%															10/2032						18						18						—						18
			Spark Bidco Limited(5)(8)(10)			One stop																		N/A(6)															10/2032						—						(1)						—						—
			Spark Bidco Limited^(8)(10)			One stop						SF +			4.75%			(j)						8.69%															10/2032						566						562						0.1						566
			Spark Bidco Limited^(8)(10)			One stop						SF +			4.75%			(j)						8.69%															10/2032						205						205						—						205
			Spark Bidco Limited^(8)(9)(10)			One stop						A +			4.75%			(e)						8.33%															10/2032						117						115						—						117
			Templafy APS and Templafy, LLC^(8)(18)			One stop						SF +			6.00%			(j)						9.97%															07/2028						554						547						0.1						554
			Templafy APS and Templafy, LLC(8)(18)			One stop																		N/A(6)															07/2028						—						—						—						—
			Togetherwork Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															05/2031						215						205						—						215
			Togetherwork Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															05/2031						115						109						—						115
			Togetherwork Holdings, LLC^			One stop						SF +			5.00%			(i)						8.72%															05/2031						8,575						8,518						1.6						8,575
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(5)						—						—
			Transform Bidco Limited(8)(10)			One stop						SF +			6.50%			(i)						10.73%															06/2030						188						182						—						188
			Transform Bidco Limited^(8)(10)(25)			One stop						SF +			6.75%			(j)						10.69%			PIK												01/2031						3,613						3,567						0.7						3,613
			Transform Bidco Limited(8)(9)(10)(25)			One stop						A +			6.75%			(e)(j)						7.62%			cash/			2.75%			PIK						01/2031						284						275						0.1						284
			Transform Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.75%			(g)						7.72%			cash/			2.75%			PIK						01/2031						45						42						—						45
			Transform Bidco Limited^(8)(10)(25)			One stop						SF +			6.90%			(j)						7.94%			cash/			2.90%			PIK						01/2031						406						400						0.1						406
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(3)						—						—
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(3)						—						—
			Tricentis Operations Holdings, Inc.^(25)			One stop						SF +			6.26%			(j)						5.22%			cash/			4.88%			PIK						02/2032						5,486						5,463						1.0						5,486
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(5)						—						—
			Vanco Payment Solutions, LLC			One stop																		N/A(6)															12/2031						—						—						—						—
			Vanco Payment Solutions, LLC^			One stop						SF +			4.75%			(j)						8.42%															12/2031						745						738						0.1						738
			Vantage Bidco GMBH^(8)(9)(19)			One stop						E +			6.00%			(c)						8.02%															04/2031						2,786						2,503						0.5						2,786
			Vantage Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															10/2030						—						(5)						—						—
			Varinem German Midco GMBH^(8)(9)(19)			One stop						E +			5.50%			(d)						7.57%															07/2031						2,311						2,129						0.4						2,311

See Notes to Consolidated Financial Statements

26

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Varinem German Midco GMBH(8)(9)(19)			One stop						E +			4.75%			(d)						6.82%															07/2031						$	607					$	561					0.1			%			$	607
			Vendavo, Inc.			One stop						SF +			5.75%			(j)						9.61%															09/2027						1,075						1,072						0.2						978
			Vendavo, Inc.			One stop						SF +			5.75%			(a)(j)						9.76%															09/2027						402						401						0.1						371
			Vendavo, Inc.^			One stop						SF +			5.75%			(j)						9.59%															09/2027						86						86						—						79
			Viper Bidco, Inc.^(9)			One stop						SN +			4.75%			(g)						8.47%															11/2031						1,434						1,334						0.3						1,438
			Viper Bidco, Inc.^			One stop						SF +			4.75%			(j)						8.42%															11/2031						3,113						3,100						0.6						3,122
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(2)						—						—
			WebPT, Inc.			One stop						SF +			6.25%			(j)						10.01%															01/2028						35						34						—						27
			Zendesk, Inc.(5)			One stop																		N/A(6)															11/2028						—						(8)						—						—
			Zendesk, Inc.			One stop						SF +			5.00%			(j)						8.69%															11/2028						1,505						1,493						0.3						1,505
			Zendesk, Inc.			One stop																		N/A(6)															11/2028						—						—						—						—
			Zendesk, Inc.^			One stop						SF +			5.00%			(j)						8.69%															11/2028						9,335						9,247						1.7						9,335
																																													245,226						240,191						44.7						244,127
			Specialty Retail
			Ave Holdings III, Corp(5)			One stop																		N/A(6)															02/2028						—						(1)						—						(3)
			Ave Holdings III, Corp^			One stop						SF +			5.50%			(k)						9.62%															02/2028						865						859						0.3						840
			Ave Holdings III, Corp^			One stop						SF +			5.50%			(k)						9.62%															02/2028						645						643						0.1						626
			Ave Holdings III, Corp			One stop						SF +			5.50%			(k)						9.62%															02/2028						85						84						—						82
			Biscuit Parent, LLC			One stop						SF +			4.75%			(j)						8.42%															02/2031						25						25						—						25
			Biscuit Parent, LLC^			One stop						SF +			4.75%			(j)						8.42%															02/2031						5,992						5,958						1.1						5,992
			Biscuit Parent, LLC(5)			One stop																		N/A(6)															02/2031						—						(10)						—						—
			Cavender Stores L.P.^			Senior secured						SF +			5.00%			(j)						8.67%															10/2029						11,102						11,031						2.0						11,102
			Consilio Midco Limited^(8)(9)(10)			Senior secured						E +			4.75%			(c)						6.77%															04/2032						1,577						1,519						0.3						1,577
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75%			(j)						8.42%															04/2032						1,283						1,277						0.2						1,283
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75%			(j)						8.42%															04/2032						791						787						0.1						791
			Consilio Midco Limited(5)(8)(10)			Senior secured																		N/A(6)															04/2032						—						(2)						—						—
			Consilio Midco Limited(8)(10)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(8)(10)(25)			Subordinated debt						SF +			7.50%			(j)						11.23%			PIK												04/2033						319						317						0.1						319
			Consilio Midco Limited(8)(9)(10)(25)			Subordinated debt						E +			7.50%			(d)						9.60%			PIK												04/2033						253						244						—						253
			Consilio Midco Limited(8)(10)(25)			Subordinated debt																		N/A(6)															04/2033						—						—						—						—
			CVP Holdco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(3)						—						—
			CVP Holdco, Inc.^			One stop						SF +			4.75%			(i)						8.47%															06/2031						4,020						3,989						0.8						4,020
			CVP Holdco, Inc.			One stop						SF +			4.75%			(i)						8.47%															06/2031						246						242						0.1						246
			Metal Supermarkets US Buyer, LLC^(8)(11)			One stop						SF +			4.75%			(j)						8.42%															12/2030						1,084						1,080						0.2						1,084
			Metal Supermarkets US Buyer, LLC(8)(11)			One stop						SF +			4.75%			(j)						8.42%															12/2030						29						28						—						29
			PetVet Care Centers LLC^			One stop						SF +			6.00%			(i)						9.72%															11/2030						4,383						4,324						0.7						3,945
			PetVet Care Centers LLC			One stop						SF +			6.00%			(i)						9.84%															11/2029						67						58						—						10
			Radiance Borrower, LLC			One stop						SF +			5.25%			(i)						8.97%															06/2031						61						57						—						61
			Radiance Borrower, LLC^(25)			One stop						SF +			5.25%			(i)						8.97%															06/2031						6,522						6,485						1.2						6,522
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						4,626						4,598						0.9						4,638
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						311						309						0.1						312
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						302						301						0.1						303
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						239						238						—						240
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						293						291						0.1						294
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						76						74						—						76
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						100						99						—						100
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						76						75						—						76
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						70						70						—						70
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						82						81						—						82
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						441						438						0.1						442
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						551						547						0.1						552

See Notes to Consolidated Financial Statements

27

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						$	137					$	136					—			%			$	137
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						156						154						—						156
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						92						92						—						93
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						14						14						—						14
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						476						473						0.1						477
			Salon Lofts Group, LLC(5)			Second lien																		N/A(6)															09/2029						—						(2)						—						1
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						57						56						—						57
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						149						149						—						150
			Salon Lofts Group, LLC			Senior secured																		N/A(6)															08/2028						—						—						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(j)						9.42%															08/2028						215						214						—						216
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						269						267						0.1						270
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(j)						12.67%			PIK												09/2029						119						119						—						120
			Salon Lofts Group, LLC			Senior secured						SF +			5.25%			(j)						8.92%															08/2028						33						33						—						33
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^			One stop						SF +			5.25%			(j)						8.92%															12/2029						1,161						1,150						0.2						1,150
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2028						—						(2)						—						(3)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2029						—						(2)						—						(1)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^(9)			One stop						CA +			5.25%			(m)						7.51%															12/2029						2,393						2,378						0.4						2,369
			VSG Acquisition Corp. and Sherrill, Inc.(5)			One stop																		N/A(6)															10/2029						—						(1)						—						—
			VSG Acquisition Corp. and Sherrill, Inc.			One stop						SF +			5.00%			(i)						8.72%															10/2029						52						50						—						52
			VSG Acquisition Corp. and Sherrill, Inc.^			One stop						SF +			5.00%			(i)						8.72%															10/2029						1,289						1,270						0.2						1,289
																																													53,128						52,660						9.6						52,569
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(4)						—						—
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(i)						8.72%															02/2032						4,306						4,283						0.8						4,306
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															02/2032						853						848						0.2						853
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(3)						—						—
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(i)						8.72%															02/2032						164						164						—						164
																																													5,323						5,288						1.0						5,323
			Water Utilities
			S.J. Electro Systems, LLC^			One stop						SF +			4.75%			(j)						8.66%															06/2028						377						376						0.1						376
			S.J. Electro Systems, LLC(5)			One stop																		N/A(6)															06/2028						—						(2)						—						(2)
			Vessco Midco Holdings, LLC^			One stop						SF +			4.50%			(k)						8.23%															07/2031						406						404						0.1						404
			Vessco Midco Holdings, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						(2)
			Vessco Midco Holdings, LLC^			One stop						SF +			4.50%			(i)(k)						8.42%															07/2031						554						549						0.1						551
			Vessco Midco Holdings, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Vessco Midco Holdings, LLC			One stop						SF +			4.50%			(i)(k)						8.28%															07/2031						153						152						—						152
																																													1,490						1,478						0.3						1,479
			Total debt investments																																										835,550						822,691						152.0						830,465

    

See Notes to Consolidated Financial Statements

28

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments(22)(23)
			Aerospace & Defense
			PPW Aero Buyer, Inc.			Common stock						N/A												N/A															02/2023						N/A						21						$	207					—			%			$	187
			Air Freight & Logistics
			RJW Group Holdings, Inc.			LP interest						N/A												N/A															11/2024						N/A						412						254						0.1						348
			Auto Components
			Arnott, LLC			Common stock						N/A												N/A															12/2024						N/A						—						33						—						22
			Automobiles
			CAP-KSI Holdings, LLC			LLC interest						N/A												N/A															06/2024						N/A						192						—						—						30
			CAP-KSI Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						192						192						—						217
			CG Group Holdings, LLC			LP interest						N/A												N/A															07/2021						N/A						—						51						—						40
			Go Car Wash Parent, Corp.(24)			Preferred stock						N/A												17.00%			Non-Cash												04/2022						N/A						—						431						0.1						423
			Go Car Wash Parent, Corp.			Common stock						N/A												N/A															04/2022						N/A						—						166						—						—
			National Express Wash Parent Holdco, LLC			LP interest						N/A												N/A															07/2022						N/A						1						81						0.1						156
			POY Holdings, LLC			LP interest						N/A												N/A															11/2022						N/A						41						20						—						37
			Quick Quack Car Wash Holdings, LLC			LLC units						N/A												N/A															06/2024						N/A						125						125						—						168
			Quick Quack Car Wash Holdings, LLC			LLC interest						N/A												N/A															06/2024						N/A						25						25						—						32
			Yorkshire Parent, Inc.			LP interest						N/A												N/A															12/2023						N/A						—						45						—						57
																																																									1,136						0.2						1,160
			Beverages
			Spindrift Beverage Co. Inc.			LP interest						N/A												N/A															02/2025						N/A						1						705						0.2						843
			Building Products
			BECO Holding Company, Inc.(24)			Preferred stock						N/A												11.75%			Non-Cash												11/2021						N/A						15						2,229						0.5						2,430
			BECO Holding Company, Inc.			LP interest						N/A												N/A															11/2021						N/A						1						103						—						111
																																																									2,332						0.5						2,541
			Commercial Services & Supplies
			CHA Vision Holdings, Inc.			LP interest						N/A												N/A															01/2024						N/A						—						38						—						48
			CI (Quercus) Intermediate Holdings, LLC			LP interest						N/A												N/A															10/2021						N/A						36						36						—						48
			Radwell Parent, LLC			LP interest						N/A												N/A															03/2022						N/A						1						105						—						125
																																																									179						—						221
			Containers & Packaging
			Chase Intermediate			LP units						N/A												N/A															04/2022						N/A						19						10						—						29
			Packaging Coordinators Midco, Inc.			LP interest						N/A												N/A															09/2025						N/A						8						76						—						76
																																																									86						—						105
			Diversified Consumer Services
			Action Termite Control, LLC			Preferred stock						N/A												N/A															12/2025						N/A						—						14						—						14
			Action Termite Control, LLC			Common stock						N/A												N/A															12/2025						N/A						—						1						—						1
			CHVAC Services Investment, LLC			Common stock						N/A												N/A															05/2024						N/A						32						81						—						152
			DP Flores Holdings, LLC			LLC interest						N/A												N/A															09/2022						N/A						93						74						—						148
			EMS LINQ, LLC			LP interest						N/A												N/A															12/2021						N/A						33						33						—						9
			FPG Intermediate Holdco, LLC			LLC interest						N/A												N/A															07/2025						N/A						1						510						0.1						434
			HS Spa Holdings, Inc.			Common stock						N/A												N/A															05/2022						N/A						31						31						—						20

See Notes to Consolidated Financial Statements

29

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Kodiak Buyer, LLC			Common stock						N/A												N/A															08/2025						N/A						—						$	35					$	—		%			$	36
			NSG Buyer, Inc.			LP units						N/A												N/A															11/2022						N/A						1						588						0.2						887
			SCP CDH Buyer, Inc.			Preferred stock						N/A												N/A															12/2025						N/A						—						28						—						28
			SCP CDH Buyer, Inc.			Common stock						N/A												N/A															12/2025						N/A						—						1						—						1
			Virginia Green Acquisition, LLC			LP interest						N/A												N/A															12/2023						N/A						33						33						—						46
																																																									1,429						0.3						1,776
			Electric Utilities
			Smart Energy Systems, Inc.			Warrant						N/A												N/A															01/2025						N/A						2						9						—						44
			Electrical Equipment
			Wildcat TopCo, Inc.(24)			LP interest						N/A												N/A															12/2024						N/A						47						39						—						52
			Food and Staples Retailing
			GMF Parent, Inc.			LP interest						N/A												N/A															12/2025						N/A						—						79						—						79
			Food Products
			Louisiana Fish Fry Products, Ltd.			Common stock						N/A												N/A															07/2021						N/A						—						34						—						10
			Louisiana Fish Fry Products, Ltd.			Preferred stock						N/A												N/A															09/2022						N/A						—						1						—						2
			Zullas, L.C.			Common stock						N/A												N/A															06/2025						N/A						—						138						—						144
																																																									173						—						156
			Healthcare Equipment & Supplies
			Centegix Intermediate II, LLC			LLC interest						N/A												N/A															08/2025						N/A						159						159						0.1						170
			Isto Group, Inc.(9)			LP interest						N/A												N/A															09/2025						N/A						1						95						—						94
			ZimVie, Inc.			LP interest						N/A												N/A															10/2025						N/A						—						34						—						34
																																																									288						0.1						298
			Healthcare Providers & Services
			ERC Topco Holdings, LLC			Common stock						N/A												N/A															03/2025						N/A						—						412						0.1						310
			HP TLE Buyer, Inc.			Common stock						N/A												N/A															07/2025						N/A						59						59						—						60
			Suveto Buyer, LLC			Common stock						N/A												N/A															11/2021						N/A						—						35						—						25
																																																									506						0.1						395
			Healthcare Technology
			Amberfield Acquisition Co.			Common stock						N/A												N/A															05/2024						N/A						137						136						—						181
			Modernizing Medicine, Inc.(24)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						1						960						0.2						980
			Veranex, Inc.			Preferred stock						N/A												N/A															08/2025						N/A						7						2						—						—
			Veranex, Inc.			Preferred stock						N/A												N/A															08/2025						N/A						24						—						—						—
			Veranex, Inc.			Common stock						N/A												N/A															08/2025						N/A						3						—						—						—
																																																									1,098						0.2						1,161
			Hotels, Restaurants & Leisure
			Harri US LLC			Preferred stock						N/A												N/A															10/2023						N/A						4						50						—						65
			Harri US LLC			Preferred stock						N/A												N/A															02/2022						N/A						5						43						—						34
			Harri US LLC			Preferred stock						N/A												N/A															10/2021						N/A						5						30						—						28
			Harri US LLC			Warrant						N/A												N/A															10/2021						N/A						2						7						—						9
			Harri US LLC			Warrant						N/A												N/A															03/2024						N/A						5						—						—						67
			Harri US LLC			Warrant						N/A												N/A															02/2025						N/A						—						—						—						—
			Harri US LLC			Warrant						N/A												N/A															06/2025						N/A						2						21						—						25
			Patriot Acquireco, LLC			Common stock						N/A												N/A															09/2025						N/A						157						159						—						157
			PB Group Holdings, LLC			LP interest						N/A												N/A															08/2024						N/A						34						78						—						72
			Rooster BidCo Limited(8)(10)			Preferred stock						N/A												N/A															03/2025						N/A						118						123						0.1						211
			Saguaro Buyer, LLC			Common stock						N/A												N/A															07/2025						N/A						—						200						0.1						248
																																																									711						0.2						916

See Notes to Consolidated Financial Statements

30

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Insurance
			Oakbridge Insurance Agency LLC			LP interest						N/A												N/A															11/2023						N/A						2						$	34					—			%			$	37
			IT Services
			Critical Start, Inc.			Common stock						N/A												N/A															05/2022						N/A						17						17						—						5
			Kentik Technologies, Inc.			Preferred stock						N/A												N/A															09/2021						N/A						33						189						—						196
			Kentik Technologies, Inc.			Warrant						N/A												N/A															11/2024						N/A						1						5						—						6
			Netwrix Corporation			LLC interest						N/A												N/A															06/2022						N/A						4						8						—						9
																																																									219						—						216
			Leisure Products
			Movement Holdings, LLC(8)(10)			LLC interest						N/A												N/A															03/2024						N/A						—						144						—						76
			Life Sciences Tools & Services
			Celerion Buyer, Inc.(24)			Common stock						N/A												N/A															11/2022						N/A						275						—						0.1						621
			PAS Parent Inc.			LP interest						N/A												N/A															12/2021						N/A						1						82						—						116
			PAS Parent Inc.			Preferred stock						N/A												N/A															03/2023						N/A						—						12						—						20
			Reaction Biology Corporation			Common stock						N/A												N/A															03/2025						N/A						10						341						0.1						246
																																																									435						0.2						1,003
			Paper & Forest Products
			Messenger, LLC			Common stock						N/A												N/A															12/2021						N/A						—						—						—						—
			Messenger, LLC			Preferred stock						N/A												N/A															12/2021						N/A						1						99						—						115
																																																									99						—						115
			Pharmaceuticals
			Cobalt Buyer Sub, Inc.(24)			Preferred stock						N/A												13.75%			Non-Cash												10/2021						N/A						—						807						0.2						831
			Cobalt Buyer Sub, Inc.			Preferred stock						N/A												N/A															10/2021						N/A						—						10						—						3
			Cobalt Buyer Sub, Inc.			Common stock						N/A												N/A															10/2021						N/A						—						—						—						—
			Creek Parent, Inc.			LP interest						N/A												N/A															12/2024						N/A						318						318						0.1						391
																																																									1,135						0.3						1,225
			Professional Services
			Eclipse Buyer, Inc.(24)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						584						0.1						593
			Enboarder, Inc.(8)			Preferred stock						N/A												N/A															01/2022						N/A						3						32						—						20
			Filevine, Inc.			Preferred stock						N/A												N/A															04/2022						N/A						36						231						0.2						695
			Filevine, Inc.			Preferred stock						N/A												N/A															05/2024						N/A						2						15						—						41
			Filevine, Inc.			Warrant						N/A												N/A															04/2022						N/A						5						8						—						93
			Procure Acquireco, Inc.			LP interest						N/A												N/A															12/2021						N/A						—						42						—						66
																																																									912						0.3						1,508
			Software
			Anaplan, Inc.			LP interest						N/A												N/A															06/2022						N/A						336						336						0.1						603
			Auvik Networks Inc.(8)(11)			Preferred stock						N/A												N/A															07/2021						N/A						2						17						—						26
			Auvik Networks Inc.(8)(11)			Preferred stock						N/A												N/A															02/2023						N/A						—						2						—						3
			Bayshore Intermediate #2, L.P.			Common stock						N/A												N/A															10/2021						N/A						243						243						0.1						298
			CB Buyer, Inc.			LP interest						N/A												N/A															07/2024						N/A						77						77						—						66
			Cynet Security Ltd.(8)(17)			Preferred stock						N/A												N/A															08/2022						N/A						13						46						—						73
			Denali Bidco Limited(8)(10)			LP units						N/A												N/A															08/2023						N/A						35						21						—						61
			Energy Worldnet, LLC			LLC interest						N/A												N/A															02/2025						N/A						50						51						—						55
			GTY Technology Holdings, Inc.			LP interest						N/A												N/A															07/2022						N/A						26						26						—						56
			Gurobi Optimization, LLC			Common stock						N/A												N/A															09/2024						N/A						—						63						—						68
			Kaseya Inc.(24)			Preferred stock						SF +			10.75%			(j)						14.35%			Non-Cash												06/2022						N/A						1						1,589						0.3						1,629
			Kaseya Inc.			LP interest						N/A												N/A															06/2022						N/A						46						46						—						54
			LogicMonitor, Inc.			LP interest						N/A												N/A															12/2024						N/A						250						250						0.2						275
			Menlo Ridgeview Co-Invest, LLC(8)			LLC interest						N/A												N/A															05/2025						N/A						88						90						—						98

See Notes to Consolidated Financial Statements

31

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Ministry Brands Holdings LLC			LP interest						N/A												N/A															12/2021						N/A						46						$	47					—			%			$	32
			Navex Global Holdings Corporation			LP interest						N/A												N/A															10/2025						N/A						—						152						—						152
			Onit, Inc.			Common stock						N/A												N/A															09/2025						N/A						—						6						—						7
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			QAD, Inc.			Preferred stock						N/A												N/A															11/2021						N/A						—						97						—						97
			QAD, Inc.			Common stock						N/A												N/A															11/2021						N/A						7						—						—						20
			Riskonnect Parent, LLC(24)			Preferred stock						N/A												11.00%			Non-Cash												04/2022						N/A						1						1,435						0.3						1,432
			Riskonnect Parent, LLC(24)			Preferred stock						SF +			10.50%			(j)						14.70%			Non-Cash												07/2022						N/A						1						1,005						0.2						1,033
			Riskonnect Parent, LLC			LP interest						N/A												N/A															11/2021						N/A						52						52						—						53
			Riskonnect Parent, LLC(24)			Preferred stock						N/A												10.50%			Non-Cash												06/2024						N/A						—						58						—						63
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						40						213						—						213
			Templafy APS and Templafy, LLC(8)(18)			Warrant						N/A												N/A															07/2022						N/A						—						8						—						1
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						91						399						0.1						429
			Transform Bidco Limited(8)(10)			LP interest						N/A												N/A															04/2025						N/A						219						220						—						219
			Tricentis Operations Holdings, Inc.			LP interest						N/A												N/A															02/2025						N/A						40						40						—						46
			Zendesk, Inc.			Common stock						N/A												N/A															11/2022						N/A						21						211						—						201
																																																									6,804						1.3						7,363
			Specialty Retail
			Ave Holdings III, Corp(7)(24)			Preferred stock						N/A												11.50%			Non-Cash												02/2022						N/A						1						1,390						0.2						1,005
			Ave Holdings III, Corp			Common stock						N/A												N/A															02/2022						N/A						—						127						—						9
			Metal Supermarkets US Buyer, LLC(8)(11)			Common stock						N/A												N/A															12/2024						N/A						—						—						—						1
			Metal Supermarkets US Buyer, LLC(8)(11)			Preferred stock						N/A												N/A															12/2024						N/A						—						33						—						36
			Salon Lofts Group, LLC			Common stock						N/A												N/A															08/2022						N/A						—						123						—						66
			VSG Acquisition Corp. and Sherrill, Inc.			LP interest						N/A												N/A															04/2022						N/A						—						5						—						6
																																																									1,678						0.2						1,123
			Total equity investments																																																						20,724						4.2						22,970
			Total investments																																																						843,415						156.2						853,435
			Money market funds (included in cash equivalents and restricted cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					3.64%			(26)																														$	9,146					1.7			%			$	9,146
			Total money market funds																																																						9,146						1.7						9,146
			Total investments and money market funds																																																						$	852,561					157.9			%			$	862,581

See Notes to Consolidated Financial Statements

32

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

^						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 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 December 31, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2025, as the loan could have priced or repriced based on an index rate prior to December 31, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of December 31, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.94% as of December 31, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of December 31, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.11% as of December 31, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.74% as of December 31, 2025.

