false2026Q10001930087September 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US Bidco Inc, Senior secured2025-12-310001930087Element Materials Technology, Senior secured2025-12-310001930087Jeppesen Holdings, LLC, One stop 12025-12-310001930087Jeppesen Holdings, LLC, One stop 22025-12-310001930087Kaman Corporation, Senior secured 12025-12-310001930087Kaman Corporation, Senior secured 22025-12-310001930087LSF11 Trinity Bidco, Inc, Senior secured2025-12-310001930087PPW Aero Buyer, Inc., One stop 12025-12-310001930087PPW Aero Buyer, Inc., One stop 22025-12-310001930087PPW Aero Buyer, Inc., One stop 32025-12-310001930087Propulsion Newco LLC, Senior secured2025-12-310001930087Signia Aerospace, LLC, Senior secured 12025-12-310001930087Signia Aerospace, LLC, Senior secured 22025-12-310001930087SMX Technologies, Senior secured2025-12-310001930087Titan BW Borrower, One stop 12025-12-310001930087Titan BW Borrower, One stop 22025-12-310001930087Titan BW Borrower, One stop 32025-12-310001930087Transdigm, Inc, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:AerospaceAndDefenseMember2025-12-310001930087RJW Group Holdings, Inc., One stop 12025-12-310001930087RJW Group Holdings, Inc., One stop 22025-12-310001930087RJW Group Holdings, Inc., One stop 32025-12-310001930087RJW Group Holdings, Inc., One stop 42025-12-310001930087us-gaap:DebtSecuritiesMembergcred:AirFreightLogisticsMember2025-12-310001930087Brown Group Holding, LLC, Senior secured 12025-12-310001930087Brown Group Holding, LLC, Senior secured 22025-12-310001930087KKR Apple Bidco, LLC, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:AirlinesMember2025-12-310001930087Arnott, LLC, One stop 12025-12-310001930087Arnott, LLC, One stop 22025-12-310001930087Collision SP Subco, LLC, One stop 12025-12-310001930087Collision SP Subco, LLC, One stop 22025-12-310001930087Collision SP Subco, LLC, One stop 32025-12-310001930087Collision SP Subco, LLC, One stop 42025-12-310001930087Collision SP Subco, LLC, One stop 52025-12-310001930087OEConnection, LLC, One stop 12025-12-310001930087OEConnection, LLC, One stop 22025-12-310001930087OEConnection, LLC, One stop 32025-12-310001930087RC Buyer, Inc, Senior secured2025-12-310001930087RealTruck Group, Inc., Senior secured2025-12-310001930087Wand NewCo 3, Inc., Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:AutoComponentsMember2025-12-310001930087CAP-KSI Holdings, LLC, One stop 12025-12-310001930087CAP-KSI Holdings, LLC, One stop 22025-12-310001930087Denali Midco 2, LLC, Second lien2025-12-310001930087Denali Midco 2, LLC, One stop 2025-12-310001930087High Bar Brands Operating, LLC, Senior secured 12025-12-310001930087High Bar Brands Operating, LLC, Senior secured 22025-12-310001930087High Bar Brands Operating, LLC, Senior secured 32025-12-310001930087High Bar Brands Operating, LLC, Senior secured 42025-12-310001930087JHCC Holdings LLC, One stop 12025-12-310001930087JHCC Holdings LLC, One stop 22025-12-310001930087JHCC Holdings LLC, One stop 32025-12-310001930087Lincoln Acq Buyer, LLC, One stop 12025-12-310001930087Lincoln Acq Buyer, LLC, One stop 22025-12-310001930087Lincoln Acq Buyer, LLC, One stop 32025-12-310001930087Mavis Tire Express Services Topco, Corp., Senior secured2025-12-310001930087Mister Car Wash Holdings, Inc., Senior secured2025-12-310001930087National Express Wash Parent Holdco, LLC, One stop 12025-12-310001930087National Express Wash Parent Holdco, LLC, One stop 22025-12-310001930087National Express Wash Parent Holdco, LLC, One stop 32025-12-310001930087National Express Wash Parent Holdco, LLC, One stop 42025-12-310001930087Paint Intermediate III, LLC, Senior secured2025-12-310001930087Quick Quack Car Wash Holdings, LLC, One stop 12025-12-310001930087Quick Quack Car Wash Holdings, LLC, One stop 22025-12-310001930087Quick Quack Car Wash Holdings, LLC, One stop 32025-12-310001930087Quick Quack Car Wash Holdings, LLC, One stop 42025-12-310001930087Quick Quack Car Wash Holdings, LLC, One stop 52025-12-310001930087TWAS Holdings, LLC, One stop 12025-12-310001930087TWAS Holdings, LLC, One stop 22025-12-310001930087Yorkshire Parent, Inc., One stop 12025-12-310001930087Yorkshire Parent, Inc., One stop 22025-12-310001930087Yorkshire Parent, Inc., One stop 32025-12-310001930087Yorkshire Parent, Inc., One stop 42025-12-310001930087Yorkshire Parent, Inc., One stop 52025-12-310001930087us-gaap:DebtSecuritiesMembergcred:AutomobilesSectorMember2025-12-310001930087Empyrean Solutions, LLC, One stop 12025-12-310001930087Empyrean Solutions, LLC, One stop 22025-12-310001930087Empyrean Solutions, LLC, One stop 32025-12-310001930087OSP Hamilton Purchaser, LLC, One stop 12025-12-310001930087OSP Hamilton Purchaser, LLC, One stop 22025-12-310001930087OSP Hamilton Purchaser, LLC, One stop 32025-12-310001930087OSP Hamilton Purchaser, LLC, One stop 42025-12-310001930087us-gaap:DebtSecuritiesMembergcred:BanksSectorMember2025-12-310001930087Financial Information Technologies, LLC, One stop 12025-12-310001930087Financial Information Technologies, LLC, One stop 22025-12-310001930087Financial Information Technologies, LLC, One stop 32025-12-310001930087Spindrift Beverage Co. Inc., One stop 1 2025-12-310001930087Spindrift Beverage Co. Inc., One stop 22025-12-310001930087Spindrift Beverage Co. Inc., One stop 32025-12-310001930087Winebow Holdings, Inc., One stop2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:BeveragesSectorMember2025-12-310001930087BECO Holding Company, Inc., One stop 12025-12-310001930087BECO Holding Company, Inc., One stop 22025-12-310001930087Pye-Barker Fire and Safety, LLC, Senior secured 12025-12-310001930087Pye-Barker Fire and Safety, LLC, Senior secured 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:BuildingProductsMember2025-12-310001930087BlueMatrix Holdings, LLC, One stop 12025-12-310001930087BlueMatrix Holdings, LLC, One stop 22025-12-310001930087BlueMatrix Holdings, LLC, One stop 32025-12-310001930087BlueMatrix Holdings, LLC, One stop 42025-12-310001930087BlueMatrix Holdings, LLC, One stop 52025-12-310001930087Edelman Financial Center, LLC, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:CapitalMarketsMember2025-12-310001930087AP Adhesives Holdings, LLC, One stop 12025-12-310001930087AP Adhesives Holdings, LLC, One stop 22025-12-310001930087AP Adhesives Holdings, LLC, One stop 32025-12-310001930087INEOS US Finance LLC and INEOS Finance PLC, Senior secured2025-12-310001930087Inhance Parent, Inc., One stop 12025-12-310001930087Inhance Parent, Inc., One stop 22025-12-310001930087Inhance Parent, Inc., One stop 32025-12-310001930087Innophos Holdings, Inc., Senior secured2025-12-310001930087JSG II, Inc. and Checkers USA, Inc., One stop 12025-12-310001930087JSG II, Inc. and Checkers USA, Inc., One stop 22025-12-310001930087JSG II, Inc. and Checkers USA, Inc., One stop 32025-12-310001930087Krayden Holdings, Inc., Senior secured 12025-12-310001930087Krayden Holdings, Inc., Senior secured 22025-12-310001930087Krayden Holdings, Inc., Senior secured 32025-12-310001930087Windsor Holdings III, LLC, Senior secured2025-12-310001930087W.R. Grace & Co, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ChemicalsMember2025-12-310001930087BradyPLUS Holdings, Senior secured2025-12-310001930087CHA Vision Holdings, Inc., One stop 12025-12-310001930087CHA Vision Holdings, Inc., One stop 22025-12-310001930087CHA Vision Holdings, Inc., One stop 32025-12-310001930087CHA Vision Holdings, Inc., One stop 42025-12-310001930087CHA Vision Holdings, Inc., One stop 52025-12-310001930087Dispatch Acquisition Holdings, LLC, One stop 12025-12-310001930087Dispatch Acquisition Holdings, LLC, One stop 22025-12-310001930087Energize Holdco, LLC, Senior secured2025-12-310001930087Kleinfelder Intermediate, LLC, One stop 12025-12-310001930087Kleinfelder Intermediate, LLC, One stop 22025-12-310001930087Kleinfelder Intermediate, LLC, One stop 32025-12-310001930087OMNIA Partners, LLC, Senior secured2025-12-310001930087Pearl Acquisition Buyer, Inc., One stop 12025-12-310001930087Pearl Acquisition Buyer, Inc., One stop 22025-12-310001930087Pearl Acquisition Buyer, Inc., One stop 32025-12-310001930087PSC Parent, Inc., One stop 12025-12-310001930087PSC Parent, Inc., One stop 22025-12-310001930087PSC Parent, Inc., One stop 32025-12-310001930087PSC Parent, Inc., One stop 42025-12-310001930087Radwell Parent, LLC, One stop 12025-12-310001930087Radwell Parent, LLC, One stop 22025-12-310001930087Thermostat Purchaser III, Inc., Senior secured2025-12-310001930087Trinity Air Consultants Holdings Corporation, One stop 12025-12-310001930087Trinity Air Consultants Holdings Corporation, One stop 22025-12-310001930087Trinity Air Consultants Holdings Corporation, One stop 32025-12-310001930087Trinity Air Consultants Holdings Corporation, One stop 42025-12-310001930087Trinity Air Consultants Holdings Corporation, One stop 52025-12-310001930087WRE Holding Corp., One stop 12025-12-310001930087WRE Holding