(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.12% as of December 31, 2025.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of December 31, 2025.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.87% as of December 31, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 3.69% as of December 31, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 3.65% as of December 31, 2025.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 3.57% as of December 31, 2025.

(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.30% as of December 31, 2025.

(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.26% as of December 31, 2025.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2025.

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

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 6. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

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

(6)The entire commitment was unfunded as of December 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Investment was on non-accrual status as of December 31, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 11.4% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

(25)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during three months ended December 31, 2025.

(26)The rate shown is the annualized seven-day yield as of December 31, 2025.

See Notes to Consolidated Financial Statements

33

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															02/2029						$	7,542					$	7,412					1.4			%			$	7,504
			PPW Aero Buyer, Inc.(5)			One stop																		N/A(6)															02/2029						—						(1)						—						—
			PPW Aero Buyer, Inc.			One stop																		N/A(6)															02/2029						—						—						—						—
			PPW Aero Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															02/2029						48						48						—						48
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															02/2029						518						516						0.1						516
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															09/2031						50						50						—						50
			PPW Aero Buyer, Inc.			One stop																		N/A(6)															09/2031						—						—						—						—
			Titan BW Borrower L.P.^(25)			One stop						SF +			5.26%			(i)						6.58%			cash/			2.88%			PIK						07/2032						1,171						1,160						0.2						1,160
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						(2)						—						(2)
			Titan BW Borrower L.P.(5)			One stop																		N/A(6)															07/2032						—						—						—						(1)
																																													9,329						9,183						1.7						9,275
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2031						4,380						4,301						0.8						4,336
			RJW Group Holdings, Inc.			One stop						SF +			5.00%			(i)						9.20%															11/2031						277						271						0.1						273
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2031						855						847						0.2						847
			RJW Group Holdings, Inc.(5)			One stop																		N/A(6)															11/2031						—						(1)						—						(1)
																																													5,512						5,418						1.1						5,455
			Auto Components
			Arnott, LLC			One stop						SF +			4.75%			(j)						8.62%															11/2030						443						439						0.1						439
			Arnott, LLC			One stop						SF +			4.75%			(j)						8.74%															11/2030						33						32						—						32
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(i)						9.06%															01/2030						3,386						3,337						0.6						3,386
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)(j)						9.00%															01/2030						1,807						1,793						0.3						1,807
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)						8.95%															01/2030						81						73						—						81
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(i)						9.04%															01/2030						23						22						—						23
			Collision SP Subco, LLC(5)			One stop																		N/A(6)															01/2030						—						(3)						—						—
			Covercraft Parent III, Inc.			Senior secured						SF +			4.50%			(i)						8.97%															08/2027						269						268						—						231
			Covercraft Parent III, Inc.			Senior secured						SF +			4.50%			(i)						8.96%															08/2027						54						54						—						47
			Covercraft Parent III, Inc.			Senior secured						SF +			4.50%			(i)						8.78%															08/2027						93						93						—						80
			OEConnection, LLC^			One stop						SF +			5.25%			(h)						9.41%															04/2031						5,700						5,655						1.1						5,719
			OEConnection, LLC			One stop						SF +			5.25%			(h)						9.41%															04/2031						995						986						0.2						998
			OEConnection, LLC(5)			One stop																		N/A(6)															04/2031						—						(5)						—						2
			OEConnection, LLC(5)			One stop																		N/A(6)															04/2031						—						(3)						—						2
																																													12,884						12,741						2.3						12,847
			Automobiles
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25%			(h)(i)						9.32%															06/2030						2,665						2,635						0.5						2,665
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(i)						9.90%															06/2030						118						114						—						118
			CG Group Holdings, LLC(25)			One stop						SF +			8.75%			(i)						10.75%			cash/			2.00%			PIK						07/2027						1,863						1,850						0.3						1,863
			CG Group Holdings, LLC(25)			One stop						SF +			8.75%			(h)						10.91%			cash/			2.00%			PIK						07/2026						402						400						0.1						402
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						1,447						1,438						0.3						1,447
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						864						859						0.2						864
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						259						257						0.1						259
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						157						156						—						157
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						149						148						—						149
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						130						129						—						130
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						107						107						—						107
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						104						104						—						104
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						104						104						—						104
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						86						85						—						86
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						80						79						—						80

See Notes to Consolidated Financial Statements

34

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Denali Midco 2, LLC(5)			One stop																		N/A(6)															12/2028						$	—					$	(37)					—			%			$	—
			Denali Midco 2, LLC			One stop						SF +			5.25%			(h)						9.41%															12/2028						22						21						—						22
			Denali Midco 2, LLC			One stop						SF +			5.25%			(h)						9.41%															12/2028						18						18						—						18
			Denali Midco 2, LLC			One stop						SF +			5.25%			(h)						9.41%															12/2028						11						11						—						11
			Denali Midco 2, LLC			One stop						SF +			5.25%			(h)						9.41%															12/2028						5						5						—						5
			Denali Midco 2, LLC(5)			One stop																		N/A(6)															12/2028						—						(2)						—						—
			Denali Midco 2, LLC			One stop						SF +			5.25%			(h)						9.41%															12/2028						25						25						—						25
			Denali Midco 2, LLC^			One stop						SF +			5.25%			(h)						9.41%															12/2028						2,119						2,106						0.4						2,119
			Denali Midco 2, LLC(25)			Second lien						N/A												13.00%			PIK												12/2029						3,595						3,591						0.7						3,595
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						273						269						0.1						273
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						57						56						—						57
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.24%															12/2029						3						2						—						3
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.25%															12/2029						48						47						—						48
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(i)						9.00%															07/2029						138						137						—						138
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.03%															07/2029						155						153						—						155
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00%			(i)						9.00%															07/2029						10,234						10,169						1.9						10,234
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.24%															07/2029						116						114						—						116
			POY Holdings, LLC^			One stop						SF +			5.50%			(i)						9.65%															11/2027						5,108						5,053						0.9						5,057
			POY Holdings, LLC^			One stop						SF +			5.50%			(i)						9.65%															11/2027						3,897						3,861						0.7						3,858
			POY Holdings, LLC^			One stop						SF +			5.50%			(i)						9.65%															11/2027						224						223						—						222
			POY Holdings, LLC			One stop						SF +			5.50%			(i)						9.64%															11/2027						130						128						—						127
			POY Holdings, LLC			One stop						SF +			5.50%			(i)						9.65%															11/2027						121						121						—						120
			POY Holdings, LLC			One stop						SF +			5.50%			(i)						9.65%															11/2027						271						270						0.1						269
			POY Holdings, LLC			One stop																		N/A(6)															11/2027						—						—						—						—
			POY Holdings, LLC			One stop						SF +			5.50%			(i)						9.65%															11/2027						364						362						0.1						360
			POY Holdings, LLC			One stop						SF +			5.50%			(i)						9.64%															11/2027						20						20						—						20
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75%			(h)						8.91%															06/2031						601						597						0.1						601
			Quick Quack Car Wash Holdings, LLC			One stop																		N/A(6)															06/2031						—						—						—						—
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						34						33						—						34
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						128						125						—						128
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						8.91%															06/2031						16						16						—						16
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.50%															12/2029						6,072						6,006						1.1						6,072
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(i)						9.50%															12/2029						251						237						0.1						251
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(i)						9.79%															12/2029						1,682						1,666						0.3						1,682
			Yorkshire Parent, Inc.			One stop						SF +			5.00%			(i)						9.31%															12/2029						1						—						—						1
			Yorkshire Parent, Inc.^			One stop						SF +			5.00%			(i)						9.31%															12/2029						42						42						—						42
																																													44,316						43,910						8.0						44,214
			Banks
			Empyrean Solutions, LLC			One stop						SF +			4.50%			(i)						8.50%															11/2031						516						514						0.1						516
			Empyrean Solutions, LLC			One stop																		N/A(6)															11/2031						—						—						—						—
			Empyrean Solutions, LLC(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00%			(i)						9.31%															12/2029						1,328						1,317						0.2						1,328
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.32%															12/2029						1,271						1,259						0.2						1,271
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.31%															12/2029						106						105						—						106
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						9.32%															12/2029						15						12						—						15
																																													3,236						3,206						0.5						3,236
			Beverages
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						2,777						2,741						0.5						2,777
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						844						842						0.2						844
			Financial Information Technologies, LLC^			One stop						SF +			4.75%			(i)						8.75%															06/2030						1,146						1,135						0.2						1,146
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC(5)			One stop																		N/A(6)															06/2030						—						(1)						—						—

See Notes to Consolidated Financial Statements

35

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						$	—					$	(4)					—			%			$	—
			Spindrift Beverage Co. Inc.(5)			One stop																		N/A(6)															02/2032						—						(1)						—						—
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00%			(i)						9.29%															02/2032						1,652						1,634						0.3						1,652
																																													6,419						6,345						1.2						6,419
			Building Products
			BECO Holding Company, Inc.^			One stop						SF +			5.25%			(i)						9.40%															11/2028						3,789						3,772						0.7						3,789
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2027						—						(2)						—						—
			BECO Holding Company, Inc.^			One stop						SF +			5.25%			(i)						9.40%															11/2028						168						167						—						168
			BECO Holding Company, Inc.(5)			One stop																		N/A(6)															11/2028						—						(3)						—						—
																																													3,957						3,934						0.7						3,957
			Capital Markets
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						4,822						4,778						0.9						4,822
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(i)						8.75%															01/2031						183						175						—						183
			BlueMatrix Holdings, LLC			One stop						SF +			4.75%			(i)						8.75%															01/2031						1,622						1,608						0.3						1,622
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						830						825						0.2						830
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															01/2031						50						50						—						50
																																													7,507						7,436						1.4						7,507
			Chemicals
			AP Adhesives Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			AP Adhesives Holdings, LLC			One stop																		N/A(6)															04/2031						—						—						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75%			(i)						8.80%															04/2032						533						531						0.1						533
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50%			(h)						8.66%															09/2032						717						713						0.1						713
			JSG II, Inc. and Checkers USA, Inc.			One stop						SF +			4.50%			(h)						8.66%															09/2032						7						6						—						6
			JSG II, Inc. and Checkers USA, Inc.(5)			One stop																		N/A(6)															09/2032						—						—						—						(1)
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75%			(h)						8.91%															03/2029						338						335						0.1						338
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						8.90%															03/2029						22						21						—						22
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						8.91%															03/2029						105						103						—						105
			PHM NL SP Bidco B.V.(8)(9)(10)(25)			One stop						E +			6.75%			(d)						5.87%			cash/			3.00%			PIK						09/2028						2,234						2,186						0.4						2,123
			PHM NL SP Bidco B.V.(8)(10)(25)			One stop						SF +			6.75%			(g)						8.12%			cash/			3.00%			PIK						09/2028						827						821						0.1						786
			PHM NL SP Bidco B.V.(8)(9)(10)(25)			One stop						SN +			6.75%			(f)						7.72%			cash/			3.00%			PIK						09/2028						478						469						0.1						454
			PHM NL SP Bidco B.V.(8)(9)(10)(25)			One stop						E +			6.75%			(d)						5.80%			cash/			3.00%			PIK						09/2028						233						223						—						221
																																													5,494						5,407						0.9						5,300
			Commercial Services & Supplies
			BradyIFS Holdings, LLC			One stop						SF +			5.00%			(i)						9.25%															10/2029						74						71						—						74
			BradyIFS Holdings, LLC^			One stop						SF +			5.00%			(i)						9.31%															10/2029						7,660						7,543						1.4						7,660
			CI (Quercus) Intermediate Holdings, LLC^			One stop						SF +			5.00%			(i)						9.02%															06/2031						1,530						1,519						0.3						1,530
			CI (Quercus) Intermediate Holdings, LLC(5)			One stop						SF +			5.00%			(i)						9.00%															06/2031						11						(1)						—						11
			CI (Quercus) Intermediate Holdings, LLC			One stop						SF +			5.00%			(i)						9.00%															06/2031						5						3						—						5
			CI (Quercus) Intermediate Holdings, LLC(5)			One stop																		N/A(6)															06/2031						—						(4)						—						—
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.33%															01/2031						6,266						6,211						1.1						6,234
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(i)						9.22%															01/2031						2,040						2,022						0.4						2,030
			CHA Vision Holdings, Inc.(5)			One stop																		N/A(6)															01/2030						—						(4)						—						(3)
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.00%															01/2031						50						50						—						50
			CHA Vision Holdings, Inc.			One stop																		N/A(6)															01/2031						—						—						—						—
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00%			(i)						9.31%															09/2030						836						817						0.2						836
			Kleinfelder Intermediate, LLC			One stop						P +			4.00%			(a)						11.25%															09/2028						21						19						—						21
			Kleinfelder Intermediate, LLC			One stop						SF +			5.00%			(i)						9.31%															09/2030						91						90						—						91
			North Haven Stack Buyer, LLC^			One stop						SF +			4.75%			(i)						8.95%															07/2027						2,520						2,514						0.5						2,520
			North Haven Stack Buyer, LLC(25)			Second lien						N/A												9.75%			cash/			2.50%			PIK						01/2028						2,269						2,262						0.4						2,269
			Profile Products LLC			One stop						SF +			5.50%			(i)						9.92%															11/2027						347						345						0.1						347
			Profile Products LLC			One stop						SF +			5.50%			(i)						9.92%															11/2027						70						70						—						70
			Profile Products LLC			One stop						P +			4.50%			(a)						11.75%															11/2027						36						36						—						36
			Profile Products LLC			One stop						P +			4.50%			(a)						11.75%															11/2027						2						2						—						2
			PSC Parent, Inc.			One stop						SF +			5.00%									9.17%															04/2031						49						48						—						49

See Notes to Consolidated Financial Statements

36

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			PSC Parent, Inc.			One stop						SF +			5.00%									9.16%															04/2031						$	73					$	73					—			%			$	73
			PSC Parent, Inc.			One stop						SF +			5.00%			(h)						9.16%															04/2030						27						27						—						27
			PSC Parent, Inc.^			One stop						SF +			5.00%			(h)						9.15%															04/2031						438						435						0.1						438
			Radwell Parent, LLC^			One stop						SF +			5.50%			(i)						9.50%															03/2029						8,321						8,253						1.5						8,321
			Radwell Parent, LLC^			One stop						SF +			5.50%			(i)						9.50%															03/2029						300						295						0.1						300
			Radwell Parent, LLC			One stop						SF +			5.50%			(i)						9.50%															03/2029						78						73						—						78
			WRE Holding Corp.(5)			One stop																		N/A(6)															07/2030						—						(6)						—						—
			WRE Holding Corp.^			One stop						SF +			5.00%			(j)						8.87%															07/2031						4,858						4,818						0.9						4,858
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.17%															07/2031						87						87						—						87
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.14%															07/2031						533						531						0.1						533
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.13%															07/2031						321						320						0.1						321
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.12%															07/2031						250						249						0.1						250
			WRE Holding Corp.			One stop						SF +			5.00%			(i)						9.30%															07/2031						89						89						—						89
			WRE Holding Corp.			One stop						SF +			5.00%			(i)						9.23%															07/2031						55						55						—						55
																																													39,307						38,912						7.3						39,262
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Consor Intermediate II, LLC			One stop																		N/A(6)															05/2031						—						—						—						—
			Consor Intermediate II, LLC^			One stop						SF +			4.75%			(h)(i)						8.75%															05/2031						443						441						0.1						443
			DCCM, LLC^			One stop						SF +			4.75%			(h)						8.91%															06/2032						474						472						0.1						474
			DCCM, LLC			One stop																		N/A(6)															06/2032						—						—						—						—
			DCCM, LLC(5)			One stop																		N/A(6)															06/2032						—						(1)						—						—
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.50%															12/2030						20						19						—						20
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.67%															12/2030						40						39						—						40
			Royal Holdco Corporation^			One stop						SF +			4.50%			(i)						8.62%															12/2030						556						551						0.1						556
																																													1,533						1,520						0.3						1,533
			Containers & Packaging
			Chase Intermediate^			One stop						SF +			4.75%			(i)						9.06%															10/2028						4,010						3,993						0.7						4,010
			Chase Intermediate			One stop						SF +			4.75%			(h)(i)						8.97%															10/2028						100						98						—						100
			Chase Intermediate			One stop						SF +			4.75%			(i)						9.06%															10/2028						201						199						—						201
			Chase Intermediate			One stop						SF +			4.75%			(i)						9.06%															10/2028						55						51						—						55
			Fortis Solutions Group, LLC^			One stop						SF +			5.50%			(i)						9.60%															10/2028						2,118						2,103						0.4						2,118
			Fortis Solutions Group, LLC			One stop						SF +			5.50%			(i)						9.60%															10/2028						142						141						—						142
			Fortis Solutions Group, LLC			One stop						SF +			5.50%			(i)						9.60%															10/2028						5						3						—						5
			Fortis Solutions Group, LLC			One stop						SF +			5.50%			(i)						9.60%															10/2027						76						73						—						76
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.75%			(i)						9.06%															07/2032						489						488						0.1						489
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop																		N/A(6)															07/2032						—						—						—						—
																																													7,196						7,149						1.2						7,196
			Diversified Consumer Services
			ABC Legal Holdings, LLC^			One stop						SF +			4.50%			(h)						8.65%															08/2032						668						665						0.1						662
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(1)
			ABC Legal Holdings, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(2)
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.25%															05/2030						77						73						—						45
			Any Hour, LLC(25)			One stop						N/A												13.00%			PIK												05/2031						996						982						0.2						946
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.30%															05/2030						250						245						—						234
			Any Hour, LLC^			One stop						SF +			5.25%			(i)						9.25%															05/2030						2,729						2,698						0.5						2,620
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.17%															10/2030						50						50						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.20%															10/2030						2,039						1,998						0.4						2,039

See Notes to Consolidated Financial Statements

37

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Apex Service Partners, LLC(5)			One stop																		N/A(6)															10/2029						$	—					$	(21)					—			%			$	—
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.20%															10/2030						8,566						8,384						1.6						8,566
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.31%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.21%															10/2030						28						28						—						28
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2030						136						135						—						136
			CHVAC Services Investment, LLC			One stop																		N/A(6)															05/2030						—						—						—						—
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2030						523						516						0.1						523
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2030						6						2						—						6
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(i)						9.47%															07/2027						3,914						3,877						0.7						3,914
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(i)						9.44%															07/2027						2,963						2,935						0.5						2,963
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(i)						9.42%															07/2027						2,607						2,582						0.5						2,607
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						141						140						—						141
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						95						95						—						95
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						93						91						—						93
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(i)						9.56%															07/2027						85						84						—						85
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						61						61						—						61
			COP Hometown Acquisitions, Inc.			Senior secured						SF +			5.25%			(i)						9.55%															07/2027						43						43						—						43
			COP Hometown Acquisitions, Inc.			Senior secured																		N/A(6)															07/2027						—						—						—						—
			COP Hometown Acquisitions, Inc.^			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						50						49						—						50
			EMS LINQ, LLC			One stop						SF +			6.25%			(i)						10.55%															12/2027						523						521						0.1						518
			EMS LINQ, LLC			One stop						SF +			6.25%			(i)						10.55%															12/2027						25						24						—						24
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						356						352						0.1						356
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						7						7						—						7
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.65%															07/2029						103						102						—						103
			FPG Intermediate Holdco, LLC(25)			One stop						SF +			5.00%			(i)						9.32%			PIK												06/2029						72						72						—						72
			FPG Intermediate Holdco, LLC			One stop						SF +			5.00%			(i)						9.21%															06/2029						83						83						—						83
			FPG Intermediate Holdco, LLC(25)			One stop						SF +			6.75%			(i)						11.05%			PIK												06/2029						42						42						—						42
			FPG Intermediate Holdco, LLC(25)			Senior secured						SF +			5.00%			(i)						9.32%			PIK												06/2029						364						343						0.1						335
			FPG Intermediate Holdco, LLC(7)(25)			One stop						SF +			5.00%			(i)						9.32%			PIK												06/2029						145						125						—						125
			FSS Buyer LLC			One stop						SF +			4.50%			(h)						8.66%															08/2031						274						270						0.1						274
			FSS Buyer LLC			One stop																		N/A(6)															08/2030						—						—						—						—
			HS Spa Holdings, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						428						423						0.1						428
			HS Spa Holdings, Inc.			One stop						P +			4.25%			(a)						11.50%															06/2028						13						13						—						13
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(i)						9.56%															06/2029						207						206						—						207
			Kodiak Buyer, LLC^			One stop						SF +			4.50%			(i)						8.50%															07/2032						491						489						0.1						489
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(1)						—						(1)
			Kodiak Buyer, LLC(5)			One stop																		N/A(6)															07/2032						—						(1)						—						(1)
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.25%															05/2028						4						4						—						4
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.16%															05/2028						169						169						—						169
			Litera Bidco, LLC			One stop																		N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC^			One stop						SF +			5.00%			(h)						9.16%															05/2028						424						423						0.1						424
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.01%															04/2029						410						406						0.1						393
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2029						531						525						0.1						510
			Mario Purchaser, LLC(25)			One stop						SF +			10.75%									15.01%			PIK												04/2032						306						303						0.1						300
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2028						16						16						—						15
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.01%															04/2029						69						68						—						66
			NSG Buyer, Inc. ^			One stop						SF +			5.00%			(i)						9.00%															11/2029						9,247						9,103						1.7						9,247
			NSG Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															11/2028						78						64						—						78
			NSG Buyer, Inc.			One stop																		N/A(6)															11/2029						—						—						—						—
			RW AM Holdco LLC^			One stop						SF +			5.25%			(i)						9.35%															04/2028						887						888						0.1						683
			RW AM Holdco LLC(5)			One stop																		N/A(6)															04/2028						—						—						—						(14)
			Salisbury House, LLC			One stop						SF +			5.00%			(i)						9.16%															08/2032						17						17						—						16
			Salisbury House, LLC^			One stop						SF +			5.00%			(h)						9.16%															08/2032						749						745						0.1						742
			Salisbury House, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(2)