Corp., One stop 22025-12-310001930087WRE Holding Corp., One stop 32025-12-310001930087WRE Holding Corp., One stop 42025-12-310001930087WRE Holding Corp., One stop 52025-12-310001930087WRE Holding Corp., One stop 62025-12-310001930087WRE Holding Corp., One stop 72025-12-310001930087WRE Holding Corp., One stop 82025-12-310001930087WRE Holding Corp., One stop 92025-12-310001930087WRE Holding Corp., One stop 102025-12-310001930087us-gaap:DebtSecuritiesMembergcred:CommercialServicesAndSuppliesMember2025-12-310001930087Belfor USA Group Inc., Senior secured2025-12-310001930087Chariot Buyer, LLC, Senior secured2025-12-310001930087Consor Intermediate II, LLC, One stop 12025-12-310001930087Consor Intermediate II, LLC, One stop 22025-12-310001930087Consor Intermediate II, LLC, One stop 32025-12-310001930087DCCM, LLC, One stop 12025-12-310001930087DCCM, LLC, One stop 22025-12-310001930087DCCM, LLC, One stop 32025-12-310001930087EagleView Technology Corporation, Senior secured2025-12-310001930087Royal Holdco Corporation, One stop 12025-12-310001930087Royal Holdco Corporation, One stop 22025-12-310001930087Royal Holdco Corporation, One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ConstructionAndEngineeringMember2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ConstructionMaterialsMember2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ConsumerFinanceMember2025-12-310001930087AOT Packaging Products Acquisitionco, LLC, Senior secured2025-12-310001930087Berlin Packaging, LLC, Senior secured2025-12-310001930087Chase Intermediate, One stop 12025-12-310001930087Chase Intermediate, One stop 22025-12-310001930087Iris Holding, Inc., Senior secured2025-12-310001930087Packaging Coordinators Midco, Inc., One stop 12025-12-310001930087Packaging Coordinators Midco, Inc., One stop 22025-12-310001930087Packaging Coordinators Midco, Inc., One stop 32025-12-310001930087Packaging Coordinators Midco, Inc., One stop 42025-12-310001930087Packaging Coordinators Midco, Inc., One stop 52025-12-310001930087Packaging Coordinators Midco, Inc., One stop 62025-12-310001930087Packaging Coordinators Midco, Inc., One stop 72025-12-310001930087Pegasus BidCo, Senior secured2025-12-310001930087Technimark, LLC, Senior secured2025-12-310001930087WP Deluxe Merger Sub, Senior secured 12025-12-310001930087WP Deluxe Merger Sub, Senior secured 22025-12-310001930087us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001930087ABC Legal Holdings, LLC, One stop 12025-12-310001930087ABC Legal Holdings, LLC, One stop 22025-12-310001930087ABC Legal Holdings, LLC, One stop 32025-12-310001930087Action Termite Control, LLC, Senior secured 12025-12-310001930087Action Termite Control, LLC, Senior secured 22025-12-310001930087Action Termite Control, LLC, Senior secured 32025-12-310001930087Any Hour, LLC, One stop 12025-12-310001930087Any Hour, LLC, One stop 22025-12-310001930087Any Hour, LLC, One stop 32025-12-310001930087Any Hour, LLC, One stop 42025-12-310001930087Apex Service Partners, LLC, One stop 12025-12-310001930087Apex Service Partners, LLC, One stop 22025-12-310001930087Apex Service Partners, LLC, One stop 32025-12-310001930087Apex Service Partners, LLC, One stop 42025-12-310001930087Apex Service Partners, LLC, One stop 52025-12-310001930087Apex Service Partners, LLC, One stop 62025-12-310001930087Aptive Environmental, LLC, One stop 12025-12-310001930087Aptive Environmental, LLC, One stop 22025-12-310001930087Aptive Environmental, LLC, One stop 32025-12-310001930087Certus Pest, Inc., One stop 12025-12-310001930087Certus Pest, Inc., One stop 22025-12-310001930087Certus Pest, Inc., One stop 32025-12-310001930087Certus Pest, Inc., One stop 42025-12-310001930087Certus Pest, Inc., One stop 52025-12-310001930087Certus Pest, Inc., One stop 62025-12-310001930087Certus Pest, Inc., One stop 72025-12-310001930087Certus Pest, Inc., One stop 82025-12-310001930087Certus Pest, Inc., One stop 92025-12-310001930087Certus Pest, Inc., One stop 102025-12-310001930087Certus Pest, Inc., One stop 112025-12-310001930087Certus Pest, Inc., One stop 122025-12-310001930087Certus Pest, Inc., One stop 132025-12-310001930087Certus Pest, Inc., One stop 142025-12-310001930087CHVAC Services Investment, LLC, One stop 12025-12-310001930087CHVAC Services Investment, LLC, One stop 22025-12-310001930087CHVAC Services Investment, LLC, One stop 32025-12-310001930087CHVAC Services Investment, LLC, One stop 42025-12-310001930087Entomo Brands Acquisitions, Inc., Senior secured 12025-12-310001930087Entomo Brands Acquisitions, Inc., Senior secured 22025-12-310001930087Entomo Brands Acquisitions, Inc., Senior secured 32025-12-310001930087HS Spa Holdings, Inc., One stop 12025-12-310001930087HS Spa Holdings, Inc., One stop 22025-12-310001930087Knowledge Universe Education LLC, Senior secured2025-12-310001930087Kodiak Buyer, LLC, One stop 12025-12-310001930087Kodiak Buyer, LLC, One stop 22025-12-310001930087Kodiak Buyer, LLC, One stop 32025-12-310001930087Liminex, Inc., One stop2025-12-310001930087Litera Bidco, LLC, One stop 12025-12-310001930087Litera Bidco, LLC, One stop 22025-12-310001930087Litera Bidco, LLC, One stop 32025-12-310001930087Litera Bidco, LLC, One stop 42025-12-310001930087McAfee, LLC, Senior secured2025-12-310001930087Project Alpha Intermediate Holdings, Inc., Senior secured2025-12-310001930087Provenance Buyer LLC, One stop 12025-12-310001930087Provenance Buyer LLC, One stop 22025-12-310001930087RW AM Holdco LLC, One stop2025-12-310001930087Salisbury House, LLC, One stop 12025-12-310001930087Salisbury House, LLC, One stop 22025-12-310001930087Salisbury House, LLC, One stop 32025-12-310001930087SCP CDH Buyer, Inc., One stop 12025-12-310001930087SCP CDH Buyer, Inc., One stop 22025-12-310001930087SCP CDH Buyer, Inc., One stop 32025-12-310001930087Severin Acquisition, LLC, One stop 12025-12-310001930087Severin Acquisition, LLC, One stop 22025-12-310001930087Severin Acquisition, LLC, One stop 32025-12-310001930087Stellar Brands, LLC, Senior secured 12025-12-310001930087Stellar Brands, LLC, Senior secured 22025-12-310001930087Virginia Green Acquisition, LLC, One stop 12025-12-310001930087Virginia Green Acquisition, LLC, One stop 22025-12-310001930087Virginia Green Acquisition, LLC, One stop 32025-12-310001930087Virginia Green Acquisition, LLC, One stop 42025-12-310001930087us-gaap:DebtSecuritiesMembergcred:DiversifiedConsumerServicesMember2025-12-310001930087Apex Group Treasury, LLC, Senior secured2025-12-310001930087Baker Tilly Advisory Group, LP, One stop 12025-12-310001930087Baker Tilly Advisory Group, LP, One stop 22025-12-310001930087Baker Tilly Advisory Group, LP, One stop 32025-12-310001930087Baker Tilly Advisory Group, LP, One stop 42025-12-310001930087Banker's Toolbox, Inc., One stop 12025-12-310001930087Banker's Toolbox, Inc., One stop 22025-12-310001930087BCPE Pequod Buyer, Senior secured2025-12-310001930087Ceres Groupe SAS & Ceres PikCo, One stop 12025-12-310001930087Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-12-310001930087Ceres Groupe SAS & Ceres PikCo, One stop 22025-12-310001930087Ceres Groupe SAS & Ceres PikCo, One stop 32025-12-310001930087Corelogic, Inc., Senior secured2025-12-310001930087Corsair Blade IV S.A R.L., One stop 12025-12-310001930087Corsair Blade IV S.A R.L., One stop 22025-12-310001930087Deerfield Dakota Holding, LLC, One stop 12025-12-310001930087Deerfield Dakota Holding, LLC, One stop 22025-12-310001930087EP Wealth Advisors, Senior secured2025-12-310001930087Equity Methods, LLC, One stop 12025-12-310001930087Equity Methods, LLC, One stop 22025-12-310001930087Equity Methods, LLC, One stop 32025-12-310001930087Evertec, Inc., Senior secured2025-12-310001930087Finastra USA, Inc., One stop2025-12-310001930087Finastra, Senior secured2025-12-310001930087First Eagle Investment Management, Senior secured 12025-12-310001930087First Eagle Investment Management, Senior secured 22025-12-310001930087Focus Financial Partners, LLC, Senior secured2025-12-310001930087GTCR Everest Borrower, LLC, Senior secured2025-12-310001930087Higginbotham Insurance Agency, Inc., One stop 12025-12-310001930087Higginbotham Insurance Agency, Inc., One stop 22025-12-310001930087Higginbotham Insurance Agency, Inc., One stop 32025-12-310001930087Howden Group Holdings Limited , Senior secured 12025-12-310001930087Howden Group Holdings Limited, Senior secured 22025-12-310001930087Mariner Wealth Advisors, LLC, Senior secured2025-12-310001930087Medlar Bidco Limited, One stop 12025-12-310001930087Medlar Bidco Limited, One stop 22025-12-310001930087Medlar Bidco Limited, One stop 32025-12-310001930087Orion Advisor Solutions, Senior secured2025-12-310001930087OSTTRA Group, Ltd., Senior secured2025-12-310001930087Wealth Enhancement Group, LLC, One stop 12025-12-310001930087Wealth Enhancement Group, LLC, One stop 22025-12-310001930087Wealth Enhancement Group, LLC, One stop 32025-12-310001930087Wealth Enhancement Group, LLC, One stop 42025-12-310001930087Wealth Enhancement Group, LLC, One stop 52025-12-310001930087Wealth Enhancement Group, LLC, One stop 62025-12-310001930087Wealth Enhancement Group, LLC, One stop 72025-12-310001930087Zebra Buyer LLC, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:DiversifiedFinancialServicesMember2025-12-310001930087Pioneer AcquisitionCo, LLC, Senior secured2025-12-310001930087Smart Energy Systems, Inc., One stop 12025-12-310001930087Smart Energy Systems, Inc., One stop 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ElectricUtilitiesMember2025-12-310001930087Power Grid Holdings, Inc., One stop 12025-12-310001930087Power Grid Holdings, Inc., One stop 22025-12-310001930087Wildcat TopCo, Inc., One stop 12025-12-310001930087Wildcat TopCo, Inc., One stop 22025-12-310001930087Wildcat TopCo, Inc., One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ElectricalEquipmentSectorMember2025-12-310001930087Eagle Parent Corp., Senior secured2025-12-310001930087GMF Parent, Inc., One stop 12025-12-310001930087GMF Parent, Inc., One stop 22025-12-310001930087GMF Parent, Inc., One stop 32025-12-310001930087GMF Parent, Inc., One stop 42025-12-310001930087Inspire International, Inc., Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:FoodAndStaplesRetailingMember2025-12-310001930087Aspire Bakeries Holdings, LLC, Senior secured2025-12-310001930087Blast Bidco Inc., One stop 12025-12-310001930087Blast Bidco Inc., One stop 22025-12-310001930087Eagle Family Foods Group, LLC, One stop 12025-12-310001930087Eagle Family Foods Group, LLC, One stop 22025-12-310001930087Louisiana Fish Fry Products, Ltd., One stop2025-12-310001930087Merlin Buyer, Inc., Senior secured2025-12-310001930087MIC GLEN LLC, Senior secured2025-12-310001930087PFI Lower MidCo, LLC, Senior secured2025-12-310001930087Sphynx UK Bidco, Ltd., One stop 12025-12-310001930087Sphynx UK Bidco, Ltd., One stop 22025-12-310001930087Sphynx UK Bidco, Ltd., One stop 32025-12-310001930087Zullas, L.C., One stop 12025-12-310001930087Zullas, L.C., One stop 22025-12-310001930087Zullas, L.C., One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:FoodProductsMember2025-12-310001930087Argent Bidco SAS , Senior secured2025-12-310001930087Bayou Intermediate II, LLC, One stop 12025-12-310001930087Bayou Intermediate II, LLC, One stop 22025-12-310001930087Bayou Intermediate II, LLC, One stop 32025-12-310001930087Blades Buyer, Inc, Senior secured 12025-12-310001930087Blades Buyer, Inc, Senior secured 22025-12-310001930087Blue River Pet Care, LLC, One stop 12025-12-310001930087Blue River Pet Care, LLC, One stop 22025-12-310001930087Blue River Pet Care, LLC, One stop 32025-12-310001930087Blue River Pet Care, LLC, One stop 42025-12-310001930087Blue River Pet Care, LLC, One stop 52025-12-310001930087Blue River Pet Care, LLC, One stop 62025-12-310001930087Blue River Pet Care, LLC, One stop 72025-12-310001930087Blue River Pet Care, LLC, One stop 82025-12-310001930087Blue River Pet Care, LLC, One stop 92025-12-310001930087Blue River Pet Care, LLC, One stop 102025-12-310001930087Blue River Pet Care, LLC, One stop 112025-12-310001930087Blue River Pet Care, LLC, One stop 122025-12-310001930087Blue River Pet Care, LLC, One stop 132025-12-310001930087Blue River Pet Care, LLC, One stop 142025-12-310001930087Blue River Pet Care, LLC, One stop 152025-12-310001930087Blue River Pet Care, LLC, One stop 162025-12-310001930087Blue River Pet Care, LLC, One stop 172025-12-310001930087CCSL Holdings, LLC, One stop 12025-12-310001930087CCSL Holdings, LLC, One stop 22025-12-310001930087CCSL Holdings, LLC, One stop 32025-12-310001930087CCSL Holdings, LLC, One stop 42025-12-310001930087CCSL Holdings, LLC, One stop 52025-12-310001930087CCSL Holdings, LLC, One stop 62025-12-310001930087Centegix Intermediate II, LLC, One stop 12025-12-310001930087Centegix Intermediate II, LLC, One stop 22025-12-310001930087Centegix Intermediate II, LLC, One stop 32025-12-310001930087CMI Parent Inc., One stop 12025-12-310001930087CMI Parent Inc., One stop 22025-12-310001930087Confluent Medical Technologies, Inc., Senior secured2025-12-310001930087HuFriedy Group Acquisition, LLC, One stop 12025-12-310001930087HuFriedy Group Acquisition, LLC, One stop 22025-12-310001930087HuFriedy Group Acquisition, LLC, One stop 32025-12-310001930087HuFriedy Group Acquisition, LLC, One stop 42025-12-310001930087Isto Group, Inc., One stop 12025-12-310001930087Isto Group, Inc., One stop 22025-12-310001930087Isto Group, Inc., One stop 32025-12-310001930087NSM Top Holdings Corp., Senior secured2025-12-310001930087Precision Medicine Group, LLC, Senior secured2025-12-310001930087Resonetics, LLC, Senior secured2025-12-310001930087RTI Surgical, Inc., One stop 12025-12-310001930087RTI Surgical, Inc., One stop 22025-12-310001930087TIDI Legacy Products, Inc., One stop 12025-12-310001930087TIDI Legacy Products, Inc., One stop 22025-12-310001930087TIDI Legacy Products, Inc., One stop 32025-12-310001930087YI, LLC, One stop 12025-12-310001930087YI, LLC, One stop 22025-12-310001930087ZimVie, Inc., One stop 12025-12-310001930087ZimVie, Inc., One stop 22025-12-310001930087ZimVie, Inc., One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:HealthcareEquipmentAndSuppliesMember2025-12-310001930087Active Day, Inc., One stop 12025-12-310001930087Active Day, Inc., One stop 22025-12-310001930087Active Day, Inc., One stop 32025-12-310001930087Agiliti Health, Inc., Senior secured2025-12-310001930087AHP Health Partners, Inc., Senior secured2025-12-310001930087AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop2025-12-310001930087Bamboo US Bidco LLC, One stop 12025-12-310001930087Bamboo US Bidco LLC, One stop 22025-12-310001930087Bamboo US Bidco LLC, One stop 32025-12-310001930087Bamboo US Bidco LLC, One stop 42025-12-310001930087Bamboo US Bidco LLC, One stop 52025-12-310001930087Bamboo US Bidco LLC, One stop 62025-12-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-12-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-12-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-12-310001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-12-310001930087BHG Holdings, LLC, One stop 12025-12-310001930087BHG Holdings, LLC, One stop 22025-12-310001930087BHG Holdings, LLC, One stop 32025-12-310001930087Cotiviti, Senior secured 12025-12-310001930087Cotiviti, Senior secured 22025-12-310001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-12-310001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-12-310001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-12-310001930087Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-12-310001930087Electron BidCo, Inc., Senior secured2025-12-310001930087FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12025-12-310001930087FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22025-12-310001930087Hanger, Inc., Senior secured 12025-12-310001930087Hanger, Inc., Senior secured 22025-12-310001930087HP TLE Buyer, Inc., One stop 12025-12-310001930087HP TLE Buyer, Inc., One stop 22025-12-310001930087LOV Acquisition LLC, Senior secured 12025-12-310001930087LOV Acquisition LLC, Senior secured 22025-12-310001930087Mamba Purchaser, Inc., Senior secured 32025-12-310001930087New Look Corporation and New Look Vision Group Inc., One stop2025-12-310001930087Pathway Vet Alliance, LLC, Senior secured2025-12-310001930087Pharmerica, Senior secured2025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 12025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 22025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 32025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 42025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 52025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 62025-12-310001930087Pinnacle Treatment Centers, Inc., One stop 72025-12-310001930087PPV Intermediate Holdings, LLC, One stop 12025-12-310001930087PPV Intermediate Holdings, LLC, One stop 22025-12-310001930087Premise Health Holding Corp., One stop 12025-12-310001930087Premise Health Holding Corp., One stop 22025-12-310001930087Premise Health Holding Corp., One stop 32025-12-310001930087Premise Health Holding Corp., One stop 42025-12-310001930087Southern Veterinary Partners, LLC, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:HealthcareProvidersAndServicesMember2025-12-310001930087Amberfield Acquisition Co., One stop 12025-12-310001930087Amberfield Acquisition Co., One stop 22025-12-310001930087Amberfield Acquisition Co., One stop 32025-12-310001930087Athenahealth, Inc., Senior secured2025-12-310001930087ESO Solution, Inc., One stop2025-12-310001930087FINThrive Software Intermediate Holdings, Inc., Senior secured2025-12-310001930087GHX Ultimate Parent Corporation, One stop 12025-12-310001930087GHX Ultimate Parent Corporation, One stop 22025-12-310001930087Healthmark Holdings, L.P., One stop 12025-12-310001930087Healthmark Holdings, L.P., One stop 22025-12-310001930087Healthmark