See Notes to Consolidated Financial Statements

38

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Severin Acquisition, LLC^(25)			One stop						SF +			5.00%			(h)						6.91%			cash/			2.25%			PIK						10/2031						$	3,169					$	3,142					0.6			%			$	3,137
			Severin Acquisition, LLC(5)			One stop																		N/A(6)															10/2031						—						(3)						—						(4)
			Severin Acquisition, LLC(25)			One stop						SF +			5.00%			(h)						6.91%			cash/			2.25%			PIK						10/2031						111						108						—						104
			Stellar Brands, LLC^			Senior secured						SF +			4.50%			(i)						8.50%															02/2031						674						669						0.1						674
			Stellar Brands, LLC			Senior secured																		N/A(6)															02/2031						—						—						—						—
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25%			(j)						9.41%															12/2030						8,989						8,922						1.7						8,989
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2029						—						(8)						—						—
			Virginia Green Acquisition, LLC(5)			One stop																		N/A(6)															12/2030						—						(4)						—						—
																																													55,153						54,385						9.9						54,559
			Diversified Financial Services
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2030						—						(4)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75%			(h)						8.91%															06/2031						1,747						1,728						0.3						1,751
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.50%			(h)						8.66%															06/2031						475						473						0.1						475
			Baker Tilly Advisory Group, LP(5)			One stop																		N/A(6)															06/2031						—						(1)						—						—
			Banker's Toolbox, Inc.^			One stop						SF +			4.50%			(h)						8.66%															07/2027						1,344						1,336						0.2						1,334
			Banker's Toolbox, Inc.(5)			One stop																		N/A(6)															07/2027						—						—						—						(1)
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)(25)			Subordinated debt						E +			7.50%			(d)						9.58%			PIK												07/2032						120						110						—						120
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(20)			One stop						E +			4.50%			(d)						6.58%															07/2031						508						465						0.1						508
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)			One stop						E +			4.50%			(d)						6.76%															07/2031						72						65						—						72
			Ceres Groupe SAS & Ceres PikCo(8)(9)(20)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corsair Blade IV S.A R.L.(8)(9)(14)(25)			One stop						SN +			5.75%			(f)						9.47%			cash/			0.25%			PIK						12/2030						29						22						—						29
			Corsair Blade IV S.A R.L.(8)(14)(25)			One stop						SF +			5.75%			(i)						9.75%			cash/			0.25%			PIK						12/2030						91						91						—						91
			Deerfield Dakota Holding, LLC(5)			One stop																		N/A(6)															09/2032						—						(1)						—						(1)
			Deerfield Dakota Holding, LLC^(25)			One stop						SF +			5.75%			(i)						7.06%			cash/			2.75%			PIK						09/2032						914						905						0.2						905
			Equity Methods, LLC^			One stop						SF +			4.75%			(i)						8.75%															04/2032						1,847						1,838						0.3						1,847
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			Equity Methods, LLC(5)			One stop																		N/A(6)															04/2032						—						(2)						—						—
			Finastra USA, Inc.^(8)(10)			One stop						SF +			7.25%			(i)						11.29%															09/2029						1,366						1,366						0.3						1,366
			Flash Topco, Inc.			One stop						SF +			5.75%			(i)						10.16%															10/2028						920						916						0.2						911
			Flash Topco, Inc.			One stop						SF +			6.50%			(i)						10.80%															10/2028						64						64						—						64
			Flash Topco, Inc.^			One stop						SF +			5.75%			(i)						10.06%															10/2028						319						318						0.1						316
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50%			(h)						8.67%															11/2028						1,582						1,574						0.3						1,582
			Higginbotham Insurance Agency, Inc.			One stop						SF +			4.75%			(h)						8.91%															11/2028						376						374						0.1						376
			Medlar Bidco Limited(8)(9)(21)			One stop						SN +			5.00%			(f)						8.97%															05/2032						2,037						2,001						0.4						2,037
			Medlar Bidco Limited(8)(9)(21)			One stop						E +			5.00%			(c)						6.97%															05/2032						2,535						2,426						0.5						2,535
			Medlar Bidco Limited(5)(8)(9)(21)			One stop																		N/A(6)															05/2032						—						(4)						—						—
			Wealth Enhancement Group, LLC			One stop																		N/A(6)															10/2028						—						—						—						—
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(i)						8.79%															10/2028						253						253						0.1						253
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(i)						8.79%															10/2028						351						350						0.1						351
			Wealth Enhancement Group, LLC			One stop						SF +			4.50%			(h)(i)						8.78%															10/2028						122						120						—						122
			Wealth Enhancement Group, LLC(5)			One stop																		N/A(6)															10/2028						—						(1)						—						—
																																													17,072						16,780						3.3						17,043
			Electric Utilities
			Smart Energy Systems, Inc.(25)			One stop						SF +			7.50%			(i)(j)						7.88%			cash/			3.75%			PIK						01/2030						67						66						—						65
			Smart Energy Systems, Inc.^(25)			One stop						SF +			7.50%			(i)						8.04%			cash/			3.75%			PIK						01/2030						606						594						0.1						594
																																													673						660						0.1						659
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75%			(i)						8.75%															12/2030						247						243						0.1						247
			Power Grid Holdings, Inc.			One stop						SF +			4.75%			(h)(i)						9.67%															12/2030						7						6						—						7
			Wildcat TopCo, Inc.^			One stop						SF +			4.75%			(h)						8.91%															11/2031						2,181						2,162						0.4						2,181
			Wildcat TopCo, Inc.			One stop						P +			3.75%			(a)						11.00%															11/2031						10						7						—						10
			Wildcat TopCo, Inc.(5)			One stop																		N/A(6)															11/2031						—						(2)						—						—
																																													2,445						2,416						0.5						2,445

See Notes to Consolidated Financial Statements

39

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Electronic Equipment, Instruments & Components
			CST Holding Company^			One stop						SF +			5.00%			(h)						9.26%															11/2028						$	2,197					$	2,131					0.4			%			$	2,197
			CST Holding Company(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
																																													2,197						2,130						0.4						2,197
			Food & Staples Retailing
			Wineshipping.com LLC(25)			One stop						SF +			6.25%			(i)						5.15%			cash/			5.25%			PIK						12/2028						412						410						0.1						329
			Wineshipping.com LLC(25)			One stop						SF +			6.25%			(i)						5.15%			cash/			5.25%			PIK						12/2028						79						78						—						61
			Wineshipping.com LLC(25)			One stop						SF +			6.25%			(i)						5.15%			cash/			5.25%			PIK						12/2028						11						11						—						9
			Wineshipping.com LLC(5)			One stop																		N/A(6)															12/2028						—						—						—						(10)
																																													502						499						0.1						389
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00%			(i)						10.00%															10/2030						6,990						6,914						1.3						6,990
			Blast Bidco Inc.(5)			One stop																		N/A(6)															10/2029						—						(8)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00%			(i)(j)						9.19%															08/2030						1,140						1,131						0.2						1,140
			Eagle Family Foods Group, LLC(5)			One stop																		N/A(6)															08/2030						—						(1)						—						—
			Louisiana Fish Fry Products, Ltd.			One stop						SF +			6.25%			(i)						10.40%															07/2027						544						543						0.1						544
			Louisiana Fish Fry Products, Ltd.			One stop						SF +			6.25%			(i)						10.52%															07/2027						127						126						—						127
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						SN +			4.75%			(f)						8.72%															08/2032						703						696						0.1						699
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						A +			4.75%			(e)						8.35%															08/2032						155						152						—						154
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						E +			4.75%			(c)						6.82%															08/2032						152						150						—						151
			Wizard Bidco Limited^(8)(10)			One stop						SF +			6.50%			(i)						10.50%															03/2029						650						642						0.1						650
			Wizard Bidco Limited(8)(9)(10)(25)			One stop						SN +			5.50%			(f)						7.97%			cash/			1.50%			PIK						03/2029						419						408						0.1						419
			Wizard Bidco Limited^(8)(9)(10)			One stop						SN +			6.50%			(f)						10.47%															03/2029						239						217						0.1						239
			Wizard Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(f)						9.22%															09/2028						55						50						—						55
			Zullas, L.C.			One stop						SF +			4.75%			(h)						8.91%															06/2031						19						19						—						19
			Zullas, L.C.^			One stop						SF +			4.75%			(h)						8.91%															06/2031						351						349						0.1						351
			Zullas, L.C.(5)			One stop																		N/A(6)															06/2031						—						(2)						—						—
																																													11,544						11,386						2.1						11,538
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC^			One stop						SF +			5.25%			(i)						9.25%															08/2028						1,851						1,829						0.3						1,851
			Belmont Instrument, LLC(5)			One stop																		N/A(6)															08/2028						—						(1)						—						—
			Centegix Intermediate II, LLC^			One stop						SF +			5.50%			(i)						9.69%															08/2032						680						677						0.1						677
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(1)
			Centegix Intermediate II, LLC(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(1)
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50%			(i)						9.70%															06/2031						3,645						3,616						0.7						3,645
			HuFriedy Group Acquisition, LLC(5)			One stop																		N/A(6)															05/2030						—						(3)						—						—
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(i)						9.51%															06/2031						705						694						0.1						705
			Isto Group, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Isto Group, Inc.^			One stop						SF +			4.75%			(i)						8.77%															09/2032						471						468						0.1						468
			Isto Group, Inc.(5)			One stop																		N/A(6)															09/2032						—						(2)						—						(2)
			RTI Surgical, Inc.(5)			One stop																		N/A(6)															09/2032						—						(1)						—						(1)
			RTI Surgical, Inc.^			One stop						SF +			4.75%			(i)						8.75%															09/2032						833						829						0.2						829
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50%			(h)						8.66%															12/2029						744						742						0.1						744
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.			One stop																		N/A(6)															12/2029						—						—						—						—
			YI, LLC^			One stop						SF +			5.75%			(h)						9.90%															12/2029						2,901						2,860						0.5						2,872
			YI, LLC(5)			One stop																		N/A(6)															12/2029						—						(8)						—						(6)
																																													11,830						11,698						2.1						11,780
			Healthcare Providers & Services
			AAH TOPCO, LLC			One stop						SF +			5.25%			(h)						9.51%															12/2027						932						928						0.2						934
			AAH TOPCO, LLC			One stop						SF +			5.25%			(h)						9.51%															12/2027						331						329						0.1						331
			AAH TOPCO, LLC (25)			Subordinated debt						N/A												11.50%			PIK												12/2031						242						240						0.1						240
			AAH TOPCO, LLC			One stop																		N/A(6)															12/2027						—						—						—						—

See Notes to Consolidated Financial Statements

40

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			AAH TOPCO, LLC			One stop						SF +			5.25%			(h)						9.51%															12/2027						$	3,964					$	3,943					0.7			%			$	3,974
			AAH TOPCO, LLC			One stop						SF +			5.00%			(h)						9.16%															12/2027						72						68						—						72
			Bamboo US Bidco LLC^(9)			One stop						E +			5.25%			(c)						7.28%															09/2030						1,801						1,593						0.3						1,801
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(h)(i)						9.48%															09/2030						112						111						—						112
			Bamboo US Bidco LLC			One stop																		N/A(6)															09/2030						—						—						—						—
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(i)						9.56%															09/2030						377						376						0.1						377
			Bamboo US Bidco LLC(5)			One stop																		N/A(6)															10/2029						—						(10)						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(i)						9.56%															09/2030						2,466						2,419						0.5						2,466
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(1)						—						(1)
			Bayou Intermediate II, LLC^			One stop						SF +			4.75%			(i)						8.76%															09/2032						705						702						0.1						698
			Bayou Intermediate II, LLC(5)			One stop																		N/A(6)															09/2032						—						(1)						—						(2)
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						461						459						0.1						461
			Benefit Plan Administrators of Eau Claire, LLC			One stop																		N/A(6)															11/2030						—						—						—						—
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop																		N/A(6)															11/2030						—						(1)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						2,609						2,595						0.5						2,609
			BHG Holdings, LLC^			One stop						SF +			5.25%			(h)						9.41%															04/2032						3,900						3,868						0.7						3,900
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(4)						—						—
			BHG Holdings, LLC(5)			One stop																		N/A(6)															04/2032						—						(9)						—						—
			Community Care Partners, LLC^			One stop						SF +			6.00%			(h)						10.27%															06/2026						129						129						—						129
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)			One stop						SN +			5.00%			(f)						8.97%															04/2031						1,546						1,421						0.3						1,546
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															04/2031						—						(3)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)			One stop						SF +			5.00%			(j)						9.29%															04/2031						2,484						2,444						0.5						2,484
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															10/2030						—						(7)						—						—
			ERC Topco Holdings, LLC(25)			One stop						SF +			6.76%			(i)						10.76%			PIK												03/2030						652						602						0.1						554
			ERC Topco Holdings, LLC			One stop						SF +			5.50%			(i)						9.78%															03/2030						97						92						—						97
			ERC Topco Holdings, LLC(25)			One stop						SF +			5.50%			(i)						9.76%															03/2030						6						6						—						6
			Heartland Veterinary Partners LLC			Senior secured						SF +			4.75%			(i)						9.23%															06/2028						292						291						0.1						292
			Heartland Veterinary Partners LLC			Senior secured						SF +			4.75%			(i)						9.11%															06/2028						46						46						—						46
			Heartland Veterinary Partners LLC			Senior secured																		N/A(6)															06/2028						—						—						—						—
			HP TLE Buyer, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2032						3,794						3,776						0.7						3,775
			HP TLE Buyer, Inc.(5)			One stop																		N/A(6)															07/2032						—						(4)						—						(4)
			LOV Acquisition LLC^			Senior secured						SF +			4.25%			(h)						8.41%															11/2031						2,371						2,360						0.4						2,371
			LOV Acquisition LLC(5)			Senior secured																		N/A(6)															11/2031						—						(1)						—						—
			PPV Intermediate Holdings, LLC(5)			One stop																		N/A(6)															08/2029						—						(4)						—						—
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.75%			(i)						9.95%															08/2029						14,243						14,103						2.6						14,243
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						2,839						2,811						0.5						2,839
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						119						113						—						119
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						656						653						0.1						656
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												13.75%			PIK												08/2030						120						120						—						120
			PPV Intermediate Holdings, LLC(25)			One stop						N/A												14.75%			PIK												08/2030						68						67						—						69
			PPV Intermediate Holdings, LLC			One stop						SF +			5.25%			(i)						9.45%															08/2029						20						19						—						20
			Premise Health Holding Corp.^			One stop						SF +			5.25%			(i)						9.25%															03/2031						6,445						6,370						1.2						6,445
			Premise Health Holding Corp.(5)			One stop																		N/A(6)															03/2030						—						(8)						—						—
			Suveto Buyer, LLC^			One stop						SF +			4.50%			(h)						8.66%															09/2027						1,092						1,088						0.2						1,092
			Suveto Buyer, LLC(5)			One stop																		N/A(6)															09/2027						—						(1)						—						—
			Suveto Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															09/2027						275						273						0.1						275
																																													55,266						54,361						10.2						55,146
			Healthcare Technology
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.50%															05/2030						14						14						—						14
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.50%															05/2030						19						18						—						19

See Notes to Consolidated Financial Statements

41

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Amberfield Acquisition Co.^			One stop						SF +			5.50%			(i)						9.50%															05/2030						$	587					$	582					0.1			%			$	587
			Color Intermediate, LLC^			Senior secured						SF +			4.75%			(i)						8.85%															10/2029						1,045						1,033						0.2						1,045
			Crow River Buyer, Inc.^			One stop						SF +			6.00%			(i)						10.31%															01/2029						367						362						0.1						367
			Crow River Buyer, Inc.(5)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Crow River Buyer, Inc.^			One stop						SF +			6.00%			(h)						10.17%															01/2029						821						814						0.2						821
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75%			(i)						8.75%															12/2031						10,171						10,080						1.9						10,171
			GHX Ultimate Parent Corporation(5)			One stop																		N/A(6)															12/2031						—						(8)						—						—
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						—						—						(1)
			Healthmark Holdings, L.P.^			One stop						SF +			4.50%			(i)						8.70%															07/2032						750						746						0.1						742
			Healthmark Holdings, L.P.(5)			One stop																		N/A(6)															07/2032						—						(1)						—						(1)
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50%			(i)						8.82%															07/2031						407						404						0.1						407
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.82%															07/2031						24						24						—						24
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.82%															07/2031						7						7						—						7
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75%			(f)						9.72%															02/2031						2,068						1,918						0.4						2,047
			Lacker Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(5)						—						(5)
			Lacker Bidco Limited(8)(9)(10)			One stop						SN +			5.75%			(f)						9.72%															02/2031						1,717						1,656						0.3						1,690
			Modernizing Medicine, Inc.^(25)			One stop						SF +			4.75%			(i)						6.50%			cash/			2.25%			PIK						04/2032						6,476						6,416						1.2						6,476
			Modernizing Medicine, Inc.(5)			One stop																		N/A(6)															04/2032						—						(6)						—						—
			Neptune Holdings, Inc.^			One stop						SF +			4.50%			(i)						8.50%															09/2030						2,582						2,543						0.5						2,582
			Neptune Holdings, Inc.			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.^(25)			One stop						SF +			4.95%			(h)						6.66%			cash/			2.45%			PIK						08/2031						6,351						6,299						1.2						6,351
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(7)						—						—
			Netsmart Technologies, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						—
			Plasma Buyer LLC^			One stop						SF +			5.75%			(i)						10.05%															05/2029						299						296						0.1						254
			Plasma Buyer LLC			One stop						SF +			5.75%			(i)						10.05%															05/2028						34						34						—						29
			Plasma Buyer LLC			One stop						SF +			6.25%			(i)						10.55%															05/2029						11						11						—						10
			QF Holdings, Inc.			One stop						SF +			4.75%			(i)						9.06%															12/2027						35						34						—						35
																																													33,785						33,260						6.4						33,671
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC^			One stop						SF +			6.00%			(i)(j)						10.34%															08/2028						813						809						0.2						813
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(j)						10.38%															08/2028						41						41						—						41
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)(j)						10.25%															08/2028						92						91						—						92
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)						10.15%															08/2028						76						71						—						76
			Crumbl Enterprises, LLC			One stop						SF +			4.50%			(i)						8.50%															05/2032						57						55						—						57
			Crumbl Enterprises, LLC^			One stop						SF +			4.50%			(i)						8.50%															05/2032						4,362						4,342						0.8						4,362
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						2,045						2,019						0.4						2,045
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						309						305						0.1						309
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						69						69						—						69
			ESN Venture Holdings, LLC(5)			One stop																		N/A(6)															10/2029						—						(2)						—						—
			ESN Venture Holdings, LLC^(25)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						142						140						—						142
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(i)						6.94%			cash/			3.38%			PIK						10/2029						51						49						—						51
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(i)						6.87%			cash/			3.38%			PIK						10/2029						349						346						0.1						349
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						167						166						—						167
			ESN Venture Holdings, LLC(25)			One stop						SF +			6.26%			(i)						6.88%			cash/			3.38%			PIK						10/2029						106						105						—						106
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00%			(i)						10.21%															11/2029						1,234						1,221						0.2						1,234
			GFP Atlantic Holdco 2, LLC			One stop						SF +			6.00%			(i)						10.30%															11/2029						923						899						0.2						923
			Harri US LLC(25)			One stop						SF +			7.25%			(i)						6.70%			cash/			4.75%			PIK						08/2028						52						51						—						50
			Harri US LLC(25)			One stop						SF +			7.25%			(i)						6.70%			cash/			4.75%			PIK						08/2028						35						35						—						34
			Harri US LLC(25)			One stop						SF +			7.25%			(i)						6.70%			cash/			4.75%			PIK						08/2028						34						34						—						33