Holdings, L.P., One stop 32025-12-310001930087Imprivata, Inc., Senior secured2025-12-310001930087Kona Buyer, LLC, One stop 12025-12-310001930087Kona Buyer, LLC, One stop 22025-12-310001930087Kona Buyer, LLC, One stop 32025-12-310001930087Kona Buyer, LLC, One stop 42025-12-310001930087Kona Buyer, LLC, One stop 52025-12-310001930087Kona Buyer, LLC, One stop 62025-12-310001930087Kona Buyer, LLC, One stop 72025-12-310001930087Kona Buyer, LLC, One stop 82025-12-310001930087Lacker Bidco Limited, One stop 12025-12-310001930087Lacker Bidco Limited, One stop 22025-12-310001930087Lacker Bidco Limited, One stop 32025-12-310001930087Lacker Bidco Limited, One stop 42025-12-310001930087Mediware Information Systems, Inc., Senior secured2025-12-310001930087Milano Acquisition Corp., Senior secured2025-12-310001930087Modernizing Medicine, Inc., One stop 12025-12-310001930087Modernizing Medicine, Inc., One stop 22025-12-310001930087Neptune Holdings, Inc., One stop 12025-12-310001930087Neptune Holdings, Inc., One stop 22025-12-310001930087Netsmart Technologies, Inc., One stop 12025-12-310001930087Netsmart Technologies, Inc., One stop 22025-12-310001930087Netsmart Technologies, Inc., One stop 32025-12-310001930087Netsmart Technologies, Inc., One stop 42025-12-310001930087PointClickCare Technologies, Inc., Senior secured2025-12-310001930087QF Holdings, Inc., One stop 12025-12-310001930087QF Holdings, Inc., One stop 22025-12-310001930087QF Holdings, Inc., One stop 32025-12-310001930087Signant Finance One Limited, One stop 12025-12-310001930087Signant Finance One Limited, One stop 22025-12-310001930087Signant Finance One Limited, One stop 32025-12-310001930087Stratose Intermediate Holdings II, LLC, Senior secured 12025-12-310001930087Stratose Intermediate Holdings II, LLC, Senior secured 22025-12-310001930087Symplr Software, Inc., Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:HealthcareTechnologyMember2025-12-310001930087BJH Holdings III Corp., One stop 12025-12-310001930087BJH Holdings III Corp., One stop 22025-12-310001930087CB Sports Holdings Bidco, LLC, One stop 12025-12-310001930087CB Sports Holdings Bidco, LLC, One stop 22025-12-310001930087CB Sports Holdings Bidco, LLC, One stop 32025-12-310001930087CB Sports Holdings Bidco, LLC, One stop 42025-12-310001930087CR Fitness Holdings, LLC, Senior secured 12025-12-310001930087CR Fitness Holdings, LLC, Senior secured 22025-12-310001930087CR Fitness Holdings, LLC, Senior secured 32025-12-310001930087Crumbl Enterprises, LLC, One stop 12025-12-310001930087Crumbl Enterprises, LLC, One stop 22025-12-310001930087Fertitta Entertainment, LLC, Senior secured2025-12-310001930087GFP Atlantic Holdco 2, LLC, One stop 12025-12-310001930087GFP Atlantic Holdco 2, LLC, One stop 22025-12-310001930087Health Buyer, LLC, Senior secured 12025-12-310001930087Health Buyer, LLC, Senior secured 22025-12-310001930087Olo Parent, Inc., One stop 12025-12-310001930087Olo Parent, Inc., One stop 22025-12-310001930087Patriot Acquireco, LLC, One stop 12025-12-310001930087Patriot Acquireco, LLC, One stop 22025-12-310001930087PB Group Holdings, LLC, One stop 12025-12-310001930087PB Group Holdings, LLC, One stop 22025-12-310001930087QSR Acquisition Co., One stop 12025-12-310001930087QSR Acquisition Co., One stop 22025-12-310001930087QSR Acquisition Co., One stop 32025-12-310001930087Rooster BidCo Limited, One stop 12025-12-310001930087Rooster BidCo Limited, One stop 22025-12-310001930087Rooster BidCo Limited, One stop 32025-12-310001930087Saguaro Buyer, LLC, One stop 12025-12-310001930087Saguaro Buyer, LLC, One stop 22025-12-310001930087Saguaro Buyer, LLC, One stop 32025-12-310001930087Saguaro Buyer, LLC, One stop 42025-12-310001930087Scientific Games Holdings LP, Senior secured2025-12-310001930087SDC Holdco, LLC, One stop 12025-12-310001930087SDC Holdco, LLC, One stop 22025-12-310001930087SSRG Holdings, LLC, One stop 12025-12-310001930087SSRG Holdings, LLC, One stop 22025-12-310001930087SSRG Holdings, LLC, One stop 32025-12-310001930087SSRG Holdings, LLC, One stop 42025-12-310001930087SSRG Holdings, LLC, One stop 52025-12-310001930087Tacala LLC, Senior secured2025-12-310001930087YE Brands Holding, LLC, One stop 12025-12-310001930087YE Brands Holding, LLC, One stop 22025-12-310001930087YE Brands Holding, LLC, One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:HotelsRestaurantsAndLeisureMember2025-12-310001930087Groundworks, LLC, Senior secured2025-12-310001930087TLB Holdings I, LLC, One stop 12025-12-310001930087TLB Holdings I, LLC, One stop 22025-12-310001930087TLB Holdings I, LLC, One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:HouseholdDurablesMember2025-12-310001930087WU Holdco, Inc., One stop 12025-12-310001930087WU Holdco, Inc., One stop 22025-12-310001930087WU Holdco, Inc., One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:HouseholdProductsMember2025-12-310001930087Arch Global CCT Holdings Corp., Senior secured 12025-12-310001930087Arch Global CCT Holdings Corp., Senior secured 22025-12-310001930087CPM Holdings, Inc., Senior secured2025-12-310001930087EAB Global, Inc., Senior secured2025-12-310001930087Essential Services Holdings Corporation, One stop 12025-12-310001930087Essential Services Holdings Corporation, One stop 22025-12-310001930087Essential Services Holdings Corporation, One stop 32025-12-310001930087Excelitas Technologies Corp., One stop 12025-12-310001930087Excelitas Technologies Corp., One stop 22025-12-310001930087Madison IAQ LLC, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:IndustrialConglomeratesMember2025-12-310001930087Acrisure, LLC, Senior secured 12025-12-310001930087Acrisure, LLC, Senior secured 22025-12-310001930087Alera Group, Inc., Senior secured2025-12-310001930087AMBA Buyer, Inc., One stop 12025-12-310001930087AMBA Buyer, Inc., One stop 22025-12-310001930087AMBA Buyer, Inc., One stop 32025-12-310001930087Bellwether Buyer, LLC, One stop 12025-12-310001930087Bellwether Buyer, LLC, One stop 22025-12-310001930087Bellwether Buyer, LLC, One stop 32025-12-310001930087Ben Nevis Midco Limited, One stop 12025-12-310001930087Ben Nevis Midco Limited, One stop 22025-12-310001930087Ben Nevis Midco Limited, One stop 32025-12-310001930087Ben Nevis Midco Limited, One stop 42025-12-310001930087Captive Resources Midco, LLC, One stop 12025-12-310001930087Captive Resources Midco, LLC, One stop 22025-12-310001930087Disco Parent, Senior secured2025-12-310001930087Doxa Insurance Holdings LLC, One stop 12025-12-310001930087Doxa Insurance Holdings LLC, One stop 22025-12-310001930087Doxa Insurance Holdings LLC, One stop 32025-12-310001930087Doxa Insurance Holdings LLC, One stop 42025-12-310001930087Galway Borrower LLC, One stop 2025-12-310001930087Gimlet Bidco GMBH, One stop 12025-12-310001930087Gimlet Bidco GMBH, One stop 22025-12-310001930087Gimlet Bidco GMBH, One stop 32025-12-310001930087Hub International Limited, Senior secured2025-12-310001930087Huskies Parent, Inc., One stop2025-12-310001930087Integrity Marketing Acquisition, LLC, One stop 12025-12-310001930087Integrity Marketing Acquisition, LLC, One stop 22025-12-310001930087Integrity Marketing Acquisition, LLC, One stop 32025-12-310001930087J.S. Held Holdings, LLC, One stop 12025-12-310001930087J.S. Held Holdings, LLC, One stop 22025-12-310001930087J.S. Held Holdings, LLC, One stop 32025-12-310001930087Koala Investment Holdings, Inc., One stop 12025-12-310001930087Koala Investment Holdings, Inc., One stop 22025-12-310001930087Koala Investment Holdings, Inc., One stop 32025-12-310001930087Majesco, One stop 12025-12-310001930087Majesco, One stop 22025-12-310001930087MRH Trowe Germany GMBH, One stop 12025-12-310001930087MRH Trowe Germany GMBH, One stop 22025-12-310001930087MRH Trowe Germany GMBH, One stop 32025-12-310001930087Oakbridge Insurance Agency LLC, One stop 12025-12-310001930087Oakbridge Insurance Agency LLC, One stop 22025-12-310001930087Oakbridge Insurance Agency LLC, One stop 32025-12-310001930087Oakbridge Insurance Agency LLC, One stop 42025-12-310001930087Oakbridge Insurance Agency LLC, One stop 52025-12-310001930087OneDigital Borrower LLC, Senior secured2025-12-310001930087Trucordia Insurance Holdings, LLC, Senior secured2025-12-310001930087Truist Insurance Holdings, LLC, Senior secured2025-12-310001930087Wasabi Lower Holdco, LLC, Senior secured 12025-12-310001930087Wasabi Lower Holdco, LLC, Senior secured 22025-12-310001930087World Insurance Associates, LLC, One stop 12025-12-310001930087World Insurance Associates, LLC, One stop 22025-12-310001930087us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001930087Acquia, Inc., One stop2025-12-310001930087CivicPlus, LLC, One stop 12025-12-310001930087CivicPlus, LLC, One stop 22025-12-310001930087ContractPod Technologies, Ltd., One stop 12025-12-310001930087ContractPod Technologies, Ltd., One stop 22025-12-310001930087ContractPod Technologies, Ltd., One stop 32025-12-310001930087Delinea Inc., One stop 12025-12-310001930087Delinea Inc., One stop 22025-12-310001930087Delinea Inc., One stop 32025-12-310001930087KnowBe4, Senior secured2025-12-310001930087LEIA FINCO US, Senior secured2025-12-310001930087Netwrix Corporation, One stop 12025-12-310001930087Netwrix Corporation, One stop 22025-12-310001930087PDQ.com Corporation, One stop 12025-12-310001930087PDQ.com Corporation, One stop 22025-12-310001930087PDQ.com Corporation, One stop 32025-12-310001930087ReliaQuest Holdings, LLC, One stop 12025-12-310001930087ReliaQuest Holdings, LLC, One stop 22025-12-310001930087ReliaQuest Holdings, LLC, One stop 32025-12-310001930087ReliaQuest Holdings, LLC, One stop 42025-12-310001930087Saturn Borrower Inc., One stop 12025-12-310001930087Saturn Borrower Inc., One stop 22025-12-310001930087UKG Inc., Senior secured2025-12-310001930087VS Buyer, LLC, Senior secured2025-12-310001930087WPEngine, Inc., One stop 12025-12-310001930087WPEngine, Inc., One stop 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ITServicesMember2025-12-310001930087Cast & Crew Payroll, LLC, Senior secured2025-12-310001930087Crunch Holdings, LLC, One stop 12025-12-310001930087Crunch Holdings, LLC, One stop 22025-12-310001930087EP Purchaser, LLC, Senior secured2025-12-310001930087Movement Holdings, LLC, One stop 12025-12-310001930087Movement Holdings, LLC, One stop 22025-12-310001930087Movement Holdings, LLC, One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:LeisureProductsMember2025-12-310001930087Celerion Buyer, Inc., One stop2025-12-310001930087Diamondback Acquisition, Inc., One stop 12025-12-310001930087Diamondback Acquisition, Inc., One stop 22025-12-310001930087Diamondback Acquisition, Inc., One stop 32025-12-310001930087PAS Parent Inc., One stop 12025-12-310001930087PAS Parent Inc., One stop 22025-12-310001930087PAS Parent Inc., One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:LifeSciencesToolsAndServicesMember2025-12-310001930087AAL Delaware, Senior secured2025-12-310001930087AI Titan Parent, Inc., One stop 12025-12-310001930087AI Titan Parent, Inc., One stop 22025-12-310001930087AI Titan Parent, Inc., One stop 32025-12-310001930087Blackbird Purchaser, Inc., One stop 12025-12-310001930087Blackbird Purchaser, Inc., One stop 22025-12-310001930087Blackbird Purchaser, Inc., One stop 32025-12-310001930087Filtration Group Corp., Senior secured2025-12-310001930087Thermogenics, Inc., One stop 12025-12-310001930087Thermogenics, Inc., One stop 22025-12-310001930087Thermogenics, Inc., One stop 32025-12-310001930087Thermogenics, Inc., One stop 42025-12-310001930087Thermogenics, Inc., One stop 52025-12-310001930087Thermogenics, Inc., One stop 62025-12-310001930087Wireco Worldgroup Inc., Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:MachineryMember2025-12-310001930087Ascend Learning, LLC, Senior secured2025-12-310001930087Lotus Topco, Inc., One stop 12025-12-310001930087Lotus Topco, Inc., One stop 22025-12-310001930087Lotus Topco, Inc., One stop 32025-12-310001930087Lotus Topco, Inc., One stop 42025-12-310001930087Shout! Factory, LLC, One stop 12025-12-310001930087Shout! Factory, LLC, One stop 22025-12-310001930087Triple Lift, Inc., One stop 12025-12-310001930087Triple Lift, Inc., One stop 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:MediaMember2025-12-310001930087Edition Holdings, Inc., One stop 12025-12-310001930087Edition Holdings, Inc., One stop 22025-12-310001930087Edition Holdings, Inc., One stop 32025-12-310001930087Edition Holdings, Inc., One stop 42025-12-310001930087us-gaap:DebtSecuritiesMembergcred:OilGasAndConsumableFuelsMember2025-12-310001930087Ranpak Corporation, Senior secured 12025-12-310001930087Ranpak Corporation, Senior secured 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:PaperAndForestProductsMember2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:PersonalProductsMember2025-12-310001930087ACP Ulysses Buyer, Inc., One stop2025-12-310001930087Caerus Midco 3 S.A.R.L., One stop2025-12-310001930087Certara Holdco, Inc. and Certara USA, Inc., Senior secured2025-12-310001930087Creek Parent, Inc., One stop 12025-12-310001930087Creek Parent, Inc., One stop 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:PharmaceuticalsMember2025-12-310001930087Avalara, Inc., Senior secured2025-12-310001930087bswift, LLC, One stop2025-12-310001930087Citrin Cooperman Advisors LLC, Senior secured 12025-12-310001930087Citrin Cooperman Advisors LLC, Senior secured 22025-12-310001930087Dawn Bidco, LLC, Senior secured2025-12-310001930087Denali Intermediate Holdings, Inc., One stop 12025-12-310001930087Denali Intermediate Holdings, Inc., One stop 22025-12-310001930087Eclipse Buyer, Inc., One stop 12025-12-310001930087Eclipse Buyer, Inc., One stop 22025-12-310001930087Eclipse Buyer, Inc., One stop 32025-12-310001930087Eisner Advisory Group LLC, Senior secured2025-12-310001930087Eliassen Group, LLC, One stop2025-12-310001930087Geosyntec Consultants, Inc., Senior secured2025-12-310001930087Grant Thornton Advisors, LLC, Senior secured2025-12-310001930087IG Investments Holdings, LLC, One stop2025-12-310001930087NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12025-12-310001930087NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22025-12-310001930087Outcomes Group Holdings, Inc., Senior secured2025-12-310001930087PGA Holdings, Inc., Senior secured2025-12-310001930087Varicent Intermediate Holdings Corporation, One stop 12025-12-310001930087Varicent Intermediate Holdings Corporation, One stop 22025-12-310001930087Varicent Intermediate Holdings Corporation, One stop 32025-12-310001930087Varicent Intermediate Holdings Corporation, One stop 42025-12-310001930087Varicent Intermediate Holdings Corporation, One stop 52025-12-310001930087us-gaap:DebtSecuritiesMembergcred:ProfessionalServicesMember2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:RealEstateManagementAndDevelopmentMember2025-12-310001930087Kenan Advantage Group, Inc., Senior secured2025-12-310001930087VRS Buyer, Inc., Senior secured 12025-12-310001930087VRS Buyer, Inc., Senior secured 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:RoadAndRailMember2025-12-310001930087Anaplan, Inc., One stop2025-12-310001930087Appfire Technologies, LLC, One stop 12025-12-310001930087Appfire Technologies, LLC, One stop 22025-12-310001930087Apttus Corporation, Senior secured2025-12-310001930087AQA Acquisition Holding, Inc., Senior secured2025-12-310001930087Artifact Bidco, Inc., One stop 12025-12-310001930087Artifact Bidco, Inc., One stop 22025-12-310001930087Artifact Bidco, Inc., One stop 32025-12-310001930087Artifact Bidco, Inc., One stop 42025-12-310001930087Azurite Intermediate Holdings, Inc., One stop 12025-12-310001930087Azurite Intermediate Holdings, Inc., One stop 22025-12-310001930087Azurite Intermediate Holdings, Inc., One stop 32025-12-310001930087Baxter Planning Systems, LLC, One stop 12025-12-310001930087Baxter Planning Systems, LLC, One stop 22025-12-310001930087Baxter Planning Systems, LLC, One stop 32025-12-310001930087BestPass, Inc., One stop 12025-12-310001930087BestPass, Inc., One stop 22025-12-310001930087BestPass, Inc., One stop 32025-12-310001930087Bloomerang, LLC, One stop 12025-12-310001930087Bloomerang, LLC, One stop 22025-12-310001930087Bloomerang, LLC, One stop 32025-12-310001930087Blue Bidco Limited, One stop 12025-12-310001930087Blue Bidco Limited, One stop 22025-12-310001930087Blue Bidco Limited, One stop 32025-12-310001930087Blue Bidco Limited, One stop 42025-12-310001930087Blue Bidco Limited, One stop 52025-12-310001930087Bottomline Technologies, Inc., One stop2025-12-310001930087Bullhorn, Inc., One stop 12025-12-310001930087Bullhorn, Inc., One stop 22025-12-310001930087Burning Glass Intermediate Holdings Company, Inc., One stop 12025-12-310001930087Burning Glass Intermediate Holdings Company, Inc., One stop 22025-12-310001930087Camelia Bidco Limited, One stop 12025-12-310001930087Camelia Bidco Limited, One stop 22025-12-310001930087Camelia Bidco Limited, One stop 32025-12-310001930087Camelia Bidco Limited, One stop 42025-12-310001930087Capstone Borrower, Senior secured2025-12-310001930087CB Buyer, Inc., One stop 12025-12-310001930087CB Buyer, Inc., One stop 22025-12-310001930087CB Buyer, Inc., One stop 32025-12-310001930087Cloud Software Group, Senior secured 12025-12-310001930087Cloud Software Group, Senior secured 22025-12-310001930087ConnectWise, LLC, Senior secured2025-12-310001930087Conservice Midco, LLC, Senior secured2025-12-310001930087Cornerstone OnDemand, Inc., Senior secured2025-12-310001930087Crewline Buyer, Inc., One stop 12025-12-310001930087Crewline Buyer, Inc., One stop 22025-12-310001930087Cyberswift, Senior secured2025-12-310001930087Daxko Acquisition Corporation, One stop 12025-12-310001930087Daxko Acquisition Corporation, One stop 22025-12-310001930087Daxko Acquisition Corporation, One stop 32025-12-310001930087Denali Bidco Limited, One stop 12025-12-310001930087Denali