See Notes to Consolidated Financial Statements

42

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Harri US LLC(5)			One stop																		N/A(6)															08/2028						$	—					$	—					—			%			$	(1)
			Harri US LLC^(25)			One stop						SF +			7.25%			(i)						6.50%			cash/			4.75%			PIK						08/2028						323						301						0.1						310
			Harri US LLC(5)			One stop																		N/A(6)															08/2028						—						(3)						—						(36)
			Health Buyer, LLC^			Senior secured						SF +			5.25%			(i)						9.25%															04/2029						145						144						—						145
			Health Buyer, LLC^			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						74						73						—						74
			Health Buyer, LLC			Senior secured																		N/A(6)															04/2028						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						37						37						—						37
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.50%															04/2029						39						39						—						39
			Olo Parent, Inc.^			One stop						SF +			4.50%			(i)						8.56%															09/2032						913						911						0.2						911
			Olo Parent, Inc.			One stop																		N/A(6)															09/2032						—						—						—						—
			Patriot Acquireco, LLC			One stop						SF +			4.50%			(i)						8.66%															09/2032						13						13						—						13
			Patriot Acquireco, LLC^			One stop						SF +			4.50%			(i)						8.66%															09/2032						909						905						0.2						905
			PB Group Holdings, LLC^(25)			One stop						SF +			5.50%			(h)						6.91%			cash/			2.75%			PIK						08/2030						3,327						3,314						0.6						3,327
			PB Group Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															08/2030						45						44						—						45
			QSR Acquisition Co.^			One stop						SF +			4.25%			(i)						8.25%															06/2032						5,339						5,320						1.0						5,339
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			QSR Acquisition Co.(5)			One stop																		N/A(6)															06/2032						—						(4)						—						—
			Rooster BidCo Limited(8)(9)(10)			One stop						SN +			5.00%			(f)						8.97%															03/2032						11						11						—						11
			Rooster BidCo Limited(5)(8)(9)(10)			One stop																		N/A(6)															03/2032						—						(2)						—						—
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00%			(f)						8.97%															03/2032						464						442						0.1						464
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															07/2032						5						5						—						5
			Saguaro Buyer, LLC^			One stop						SF +			4.50%			(h)						8.66%															07/2032						320						318						0.1						320
			Saguaro Buyer, LLC			One stop																		N/A(6)															07/2032						—						—						—						—
			Saguaro Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															07/2032						9						7						—						9
			SDC Holdco, LLC(5)			One stop																		N/A(6)															07/2032						—						(1)						—						(1)
			SDC Holdco, LLC^			One stop						SF +			4.38%			(h)						8.54%															07/2032						894						890						0.2						890
			SSRG Holdings, LLC(5)			One stop																		N/A(6)															11/2029						—						(1)						—						(1)
			SSRG Holdings, LLC^			One stop						SF +			4.75%			(i)						8.75%															11/2029						542						539						0.1						539
			Super REGO, LLC(25)			Subordinated debt						N/A												15.00%			PIK												03/2030						37						37						—						37
			YE Brands Holding, LLC^			One stop						SF +			4.75%			(i)						8.75%															10/2027						2,918						2,901						0.5						2,918
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						8.75%															10/2027						12						12						—						12
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						8.75%															10/2027						419						416						0.1						419
																																													27,752						27,512						5.2						27,683
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															04/2032						894						889						0.2						894
			WU Holdco, Inc.			One stop																		N/A(6)															04/2032						—						—						—						—
			WU Holdco, Inc.			One stop																		N/A(6)															04/2032						—						—						—						—
																																													894						889						0.2						894
			Industrial Conglomerates
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						215						213						—						215
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						64						58						—						64
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						55						54						—						55
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						28						28						—						28
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						8.75%															07/2029						33						33						—						33
			Dwyer Instruments, Inc.(5)(9)			One stop																		N/A(6)															07/2029						—						(4)						—						—
			Dwyer Instruments, Inc.^(9)			One stop						E +			5.00%			(c)						7.00%															07/2029						4,893						4,360						0.9						4,893
			Dwyer Instruments, Inc.(5)			One stop																		N/A(6)															07/2029						—						(7)						—						—
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						8.75%															07/2029						388						385						0.1						388
			Essential Services Holdings Corporation^			One stop						SF +			5.00%			(i)						9.32%															06/2031						3,421						3,393						0.6						3,387
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(i)						9.19%															06/2030						84						81						—						81
			Essential Services Holdings Corporation(5)			One stop																		N/A(6)															06/2031						—						(3)						—						(7)
			Excelitas Technologies Corp.^			One stop						SF +			5.25%			(h)						9.41%															08/2029						644						636						0.1						644
			Excelitas Technologies Corp.^(9)			One stop						E +			5.25%			(b)						7.16%															08/2029						129						112						—						129
			Excelitas Technologies Corp.			One stop																		N/A(6)															08/2028						—						—						—						—

See Notes to Consolidated Financial Statements

43

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Excelitas Technologies Corp.(5)			One stop																		N/A(6)															08/2029						$	—					$	(4)					—			%			$	—
																																													9,954						9,335						1.7						9,910
			Insurance
			AMBA Buyer, Inc.			One stop						SF +			5.25%			(i)						9.35%															07/2027						178						177						—						178
			AMBA Buyer, Inc.			One stop						SF +			5.25%			(i)						9.35%															07/2027						53						53						—						53
			AMBA Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.35%															07/2027						50						50						—						50
			AMBA Buyer, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
			AMBA Buyer, Inc.			One stop						SF +			5.25%			(i)						9.35%															07/2027						19						19						—						19
			Bellwether Buyer, LLC			One stop						SF +			4.50%			(h)						8.66%															04/2032						24						24						—						24
			Bellwether Buyer, LLC^			One stop						SF +			4.50%			(h)						8.64%															04/2032						463						460						0.1						463
			Bellwether Buyer, LLC(5)			One stop																		N/A(6)															04/2032						—						(1)						—						—
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(i)						9.81%															03/2028						851						841						0.2						851
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50%			(i)						9.70%															03/2028						572						572						0.1						572
			Ben Nevis Midco Limited(8)(10)			One stop						SF +			5.50%			(i)						9.81%															03/2028						147						146						—						147
			Ben Nevis Midco Limited(8)(10)			One stop						SF +			5.50%			(i)						9.81%															03/2028						704						694						0.1						704
			Captive Resources Midco, LLC^			One stop						SF +			4.50%			(h)						8.66%															07/2029						5,335						5,288						1.0						5,335
			Captive Resources Midco, LLC(5)			One stop																		N/A(6)															07/2028						—						(1)						—						—
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25%			(i)						9.25%															12/2030						4,837						4,800						0.9						4,837
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.25%															12/2029						126						119						—						126
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.25%															12/2030						4,556						4,522						0.8						4,556
			Doxa Insurance Holdings LLC			One stop																		N/A(6)															12/2030						—						—						—						—
			Gimlet Bidco GMBH^(8)(9)(19)			One stop						E +			5.75%			(c)						7.78%															04/2031						3,828						3,419						0.7						3,789
			Gimlet Bidco GMBH(8)(9)(19)			One stop						E +			5.75%			(b)(c)						7.75%															04/2031						1,362						1,264						0.3						1,346
			Gimlet Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															04/2031						—						(3)						—						(6)
			Illumifin Corporation(25)			One stop						SF +			6.00%			(i)						10.59%															09/2027						185						184						—						176
			Integrated Specialty Coverages, LLC^			One stop						SF +			4.75%			(h)						8.91%															07/2030						876						864						0.2						876
			Integrated Specialty Coverages, LLC(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC			One stop																		N/A(6)															07/2030						—						—						—						—
			Integrity Marketing Acquisition, LLC			One stop						SF +			5.00%			(i)						9.20%															08/2028						4,221						4,192						0.8						4,221
			Integrity Marketing Acquisition, LLC			One stop																		N/A(6)															08/2028						—						—						—						—
			Integrity Marketing Acquisition, LLC			One stop																		N/A(6)															08/2028						—						—						—						—
			Koala Investment Holdings, Inc.^(8)(10)			One stop						SF +			4.50%			(i)						8.50%															08/2032						782						778						0.1						774
			Koala Investment Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															08/2032						—						—						—						(1)
			Koala Investment Holdings, Inc.(5)(8)(10)			One stop																		N/A(6)															08/2032						—						(1)						—						(2)
			MRH Trowe Germany GMBH(8)(9)(19)			One stop																		N/A(6)															11/2031						—						—						—						—
			MRH Trowe Germany GMBH^(8)(9)(19)			One stop						E +			5.00%			(d)						7.11%															05/2032						574						545						0.1						574
			MRH Trowe Germany GMBH(8)(9)(19)			One stop						E +			5.00%			(c)						6.99%															05/2032						22						22						—						22
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75%			(h)						9.97%															11/2029						3,125						3,104						0.6						3,125
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						10.03%															11/2029						18						15						—						18
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						9.97%															11/2029						1,509						1,499						0.3						1,509
			Oakbridge Insurance Agency LLC			One stop						SF +			5.00%			(h)						9.27%															11/2029						221						217						—						221
			Pareto Health Intermediate Holdings, Inc.^			One stop						SF +			4.75%			(i)						8.75%															05/2030						6,922						6,847						1.3						6,922
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															05/2030						—						(5)						—						—
			Pareto Health Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Patriot Growth Insurance Services, LLC			One stop						SF +			5.00%			(i)						9.00%															10/2028						8,975						8,893						1.6						8,975
			Patriot Growth Insurance Services, LLC^			One stop						SF +			5.00%			(i)						9.15%															10/2028						658						639						0.1						658
			Patriot Growth Insurance Services, LLC			One stop						SF +			5.00%			(i)						9.15%															10/2028						136						135						—						136
			Patriot Growth Insurance Services, LLC(5)			One stop																		N/A(6)															10/2028						—						(2)						—						—
			Wasabi Lower Holdco, LLC(5)			Senior secured																		N/A(6)															06/2032						—						(1)						—						—
			Wasabi Lower Holdco, LLC			Senior secured						SF +			4.50%			(h)						8.66%															06/2032						240						237						—						240
			World Insurance Associates, LLC			One stop						SF +			5.00%			(i)						9.00%															04/2030						160						159						—						160
			World Insurance Associates, LLC			One stop																		N/A(6)															04/2030						—						—						—						—
																																													51,729						50,762						9.3						51,648

See Notes to Consolidated Financial Statements

44

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			IT Services
			CivicPlus, LLC^			One stop						SF +			5.50%			(i)						9.70%															08/2030						$	1,194					$	1,186					0.2			%			$	1,194
			CivicPlus, LLC(5)			One stop																		N/A(6)															08/2030						—						(2)						—						—
			CivicPlus, LLC(25)			One stop						SF +			11.75%			(i)(j)						15.75%			PIK												06/2034						127						125						—						128
			CivicPlus, LLC(5)			One stop																		N/A(6)															08/2030						—						(1)						—						—
			ContractPod Technologies, Ltd.^(8)(10)(25)			One stop						SF +			6.50%			(i)						7.25%			cash/			3.25%			PIK						07/2030						297						295						0.1						297
			ContractPod Technologies, Ltd.(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(1)						—						—
			ContractPod Technologies, Ltd.(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(1)						—						—
			Critical Start, Inc.^(25)			One stop						SF +			6.75%			(i)						7.46%			cash/			3.63%			PIK						05/2028						204						203						—						202
			Critical Start, Inc.^(25)			One stop						SF +			6.75%			(i)						7.46%			cash/			3.63%			PIK						05/2028						111						110						—						110
			Critical Start, Inc.			One stop																		N/A(6)															05/2028						—						—						—						—
			Goldcup 31018 AB(8)(9)(16)(25)			One stop						E +			6.50%			(d)						8.57%			PIK												07/2029						984						851						0.2						930
			Goldcup 31018 AB(8)(9)(16)(25)			One stop						E +			6.50%			(d)						8.57%			PIK												07/2029						92						82						—						87
			Goldcup 31018 AB(8)(9)(16)			One stop						E +			6.25%			(d)						8.32%															01/2029						72						63						—						68
			Kentik Technologies, Inc.(25)			Senior secured						SF +			8.00%			(i)						8.02%			cash/			4.00%			PIK						11/2029						50						50						—						50
			Kentik Technologies, Inc.(25)			Senior secured						SF +			8.00%			(i)						8.02%			cash/			4.00%			PIK						11/2029						56						54						—						56
			Netwrix Corporation^			One stop						SF +			4.75%			(i)						8.95%															06/2029						4,352						4,336						0.8						4,352
			Netwrix Corporation(5)			One stop																		N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			4.75%			(i)						8.95%															06/2029						234						205						—						234
			Netwrix Corporation			One stop						SF +			4.75%			(i)						8.95%															06/2029						616						613						0.1						616
			PDQ Intermediate, Inc.(25)			Subordinated debt						N/A												13.75%			PIK												10/2031						65						64						—						66
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(4)						—						—
			ReliaQuest Holdings, LLC(5)			One stop																		N/A(6)															04/2031						—						(2)						—						—
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00%			(i)						7.06%			cash/			3.25%			PIK						04/2031						8,273						8,222						1.5						8,273
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00%			(i)						7.06%			cash/			3.25%			PIK						04/2031						50						50						—						50
			WPEngine, Inc.^			One stop						SF +			6.00%			(i)						10.02%															08/2029						443						438						0.1						443
			WPEngine, Inc.(5)			One stop																		N/A(6)															08/2029						—						(1)						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.70%															07/2027						431						431						0.1						431
			Zarya Holdco, Inc.			One stop																		N/A(6)															07/2027						—						—						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.70%															07/2027						171						170						—						171
																																													17,822						17,535						3.1						17,758
			Leisure Products
			Crunch Holdings, LLC^			One stop						SF +			4.75%			(h)						8.91%															09/2031						6,177						6,162						1.1						6,177
			Crunch Holdings, LLC(5)			One stop																		N/A(6)															09/2031						—						(2)						—						—
			Movement Holdings, LLC^(8)(10)			One stop						SF +			5.50%			(i)						9.70%															03/2030						2,395						2,377						0.4						2,395
			Movement Holdings, LLC(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(3)						—						—
			Movement Holdings, LLC(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(12)						—						—
																																													8,572						8,522						1.5						8,572
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.25%															11/2029						6,232						6,118						1.1						6,232
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop																		N/A(6)															11/2029						—						(18)						—						—
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.25%															11/2029						844						837						0.2						844
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50%			(h)						8.66%															09/2032						746						744						0.1						744
			Diamondback Acquisition, Inc.(5)			One stop																		N/A(6)															09/2032						—						—						—						(1)
			Diamondback Acquisition, Inc.			One stop						SF +			4.50%			(h)						8.66%															09/2032						19						19						—						19
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2032						—						(2)						—						(11)
			PAS Parent Inc.^			One stop						SF +			4.50%			(h)						8.66%															08/2032						3,203						3,153						0.6						3,172
			PAS Parent Inc.(5)			One stop																		N/A(6)															08/2031						—						(4)						—						(5)
			Reaction Biology Corporation(25)			One stop						SF +			4.75%			(i)						8.75%			PIK												03/2029						200						200						—						190
			Reaction Biology Corporation(25)			One stop						SF +			4.75%			(i)						8.75%			PIK												03/2029						57						57						—						57
			Unchained Labs, LLC			Senior secured						SF +			5.50%			(h)						9.71%															08/2027						56						55						—						55
			Unchained Labs, LLC			Senior secured						SF +			5.50%			(h)						9.71%															08/2027						47						47						—						46

See Notes to Consolidated Financial Statements

45

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Unchained Labs, LLC(5)			Senior secured																		N/A(6)															08/2027						$	—					$	—					—			%			$	(1)
																																													11,404						11,205						2.0						11,341
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.50%			(h)						8.66%															08/2031						930						922						0.2						930
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						—						(1)						—						—
			AI Titan Parent, Inc.(5)			One stop																		N/A(6)															08/2031						—						(1)						—						—
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50%			(i)						9.50%															12/2030						8,174						8,112						1.5						8,174
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(i)						9.50%															12/2030						960						948						0.2						960
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(h)(i)						9.55%															12/2029						769						761						0.1						769
			Thermogenics, Inc.(8)(11)			One stop																		N/A(6)															06/2032						—						—						—						—
			Thermogenics, Inc.^(8)(11)			One stop						SF +			4.25%			(i)						8.25%															06/2032						144						144						—						144
			Thermogenics, Inc.(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(2)						—						—
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25%			(k)						6.70%															06/2032						111						112						—						111
			Thermogenics, Inc.(8)(9)(11)			One stop						CA +			4.25%			(k)						6.70%															06/2032						11						11						—						11
																																													11,099						11,006						2.0						11,099
			Marine
			Project Nike Purchaser, LLC^			One stop						SF +			5.25%			(i)						9.25%															04/2029						4,322						4,300						0.8						4,279
			Project Nike Purchaser, LLC^			One stop						SF +			5.25%			(i)						9.25%															04/2029						98						97						—						97
			Project Nike Purchaser, LLC			One stop						SF +			5.25%			(i)						9.25%															04/2029						60						59						—						58
																																													4,480						4,456						0.8						4,434
			Media
			Lotus Topco, Inc.(5)			One stop																		N/A(6)															06/2030						—						—						—						(1)
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															06/2030						407						404						0.1						404
			Lotus Topco, Inc.			One stop						SF +			4.75%			(i)						8.75%															06/2030						52						50						—						50
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															06/2030						518						514						0.1						514
			Shout! Factory, LLC^			One stop						SF +			5.25%			(i)						9.25%															06/2031						1,174						1,165						0.2						1,174
			Shout! Factory, LLC			One stop						SF +			5.25%			(i)						9.25%															06/2031						24						23						—						24
																																													2,175						2,156						0.4						2,165
			Oil, Gas & Consumable Fuels
			Envernus, Inc.^			One stop						SF +			5.50%			(h)						9.66%															12/2029						8,727						8,668						1.6						8,727
			Envernus, Inc.			One stop						SF +			5.50%			(h)						9.64%															12/2029						19						14						—						19
			Envernus, Inc.(5)			One stop																		N/A(6)															12/2029						—						(1)						—						—
																																													8,746						8,681						1.6						8,746
			Paper & Forest Products
			Messenger, LLC^			One stop						SF +			5.00%			(h)						9.16%															12/2027						563						560						0.1						563
			Messenger, LLC^			One stop						SF +			5.00%			(h)						9.16%															12/2027						170						169						—						170
			Messenger, LLC			One stop						SF +			5.00%			(h)						9.16%															12/2027						85						85						—						85
			Messenger, LLC			One stop																		N/A(6)															12/2027						—						—						—						—
			Messenger, LLC(9)			One stop						SN +			5.00%			(f)						8.97%															12/2027						23						21						—						23
			Messenger, LLC^(9)			One stop						SN +			5.00%			(f)						8.97%															12/2027						1,028						951						0.2						1,028
			Messenger, LLC^			One stop						SF +			5.00%			(h)						9.16%															12/2027						574						570						0.1						574
																																													2,443						2,356						0.4						2,443
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.^(8)			One stop						SF +			5.00%			(i)						9.00%															05/2029						773						764						0.1						773
			Caerus Midco 3 S.A.R.L.^(8)			One stop						SF +			5.00%			(i)						9.00%															05/2029						138						136						—						138
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(i)						9.00%															05/2029						118						117						—						118
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(h)						9.16%															05/2029						46						45						—						46
			Caerus Midco 3 S.A.R.L.(8)			One stop						SF +			5.00%			(i)						9.00%															05/2029						20						20						—						20
			Cobalt Buyer Sub, Inc.			One stop						SF +			5.75%			(i)						9.95%															10/2028						584						578						0.1						572
			Cobalt Buyer Sub, Inc.			One stop						SF +			5.75%			(i)						9.95%															10/2028						196						194						—						192
			Cobalt Buyer Sub, Inc.^			One stop						SF +			5.75%			(i)						9.95%															10/2028						163						160						—						160
			Cobalt Buyer Sub, Inc.			One stop						SF +			5.75%			(i)						9.95%															10/2027						42						41						—						40
			Cobalt Buyer Sub, Inc.^			One stop						SF +			5.75%			(i)						9.95%															10/2028						247						245						0.1						242
			Cobalt Buyer Sub, Inc.(5)			One stop																		N/A(6)															10/2028						—						(2)						—						—

See Notes to Consolidated Financial Statements

46

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Creek Parent, Inc.^			One stop						SF +			5.00%			(h)						9.14%															12/2031						$	7,133					$	7,022					1.3			%			$	7,133
			Creek Parent, Inc.(5)			One stop																		N/A(6)															12/2031						—						(15)						—						—
			Spark Bidco Limited(8)(9)(10)(25)			Senior secured						SN +			4.88%			(f)						7.72%			cash/			1.13%			PIK						08/2028						1,540						1,565						0.3						1,490
			Spark Bidco Limited^(8)(9)(10)			Senior secured						SN +			6.00%			(f)						9.97%															08/2028						665						596						0.1						665
			Spark Bidco Limited(8)(10)			Senior secured						SF +			6.00%			(i)						10.00%															08/2028						475						470						0.1						475
			Spark Bidco Limited(8)(9)(10)(25)			Senior secured						SN +			4.88%			(f)						7.72%			cash/			1.13%			PIK						08/2028						187						157						—						181
			Spark Bidco Limited(8)(9)(10)(25)			Senior secured						SN +			4.88%			(f)						7.72%			cash/			1.13%			PIK						08/2028						163						147						—						158
			Spark Bidco Limited(8)(9)(10)			Senior secured						SN +			3.75%			(f)						7.72%															02/2028						61						60						—						58
																																													12,551						12,300						2.1						12,461
			Professional Services
			ALKU Intermediate Holdings, LLC^			One stop						SF +			6.25%			(i)						10.25%															05/2029						543						538						0.1						543
			ALKU Intermediate Holdings, LLC^			One stop						SF +			5.50%			(i)						9.50%															05/2029						60						59						—						59
			bswift, LLC^			One stop						SF +			4.75%			(i)						9.07%															11/2028						457						449						0.1						457
			bswift, LLC^			One stop						SF +			4.75%			(i)						9.04%															11/2028						2,602						2,590						0.5						2,602
			Denali Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															08/2032						—						(1)						—						(1)
			Denali Intermediate Holdings, Inc.^			One stop						SF +			5.50%			(h)						9.67%															08/2032						909						900						0.2						900
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						323						320						0.1						323
			DISA Holdings Corp.(25)			Subordinated debt						SF +			8.50%			(h)						10.63%			cash/			2.00%			PIK						03/2029						53						52						—						53
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						36						36						—						36
			DISA Holdings Corp.			One stop						SF +			5.00%			(h)						9.28%															09/2028						45						45						—						45
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						34						33						—						34
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(h)						9.28%															09/2028						489						484						0.1						489
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(h)(i)						9.27%															09/2028						359						355						0.1						359
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(5)						—						—
			Eclipse Buyer, Inc.^			One stop						SF +			4.50%			(h)						8.68%															09/2031						1,264						1,254						0.2						1,264
			Eclipse Buyer, Inc.(5)			One stop																		N/A(6)															09/2031						—						(1)						—						—
			Eliassen Group, LLC^			One stop						SF +			5.75%			(i)						9.75%															04/2028						73						73						—						72
			Eliassen Group, LLC			One stop						SF +			5.75%			(h)						9.91%															04/2028						15						15						—						15
			IG Investments Holdings, LLC^			One stop						SF +			5.00%			(i)						9.31%															09/2028						679						671						0.1						679
			IG Investments Holdings, LLC			One stop																		N/A(6)															09/2028						—						—						—						—
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00%			(i)						6.90%			cash/			3.50%			PIK						11/2030						3,199						3,189						0.6						3,007
			NBG Acquisition Corp. and NBG-P Acquisition Corp.(25)			One stop						SF +			6.00%			(i)						6.50%			cash/			3.50%			PIK						11/2030						146						146						—						132
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00%			(i)						6.50%			cash/			3.50%			PIK						11/2030						235						234						—						221
			Procure Acquireco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															12/2028						933						928						0.2						933
			Procure Acquireco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															12/2028						131						130						—						131
			Procure Acquireco, Inc.			One stop																		N/A(6)															12/2028						—						—						—						—
			Procure Acquireco, Inc.(5)			One stop																		N/A(6)															12/2028						—						(3)						—						—
			Procure Acquireco, Inc.			One stop						SF +			4.75%			(i)						8.75%															12/2028						138						137						—						138
			Varicent Intermediate Holdings Corporation^(8)(11)(25)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						08/2031						5,527						5,461						1.0						5,527
			Varicent Intermediate Holdings Corporation(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(8)						—						—
			Varicent Intermediate Holdings Corporation(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(6)						—						—
																																													18,250						18,075						3.3						18,018
			Road & Rail
			VRS Buyer, Inc.^			Senior secured						SF +			4.75%			(i)						9.08%															07/2032						746						742						0.1						746
			VRS Buyer, Inc.			Senior secured																		N/A(6)															07/2032						—						—						—						—
			VRS Buyer, Inc.(5)			Senior secured																		N/A(6)															07/2032						—						(1)						—						—
																																													746						741						0.1						746
			Software
			Anaplan, Inc.^			One stop						SF +			4.50%			(i)						8.70%															06/2029						8,703						8,657						1.6						8,703
			Anaplan, Inc.			One stop																		N/A(6)															06/2028						—						—						—						—
			Armstrong Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(f)						9.22%															06/2029						688						615						0.1						688

See Notes to Consolidated Financial Statements

47

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Armstrong Bidco Limited(8)(9)(10)			One stop						SN +			5.25%			(f)						9.22%															06/2029						$	359					$	312					0.1			%			$	359
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.00%															07/2030						2,012						1,977						0.4						2,012
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															07/2030						128						127						—						128
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(i)						9.00%															07/2030						132						131						—						132
			Artifact Bidco, Inc.			One stop																		N/A(6)															05/2031						—						—						—						—
			Artifact Bidco, Inc.			One stop																		N/A(6)															05/2030						—						—						—						—
			Artifact Bidco, Inc.			One stop																		N/A(6)															05/2030						—						—						—						—
			Artifact Bidco, Inc.^			One stop						SF +			4.25%			(i)						8.25%															05/2031						453						449						0.1						453
			Auvik Networks Inc.^(8)(11)(25)			One stop						SF +			6.25%			(i)						7.31%			cash/			3.25%			PIK						07/2027						442						441						0.1						442
			Auvik Networks Inc.^(8)(11)(25)			One stop						SF +			6.25%			(i)						7.31%			cash/			3.25%			PIK						07/2027						93						93						—						93
			Auvik Networks Inc.(8)(11)			One stop																		N/A(6)															07/2027						—						—						—						—
			Auvik Networks Inc.^(8)(11)(25)			One stop						SF +			6.25%			(i)						7.31%			cash/			3.25%			PIK						07/2027						74						74						—						74
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.16%															03/2031						839						829						0.2						839
			Azurite Intermediate Holdings, Inc.			One stop						SF +			6.00%			(h)						10.16%															03/2031						1,907						1,884						0.4						1,907
			Azurite Intermediate Holdings, Inc.(5)			One stop																		N/A(6)															03/2031						—						(4)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			Baxter Planning Systems, LLC(5)			One stop																		N/A(6)															05/2031						—						(2)						—						—
			Baxter Planning Systems, LLC^(25)			One stop						SF +			6.25%			(i)						7.19%			cash/			3.38%			PIK						05/2031						1,277						1,270						0.2						1,277
			Bayshore Intermediate #2, L.P.			One stop						SF +			5.00%			(i)						9.00%															10/2027						468						456						0.1						468
			Bayshore Intermediate #2, L.P.^(25)			One stop						SF +			5.50%			(i)						6.50%			cash/			3.00%			PIK						10/2028						4,943						4,910						0.9						4,943
			BestPass, Inc.^			One stop						SF +			4.75%			(h)						8.91%															08/2031						6,200						6,174						1.1						6,200
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						—
			BestPass, Inc.(5)			One stop																		N/A(6)															08/2031						—						(3)						—						—
			Bloomerang, LLC^(25)			One stop						SF +			6.50%			(i)						7.00%			cash/			3.50%			PIK						12/2029						4,643						4,610						0.9						4,643
			Bloomerang, LLC			One stop						SF +			6.00%			(i)						11.13%															12/2029						520						512						0.1						520
			Bloomerang, LLC(25)			One stop						SF +			6.50%			(i)						7.00%			cash/			3.50%			PIK						12/2029						464						455						0.1						464
			Blue Bidco Limited^(8)(9)(10)			One stop						SN +			5.00%			(f)						8.97%															05/2032						863						857						0.2						863
			Blue Bidco Limited(8)(9)(10)			One stop																		N/A(6)															05/2032						—						—						—						—
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00%			(j)						9.26%															05/2032						125						124						—						125
			Blue Bidco Limited^(8)(9)(10)			One stop						E +			5.00%			(d)						7.04%															05/2032						497						478						0.1						497
			Blue Bidco Limited(8)(10)			One stop						SF +			5.00%			(i)						9.26%															05/2032						256						256						0.1						256
			Bottomline Technologies, Inc.^			One stop						SF +			4.50%			(i)						8.50%															05/2029						1,793						1,774						0.3						1,793
			Bottomline Technologies, Inc.(5)			One stop																		N/A(6)															05/2028						—						(1)						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)			One stop						SF +			6.00%			(j)						10.14%															01/2029						507						498						0.1						507
			Bynder BidCo, Inc.& Bynder BidCo B.V.^(8)(12)			One stop						SF +			6.00%			(j)						10.14%															01/2029						134						132						—						134
			Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(12)			One stop																		N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(12)			One stop																		N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50%			(f)						9.47%															08/2030						689						642						0.1						689
			Camelia Bidco Limited^(8)(9)(10)			One stop						A +			5.50%									9.05%															08/2030						42						40						—						42
			Camelia Bidco Limited(8)(9)(10)			One stop						SN +			5.50%			(f)						9.47%															08/2030						135						125						—						135
			Camelia Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(4)						—						—
			CB Buyer, Inc.(5)			One stop																		N/A(6)															07/2031						—						(5)						—						—
			CB Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.25%															07/2031						5,838						5,793						1.1						5,838
			CB Buyer, Inc.			One stop						SF +			5.25%			(i)						9.25%															07/2031						64						57						—						64
			Coupa Holdings, LLC^			One stop						SF +			5.25%			(i)						9.56%															02/2030						3,040						2,986						0.6						3,040
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop																		N/A(6)															02/2030						—						(3)						—						—
			Crewline Buyer, Inc.^			One stop						SF +			6.75%			(h)						10.91%															11/2030						11,639						11,512						2.1						11,639
			Crewline Buyer, Inc.(5)			One stop																		N/A(6)															11/2030						—						(13)						—						—
			Daxko Acquisition Corporation^			One stop						SF +			4.75%			(h)						8.91%															10/2028						1,514						1,508						0.3						1,514
			Daxko Acquisition Corporation			One stop						SF +			4.75%			(h)						8.91%															10/2028						128						127						—						128
			Daxko Acquisition Corporation(5)			One stop																		N/A(6)															10/2028						—						(2)						—						—

See Notes to Consolidated Financial Statements

48

---

TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Daxko Acquisition Corporation			One stop						SF +			4.75%			(h)						8.91%															10/2028						$	8					$	8					—			%			$	8
			Daxko Acquisition Corporation			One stop						SF +			4.75%			(h)						8.91%															10/2028						23						21						—						23
			Denali Bidco Limited^(8)(9)(10)			One stop						SN +			5.00%			(f)						8.97%															09/2031						1,400						1,315						0.3						1,394
			Denali Bidco Limited^(8)(9)(10)			One stop						E +			5.00%			(c)						7.08%															09/2031						3,163						2,879						0.6						3,147
			Denali Bidco Limited(8)(9)(10)(25)			Subordinated debt						N/A												11.20%			PIK												09/2032						60						60						—						60
			Denali Bidco Limited(8)(9)(10)(25)			Subordinated debt						N/A												9.80%			PIK												09/2032						91						90						—						90
			Denali Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															09/2031						—						(17)						—						(10)
			Einstein Parent, Inc.^			One stop						SF +			6.50%			(i)						10.83%															01/2031						4,001						3,930						0.7						4,001
			Einstein Parent, Inc.(5)			One stop																		N/A(6)															01/2031						—						(7)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(3)						—						—
			Espresso Bidco, Inc.(5)			One stop																		N/A(6)															03/2032						—						(3)						—						—
			Espresso Bidco, Inc.^(25)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						03/2032						1,719						1,696						0.3						1,719
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						8.75%															09/2030						5,422						5,302						1.0						5,422
			Evergreen IX Borrower 2023, LLC(5)			One stop																		N/A(6)															10/2029						—						(13)						—						—
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						8.75%															09/2030						393						390						0.1						393
			Flexera Software, LLC			One stop																		N/A(6)															08/2032						—						—						—						—
			Flexera Software, LLC^			One stop						SF +			4.75%			(i)						8.96%															08/2032						700						700						0.1						699
			Flexera Software, LLC^(9)			One stop						E +			4.75%			(b)						6.63%															08/2032						248						247						0.1						248
			Gainsight, Inc.			One stop						SF +			6.25%			(i)						10.60%															07/2027						600						597						0.1						600
			Gainsight, Inc.(5)			One stop																		N/A(6)															07/2027						—						(1)						—						—
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						1,900						1,882						0.4						1,900
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						1,242						1,229						0.2						1,242
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(i)						6.50%			cash/			4.13%			PIK						07/2029						227						226						—						227
			GTY Technology Holdings, Inc.			One stop						SF +			6.00%			(i)						10.00%															07/2029						78						74						—						78
			GTY Technology Holdings, Inc.(25)			One stop						SF +			6.63%			(i)						6.67%			cash/			4.13%			PIK						07/2029						704						691						0.1						704
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						301						299						0.1						301
			GTY Technology Holdings, Inc.^(25)			One stop						SF +			6.63%			(i)						6.67%			cash/			4.13%			PIK						07/2029						2,069						2,042						0.4						2,069
			Gurobi Optimization, LLC(5)			One stop																		N/A(6)															09/2031						—						(3)						—						—
			Gurobi Optimization, LLC^			One stop						SF +			4.50%			(i)						8.50%															09/2031						4,379						4,342						0.8						4,379
			Hornet Security Holding GMBH^(8)(9)(19)			One stop						E +			4.75%			(b)						6.62%															02/2031						2,645						2,408						0.5						2,672
			Hornet Security Holding GMBH^(8)(9)(19)			One stop						E +			4.75%			(b)						6.62%															02/2031						1,763						1,605						0.3						1,781
			Hornet Security Holding GMBH(8)(9)(19)			One stop						E +			4.75%			(b)						6.66%															08/2030						43						38						—						43
			Hornet Security Holding GMBH(8)(9)(19)			One stop						E +			4.75%			(d)						6.80%															02/2031						366						351						0.1						375
			Hyland Software, Inc.^			One stop						SF +			5.00%			(h)						9.16%															09/2030						13,125						12,984						2.4						13,125
			Hyland Software, Inc.(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.^			One stop						SF +			4.50%			(i)						8.81%															01/2030						7,558						7,437						1.4						7,558
			Icefall Parent, Inc.(5)			One stop																		N/A(6)															01/2030						—						(12)						—						—
			ICIMS, Inc.^(25)			One stop						SF +			5.75%			(i)						10.07%															08/2028						14,550						14,440						2.5						13,823
			ICIMS, Inc.			One stop						SF +			5.75%			(i)						10.07%															08/2028						79						77						—						65
			IQN Holding Corp.^(25)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						05/2029						927						921						0.2						927
			IQN Holding Corp.			One stop						SF +			5.25%			(i)						9.25%															05/2028						33						33						—						33
			IQN Holding Corp.(25)			One stop						SF +			5.75%			(i)						6.63%			cash/			3.13%			PIK						05/2029						382						378						0.1						382
			Island Bidco AB^(8)(16)(25)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						1,088						1,081						0.2						1,088
			Island Bidco AB(8)(9)(16)(25)			One stop						E +			7.25%			(c)						2.04%			cash/			7.25%			PIK						07/2028						453						405						0.1						453
			Island Bidco AB^(8)(16)(25)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						185						184						—						185
			Island Bidco AB(8)(16)			One stop						SF +			6.50%			(j)						10.59%															07/2028						27						27						—						27
			Island Bidco AB(8)(9)(16)			One stop																		N/A(6)															07/2028						—						—						—						—
			Kairos Bidco Limited			One stop						SF +			4.75%			(i)						8.75%															07/2032						8						8						—						8
			Kairos Bidco Limited^			One stop						SF +			4.75%			(i)						8.75%															07/2032						483						480						0.1						481
			Kairos Bidco Limited(5)			One stop																		N/A(6)															07/2032						—						(1)						—						(1)
			Kairos Bidco Limited			One stop						SF +			4.75%			(i)						8.75%															07/2032						73						72						—						72
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						2,036						2,005						0.4						2,036
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						359						354						0.1						359
			LeadsOnline, LLC(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—

See Notes to Consolidated Financial Statements

49

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.50%															02/2028						$	201					$	200					—			%			$	201
			Lighthouse Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															06/2031						—						(1)						—						—
			Lighthouse Bidco GMBH^(8)(9)(19)			One stop						E +			4.75%			(c)						6.75%															12/2031						494						436						0.1						494
			Lighthouse Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															12/2031						—						(2)						—						—
			LogicMonitor, Inc.(5)			One stop																		N/A(6)															11/2031						—						(3)						—						—
			LogicMonitor, Inc.^			One stop						SF +			5.50%			(i)						9.81%															11/2031						5,031						5,003						0.9						5,031
			Matrix42 Holding GMBH(8)(9)(19)			One stop						E +			6.25%			(d)						8.31%															12/2029						1,020						1,003						0.2						1,013
			Metatiedot Bidco Oy & Metatiedot US, LLC(5)(8)(9)(15)			One stop																		N/A(6)															11/2030						—						(4)						—						—
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.25%			(c)						7.28%															11/2031						1,616						1,436						0.3						1,616
			Metatiedot Bidco Oy & Metatiedot US, LLC(8)(9)(15)			One stop						E +			5.25%			(c)						7.28%															11/2031						13						9						—						13
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)			One stop						SF +			5.25%			(i)						9.45%															11/2031						1,031						1,018						0.2						1,031
			Ministry Brands Holdings LLC^			One stop						SF +			5.50%			(h)						9.76%															12/2028						1,163						1,158						0.2						1,140
			Ministry Brands Holdings LLC			One stop						SF +			5.50%			(h)						9.76%															12/2028						334						333						0.1						328
			Ministry Brands Holdings LLC(5)			One stop																		N/A(6)															12/2027						—						—						—						(2)
			MYOB Invest Co Pty Ltd^(8)(9)(13)(25)			One stop						A +			5.75%			(e)						6.33%			cash/			3.00%			PIK						06/2030						5,197						5,057						1.0						5,197
			Navex TopCo, Inc.^			One stop						SF +			5.25%			(h)						9.41%															11/2030						10,923						10,762						2.0						10,923
			Navex TopCo, Inc.(5)			One stop																		N/A(6)															11/2028						—						(12)						—						—
			Naviga Inc.(7)(25)			Senior secured						SF +			1.00%			(i)						5.10%			PIK												09/2026						7						5						—						2
			Onit, Inc.^			One stop						SF +			4.75%			(i)						9.06%															01/2032						504						499						0.1						505
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(1)						—						—
			Onit, Inc.(5)			One stop																		N/A(6)															01/2032						—						(1)						—						—
			Onit, Inc.^			One stop						SF +			4.50%			(i)						8.50%															01/2032						137						137						—						137
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(8)(9)(12)			One stop						E +			5.75%			(c)						7.75%															11/2029						769						693						0.1						773
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(8)(9)(12)			One stop						E +			5.00%			(c)						7.00%															11/2029						33						27						—						33
			Panzura, LLC(25)			One stop						N/A												4.00%			cash/			11.00%			PIK						08/2027						66						63						—						60
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						3,640						3,316						0.7						3,640
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.25%			(c)						7.25%			PIK												01/2031						250						226						0.1						250
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						1,128						1,017						0.2						1,128
			Pineapple German Bidco GMBH(8)(9)(19)(25)			One stop						E +			5.25%			(c)						7.27%			PIK												01/2031						130						112						—						130
			Pineapple German Bidco GMBH(8)(19)(25)			One stop						SF +			5.25%			(i)						9.24%			PIK												01/2031						370						367						0.1						370
			Pineapple German Bidco GMBH(8)(19)(25)			One stop						SF +			5.25%			(i)						9.24%			PIK												01/2031						246						241						0.1						246
			Pineapple German Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															01/2031						—						(5)						—						—
			PING Identity Holding Corp.^			One stop						SF +			4.75%			(i)						8.75%															10/2029						901						891						0.2						901
			PING Identity Holding Corp.(5)			One stop																		N/A(6)															10/2028						—						(1)						—						—
			ProcessUnity Holdings, LLC			One stop						SF +			6.50%			(i)						10.50%															09/2028						239						238						0.1						239
			ProcessUnity Holdings, LLC^			One stop						SF +			6.50%			(i)						10.50%															09/2028						146						145						—						146
			ProcessUnity Holdings, LLC			One stop						SF +			6.50%			(i)						10.50%															09/2028						48						48						—						48
			ProcessUnity Holdings, LLC			One stop						SF +			6.50%			(h)(i)						10.57%															09/2028						54						54						—						54
			ProcessUnity Holdings, LLC^			One stop						SF +			6.50%			(i)						10.50%															09/2028						400						399						0.1						400
			QAD, Inc.^			One stop						SF +			4.75%			(h)						8.91%															11/2027						3,798						3,784						0.7						3,798
			QAD, Inc.(5)			One stop																		N/A(6)															11/2027						—						(2)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.45%															06/2029						2,373						2,361						0.4						2,373
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.49%															06/2029						3,252						3,230						0.6						3,252
			Quant Buyer, Inc.			One stop						SF +			5.25%			(i)						9.45%															06/2029						70						70						—						70
			Quant Buyer, Inc.(5)			One stop																		N/A(6)															06/2029						—						(17)						—						—
			Quant Buyer, Inc.			One stop						SF +			5.25%			(i)						9.45%															06/2029						489						484						0.1						489
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.05%			(f)						7.47%			cash/			2.55%			PIK						07/2029						797						697						0.2						797
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			6.05%			(g)						7.68%			cash/			2.55%			PIK						07/2029						140						139						—						140
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.05%			(f)						7.47%			cash/			2.55%			PIK						07/2029						59						52						—						59
			Rainforest Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.80%			(f)						7.97%			cash/			2.80%			PIK						07/2029						3,255						3,049						0.6						3,255
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			6.18%			(g)						8.12%			cash/			2.18%			PIK						07/2029						911						911						0.2						911

See Notes to Consolidated Financial Statements

50

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Rainforest Bidco Limited(5)(8)(9)(10)			One stop																		N/A(6)															07/2029						$	—					$	(6)					—			%			$	—
			Rainforest Bidco Limited(8)(10)(25)			One stop						SF +			5.93%			(g)						8.12%			cash/			1.93%			PIK						07/2029						636						636						0.1						636
			Riskonnect Parent, LLC^			One stop						SF +			4.75%			(j)						8.62%															12/2028						4,105						4,087						0.7						4,064
			Riskonnect Parent, LLC			One stop						SF +			4.75%			(j)						8.62%															12/2028						28						26						—						25
			Riskonnect Parent, LLC			One stop						SF +			4.75%			(j)						8.62%															12/2028						101						101						—						100
			Riskonnect Parent, LLC^			One stop						SF +			4.75%			(j)						8.62%															12/2028						3,314						3,289						0.6						3,281
			Riskonnect Parent, LLC^			One stop						SF +			4.75%			(j)						8.62%															12/2028						2,332						2,312						0.4						2,308
			Riskonnect Parent, LLC(5)			One stop																		N/A(6)															12/2028						—						(1)						—						(2)
			Sapphire Bidco Oy(8)(9)(15)			One stop						E +			4.75%			(c)						6.78%															07/2029						2,007						1,703						0.4						2,007
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			5.00%			(c)						7.04%															07/2029						164						146						—						164
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			5.00%			(c)						6.96%															07/2029						1,031						941						0.2						1,033
			Spark Bidco Limited(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(9)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Templafy APS and Templafy, LLC^(8)(18)			One stop						SF +			6.00%			(i)						10.35%															07/2028						554						547						0.1						554
			Templafy APS and Templafy, LLC(8)(18)			One stop																		N/A(6)															07/2028						—						—						—						—
			Togetherwork Holdings, LLC			One stop						SF +			5.25%			(h)						9.41%															05/2031						216						206						—						201
			Togetherwork Holdings, LLC(5)			One stop																		N/A(6)															05/2031						—						(6)						—						(11)
			Togetherwork Holdings, LLC^			One stop						SF +			5.25%			(h)						9.41%															05/2031						8,597						8,537						1.6						8,511
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(5)						—						—
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															06/2030						—						(6)						—						—
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.75%			(i)						10.53%															01/2031						3,588						3,539						0.7						3,588
			Transform Bidco Limited(8)(9)(10)(25)			One stop						A +			6.75%			(e)						7.62%			cash/			2.75%			PIK						01/2031						279						273						0.1						279
			Transform Bidco Limited(8)(9)(10)(25)			One stop						SN +			6.75%			(f)						7.97%			cash/			2.75%			PIK						01/2031						44						42						—						44
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.75%			(i)						10.53%															01/2031						404						396						0.1						404
			Transform Bidco Limited(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(3)						—						—
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(3)						—						—
			Tricentis Operations Holdings, Inc.^(25)			One stop						SF +			6.25%			(i)						5.61%			cash/			4.88%			PIK						02/2032						5,419						5,395						1.0						5,419
			Tricentis Operations Holdings, Inc.(5)			One stop																		N/A(6)															02/2032						—						(5)						—						—
			Vantage Bidco GMBH^(8)(9)(19)(25)			One stop						E +			6.25%			(c)						8.25%			PIK												04/2031						2,784						2,502						0.5						2,784
			Vantage Bidco GMBH(5)(8)(9)(19)			One stop																		N/A(6)															10/2030						—						(5)						—						—
			Varinem German Midco GMBH^(8)(9)(19)			One stop						E +			5.50%			(d)						7.57%															07/2031						2,309						2,128						0.4						2,315
			Varinem German Midco GMBH(8)(9)(19)			One stop						E +			4.75%			(d)						6.82%															07/2031						606						561						0.1						606
			Vendavo, Inc.			One stop						SF +			5.75%			(i)						10.00%															09/2027						1,077						1,074						0.2						970
			Vendavo, Inc.			One stop						SF +			5.75%			(i)						10.15%															09/2027						402						400						0.1						367
			Vendavo, Inc.^			One stop						SF +			5.75%			(i)						10.00%															09/2027						87						86						—						78
			Viper Bidco, Inc.^(9)			One stop						SN +			4.75%			(f)						8.72%															11/2031						1,435						1,338						0.3						1,439
			Viper Bidco, Inc.^			One stop						SF +			4.75%			(i)						8.75%															11/2031						2,915						2,902						0.5						2,922
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(1)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(2)						—						—
			Viper Bidco, Inc.(5)			One stop																		N/A(6)															11/2031						—						(2)						—						(4)
			WebPT, Inc.			One stop						SF +			6.25%			(i)						10.55%															01/2028						35						34						—						29
			Zendesk, Inc.			One stop						SF +			5.00%			(i)						9.00%															11/2028						719						714						0.1						719
			Zendesk, Inc.			One stop																		N/A(6)															11/2028						—						—						—						—
			Zendesk, Inc.^			One stop						SF +			5.00%			(i)						9.00%															11/2028						9,358						9,263						1.7						9,358
																																													242,301						236,842						44.6						241,174
			Specialty Retail
			Ave Holdings III, Corp^			One stop						SF +			5.50%			(j)						9.62%															02/2028						868						860						0.2						837
			Ave Holdings III, Corp^			One stop						SF +			5.50%			(j)						9.62%															02/2028						647						644						0.1						624
			Ave Holdings III, Corp			One stop						SF +			5.50%			(j)						9.62%															02/2028						85						85						—						82
			Ave Holdings III, Corp(5)			One stop																		N/A(6)															02/2028						—						(1)						—						(3)
			Biscuit Parent, LLC^			One stop						SF +			4.75%			(i)						8.75%															02/2031						6,007						5,972						1.1						6,007
			Biscuit Parent, LLC(5)			One stop																		N/A(6)															02/2031						—						(11)						—						—