Bidco Limited, One stop 22025-12-310001930087Denali Bidco Limited, One stop 32025-12-310001930087Denali Bidco Limited, Subordinated debt 12025-12-310001930087Denali Bidco Limited, Subordinated debt 22025-12-310001930087ECI Macola/Max Holding, LLC, Senior secured2025-12-310001930087Einstein Parent, Inc., One stop 12025-12-310001930087Einstein Parent, Inc., One stop 22025-12-310001930087Epicor Software Corporation, Senior secured2025-12-310001930087Espresso Bidco, Inc., One stop 12025-12-310001930087Espresso Bidco, Inc., One stop 22025-12-310001930087Espresso Bidco, Inc., One stop 32025-12-310001930087EverCommerce Solutions, Inc., Senior secured2025-12-310001930087Evergreen IX Borrower 2023, LLC, One stop 12025-12-310001930087Evergreen IX Borrower 2023, LLC, One stop 22025-12-310001930087Evergreen IX Borrower 2023, LLC, One stop 32025-12-310001930087Flexera Software, LLC, One stop 12025-12-310001930087Flexera Software, LLC, One stop 22025-12-310001930087Flexera Software, LLC, One stop 32025-12-310001930087Flexera Software, LLC, One stop 42025-12-310001930087GTIV, LLC, One stop2025-12-310001930087Gurobi Optimization, LLC, One stop 12025-12-310001930087Gurobi Optimization, LLC, One stop 22025-12-310001930087Hyland Software, Inc., One stop 12025-12-310001930087Hyland Software, Inc., One stop 22025-12-310001930087Icefall Parent, Inc., One stop 12025-12-310001930087Icefall Parent, Inc., One stop 22025-12-310001930087IGT Holding IV AB, Senior secured2025-12-310001930087Instructure Holdings, Inc., Senior secured2025-12-310001930087iSolved, Inc., Senior secured2025-12-310001930087Javelin Buyer, Inc., Senior secured2025-12-310001930087Kairos Bidco Limited, One stop 12025-12-310001930087Kairos Bidco Limited, One stop 22025-12-310001930087Kairos Bidco Limited, One stop 32025-12-310001930087Kairos Bidco Limited, One stop 42025-12-310001930087Kaseya Inc., Senior secured2025-12-310001930087LeadsOnline, LLC, One stop 12025-12-310001930087LeadsOnline, LLC, One stop 22025-12-310001930087LeadsOnline, LLC, One stop 32025-12-310001930087LeadsOnline, LLC, One stop 42025-12-310001930087Lighthouse Bidco GMBH, One stop 12025-12-310001930087Lighthouse Bidco GMBH, One stop 22025-12-310001930087Lighthouse Bidco GMBH, One stop 32025-12-310001930087LogicMonitor, Inc., One stop 12025-12-310001930087LogicMonitor, Inc., One stop 22025-12-310001930087LogicMonitor, Inc., One stop 32025-12-310001930087Matrix42 Holding GMBH, One stop 12025-12-310001930087Matrix42 Holding GMBH, One stop 22025-12-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-12-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-12-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-12-310001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-12-310001930087Modena Buyer, LLC, Senior secured2025-12-310001930087Motus Group, LLC, Senior secured2025-12-310001930087MYOB Invest Co Pty Ltd, One stop2025-12-310001930087Navex Global Holdings Corporation, One stop 12025-12-310001930087Navex Global Holdings Corporation, One stop 22025-12-310001930087Navex Global Holdings Corporation, One stop 32025-12-310001930087Onit, Inc., One stop 12025-12-310001930087Onit, Inc., One stop 22025-12-310001930087Onit, Inc., One stop 32025-12-310001930087Onit, Inc., One stop 42025-12-310001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-12-310001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-12-310001930087Panzura, LLC, One stop2025-12-310001930087Personify, Inc., One stop 12025-12-310001930087Personify, Inc., One stop 22025-12-310001930087Pineapple German Bidco GMBH, One stop 12025-12-310001930087Pineapple German Bidco GMBH, One stop 22025-12-310001930087Pineapple German Bidco GMBH, One stop 32025-12-310001930087Pineapple German Bidco GMBH, One stop 42025-12-310001930087Pineapple German Bidco GMBH, One stop 52025-12-310001930087Pineapple German Bidco GMBH, One stop 62025-12-310001930087Pineapple German Bidco GMBH, One stop 72025-12-310001930087PING Identity Holding Corp., Senior secured2025-12-310001930087Planview Parent, Inc., Senior secured2025-12-310001930087Pluralsight, LLC, One stop 12025-12-310001930087Pluralsight, LLC, One stop 22025-12-310001930087Pluralsight, LLC, One stop 32025-12-310001930087Pluralsight, LLC, One stop 42025-12-310001930087Pluralsight, LLC, One stop 52025-12-310001930087Proofpoint, Inc., Senior secured2025-12-310001930087QAD, Inc., One stop2025-12-310001930087Rainforest Bidco Limited, One stop2025-12-310001930087Sapphire Bidco Oy, One stop 12025-12-310001930087Sapphire Bidco Oy, One stop 22025-12-310001930087Sophia, L.P., Senior secured2025-12-310001930087Spark Bidco Limited, One stop 12025-12-310001930087Spark Bidco Limited, One stop 22025-12-310001930087Spark Bidco Limited, One stop 32025-12-310001930087Spark Bidco Limited, One stop 42025-12-310001930087Spark Bidco Limited, One stop 52025-12-310001930087Telesoft Holdings LLC, One stop2025-12-310001930087Togetherwork Holdings, LLC, One stop 12025-12-310001930087Togetherwork Holdings, LLC, One stop 22025-12-310001930087Togetherwork Holdings, LLC, One stop 32025-12-310001930087Transform Bidco Limited, One stop 12025-12-310001930087Transform Bidco Limited, One stop 22025-12-310001930087Transform Bidco Limited, One stop 32025-12-310001930087Transform Bidco Limited, One stop 42025-12-310001930087Transform Bidco Limited, One stop 52025-12-310001930087Transform Bidco Limited, One stop 62025-12-310001930087Transform Bidco Limited, One stop 72025-12-310001930087Tricentis Operations Holdings, Inc., One stop 12025-12-310001930087Tricentis Operations Holdings, Inc., One stop 22025-12-310001930087Tricentis Operations Holdings, Inc., One stop 32025-12-310001930087Vanco Payment Solutions, LLC, One stop 12025-12-310001930087Vanco Payment Solutions, LLC, One stop 22025-12-310001930087Vantage Bidco GMBH, One stop 12025-12-310001930087Vantage Bidco GMBH, One stop 22025-12-310001930087Varinem German Midco GMBH, One stop 12025-12-310001930087Varinem German Midco GMBH, One stop 22025-12-310001930087Viper Bidco, Inc., One stop 12025-12-310001930087Viper Bidco, Inc., One stop 22025-12-310001930087Viper Bidco, Inc., One stop 32025-12-310001930087Viper Bidco, Inc., One stop 42025-12-310001930087Viper Bidco, Inc., One stop 52025-12-310001930087Zendesk, Inc., One stop2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:SoftwareMember2025-12-310001930087AGL CLO 20 Ltd., Structured Finance Note2025-12-310001930087AGL CLO 45, Ltd., Structured Finance Note2025-12-310001930087AGL CLO 46, Ltd., Structured Finance Note2025-12-310001930087AGL CLO 5, Ltd., Structured Finance Note2025-12-310001930087AIMCO CLO 20, Ltd., Structured Finance Note2025-12-310001930087Apidos CLO LIII, Structured Finance Note 12025-12-310001930087Apidos CLO LIII, Structured Finance Note 22025-12-310001930087Apidos CLO XXVIII, Structured Finance Note2025-12-310001930087Ares LVII CLO, Ltd., Structured Finance Note2025-12-310001930087Ares LXIII CLO, Ltd., Structured Finance Note2025-12-310001930087Ares LXXVIII CLO, Ltd., Structured Finance Note2025-12-310001930087Bain Capital Credit CLO 2022-1, Ltd., Structured Finance Note2025-12-310001930087Bain Capital Credit CLO 2023-4, Ltd., Structured Finance Note2025-12-310001930087Bain Capital Credit CLO 2025-3, Limited, Structured Finance Note2025-12-310001930087Bain Capital Credit CLO 2025-4, Limited, Structured Finance Note2025-12-310001930087Bain Capital Credit CLO 2025-5, Ltd., Structured Finance Note2025-12-310001930087Balboa Bay Loan Funding 2025-2, Ltd., Structured Finance Note2025-12-310001930087Ballyrock CLO 30, Ltd., Structured Finance Note2025-12-310001930087Ballyrock CLO 32, Ltd., Structured Finance Note2025-12-310001930087BCC Middle Market CLO 2023-2, LLC, Structured Finance Note2025-12-310001930087Carlyle US CLO 2023-3, Ltd., Structured Finance Note2025-12-310001930087Carlyle US CLO 2025-2, Ltd., Structured Finance Note2025-12-310001930087CBAMR 2018-5, Ltd., Structured Finance Note2025-12-310001930087CBAMR 2019-11R, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2018-III, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2019-II, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2019-V, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2020-III, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2021-III, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2025-IV, Ltd., Structured Finance Note2025-12-310001930087CIFC Funding 2025-V, Ltd., Structured Finance Note2025-12-310001930087Davis Park CLO, Ltd., Structured Finance Note2025-12-310001930087Eaton Vance CLO 2013-1, Ltd., Structured Finance Note2025-12-310001930087Elmwood CLO 19, Ltd., Structured Finance Note2025-12-310001930087GoldenTree Loan Management US CLO 15, Ltd., Structured Finance Note2025-12-310001930087GoldenTree Loan Management US CLO 17, Ltd., Structured Finance Note2025-12-310001930087GoldenTree Loan Management US CLO 27, Ltd., Structured Finance Note2025-12-310001930087Green