See Notes to Consolidated Financial Statements

51

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Biscuit Parent, LLC			One stop						SF +			4.75%			(i)						8.75%															02/2031						$	1					$	1					—			%			$	1
			Cavender Stores L.P.^			Senior secured						SF +			5.00%			(i)						9.00%															10/2029						11,130						11,055						2.0						11,130
			Consilio Midco Limited^(8)(9)(10)			Senior secured						E +			4.75%			(c)						6.75%															04/2032						1,575						1,519						0.3						1,575
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75%			(i)						9.04%															04/2032						1,283						1,277						0.2						1,283
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75%			(i)						9.04%															04/2032						791						787						0.2						791
			Consilio Midco Limited(8)(10)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(8)(10)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited(8)(10)(25)			Subordinated debt						SF +			7.50%			(j)						11.64%			PIK												04/2033						302						299						0.1						302
			Consilio Midco Limited(8)(9)(10)(25)			Subordinated debt						E +			7.50%			(d)						9.59%			PIK												04/2033						241						232						0.1						241
			Consilio Midco Limited(8)(10)(25)			Subordinated debt												(i)						N/A(6)															04/2033						—						—						—						—
			CVP Holdco, Inc.(5)			One stop																		N/A(6)															06/2030						—						(3)						—						—
			CVP Holdco, Inc.^			One stop						SF +			4.75%			(h)						8.91%															06/2031						4,020						3,987						0.7						4,020
			CVP Holdco, Inc.			One stop						SF +			4.75%			(h)						8.91%															06/2031						231						226						—						231
			Metal Supermarkets US Buyer, LLC^(8)(11)			One stop						SF +			4.75%			(i)						8.75%															12/2030						1,084						1,080						0.2						1,084
			Metal Supermarkets US Buyer, LLC(8)(11)			One stop						SF +			4.75%			(i)						8.75%															12/2030						29						28						—						29
			PetVet Care Centers LLC^			One stop						SF +			6.00%			(h)						10.16%															11/2030						4,395						4,332						0.7						4,043
			PetVet Care Centers LLC(5)			One stop																		N/A(6)															11/2029						—						(9)						—						(45)
			PetVet Care Centers LLC(5)			One stop																		N/A(6)															11/2030						—						(4)						—						—
			Radiance Borrower, LLC			One stop						SF +			5.25%			(h)						9.41%															06/2031						61						57						—						61
			Radiance Borrower, LLC^(25)			One stop						SF +			5.75%			(h)						7.16%			cash/			2.75%			PIK						06/2031						6,522						6,484						1.2						6,522
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						4,638						4,607						0.9						4,650
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						311						309						0.1						312
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						303						301						0.1						304
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						240						238						0.1						241
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						284						282						0.1						286
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						74						71						—						74
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						100						99						—						100
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						76						75						—						76
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						70						70						—						70
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.75%															08/2028						82						81						—						82
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						443						438						0.1						444
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						552						547						0.1						553
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						137						136						—						137
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						151						149						—						152
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						93						92						—						93
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						14						14						—						14
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						477						474						0.1						478
			Salon Lofts Group, LLC(5)(25)			Second lien																		N/A(6)															09/2029						—						(3)						—						4
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						55						54						—						55
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						150						149						—						150
			Salon Lofts Group, LLC			Senior secured																		N/A(6)															08/2028						—						—						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						9.75%															08/2028						216						214						—						216
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						260						259						0.1						263
			Salon Lofts Group, LLC(25)			Second lien						SF +			9.00%			(i)						13.00%			PIK												09/2029						116						115						—						117
			Salon Lofts Group, LLC			Senior secured						SF +			5.25%			(i)						9.25%															08/2028						33						33						—						33
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^			One stop						SF +			5.25%			(i)						9.25%															12/2029						1,164						1,153						0.2						1,153
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.			One stop						SF +			5.25%			(i)						9.25%															12/2028						105						103						—						102
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)			One stop																		N/A(6)															12/2029						—						(2)						—						(1)
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^(9)			One stop						CA +			5.25%			(k)						7.70%															12/2029						2,365						2,383						0.4						2,342
			VSG Acquisition Corp. and Sherrill, Inc.(5)			One stop																		N/A(6)															10/2029						—						(1)						—						(1)
			VSG Acquisition Corp. and Sherrill, Inc.			One stop						SF +			5.00%			(h)						9.16%															10/2029						67						66						—						66

See Notes to Consolidated Financial Statements

52

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			VSG Acquisition Corp. and Sherrill, Inc.^			One stop						SF +			5.00%			(h)						9.16%															10/2029						$	1,293					$	1,271					0.2			%			$	1,286
																																													53,141						52,674						9.6						52,666
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(4)						—						(6)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(h)						9.16%															02/2032						4,317						4,292						0.8						4,274
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															02/2032						855						850						0.2						846
			LDS Intermediate Holdings, LLC(5)			One stop																		N/A(6)															02/2032						—						(4)						—						(7)
			LDS Intermediate Holdings, LLC			One stop						SF +			5.00%			(h)						9.16%															02/2032						73						72						—						72
																																													5,245						5,206						1.0						5,179
			Water Utilities
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75%			(h)(j)						8.93%															07/2031						554						549						0.1						554
			Vessco Midco Holdings, LLC(5)			One stop																		N/A(6)															07/2031						—						(1)						—						—
			Vessco Midco Holdings, LLC			One stop						SF +			4.75%			(h)(j)						8.89%															07/2031						100						100						—						100
																																													654						648						0.1						654
			Total debt investments																																										827,115						813,637						150.7						823,219

See Notes to Consolidated Financial Statements

53

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments(22)(23)
			Aerospace & Defense
			PPW Aero Buyer, Inc.			Preferred stock						N/A												N/A															02/2023						N/A						21						$	207					—			%			$	150
			Air Freight & Logistics
			RJW Group Holdings, Inc.(24)			LLC units						N/A												N/A															11/2024						N/A						412						254						0.1						327
			Auto Components
			Arnott, LLC			LP units						N/A												N/A															12/2024						N/A						—						33						—						30
			Automobiles
			CAP-KSI Holdings, LLC			Common stock						N/A												N/A															06/2024						N/A						192						—						—						49
			CAP-KSI Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						192						192						0.1						213
			CG Group Holdings, LLC			LLC units						N/A												N/A															07/2021						N/A						—						51						—						35
			Go Car Wash Parent, Corp.(24)			Common stock						N/A												17.00%			Non-Cash												04/2022						N/A						—						413						0.1						406
			Go Car Wash Parent, Corp.			Preferred stock						N/A												N/A															04/2022						N/A						—						166						—						—
			National Express Wash Parent Holdco, LLC			LLC units						N/A												N/A															07/2022						N/A						1						81						—						153
			POY Holdings, LLC			LP interest						N/A												N/A															11/2022						N/A						41						20						—						44
			Quick Quack Car Wash Holdings, LLC			LLC units						N/A												N/A															06/2024						N/A						125						125						—						164
			Quick Quack Car Wash Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						25						25						—						31
			Yorkshire Parent, Inc.			LP interest						N/A												N/A															12/2023						N/A						—						45						—						53
																																																									1,118						0.2						1,148
			Beverages
			Spindrift Beverage Co. Inc.			LLC interest						N/A												N/A															02/2025						N/A						1						705						0.2						864
			Building Products
			BECO Holding Company, Inc.(24)			Common stock						N/A												11.75%			Non-Cash												11/2021						N/A						15						2,158						0.4						2,360
			BECO Holding Company, Inc.			Common stock						N/A												N/A															11/2021						N/A						1						103						—						113
																																																									2,261						0.4						2,473
			Commercial Services & Supplies
			CI (Quercus) Intermediate Holdings, LLC			Preferred stock						N/A												N/A															10/2021						N/A						36						36						—						46
			CHA Vision Holdings, Inc.			Warrant						N/A												N/A															01/2024						N/A						—						38						—						52
			Radwell Parent, LLC			Preferred stock						N/A												N/A															03/2022						N/A						1						105						—						120
																																																									179						—						218
			Containers & Packaging
			Chase Intermediate			LP units						N/A												N/A															04/2022						N/A						19						10						—						31
			Packaging Coordinators Midco, Inc.			LP units						N/A												N/A															09/2025						N/A						8						76						—						76
																																																									86						—						107
			Diversified Consumer Services
			CHVAC Services Investment, LLC			Preferred stock						N/A												N/A															05/2024						N/A						32						81						—						139
			DP Flores Holdings, LLC			Preferred stock						N/A												N/A															09/2022						N/A						93						74						—						147
			EMS LINQ, LLC			Preferred stock						N/A												N/A															12/2021						N/A						33						33						—						10
			FPG Intermediate Holdco, LLC			LLC units						N/A												N/A															07/2025						N/A						1						510						0.1						509
			HS Spa Holdings, Inc.			Warrant						N/A												N/A															05/2022						N/A						31						31						—						25
			Kodiak Buyer, LLC			LP interest						N/A												N/A															08/2025						N/A						—						35						—						35
			NSG Buyer, Inc.			Preferred stock						N/A												N/A															11/2022						N/A						1						588						0.2						889

See Notes to Consolidated Financial Statements

54

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Virginia Green Acquisition, LLC			Preferred stock						N/A												N/A															12/2023						N/A						33						$	33					—			%			$	38
																																																									1,385						0.3						1,792
			Electric Utilities
			Smart Energy Systems, Inc.			Preferred stock						N/A												N/A															01/2025						N/A						2						9						—						43
			Electrical Equipment
			Wildcat TopCo, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						47						47						—						64
			Food Products
			Louisiana Fish Fry Products, Ltd.			Preferred stock						N/A												N/A															07/2021						N/A						—						34						—						13
			Louisiana Fish Fry Products, Ltd.			Preferred stock						N/A												N/A															09/2022						N/A						—						1						—						2
			Zullas, L.C.			Warrant						N/A												N/A															06/2025						N/A						—						138						—						138
																																																									173						—						153
			Healthcare Equipment & Supplies
			Centegix Intermediate II, LLC			Preferred stock						N/A												N/A															08/2025						N/A						159						158						—						158
			Isto Group, Inc.(9)			LP units						N/A												N/A															09/2025						N/A						1						95						—						94
																																																									253						—						252
			Healthcare Providers & Services
			ERC Topco Holdings, LLC			LLC units						N/A												N/A															03/2025						N/A						—						412						0.1						329
			HP TLE Buyer, Inc.			LP units						N/A												N/A															07/2025						N/A						59						59						—						59
			Suveto Buyer, LLC			Common stock						N/A												N/A															11/2021						N/A						—						35						—						25
																																																									506						0.1						413
			Healthcare Technology
			Amberfield Acquisition Co.			Preferred stock						N/A												N/A															05/2024						N/A						137						136						—						162
			Modernizing Medicine, Inc.(24)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						1						928						0.2						949
			Veranex, Inc.			LP units						N/A												N/A															08/2025						N/A						7						2						—						1
			Veranex, Inc.			LP units						N/A												N/A															08/2025						N/A						24						—						—						—
			Veranex, Inc.			LP units						N/A												N/A															08/2025						N/A						3						—						—						—
																																																									1,066						0.2						1,112
			Hotels, Restaurants & Leisure
			Harri US LLC			Preferred stock						N/A												N/A															10/2023						N/A						4						50						—						65
			Harri US LLC			LP units						N/A												N/A															02/2022						N/A						5						43						—						34
			Harri US LLC			Common stock						N/A												N/A															10/2021						N/A						5						30						—						28
			Harri US LLC			LP interest						N/A												N/A															10/2021						N/A						2						7						—						9
			Harri US LLC			LLC units						N/A												N/A															03/2024						N/A						5						—						—						67
			Harri US LLC			Warrant						N/A												N/A															02/2025						N/A						—						—						—						—
			Harri US LLC			Warrant						N/A												N/A															06/2025						N/A						2						21						—						25
			Patriot Acquireco, LLC			LP units						N/A												N/A															09/2025						N/A						157						157						—						157
			PB Group Holdings, LLC			Preferred stock						N/A												N/A															08/2024						N/A						34						78						—						84
			Rooster BidCo Limited(8)(10)			LLC units						N/A												N/A															03/2025						N/A						118						123						—						181
			Saguaro Buyer, LLC			LP units						N/A												N/A															07/2025						N/A						—						200						0.1						213
																																																									709						0.1						863
			Insurance
			Oakbridge Insurance Agency LLC			Preferred stock						N/A												N/A															11/2023						N/A						2						34						—						43
			IT Services
			Critical Start, Inc.			LLC units						N/A												N/A															05/2022						N/A						17						17						—						8
			Kentik Technologies, Inc.			LP units						N/A												N/A															09/2021						N/A						33						189						—						191
			Kentik Technologies, Inc.			Preferred stock						N/A												N/A															11/2024						N/A						1						2						—						3
			Netwrix Corporation			Common stock						N/A												N/A															06/2022						N/A						4						8						—						10
																																																									216						—						212

See Notes to Consolidated Financial Statements

55

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TABLE OF CONTENTS

Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Leisure Products
			Movement Holdings, LLC(8)(10)			LP units						N/A												N/A															03/2024						N/A						—						$	144					—			%			$	84
			Life Sciences Tools & Services
			Celerion Buyer, Inc.(24)			LLC interest						N/A												N/A															11/2022						N/A						275						230						—						153
			Celerion Buyer, Inc.			Common stock						N/A												N/A															11/2022						N/A						275						—						0.2						799
			PAS Parent Inc.			LLC units						N/A												N/A															12/2021						N/A						1						82						—						101
			PAS Parent Inc.			Preferred stock						N/A												N/A															03/2023						N/A						—						12						—						18
			Reaction Biology Corporation			LLC units						N/A												N/A															03/2025						N/A						10						341						0.1						250
																																																									665						0.3						1,321
			Paper & Forest Products
			Messenger, LLC			Preferred stock						N/A												N/A															12/2021						N/A						1						99						—						111
			Messenger, LLC			Preferred stock						N/A												N/A															12/2021						N/A						—						—						—						—
																																																									99						—						111
			Pharmaceuticals
			Cobalt Buyer Sub, Inc.(24)			LP interest						N/A												13.75%			Non-Cash												10/2021						N/A						—						777						0.2						822
			Cobalt Buyer Sub, Inc.			LP interest						N/A												N/A															10/2021						N/A						—						10						—						4
			Cobalt Buyer Sub, Inc.			Preferred stock						N/A												N/A															10/2021						N/A						—						—						—						—
			Creek Parent, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						318						318						0.1						340
																																																									1,105						0.3						1,166
			Professional Services
			Eclipse Buyer, Inc.(24)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						566						0.1						575
			Enboarder, Inc.(8)			LLC units						N/A												N/A															01/2022						N/A						3						32						—						20
			Filevine, Inc.			LP interest						N/A												N/A															04/2022						N/A						36						231						0.1						642
			Filevine, Inc.			LLC units						N/A												N/A															05/2024						N/A						2						15						—						37
			Filevine, Inc.			LP units						N/A												N/A															04/2022						N/A						5						8						—						85
			Procure Acquireco, Inc.			LP interest						N/A												N/A															12/2021						N/A						—						42						—						62
																																																									894						0.2						1,421
			Software
			Anaplan, Inc.			LLC units						N/A												N/A															06/2022						N/A						336						336						0.1						585
			Auvik Networks Inc.(8)(11)			LLC units						N/A												N/A															07/2021						N/A						2						17						—						26
			Auvik Networks Inc.(8)(11)			LP units						N/A												N/A															02/2023						N/A						—						2						—						3
			Bayshore Intermediate #2, L.P.			LLC units						N/A												N/A															10/2021						N/A						243						243						0.1						311
			CB Buyer, Inc.			Preferred stock						N/A												N/A															07/2024						N/A						77						77						—						48
			Cynet Security Ltd.(8)(17)			Preferred stock						N/A												N/A															08/2022						N/A						13						46						—						70
			Denali Bidco Limited(8)(10)			LP units						N/A												N/A															08/2023						N/A						35						21						—						60
			Energy Worldnet, LLC(24)			Preferred stock						N/A												N/A															02/2025						N/A						50						52						—						54
			GTY Technology Holdings, Inc.			Common stock						N/A												N/A															07/2022						N/A						26						26						—						59
			Gurobi Optimization, LLC			LLC units						N/A												N/A															09/2024						N/A						—						63						—						69
			Kaseya Inc.(24)			Preferred stock						SF +			10.75%			(i)						14.92%			Non-Cash												06/2022						N/A						1						1,531						0.3						1,578
			Kaseya Inc.			Common stock						N/A												N/A															06/2022						N/A						46						46						—						48
			LogicMonitor, Inc.			LLC units						N/A												N/A															12/2024						N/A						250						250						0.1						277
			Menlo Ridgeview Co-Invest, LLC(8)			LLC units						N/A												N/A															05/2025						N/A						88						90						—						94
			Ministry Brands Holdings LLC			Warrant						N/A												N/A															12/2021						N/A						46						46						—						36
			Onit, Inc.(24)			Common stock						N/A												N/A															09/2025						N/A						—						6						—						7
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			QAD, Inc.			LLC units						N/A												N/A															11/2021						N/A						—						97						—						97
			QAD, Inc.			LP interest						N/A												N/A															11/2021						N/A						7						—						—						27
			Riskonnect Parent, LLC(24)			Preferred stock						N/A												11.00%			Non-Cash												04/2022						N/A						1						1,394						0.3						1,388
			Riskonnect Parent, LLC(24)			LP units						SF +			10.50%			(i)						14.70%			Non-Cash												07/2022						N/A						1						968						0.2						1,001
			Riskonnect Parent, LLC			Preferred stock						N/A												N/A															11/2021						N/A						52						53						—						53

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Riskonnect Parent, LLC(24)			LLC units						N/A												10.50%			Non-Cash												06/2024						N/A						—						$	56					—			%			$	61
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						40						213						0.1						222
			Templafy APS and Templafy, LLC(8)(18)			Preferred stock						N/A												N/A															07/2022						N/A						—						8						—						2
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						91						399						0.1						409
			Transform Bidco Limited(8)(10)			LP units						N/A												N/A															04/2025						N/A						219						219						0.1						227
			Tricentis Operations Holdings, Inc.			Preferred stock						N/A												N/A															02/2025						N/A						40						40						—						44
			Zendesk, Inc.			LP units						N/A												N/A															11/2022						N/A						21						211						0.1						215
																																																									6,514						1.5						7,071
			Specialty Retail
			Ave Holdings III, Corp(24)			Preferred stock						N/A												11.50%			Non-Cash												02/2022						N/A						1						1,390						0.2						1,014
			Ave Holdings III, Corp			Preferred stock						N/A												N/A															02/2022						N/A						—						127						—						10
			Metal Supermarkets US Buyer, LLC(8)(11)			Preferred stock						N/A												N/A															12/2024						N/A						—						—						—						3
			Metal Supermarkets US Buyer, LLC(8)(11)			LLC units						N/A												N/A															12/2024						N/A						—						33						—						35
			Salon Lofts Group, LLC			Preferred stock						N/A												N/A															08/2022						N/A						—						123						—						96
			VSG Acquisition Corp. and Sherrill, Inc.			LP interest						N/A												N/A															04/2022						N/A						—						5						—						6
																																																									1,678						0.2						1,164
			Total equity investments																																																						20,340						4.1						22,602
			Total investments																																																						833,977						154.8						845,821
			Money market funds (included in cash equivalents and restricted cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					3.99%			(26)																														$	7,714					1.4			%			$	7,714
			Total money market funds																																																						7,714						1.4						7,714
			Total investments and money market funds																																																						$	841,691					156.2			%			$	853,535

See Notes to Consolidated Financial Statements

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Golub Capital Direct Lending Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

^						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 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 September 30, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2025, as the loan could have priced or repriced based on an index rate prior to September 30, 2025.

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

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

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

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

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

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

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

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

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

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

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

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

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

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 6. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.

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

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

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

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, total non-qualifying assets at fair value represented 11.7% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

See Notes to 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 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 the 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, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

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

See Notes to 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)

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

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

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

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

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

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

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

Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within 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.

See Notes to 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)

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three months ended December 31, 2025 and 2024, the Company received Loan Origination Fees that were capitalized of $401 and $939, respectively. For the three months ended December 31, 2025 and 2024, interest income included $873 and $527, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three months ended December 31, 2025 and 2024, investment income included $1,300 and $1,276, respectively, of PIK interest and the Company capitalized PIK interest of $1,291 and $1,276, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three months ended December 31, 2025, fee income included $42 from non-recurring prepayment premiums. For the three months ended December 31, 2024, fee income included no non-recurring prepayment premiums. All other income is recorded into income when earned.

For the three months ended December 31, 2025 and 2024, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $19,814 and $19,154, 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 months ended December 31, 2025 and 2024, the Company recognized PIK and non-cash dividend income of $307 and $334, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three months ended December 31, 2025 and 2024, 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 cost basis of the investment. For the three months ended December 31, 2025 and 2024, the Company recorded dividend income received in cash of $40 and $42, respectively, and return of capital distributions received in cash of $9 and $64, 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.

See Notes to 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)

Non-accrual investments: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans as of December 31, 2025 and September 30, 2025, was $885 and $127, respectively.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. As of December 31, 2025, there was one preferred equity security on non-accrual status with a fair value of $1,005. There were no preferred equity securities on non-accrual status as of September 30, 2025.

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

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

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 2025. The Company’s tax returns for the 2022 through 2024 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.

See Notes to 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)

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

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2025 and September 30, 2025, the Company had deferred debt issuance costs of $2,298 and $2,084, respectively. These amounts are amortized and included in “Interest and other debt financing expenses” in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three months ended December 31, 2025 and 2024 was $353 and $339, 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 months ended December 31, 2025 and 2024, there was no amortization of deferred offering costs recognized in the Consolidated Statements of Operations.

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

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the senior executive committee that, as of December 31, 2025, includes the Company’s chief executive officer and chief financial officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Financial Condition as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.

Recent accounting updates: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements.

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

See Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 December 31, 2025 and September 30, 2025, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

			As of December 31, 2025												As of September 30, 2025
			Subscriptions						Contributions						Subscriptions						Contributions
GDLC Stockholders			$	542,551					$	542,551					$	542,551					$	542,551

As of both December 31, 2025 and September 30, 2025, the ratio of total contributed capital to total capital subscriptions was 100.0% and the Company had no uncalled capital commitments.

The following table summarizes the shares of GDLC common stock issued for the three months ended December 31, 2025 and 2024:

			Date						Shares Issued						NAV per share						Proceeds
Shares issued for the three months ended December 31, 2024
Issuance of shares			12/17/24						2,031,000.000						$	15.00					$	30,465
Shares issued for capital drawdowns									2,031,000.000												$	30,465
Issuance of shares			12/18/24						776.116						$	15.00					$	11
Shares issued through DRIP									776.116												$	11
Shares issued for the three months ended December 31, 2025
Issuance of shares			11/20/25						1,618.760						$	15.00					$	24
Issuance of shares			12/17/25						697.410						15.00						10
Shares issued through DRIP									2,316.170												$	34

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 re-approved the Investment Advisory Agreement in May 2025. 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 and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears.

See Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 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 months ended December 31, 2025 and 2024 was $2,165 and $1,840, 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

See Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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

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

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

For the three months ended December 31, 2025 and 2024, the Income Incentive Fee incurred was $1,318 and $1,215, 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 months ended December 31, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of both December 31, 2025 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain

See Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 December 31, 2025.

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

For the three months ended December 31, 2025, the Company recorded a reversal of the capital gain incentive fee under GAAP of $186. For the three months ended December 31, 2024, the Company accrued a capital gain incentive fee under GAAP of $51. 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 December 31, 2025 and September 30, 2025, there was $120 and $306, respectively, of cumulative accrual for capital gain incentive fee under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.

The third part of the Incentive Fee, the Subordinated Liquidation Incentive Fee, equals 10.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as calculated immediately prior to liquidation. For purposes of this calculation, (a) “liquidation” includes the sale of all or substantially all of the Company’s assets or the acquisition of all or substantially all of the shares of the Company’s common stock in a single or series of related transactions and (b) “adjusted capital” means the NAV 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

See Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities is $300 and $274, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through June 30, 2021 and has 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 both December 31, 2025 and September 30, 2025, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $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 months ended December 31, 2025 and 2024 were $350 and $251, respectively. As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $384 and $350, 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 December 31, 2025, GGP Class B-P, LLC has an aggregate commitment of $102,011. As of December 31, 2025, 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 December 31, 2025, GDLCF has an aggregate commitment of $300,000. As of December 31, 2025, the Company has issued 20,007,020.321 shares of its common stock to GDLCF in exchange for aggregate capital contributions totaling $300,000.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of December 31, 2025, permits the Company to borrow a maximum of $70,000 and expires on October 21, 2027. Refer to Note 7 for discussion of the Adviser Revolver.

See Notes to 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 5. Investments

Investments as of December 31, 2025 and September 30, 2025 consisted of the following:

			As of December 31, 2025																		As of September 30, 2025
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	45,201					$	44,735					$	44,949					$	45,101					$	44,612					$	44,960
One stop			784,499						772,147						779,664						773,985						761,047						770,221
Second lien			4,700						4,684						4,704						6,818						6,794						6,829
Subordinated debt			1,150						1,125						1,148						1,211						1,184						1,209
Equity			N/A						20,724						22,970						N/A						20,340						22,602
Total			$	835,550					$	843,415					$	853,435					$	827,115					$	833,977					$	845,821

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 December 31, 2025												As of September 30, 2025
Amortized Cost:
United States
Mid-Atlantic			$	157,337					18.7		%				$	149,217					17.9		%
Southeast			155,528						18.3						156,194						18.7
Midwest			150,948						17.9						141,387						17.0
West			130,867						15.5						133,967						16.1
Southwest			94,091						11.2						97,976						11.7
Northeast			59,845						7.1						60,044						7.2
United Kingdom			48,179						5.7						46,042						5.5
Germany			17,439						2.1						21,545						2.6
Canada			8,410						1.0						7,480						0.9
Finland			5,866						0.7						5,249						0.6
Australia			5,098						0.6						5,057						0.6
Jersey			4,424						0.5						4,423						0.5
Sweden			2,676						0.3						2,693						0.3
Netherlands			1,351						0.2						1,349						0.2
France			640						0.1						640						0.1
Denmark			555						0.1						555						0.1
Luxembourg			115						0.0		*				113						0.0		*
Israel			46						0.0		*				46						0.0		*
Total			$	843,415					100.0		%				$	833,977					100.0		%

* Represents an amount less than 0.1%

See Notes to 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)

			As of December 31, 2025												As of September 30, 2025
Fair Value:
United States
Mid-Atlantic			$	158,307					18.5		%				$	150,372					17.8		%
Southeast			157,381						18.5						158,025						18.7
Midwest			153,232						18.0						143,899						17.0
West			131,259						15.4						134,920						16.0
Southwest			94,169						11.0						98,167						11.6
Northeast			59,856						7.0						60,410						7.1
United Kingdom			49,615						5.8						47,510						5.6
Germany			19,069						2.2						23,572						2.8
Canada			8,492						1.0						7,582						0.9
Finland			6,486						0.8						5,864						0.7
Australia			5,284						0.6						5,197						0.6
Jersey			4,579						0.5						4,572						0.5
Sweden			2,810						0.3						2,838						0.3
Netherlands			1,445						0.2						1,447						0.2
France			701						0.1						700						0.1
Denmark			555						0.1						556						0.1
Luxembourg			122						0.0		*				120						0.0		*
Israel			73						0.0		*				70						0.0		*
Total			$	853,435					100.0		%				$	845,821					100.0		%

* Represents an amount less than 0.1%

See Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of December 31, 2025 and September 30, 2025 were as follows:

			As of December 31, 2025												As of September 30, 2025
Amortized Cost:
Aerospace & Defense			$	10,295					1.2		%				$	9,390					1.1		%
Air Freight & Logistics			5,674						0.7						5,672						0.7
Auto Components			13,116						1.6						12,774						1.5
Automobiles			47,229						5.6						45,028						5.4
Banks			3,260						0.4						3,206						0.4
Beverages			7,042						0.8						7,050						0.9
Building Products			6,340						0.8						6,195						0.7
Capital Markets			7,664						0.9						7,436						0.9
Chemicals			5,429						0.6						5,407						0.6
Commercial Services & Supplies			28,551						3.4						39,091						4.7
Construction & Engineering			1,547						0.2						1,520						0.2
Containers & Packaging			8,521						1.0						7,235						0.9
Diversified Consumer Services			57,917						6.9						55,770						6.7
Diversified Financial Services			17,590						2.1						16,780						2.0
Electric Utilities			677						0.1						669						0.1
Electrical Equipment			2,049						0.2						2,463						0.3
Electronic Equipment, Instruments & Components			2,130						0.3						2,130						0.3
Food & Staples Retailing			1,065						0.1						499						0.1
Food Products			11,524						1.4						11,559						1.4
Healthcare Equipment & Supplies			14,073						1.7						11,951						1.4
Healthcare Providers & Services			56,312						6.7						54,867						6.6
Healthcare Technology			37,811						4.5						34,326						4.1
Hotels, Restaurants & Leisure			30,754						3.5						28,221						3.4
Household Durables			440						0.1						—						—
Household Products			892						0.1						889						0.1
Industrial Conglomerates			11,303						1.3						9,335						1.1
Insurance			52,219						6.2						50,796						6.1
IT Services			18,584						2.2						17,751						2.1
Leisure Products			8,728						1.0						8,666						1.0
Life Sciences Tools & Services			12,658						1.5						11,870						1.4
Machinery			11,120						1.3						11,006						1.3
Marine			4,387						0.5						4,456						0.5
Media			2,140						0.3						2,156						0.3
Oil, Gas & Consumable Fuels			525						0.1						8,681						1.0
Paper & Forest Products			2,374						0.3						2,455						0.3
Pharmaceuticals			13,764						1.6						13,405						1.6
Professional Services			19,612						2.3						18,969						2.3
Road & Rail			—						—						741						0.1
Software			246,995						29.3						243,356						29.2
Specialty Retail			54,338						6.4						54,352						6.5
Transportation Infrastructure			5,288						0.6						5,206						0.6
Water Utilities			1,478						0.2						648						0.1
Total			$	843,415					100.0		%				$	833,977					100.0		%

See Notes to 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)

			As of December 31, 2025												As of September 30, 2025
Fair Value:
Aerospace & Defense			$	10,449					1.2		%				$	9,425					1.1		%
Air Freight & Logistics			5,860						0.7						5,782						0.7
Auto Components			13,166						1.5						12,877						1.5
Automobiles			47,210						5.4						45,362						5.3
Banks			3,288						0.4						3,236						0.4
Beverages			7,250						0.8						7,283						0.9
Building Products			6,569						0.8						6,430						0.8
Capital Markets			7,733						0.9						7,507						0.9
Chemicals			5,249						0.6						5,300						0.6
Commercial Services & Supplies			28,845						3.4						39,480						4.7
Construction & Engineering			1,560						0.2						1,533						0.2
Containers & Packaging			8,594						1.0						7,303						0.9
Diversified Consumer Services			58,039						6.8						56,351						6.6
Diversified Financial Services			17,868						2.1						17,043						2.0
Electric Utilities			710						0.1						702						0.1
Electrical Equipment			2,085						0.2						2,509						0.3
Electronic Equipment, Instruments & Components			2,192						0.3						2,197						0.3
Food & Staples Retailing			953						0.1						389						0.0		*
Food Products			11,664						1.4						11,691						1.4
Healthcare Equipment & Supplies			14,214						1.7						12,032						1.4
Healthcare Providers & Services			56,658						6.6						55,559						6.6
Healthcare Technology			38,331						4.5						34,783						4.1
Hotels, Restaurants & Leisure			31,179						3.7						28,546						3.4
Household Durables			440						0.1						—						—
Household Products			897						0.1						894						0.1
Industrial Conglomerates			11,881						1.4						9,910						1.2
Insurance			53,128						6.2						51,691						6.1
IT Services			18,790						2.2						17,970						2.1
Leisure Products			8,707						1.0						8,656						1.0
Life Sciences Tools & Services			13,320						1.6						12,662						1.5
Machinery			11,191						1.3						11,099						1.3
Marine			4,362						0.5						4,434						0.5
Media			2,157						0.3						2,165						0.3
Oil, Gas & Consumable Fuels			524						0.1						8,746						1.0
Paper & Forest Products			2,475						0.3						2,554						0.3
Pharmaceuticals			13,907						1.6						13,627						1.6
Professional Services			20,006						2.3						19,439						2.3
Road & Rail			—						—						746						0.1
Software			251,490						29.5						248,245						29.3
Specialty Retail			53,692						6.3						53,830						6.4
Transportation Infrastructure			5,323						0.6						5,179						0.6
Water Utilities			1,479						0.2						654						0.1
Total			$	853,435					100.0		%				$	845,821					100.0		%

* Represents an amount less than 0.1%

See Notes to 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 6. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both December 31, 2025 and September 30, 2025, were valued using Level 3 inputs. As of both December 31, 2025 and September 30, 2025, all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs.

See Notes to 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)

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

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

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

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

See Notes to 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)

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

As of December 31, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	830,465					$	830,465
Equity investments(1)						—						—						22,970						22,970
Money market funds(1)(2)						9,146						—						—						9,146
Total assets, at fair value:						$	9,146					$	—					$	853,435					$	862,581
As of September 30, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	823,219					$	823,219
Equity investments(1)						—						—						22,602						22,602
Money market funds(1)(2)						7,714						—						—						7,714
Total assets, at fair value:						$	7,714					$	—					$	845,821					$	853,535

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

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

The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2025 and 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 at the end of each period was $(963) and $1,389, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2025 and 2024:

			For the three months ended December 31, 2025
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	823,219					$	22,602					$	845,821
Net change in unrealized appreciation (depreciation) on investments			(1,661)						(16)						(1,677)
Net translation of investments in foreign currencies			(146)						—						(146)
Realized gain (loss) on translation of investments in foreign currencies			320						—						320
Fundings of (proceeds from) revolving loans, net			1,234						—						1,234
Fundings of investments			38,043						1,032						39,075
PIK interest and non-cash dividends			1,291						307						1,598
Proceeds from principal payments and sales of portfolio investments			(32,708)						(955)						(33,663)
Accretion of discounts and amortization of premiums			873						—						873
Fair value, end of period			$	830,465					$	22,970					$	853,435

See Notes to 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)

			For the three months ended December 31, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	674,121					$	15,825					$	689,946
Net change in unrealized appreciation (depreciation) on investments			916						457						1,373
Net translation of investments in foreign currencies			(3,301)						—						(3,301)
Realized gain (loss) on translation of investments in foreign currencies			(91)						—						(91)
Fundings of (proceeds from) revolving loans, net			682						—						682
Fundings of investments			84,016						1,159						85,175
PIK interest and non-cash dividends			1,276						334						1,610
Proceeds from principal payments and sales of portfolio investments			(12,191)						—						(12,191)
Accretion of discounts and amortization of premiums			527						—						527
Fair value, end of period			$	745,955					$	17,775					$	763,730

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2025 and September 30, 2025:

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of December 31, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans(2)

$

44,949

Yield analysis

Market interest rate

7.3% - 21.0% (8.7%)

Market comparable companies

EBITDA multiples

3.7x - 20.5x (11.2x)

One stop loans(3)(4)

$

772,836

Yield analysis

Market interest rate

3.5% - 20.0% (8.8%)

Market comparable companies

EBITDA multiples

7.5x - 30.0x (15.8x)

Revenue multiples

1.7x - 15.0x (8.7x)

6,828

Broker/ dealer bids or quotes

Broker/ dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

5,852

Yield analysis

Market interest rate

8.5% - 13.3% (9.6%)

Market comparable companies

EBITDA multiples

9.5x - 21.5x (14.5x)

Equity(5)

$

22,970

Market comparable companies

EBITDA multiples

7.5x - 29.8x (15.4x)

Revenue multiples

1.7x - 21.0x (13.0x)

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

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

(3)$666 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $669,587 and $103,249 of one stop loans using EBITDA and revenue multiples, respectively.

(5)The Company valued $19,496 and $3,474 of equity investments using EBITDA and revenue multiples, respectively.

See Notes to 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)

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

44,960

Yield analysis

Market interest rate

7.3% - 17.0% (8.6%)

Market comparable companies

EBITDA multiples

3.5x - 26.3x (11.4x)

One stop loans(2)(3)

$

763,500

Yield analysis

Market interest rate

3.8% - 20.5% (8.7%)

Market comparable companies

EBITDA multiples

8.0x - 39.2x (15.9x)

Market comparable companies

Revenue multiples

2.0x - 15.0x (9.0x)

6,721

Broker/ dealer bids or quotes

Broker/ dealer bids or quotes

N/A

Subordinated debt and second lien loans(4)

$

8,038

Yield analysis

Market interest rate

8.8% - 15.0% (10.5%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (14.2x)

Equity(5)

$

22,602

Market comparable companies

EBITDA multiples

8.0x - 39.2x (16.5x)

Market comparable companies

Revenue multiples

2.0x - 21.3x (13.1x)

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

(2)$59 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $658,119 and $105,381 of one stop loans using EBITDA and revenue multiples, respectively.

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

(1)The Company valued $19,203 and $3,399 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company’s 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 December 31, 2025 and September 30, 2025:

			As of December 31, 2025												As of September 30, 2025
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt			$	329,681					$	329,681					$	314,868					$	314,868

See Notes to 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 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 December 31, 2025, the Company’s asset coverage for borrowed amounts was 263.5%.

DB Credit Facility: On May 14, 2024 (the “DB Credit Facility Effective Date”), the Company and GDLC Funding II entered into a loan financing and servicing agreement (as amended, the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank National Trust Company, as collateral agent and as collateral custodian. The period during which GDLC Funding II may request drawdowns under the DB Credit Facility (the “DB Credit Facility Revolving Period”) commenced on the DB Credit Facility Effective Date and will continue through November 14, 2027, unless there is an earlier termination or event of default. Through a series of amendments, most recently on November 26, 2025, the Company amended the DB Credit Facility to, among other things, (i) decrease the applicable margin to 1.60% from 2.10% per annum during the DB Credit Facility Revolving Period, and to 2.10% from 2.60% per annum after the DB Credit Facility Revolving Period, (ii) extend the DB Credit Facility Revolving Period from May 14, 2027 to November 14, 2027 and (iii) extend the maturity date to November 14, 2030, three years from the last day of the DB Credit Facility Revolving Period. The other material terms of the DB Credit Facility were unchanged. As of December 31, 2025, the DB Credit Facility allowed GDLC Funding II to borrow up to $450,000.

As of December 31, 2025, the DB Credit Facility bears interest at the applicable base rate plus 1.60% per annum during the DB Credit Facility Revolving Period and 2.10% after the DB Credit Facility Revolving Period. The base rate under the DB Credit Facility is (i) the three-month CORRA plus an adjustment equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple SONIA with respect to any other advances denominated in U.K. pound sterling plus an adjustment for a period of three months equal to 0.1193%, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) the three-month term SOFR with respect to any other advances. Additionally, a syndication/agent fee is payable to the facility agent each quarter. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the DB Credit Facility Revolving Period, an additional fee based on unfunded commitments of the lenders could be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the DB Credit Facility Effective Date, respectively.

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

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

See Notes to 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)

As of December 31, 2025 and September 30, 2025, the Company had $329,681 and $314,868, respectively, of outstanding debt under the DB Credit Facility.

For the three months ended December 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

												Three months ended December 31,
																		2025						2024
Stated interest expense																		$	4,544					$	4,084
Facility fees																		372						284
Amortization of debt issuance costs																		353						230
Total interest expense																		$	5,269					$	4,598
Cash paid for interest expense																		$	4,959					$	2,408
Annualized average stated interest rate(1)																		5.6		%				6.7		%
Average outstanding balance																		$	321,675					$	241,880

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

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of December 31, 2025 and September 30, 2025, the Company was permitted to borrow up to $70,000 in U.S. dollars and certain agreed upon foreign currencies. On October 21, 2024, the Company entered into an amendment to the Adviser Revolver to extend the maturity date of the Adviser Revolver to October 21, 2027 from November 15, 2024. The other material terms of the Adviser Revolver were unchanged. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of December 31, 2025 was 3.6%. As of December 31, 2025 and September 30, 2025, the Company had no outstanding debt under the Adviser Revolver.

For the three months ended December 31, 2025 and 2024, the stated interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

									Three months ended December 31,
															2025						2024
Stated interest expense															$	—					$	4
Cash paid for interest expense															—						—
Annualized average stated interest rate(1)															N/A						4.1		%
Average outstanding balance															$	—					$	466

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

PNC Facility: On March 21, 2022, the Company and GDLC Funding entered into a revolving credit and security agreement as amended, (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. On November 18, 2024, all amounts outstanding under the PNC Facility were repaid, following which the agreements governing the PNC Facility were terminated. Prior to its termination, the PNC Facility allowed the Company to borrow an aggregate amount of up to $110,000, subject to leverage and borrowing base restrictions, and had a maturity date of March 21, 2025.

Prior to its termination, the PNC Facility bore interest, at the Company’s election and depending on the currency of the borrowing, of either the CORRA, Euro Short Term 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.

See Notes to 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)

For the three months ended December 31, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the PNC Facility were as follows:

												Three months ended December 31,
																		2025						2024
Stated interest expense																		$	—					$	507
Amortization of debt issuance costs																		—						109
Total interest expense																		$	—					$	616
Cash paid for interest expense																		$	—					$	3,311
Annualized average stated interest rate(1)																		N/A						6.7		%
Average outstanding balance																		$	—					$	30,082

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

For the three months ended December 31, 2025 and 2024, the average total debt outstanding was $321,675 and $272,428, respectively.

For the three months ended December 31, 2025 and 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 6.5% and 7.6%, respectively.

A summary of the Company’s maturity requirements for borrowings as of December 31, 2025 is as follows:

			Payments Due by Period
			Total						Less Than 1 Year						1 – 3 Years						3 – 5 Years						More Than 5 Years
DB Credit Facility			$	329,681					$	—					$	—					$	329,681					$	—
Total borrowings			$	329,681					$	—					$	—					$	329,681					$	—

Note 8. Commitments and Contingencies

Commitments: As of December 31, 2025, the Company had outstanding commitments to fund investments totaling $128,023, including $56,034 of commitments on undrawn revolvers. As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $139,490, including $57,132 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company could enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of December 31, 2025 and September 30, 2025, 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 could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company in the future could engage in

See Notes to 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)

derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company could be exposed to risk.

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

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

See Notes to 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:

						Three months ended December 31,
Per share data:(1)						2025									2024
Net asset value at beginning of period						$	15.00								$	15.00
Distributions declared:(2)
From net investment income						(0.29)									(0.38)
Net investment income						0.33									0.35
Net realized gain (loss) on investment transactions						—									(0.02)
Net realized gain (loss) on extinguishment of debt						—									(0.01)
Net change in unrealized appreciation (depreciation) on investment transactions(3)						(0.04)									0.06
Net asset value at end of period						$	15.00								$	15.00
Total return based on net asset value per share(4)						1.90		%							2.50		%
Number of common shares outstanding						36,417,109.195									32,795,949.666

						Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:						2025						2024
Ratio of net investment income - after tax to average net assets*						8.78		%				9.30		%
Ratio of total expenses to average net assets*(5)						6.08		%				6.79		%
Ratio of incentive fees to average net assets(5)						0.21		%				0.27		%
Ratio of net expenses to average net assets*(5)						6.08		%				6.79		%
Ratio of total expenses (without incentive fees) to average net assets*(5)						5.87		%				6.52		%
Total return based on average net asset value(6)						1.91		%				2.49		%
Total return based on average net asset value - annualized*(6)						7.58		%				9.88		%
Net assets at end of period						$	546,256					$	491,939
Average debt outstanding						$	321,675					$	272,428
Average debt outstanding per share						$	8.83					$	8.31
Portfolio Turnover*						15.63		%				6.70		%
Asset coverage ratio(7)						263.45		%				270.03		%
Asset coverage ratio per unit(8)						$	2,635					$	2,700
Average market value per unit(9):
PNC Facility						N/A						N/A
DB Credit Facility						N/A						N/A
Adviser Revolver						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.

See Notes to 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)

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

(9)Not applicable as the Adviser Revolver, PNC Facility and DB Credit 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 months ended December 31, 2025 and 2024:

									Three months ended December 31,
															2025						2024
Earnings available to stockholders															$	10,393					$	11,547
Basic and diluted weighted average shares outstanding															36,415,646						31,095,433
Basic and diluted earnings per share															$	0.29					$	0.37

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 three months ended December 31, 2025 and 2024:

Date Declared						Record Date						Payment Date						Shares Outstanding						Amount Per Share						Total Dividends Declared
For the three months ended December 31, 2025
08/01/2025						10/15/2025						12/17/2025						36,414,793.025						$	0.0988					$	3,598
11/14/2025						11/14/2025						01/21/2026						36,414,793.025						0.0943						3,435
11/14/2025						12/12/2025						02/18/2026						36,416,411.785						0.0923						3,360
Total dividends declared for the three months ended December 31, 2025																														$	10,393
For the three months ended December 31, 2024
08/02/2024						10/15/2024						12/18/2024						30,764,173.550						$	0.1133					$	3,485
11/14/2024						11/15/2024						01/08/2025						30,764,173.550						0.1165						3,584
11/14/2024						12/13/2024						02/18/2025						30,764,173.550						0.1456						4,478
Total dividends declared for three months ended December 31, 2024																														$	11,547

The following table summarizes the Company’s distributions reinvested during the three months ended December 31, 2025 and 2024:

Payment Date						DRIP Shares Issued						NAV ($) Per Share						DRIP Shares Value
For the three months ended December 31, 2025
November 20, 2025						1,618.760						$	15.00					$	24
December 17, 2025						697.410						15.00						10
						2,316.170												$	34
For the three months ended December 31, 2024
December 18, 2024						776.116						$	15.00					$	11
						776.116												$	11

See Notes to 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 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 January 21, 2026, the Company issued 688.963 shares of common stock through the DRIP.