Lakes Park CLO, LLC, Structured Finance Note2025-12-310001930087Higley Park CLO, Ltd., Structured Finance Note2025-12-310001930087Hook Park CLO, Ltd., Structured Finance Note2025-12-310001930087Ivy Hill Middle Market Credit Fund XX, Ltd., Structured Finance Note2025-12-310001930087Madison Park Funding XLVIII, Ltd., Structured Finance Note2025-12-310001930087Madison Park Funding XVII, Ltd., Structured Finance Note2025-12-310001930087MCF CLO IV, LLC, Structured Finance Note2025-12-310001930087Neuberger Berman CLO 32R, Ltd., Structured Finance Note2025-12-310001930087OCP CLO 2025-44, Ltd., Structured Finance Note2025-12-310001930087OHA Credit Funding 22, Ltd., Structured Finance Note2025-12-310001930087OHA Credit Partners VII, Ltd., Structured Finance Note2025-12-310001930087Orion CLO 2023-2, Ltd., Structured Finance Note2025-12-310001930087Orion CLO 2025-5, Ltd., Structured Finance Note2025-12-310001930087Orion CLO 2025-6 Ltd., Structured Finance Note2025-12-310001930087Palmer Square CLO 2019-1, Ltd., Structured Finance Note2025-12-310001930087Palmer Square CLO 2021-3, Ltd., Structured Finance Note2025-12-310001930087Palmer Square CLO 2023-3, Ltd., Structured Finance Note2025-12-310001930087Peace Park CLO, Ltd., Structured Finance Note2025-12-310001930087Pikes Peak CLO 9, Structured Finance Note2025-12-310001930087Pikes Peak CLO 15 (2023), Ltd., Structured Finance Note2025-12-310001930087Rockland Park CLO, Ltd., Structured Finance Note2025-12-310001930087Sixth Street CLO XII, Ltd., Structured Finance Note2025-12-310001930087Sixth Street CLO XIV, Ltd., Structured Finance Note2025-12-310001930087Sixth Street CLO XVIII, Ltd., Structured Finance Note2025-12-310001930087Voya CLO 2020-2, Ltd., Structured Finance Note2025-12-310001930087Voya CLO 2025-2, Ltd., Structured Finance Note2025-12-310001930087Voya CLO 2025-4, Ltd., Structured Finance Note2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:SpecializedFinanceMember2025-12-310001930087Ashco, LLC, Senior secured2025-12-310001930087Ave Holdings III, Corp, One stop2025-12-310001930087Biscuit Parent, LLC, One stop 12025-12-310001930087Biscuit Parent, LLC, One stop 22025-12-310001930087Biscuit Parent, LLC, One stop 32025-12-310001930087Cavender Stores L.P., Senior secured2025-12-310001930087Consilio Midco Limited , Subordinated debt 12025-12-310001930087Consilio Midco Limited, Senior secured 12025-12-310001930087Consilio Midco Limited, Senior secured 22025-12-310001930087Consilio Midco Limited, Senior secured 32025-12-310001930087Consilio Midco Limited, Senior secured 42025-12-310001930087Consilio Midco Limited, Senior secured 52025-12-310001930087Consilio Midco Limited, Subordinated debt 22025-12-310001930087Consilio Midco Limited, Subordinated debt 32025-12-310001930087CVP Holdco, Inc., One stop 12025-12-310001930087CVP Holdco, Inc., One stop 22025-12-310001930087CVP Holdco, Inc., One stop 32025-12-310001930087Med Parentco, LP, Senior secured2025-12-310001930087Metal Supermarkets US Buyer, LLC, One stop 12025-12-310001930087Metal Supermarkets US Buyer, LLC, One stop 22025-12-310001930087PetVet Care Centers LLC, One stop 12025-12-310001930087PetVet Care Centers LLC, One stop 22025-12-310001930087Radiance Borrower, LLC One stop 12025-12-310001930087Radiance Borrower, LLC, One stop 22025-12-310001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-12-310001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-12-310001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-12-310001930087us-gaap:DebtSecuritiesMembergcred:SpecialtyRetailMember2025-12-310001930087Marcone Yellowstone Buyer Inc., One stop 12025-12-310001930087Marcone Yellowstone Buyer Inc., One stop 22025-12-310001930087us-gaap:DebtSecuritiesMembergcred:TradingCompaniesAndDistributorsMember2025-12-310001930087LDS Intermediate Holdings, LLC, One stop 12025-12-310001930087LDS Intermediate Holdings, LLC, One stop 22025-12-310001930087LDS Intermediate Holdings, LLC, One stop 32025-12-310001930087LDS Intermediate Holdings, LLC, One stop 42025-12-310001930087LDS Intermediate Holdings, LLC, One stop 52025-12-310001930087PODS, LLC, Senior secured2025-12-310001930087us-gaap:DebtSecuritiesMembergcred:TransportationInfrastructureMember2025-12-310001930087Aegion Corporation, Senior secured 12025-12-310001930087Aegion Corporation, Senior secured 22025-12-310001930087S.J. Electro Systems, LLC, One stop 12025-12-310001930087S.J. Electro Systems, LLC, One stop 22025-12-310001930087Vessco Midco Holdings, LLC, One stop 12025-12-310001930087Vessco Midco Holdings, LLC, One stop 22025-12-310001930087Vessco Midco Holdings, LLC, One stop 32025-12-310001930087Vessco Midco Holdings, LLC, One stop 42025-12-310001930087Vessco Midco Holdings, LLC, One stop 52025-12-310001930087us-gaap:DebtSecuritiesMembergcred:WaterUtilitiesMember2025-12-310001930087us-gaap:DebtSecuritiesMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:AirFreightLogisticsMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:AutoComponentsMember2025-12-310001930087CAP-KSI Holdings, LLC, Preferred stock2025-12-310001930087CAP-KSI Holdings, LLC, LLC interest2025-12-310001930087Quick Quack Car Wash Holdings, LLC, LLC units2025-12-310001930087Quick Quack Car Wash Holdings, LLC, LLC interest2025-12-310001930087Yorkshire Parent, Inc., LP interest2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:AutomobilesSectorMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:BeveragesSectorMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:CommercialServicesAndSuppliesMember2025-12-310001930087us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001930087Action Termite Control, LLC, Preferred stock2025-12-310001930087Action Termite Control, LLC, Common stock2025-12-310001930087CHVAC Services Investment, LLC, Common stock2025-12-310001930087Kodiak Buyer, LLC, Common stock2025-12-310001930087SCP CDH Buyer, Inc., Preferred stock2025-12-310001930087SCP CDH Buyer, Inc., Common stock2025-12-310001930087Virginia Green Acquisition, LLC, LP interest2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:DiversifiedConsumerServicesMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:ElectricUtilitiesMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:ElectricalEquipmentSectorMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:FoodAndStaplesRetailingMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:FoodProductsMember2025-12-310001930087Centegix Intermediate II, LLC, LLC interest2025-12-310001930087Isto Group, Inc., LP interest2025-12-310001930087ZimVie, Inc., LP interest2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:HealthcareEquipmentAndSuppliesMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:HealthcareProvidersAndServicesMember2025-12-310001930087Amberfield Acquisition Co., Common stock2025-12-310001930087Modernizing Medicine, Inc., Preferred stock2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:HealthcareTechnologyMember2025-12-310001930087Patriot Acquireco, LLC, Common stock2025-12-310001930087PB Group Holdings, LLC, LP interest2025-12-310001930087Rooster BidCo Limited, Preferred stock2025-12-310001930087Saguaro Buyer, LLC, Common stock2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:HotelsRestaurantsLeisureMember2025-12-310001930087us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:LeisureProductsMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:PharmaceuticalsMember2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:ProfessionalServicesMember2025-12-310001930087CB Buyer, Inc., LP interest2025-12-310001930087Denali Bidco Limited, LP units2025-12-310001930087Energy Worldnet, LLC, LLC interest2025-12-310001930087Gurobi Optimization, LLC, Common stock2025-12-310001930087LogicMonitor, Inc., LP interest2025-12-310001930087Menlo Ridgeview Co-Invest, LLC, LLC interest2025-12-310001930087Navex Global Holdings Corporation, LP interest2025-12-310001930087Panzura, LLC, LLC units2025-12-310001930087Pluralsight, LLC, LLC interest2025-12-310001930087StrongDM, Inc., Preferred stock2025-12-310001930087Togetherwork Holdings, LLC, Preferred stock2025-12-310001930087Transform Bidco Limited, LP interest2025-12-310001930087Tricentis Operations Holdings, Inc., LP interest2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:SoftwareMember2025-12-310001930087Metal Supermarkets US Buyer, LLC, Preferred stock2025-12-310001930087Metal Supermarkets US Buyer, LLC, Common stock2025-12-310001930087us-gaap:EquitySecuritiesMembergcred:SpecialtyRetailMember2025-12-310001930087us-gaap:EquitySecuritiesMember2025-12-310001930087Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-12-310001930087JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Share Class (CUSIP 4812A0375)2025-12-310001930087gcred:NonQualifyingAssetMembergcred:AssetConcentrationRiskMembergcred:InvestmentsAtFairValueMember2025-10-012025-12-310001930087Bleriot US Bidco Inc., Senior secured2025-09-300001930087Element