On November 14, 2025 and February 2, 2026, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

January 16, 2026

March 18, 2026

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

February 25, 2026

May 20, 2026

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

March 16, 2026

May 20, 2026

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

April 17, 2026

June 17, 2026

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

See Notes to Consolidated Financial Statements

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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, without limitation, those caused by global health pandemics or other large scale events;

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

•our contractual arrangements and relationships with third parties;

•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;

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

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

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

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

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

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

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

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

•general price and volume fluctuations in the stock markets;

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

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

See Notes to Consolidated Financial Statements

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

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

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 $90.0 billion in capital under management(1) as of January 1, 2026, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2025. 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.

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

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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.

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

As of December 31, 2025 and September 30, 2025, our portfolio at fair value was comprised of the following:

						As of December 31, 2025												As of September 30, 2025
Investment Type						Investments at  Fair Value (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	44,949					5.3		%				$	44,960					5.3		%
One stop						779,664						91.3						770,221						91.1
Second lien						4,704						0.6						6,829						0.8
Subordinated debt						1,148						0.1						1,209						0.1
Equity						22,970						2.7						22,602						2.7
Total						$	853,435					100.0		%				$	845,821					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 December 31, 2025 and September 30, 2025, one stop loans included $85.6 million and $82.7 million, respectively, of recurring revenue loans at fair value.

As of December 31, 2025 and September 30, 2025, we had debt and equity investments in 295 and 277 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, as well as the annualized total return based on our average net asset value and our annualized net investment income - return on equity, in each case, for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended
			December 31, 2025						September 30, 2025						December 31, 2024
Weighted average income yield*(1)			9.6%						10.0%						10.7%
Weighted average investment income yield*(2)			10.0%						10.4%						11.0%
Weighted average income yield of total investments*(3)			9.4%						9.8%						10.6%
Weighted average investment income yield of total investments*(4)			9.8%						10.2%						10.9%
Total return based on average net asset value*(5)			7.6%						8.5%						9.9%
Net investment income - return on equity*(6)			8.8%						8.8%						9.3%

See Notes to Consolidated Financial Statements

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

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

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

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

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

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

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

As of December 31, 2025, GDLC has earned an inception-to-date internal rate of return, or IRR, of 10.5% for stockholders taken as a whole. An individual stockholder’s IRR could vary based on the timing of their capital transactions. For the three months ended December 31, 2025 and 2024, GDLC earned a fiscal year-to-date IRR of 7.8% and 10.2%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the dividend reinvestment plan, or DRIP, outflows (capital distributions), the stockholders’ net asset value, or NAV, at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

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

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

Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our 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);

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

•expenses related to unsuccessful portfolio acquisition efforts;

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

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

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

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

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

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

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

•costs associated with individual or group stockholders;

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

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

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

•proxy voting expenses; and

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

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

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

See Notes to Consolidated Financial Statements

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Recent Developments

On January 21, 2026, we issued 688.963 shares of common stock through our DRIP.

On November 14, 2025 and February 2, 2026, our board of directors declared distributions to holders of record of our common stock as set forth in the table below:

Record Date

Payment Date

Amount Per Share

January 16, 2026

March 18, 2026

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

February 25, 2026

May 20, 2026

In an amount (if positive) such that our net asset value as of February 28, 2026 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period February 1, 2026 through February 28, 2026 and the payment of this distribution is $15.00 per share.

March 16, 2026

May 20, 2026

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

April 17, 2026

June 17, 2026

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

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 December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:

See Notes to Consolidated Financial Statements

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			Three months ended																		Variances						Variances
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025  vs. September 30, 2025						December 31, 2025 vs. December 31, 2024
			(In thousands)
Interest income			$	18,617					$	19,023					$	17,544					$	(406)					$	1,073
Payment-in-kind interest income			1,300						1,164						1,276						136						24
Discount Amortization			873						822						527						51						346
Non-cash dividend income			307						336						334						(29)						(27)
Dividend income			40						110						42						(70)						(2)
Fee income			89						144						54						(55)						35
Total investment income			21,226						21,599						19,777						(373)						1,449
Net expenses			9,183						9,490						8,893						(307)						290
Net investment income			12,043						12,109						10,884						(66)						1,159
Net realized gain (loss) on investment transactions			106						(895)						(726)						1,001						832
Net change in unrealized appreciation (depreciation) on investment transactions			(1,756)						477						1,821						(2,233)						(3,577)
Net gain (loss) on investment transactions			(1,650)						(418)						1,095						(1,232)						(2,745)
Net realized gain (loss) on extinguishment of debt			—						—						(432)						—						432
Net increase (decrease) in net assets resulting from operations			$	10,393					$	11,691					$	11,547					$	(1,298)					$	(1,154)
Average earning debt investments, at fair value			$	834,013					$	813,231					$	701,360					$	20,782					$	132,653
Average earning preferred equity investments, at fair value			$	9,265					$	10,186					$	9,785					$	(921)					$	(520)

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 decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 by $0.4 million, primarily due to a decrease in interest income driven by the impact of declining interest base and spread rates that was partially offset by an increase in the average earning debt investments balance of $20.8 million.

Investment income increased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $1.4 million, primarily due to (i) an increase in interest income due to an increase in the average earning debt investments balance of $132.7 million and (ii) increased discount amortization and prepayment fee income driven by increased loan repayments that was partially offset by the impact of declining interest base and spread rates.

The annualized income yield by debt security type for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:

			Three months ended
			December 31, 2025						September 30, 2025						December 31, 2024
Senior secured			9.3%						9.5%						10.2%
One stop			9.5%						9.9%						10.6%
Second lien			13.0%						13.0%						13.5%
Subordinated debt			11.2%						10.8%						12.7%

Income yields on senior secured and one stop loans decreased for the three months ended December 31, 2025 as compared to the three months ended September 30, 2025 and for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily due to declining interest base and spread rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 97.4% of our loan portfolio at fair

See Notes to Consolidated Financial Statements

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value is subject to an interest rate floor. As of December 31, 2025 and September 30, 2025, the weighted average base rate floor of our loans was 0.72% and 0.73%, respectively.

As of December 31, 2025, we have second lien investments in two portfolio companies and subordinated debt investments decreased to five 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 and the impact of prepayment fees.

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 December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended																		Variances						Variances
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025  vs. September 30, 2025						December 31, 2025  vs. December 31, 2024
			(In thousands)
Interest and facility fee expenses			$	4,916					$	5,001					$	4,879					$	(85)					$	37
Amortization of debt issuance costs			353						325						339						28						14
Base management fee			2,165						2,128						1,840						37						325
Income incentive fee			1,318						1,345						1,215						(27)						103
Capital gain incentive fee accrued (reversal) under GAAP			(186)						(4)						51						(182)						(237)
Administrative service fee			300						274						236						26						64
Professional fees			264						330						289						(66)						(25)
General and administrative expenses			53						91						44						(38)						9
Net expenses			$	9,183					$	9,490					$	8,893					$	(307)					$	290
Average debt outstanding			$	321,675					$	300,975					$	272,428					$	20,700					$	49,247

Interest Expense

Interest and other debt financing expenses, net of amortization of debt issuance costs, decreased by $0.1 million from the three months ended September 30, 2025 to the three months ended December 31, 2025, primarily due to lower interest base rates on our floating rate borrowings and to a lesser extent, reduced interest rate spreads incurred on our DB Credit Facility (as defined in Note 7) resulting from the November 2025 amendment that reduced the interest rate spread to SOFR plus 1.60% from SOFR plus 2.10% (the “DB Facility Amendment”). Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $0.1 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, primarily due to an increase in average debt outstanding of $49.2 million that was partially offset by decreasing interest base rates on borrowings from our floating rate borrowings and, to a lesser extent, the DB Facility Amendment. For more information about our outstanding borrowings for the three months ended December 31, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 6.5%, 7.0% and 7.6%, respectively.

The effective annualized average interest rate decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 and for the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to reduced borrowing costs resulting from decreased interest base rates on our floating rate borrowings and, to a lesser extent, lower interest rate spreads resulting from the DB Credit Facility Amendment.

See Notes to Consolidated Financial Statements

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Management Fees

The base management fee, increased for the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to an increase in average gross assets.

The base management fee, increased for the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to an increase in average gross assets.

Incentive Fees

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

The Income Incentive Fee decreased modestly from the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates. The Income Incentive Fee increased by $0.1 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, 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 primarily by net funds growth.

The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 10.0% for each of the three months ended December 31, 2025, September 30, 2025 and December 31, 2024.

As of December 31, 2025 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of December 31, 2025 and September 30, 2025, there was $0.1 million and $0.3 million, respectively, of capital gain incentive fee accrual under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition. For the three months ended December 31, 2025 and September 30, 2025, we recorded a reversal of the capital gain incentive fee under GAAP of $0.2 million and less than $0.1 million, respectively. For the three months ended December 31, 2024, the accrual for capital gain incentive fee under GAAP was less than $0.1 million.

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

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

In total, professional fees, the administrative service fee, and general and administrative expenses decreased by $0.1 million from the three months ended September 30, 2025 to the three months ended December 31, 2025, primarily due to lower general and administrative expenses and professional fees that were partially offset by an increase in administrative service fees.

In total, professional fees, the administrative service fee, and general and administrative expenses remained relatively flat increasing less than $0.1 million from the three months ended December 31, 2024 to the three months ended December 31, 2025.

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 December 31, 2025, September 30, 2025 and December 31, 2024 were $0.4 million, $0.3 million and $0.3 million, respectively.

As of both December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $0.4 million of expenses paid on behalf of us by the Administrator.

See Notes to Consolidated Financial Statements

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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 December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended																		Variances						Variances
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025  vs. September 30, 2025						December 31, 2025 vs. December 31, 2024
			(In thousands)
Net realized gain (loss) from investments			$	—					$	(758)					$	—					$	758					$	—
Net realized gain (loss) from foreign currency transactions			106						(137)						(726)						243						832
Net realized gain (loss) on investment transactions			$	106					$	(895)					$	(726)					$	1,001					$	832
Unrealized appreciation from investments			$	1,629					$	2,390					$	2,510					$	(761)					$	(881)
Unrealized (depreciation) from investments			(3,306)						(1,882)						(1,137)						(1,424)						(2,169)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies			(79)						(31)						448						(48)						(527)
Net change in unrealized appreciation (depreciation) on investment transactions			$	(1,756)					$	477					$	1,821					$	(2,233)					$	(3,577)
Net realized gain (loss) on extinguishment of debt			$	—					$	—					$	(432)					$	—					432

During the three months ended December 31, 2025, we had a net realized gain on investment transactions of $0.1 million, driven by net realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended September 30, 2025, we had a net realized loss on investment transactions of $0.9 million, primarily attributable to (i) realized losses on the restructuring of debt and equity investments of two portfolio company investments and (ii) net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, we had a net realized loss on investment transactions of $0.7 million, driven by realized losses on the translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended December 31, 2025, we had $1.6 million in unrealized appreciation on 82 portfolio company investments, which was offset by $3.3 million in unrealized depreciation on 224 portfolio company investments. For the three months ended September 30, 2025, we had $2.4 million in unrealized appreciation on 98 portfolio company investments, which was offset by $1.9 million in unrealized depreciation on 196 portfolio company investments. For the three months ended December 31, 2024, we had $2.5 million in unrealized appreciation on 95 portfolio company investments, which was offset by $1.1 million in unrealized depreciation on 139 portfolio company investments.

Unrealized appreciation for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments.

Unrealized depreciation for the three months ended December 31, 2025 and September 30, 2025 primarily resulted from isolated deterioration in the performance of (i) investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with preexisting credit challenges. Unrealized depreciation for the three months ended December 31, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were on non-accrual status as well as isolated deterioration in the credit performance of a small number of portfolio companies.

Liquidity and Capital Resources

For the three months ended December 31, 2025, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $6.6 million. During the period, cash provided by operating activities was $4.2 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $33.7 million and net investment income after tax of $10.4 million, partially offset by fundings of portfolio investments of $39.1 million. During the same period, cash provided by financing activities was $2.4 million, primarily driven by borrowings on debt of $37.7 million, partially offset by repayments of debt of $23.1 million and distributions paid of $11.7 million.

See Notes to Consolidated Financial Statements

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For the three months ended December 31, 2024, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $1.2 million. During the period, we used $62.7 million in operating activities, primarily as a result of fundings of portfolio investments of $85.2 million, which was partially offset by proceeds from principal payments of portfolio investments of $12.2 million. During the same period, cash provided by financing activities was $64.0 million, primarily driven by borrowings on debt of $296.2 million and proceeds from the issuance of common stock of $30.5 million, that were partially offset by repayments of debt of $251.1 million and distributions paid of $10.5 million.

As of December 31, 2025 and September 30, 2025, we had cash, cash equivalents and foreign currencies totaling $9.7 million and $6.8 million and restricted cash, restricted cash equivalents and restricted foreign currencies totaling $17.7 million and $14.0 million, respectively. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our credit facilities, as applicable.

As of December 31, 2025 and September 30, 2025, we had investor capital subscriptions totaling $542.6 million and no uncalled capital commitments.

Revolving Debt Facilities

DB Credit Facility - On May 14, 2024, we and GDLC Funding II entered into the DB Credit Facility (as defined in Note 7 of our consolidated financial statements). As of December 31, 2025 and September 30, 2025, the DB Credit Facility allowed GDLC Funding II to borrow up to $450.0 million, respectively, at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2025 and September 30, 2025, we had $329.7 million and $314.9 million, respectively, outstanding under the DB Credit Facility. As of December 31, 2025 and September 30, 2025, subject to leverage and borrowing base restrictions, we had approximately $120.3 million and $135.1 million of remaining commitments, respectively, and $86.5 million and $104.1 million, respectively, of availability on the DB Credit Facility.

Adviser Revolver - As of December 31, 2025 and September 30, 2025, we were permitted to borrow up to $70.0 million at any one time outstanding under the Adviser Revolver. As of December 31, 2025 and September 30, 2025, we had no outstanding debt under the Adviser Revolver.

PNC Facility - On November 18, 2024, all amounts outstanding under our PNC Facility, (as defined in Note 7 of our consolidated financial statements) were repaid, following which the agreements governing the PNC Facility were terminated.

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 December 31, 2025, our asset coverage for borrowed amounts was 263.5%.

As of December 31, 2025, we had outstanding commitments to fund investments totaling $128.0 million, including $56.0 million of unfunded commitments on revolvers. As of September 30, 2025, we had outstanding commitments to fund investments totaling $139.5 million, including $57.1 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement as of December 31, 2025 and September 30, 2025, respectively. A summary of maturity requirements for our principal borrowings under the DB Credit Facility and the Adviser Revolver as of December 31, 2025 are included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2025. As of

See Notes to Consolidated Financial Statements

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December 31, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments and cash and restricted cash balances that we maintain, availability under our DB Credit Facility and Adviser Revolver, as well as ongoing principal repayments on debt investment assets.

We called the remaining uncalled capital commitments from shareholders in June 2025. Although we expect to fund the growth of our investment portfolio through future borrowings, to the extent permitted by the 1940 Act, as well as the net proceeds from our dividend reinvestment plan and, potentially, future investor capital subscriptions, 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 December 31, 2025 and September 30, 2025, we had investments in 295 and 277 portfolio companies, respectively, with a total fair value of $853.4 million and $845.8 million, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended
			December 31, 2025												September 30, 2025												December 31, 2024
			(In thousands)						Percentage						(In thousands)						Percentage						(In thousands)						Percentage
Senior secured			$	2,600					7.9		%				$	1,000					2.1		%				$	2,620					2.9		%
One stop			29,804						91.1						44,039						91.3						81,629						92.0
Subordinated debt			—						—						151						0.3						—						—
Second lien			—						—						2,255						4.7						3,259						3.7
Equity			311						1.0						781						1.6						1,222						1.4
Total new investment commitments			$	32,715					100.0		%				$	48,226					100.0		%				$	88,730					100.0		%

For the three months ended December 31, 2025 and 2024, we had approximately $33.7 million and $12.2 million, respectively, in proceeds from principal payments and sales of portfolio investments.

See Notes to Consolidated Financial Statements

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

			As of December 31, 2025(1)																		As of September 30, 2025(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured
Performing			$	45,194					$	44,730					$	44,947					$	45,094					$	44,607					$	44,958
Non-accrual(3)			7						5						2						7						5						2
One stop
Performing			783,100						770,793						778,781						773,840						760,922						770,096
Non-accrual(3)			1,399						1,354						883						145						125						125
Second lien
Performing			4,700						4,684						4,704						6,818						6,794						6,829
Non-accrual(3)			—						—						—						—						—						—
Subordinated debt
Performing			1,150						1,125						1,148						1,211						1,184						1,209
Non-accrual(3)			—						—						—						—						—						—
Equity
Performing			N/A						19,334						21,965						N/A						20,340						22,602
Non-accrual(3)			N/A						1,390						1,005						N/A						—						—
Total			$	835,550					$	843,415					$	853,435					$	827,115					$	833,977					$	845,821

(1)As of December 31, 2025, $127.0 million and $127.7 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest. As of December 31, 2025, $0.5 million and $0.4 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2025, $136.1 million and $136.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loans to be PIK interest. As of September 30, 2025, less than $0.1 million at both amortized cost and fair value of our loans with a PIK feature were on non-accrual status.

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

As of December 31, 2025, we had loans in four portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at both cost and fair value was 0.3% and 0.2%, respectively. As of September 30, 2025, we had loans in two portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at both cost and fair value was less than 0.1%. As of September 30, 2025, we did not have any preferred equity securities on non-accrual status.

As of December 31, 2025 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 99.4% and 99.5%, respectively.

See Notes to Consolidated Financial Statements

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The following table shows the weighted average rate, spread over the applicable base rate of floating rate, fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:

			Three months ended
			December 31, 2025						September 30, 2025						December 31, 2024
Weighted average rate of new investment fundings			8.4%						9.1%						9.5%
Weighted average spread over the applicable base rate of new floating rate investment fundings			4.7%						4.9%						5.1%
Weighted average fees of new investment fundings			0.6%						0.6%						1.0%
Weighted average rate of sales and payoffs of portfolio investments			8.7%						10.1%						10.7%

As of December 31, 2025, 97.4% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2025, 97.0% and 96.9% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of December 31, 2025 and September 30, 2025, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $80.2 million and $82.4 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.

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.

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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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2025 and September 30, 2025:

						As of December 31, 2025												As of September 30, 2025
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	21,264					2.5		%				$	53,996					6.4		%
4						780,634						91.5						763,080						90.2
3						50,734						5.9						28,707						3.4
2						803						0.1						38						0.0		*
1						—						—						—						—
Total						$	853,435					100.0		%				$	845,821					100.0		%

* Represents an amount less than 0.1%.

The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of December 31, 2025 and September 30, 2025:

						Average Price1
Category						As of December 31, 2025						As of September 30, 2025
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)						99.8%						99.8%
Internal Performance Rating 3 (Performing Below Expectations)						93.8						93.2
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						60.5						36.0
Total						99.4%						99.5%

(1)Includes only debt investments held as of December 31, 2025 and September 30, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

Distributions

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

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

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

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

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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, chief executive officer of GC Advisors and an interested director of Golub Capital Direct Lending Corporation, and Mr. David Golub, our president, chief executive officer, and chairman, are managers of GC Advisors, and each of Messrs. Lawrence Golub and David Golub own an indirect pecuniary interest in GC Advisors.

•GC Advisors has agreed to 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 December 31, 2025, GGP Class B-P, LLC, an affiliate of GC Advisors, had an aggregate commitment to us of $102.0 million. As of December 31, 2025, 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 December 31, 2025, GDLC Feeder Fund L.P., a Delaware limited partnership, whose general partner is controlled by GC Advisors, has an aggregate commitment to us of $300.0 million. As of December 31, 2025, we have issued 20,007,020.321 shares of our common stock to GDLC Feeder Fund, L.P., in exchange for aggregate capital contributions totaling $300.0 million.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, Golub Capital Private Credit Fund, or GCRED, Golub Capital Private Income Fund I, or GPIF I, and Golub Capital Private Income Fund S, or GPIF S, all of which are business development companies that primarily focus on investing in one stop and

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other senior secured loans. In addition, our officers and directors serve in similar capacities for GBDC, GDLCU, GBDC 4, GCRED, GPIF I and GPIF S. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLCU, GBDC 4, GCRED, GPIF I, GPIF S and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. 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.

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

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

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

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

Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The Valuation Designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de

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minimis threshold, is reviewed by an independent valuation firm. The Valuation Designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.

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

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

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

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

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

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2025 and 2024. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both December 31, 2025 and September 30, 2025 were valued using Level 3 inputs. As of both December 31, 2025 and September 30, 2025, all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs.

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

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

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

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

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

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

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

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

Other Financial Assets and Liabilities

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.

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Revenue Recognition

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs 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 investments: Loans may be left on accrual status while we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans as of December 31, 2025 and September 30, 2025, was $0.9 million and $0.1 million, respectively. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. As of December 31, 2025, there was one preferred equity security on non-accrual status with a fair value of $1.0 million. As of September 30, 2025 there were no preferred equity securities on non-accrual status.

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

Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended December 31, 2025 and 2024, we did not record any U.S. federal excise tax.

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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

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

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of December 31, 2025 and September 30, 2025, the weighted average floor on loans subject to floating interest rates was 0.72% and 0.73%, respectively. In addition, the DB Credit Facility has a floating interest rate provision based on the applicable base rate plus 1.60% as of December 31, 2025. 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.

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Assuming that the unaudited interim Consolidated Statement of Financial Condition as of December 31, 2025 was to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in interest rates						Increase (decrease) in interest income(1)						Increase (decrease) in interest expense						Net increase (decrease) in  investment income
						(In thousands)
Down 200 basis points						$	(16,047)					$	(6,594)					$	(9,453)
Down 150 basis points						(12,076)						(4,945)						(7,131)
Down 100 basis points						(8,069)						(3,297)						(4,772)
Down 50 basis points						(4,036)						(1,648)						(2,388)
Up 50 basis points						4,038						1,648						2,390
Up 100 basis points						8,077						3,297						4,780
Up 150 basis points						12,114						4,945						7,169
Up 200 basis points						16,152						6,594						9,558

(1)Assumes applicable three-month base rate as of December 31, 2025, with the exception of SONIA and Prime that utilize the December 31, 2025 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2025, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Adviser Revolver, DB Credit 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 could insulate us against adverse changes in interest rates, they could also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

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Item 4. Controls and Procedures

As of December 31, 2025 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

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

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the three months ended December 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2025.

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

See Notes to Consolidated Financial Statements

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Item 6: Exhibits.

EXHIBIT INDEX

Number						Description
10.1						Amendment No. 3 to Loan Financing and Servicing Agreement, dated as of May 14, 2024, by and among GDLC Funding II LLC, as borrower, Golub Capital Direct Lending Corporation, as equityholder and as servicer, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries, and Computershare Trust Company, National Association, as collateral agent and as collateral custodian, dated as of November 26, 2025.
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: February 10, 2026			By			/s/ David B. Golub
						David B. Golub
						President and Chief Executive Officer
						(Principal Executive Officer)
Date: February 10, 2026			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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