Materials Technology, Senior secured2025-09-300001930087Kaman Corporation, Senior secured 12025-09-300001930087Kaman Corporation, Senior secured 22025-09-300001930087LSF11 Trinity Bidco, Inc., Senior secured2025-09-300001930087PPW Aero Buyer, Inc., One stop 12025-09-300001930087PPW Aero Buyer, Inc., One stop 22025-09-300001930087PPW Aero Buyer, Inc., One stop 32025-09-300001930087Propulsion Newco LLC, Senior secured2025-09-300001930087Signia Aerospace, LLC, Senior secured 12025-09-300001930087Signia Aerospace, LLC, Senior secured 22025-09-300001930087SMX Technologies, Senior secured2025-09-300001930087Titan BW Borrower L.P., One stop 12025-09-300001930087Titan BW Borrower L.P., One stop 22025-09-300001930087Titan BW Borrower L.P., One stop 32025-09-300001930087Transdigm, Inc., Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:AerospaceAndDefenseMember2025-09-300001930087RJW Group Holdings, Inc., One stop 12025-09-300001930087RJW Group Holdings, Inc., One stop 22025-09-300001930087RJW Group Holdings, Inc., One stop 32025-09-300001930087RJW Group Holdings, Inc., One stop 42025-09-300001930087us-gaap:DebtSecuritiesMembergcred:AirFreightLogisticsMember2025-09-300001930087Accelya Lux Finco S.A.R.L., One stop2025-09-300001930087Brown Group Holding, LLC , Senior secured 12025-09-300001930087Brown Group Holding, LLC , Senior secured 22025-09-300001930087KKR Apple Bidco, LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:AirlinesMember2025-09-300001930087Arnott, LLC, One stop 12025-09-300001930087Arnott, LLC, One stop 22025-09-300001930087Collision SP Subco, LLC, One stop 12025-09-300001930087Collision SP Subco, LLC, One stop 22025-09-300001930087Collision SP Subco, LLC, One stop 32025-09-300001930087Collision SP Subco, LLC, One stop 42025-09-300001930087Collision SP Subco, LLC, One stop 52025-09-300001930087OEConnection, LLC, One stop 12025-09-300001930087OEConnection, LLC, One stop 22025-09-300001930087OEConnection, LLC, One stop 32025-09-300001930087OEConnection, LLC, One stop 42025-09-300001930087RC Buyer, Inc., Senior secured2025-09-300001930087RealTruck Group, Inc., Senior secured2025-09-300001930087Wand NewCo 3, Inc., Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:AutoComponentsMember2025-09-300001930087Belron Finance US, LLC, Senior secured2025-09-300001930087CAP-KSI Holdings, LLC, One stop 12025-09-300001930087CAP-KSI Holdings, LLC, One stop 22025-09-300001930087Denali Midco 2, LLC, Second lien2025-09-300001930087Denali Midco 2, LLC, One stop2025-09-300001930087High Bar Brands Operating, LLC, Senior secured 12025-09-300001930087High Bar Brands Operating, LLC, Senior secured 22025-09-300001930087High Bar Brands Operating, LLC, Senior secured 32025-09-300001930087High Bar Brands Operating, LLC, Senior secured 42025-09-300001930087JHCC Holdings LLC, One stop 12025-09-300001930087JHCC Holdings LLC, One stop 22025-09-300001930087JHCC Holdings LLC, One stop 32025-09-300001930087Mavis Tire Express Services Topco, Corp., Senior secured2025-09-300001930087Mister Car Wash Holdings, Inc., Senior secured2025-09-300001930087National Express Wash Parent Holdco, LLC, One stop 12025-09-300001930087National Express Wash Parent Holdco, LLC, One stop 22025-09-300001930087National Express Wash Parent Holdco, LLC, One stop 32025-09-300001930087National Express Wash Parent Holdco, LLC, One stop 42025-09-300001930087Paint Intermediate III, LLC, Senior secured2025-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 12025-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 22025-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 32025-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 42025-09-300001930087Quick Quack Car Wash Holdings, LLC, One stop 52025-09-300001930087TWAS Holdings, LLC, One stop2025-09-300001930087Yorkshire Parent, Inc., One stop 12025-09-300001930087Yorkshire Parent, Inc., One stop 22025-09-300001930087Yorkshire Parent, Inc., One stop 32025-09-300001930087Yorkshire Parent, Inc., One stop 42025-09-300001930087Yorkshire Parent, Inc., One stop 52025-09-300001930087us-gaap:DebtSecuritiesMembergcred:AutomobilesSectorMember2025-09-300001930087Empyrean Solutions, LLC, One stop 12025-09-300001930087Empyrean Solutions, LLC, One stop 22025-09-300001930087Empyrean Solutions, LLC, One stop 32025-09-300001930087OSP Hamilton Purchaser, LLC, One stop 12025-09-300001930087OSP Hamilton Purchaser, LLC, One stop 22025-09-300001930087OSP Hamilton Purchaser, LLC, One stop 32025-09-300001930087OSP Hamilton Purchaser, LLC, One stop 42025-09-300001930087us-gaap:DebtSecuritiesMembergcred:BanksSectorMember2025-09-300001930087Financial Information Technologies, LLC, One stop 12025-09-300001930087Financial Information Technologies, LLC, One stop 22025-09-300001930087Financial Information Technologies, LLC, One stop 32025-09-300001930087Spindrift Beverage Co. Inc., One stop 12025-09-300001930087Spindrift Beverage Co. Inc., One stop 22025-09-300001930087Spindrift Beverage Co. Inc., One stop 32025-09-300001930087Winebow Holdings, Inc., One stop2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:BeveragesSectorMember2025-09-300001930087Beacon Roofing Supply, Inc., Senior secured2025-09-300001930087BECO Holding Company, Inc., One stop 12025-09-300001930087BECO Holding Company, Inc., One stop 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:BuildingProductsMember2025-09-300001930087BlueMatrix Holdings, LLC, One stop 12025-09-300001930087BlueMatrix Holdings, LLC, One stop 22025-09-300001930087BlueMatrix Holdings, LLC, One stop 32025-09-300001930087BlueMatrix Holdings, LLC, One stop 42025-09-300001930087BlueMatrix Holdings, LLC, One stop 52025-09-300001930087Edelman Financial Center, LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:CapitalMarketsMember2025-09-300001930087AP Adhesives Holdings, LLC, One stop 12025-09-300001930087AP Adhesives Holdings, LLC, One stop 22025-09-300001930087AP Adhesives Holdings, LLC, One stop 32025-09-300001930087INEOS US Finance LLC and INEOS Finance PLC, Senior secured2025-09-300001930087Inhance Parent, Inc., One stop 12025-09-300001930087Inhance Parent, Inc., One stop 22025-09-300001930087Inhance Parent, Inc., One stop 32025-09-300001930087Innophos Holdings, Inc., Senior secured2025-09-300001930087JSG II, Inc. and Checkers USA, Inc., One stop 12025-09-300001930087JSG II, Inc. and Checkers USA, Inc., One stop 22025-09-300001930087JSG II, Inc. and Checkers USA, Inc., One stop 32025-09-300001930087Krayden Holdings, Inc., Senior secured 12025-09-300001930087Krayden Holdings, Inc., Senior secured 22025-09-300001930087Krayden Holdings, Inc., Senior secured 32025-09-300001930087Windsor Holdings III, LLC, Senior secured2025-09-300001930087W.R. Grace & Co, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ChemicalsMember2025-09-300001930087BradyIFS Holdings, LLC, One stop 12025-09-300001930087BradyIFS Holdings, LLC, One stop 22025-09-300001930087CHA Vision Holdings, Inc., One stop 12025-09-300001930087CHA Vision Holdings, Inc., One stop 22025-09-300001930087CHA Vision Holdings, Inc., One stop 32025-09-300001930087CHA Vision Holdings, Inc., One stop 42025-09-300001930087CHA Vision Holdings, Inc., One stop 52025-09-300001930087Energize Holdco, LLC, Senior secured2025-09-300001930087Kleinfelder Intermediate, LLC, One stop 12025-09-300001930087Kleinfelder Intermediate, LLC, One stop 22025-09-300001930087Kleinfelder Intermediate, LLC, One stop 32025-09-300001930087North Haven Stack Buyer, LLC, One stop2025-09-300001930087North Haven Stack Buyer, LLC, Second lien2025-09-300001930087OMNIA Partners, LLC, Senior secured2025-09-300001930087PSC Parent, Inc., One stop 12025-09-300001930087PSC Parent, Inc., One stop 22025-09-300001930087PSC Parent, Inc., One stop 32025-09-300001930087PSC Parent, Inc., One stop 42025-09-300001930087Radwell Parent, LLC, One stop 12025-09-300001930087Radwell Parent, LLC, One stop 22025-09-300001930087Thermostat Purchaser III, Inc., Senior secured2025-09-300001930087WRE Holding Corp., One stop 12025-09-300001930087WRE Holding Corp., One stop 22025-09-300001930087WRE Holding Corp., One stop 32025-09-300001930087WRE Holding Corp., One stop 42025-09-300001930087WRE Holding Corp., One stop 52025-09-300001930087WRE Holding Corp., One stop 62025-09-300001930087WRE Holding Corp., One stop 72025-09-300001930087WRE Holding Corp., One stop 82025-09-300001930087us-gaap:DebtSecuritiesMembergcred:CommercialServicesAndSuppliesMember2025-09-300001930087Belfor USA Group Inc., Senior secured2025-09-300001930087Chariot Buyer, LLC, Senior secured2025-09-300001930087Consor Intermediate II, LLC, One stop 12025-09-300001930087Consor Intermediate II, LLC, One stop 22025-09-300001930087Consor Intermediate II, LLC, One stop 32025-09-300001930087DCCM, LLC, One stop 12025-09-300001930087DCCM, LLC, One stop 22025-09-300001930087DCCM, LLC, One stop 32025-09-300001930087EagleView Technology Corporation, Senior secured2025-09-300001930087Pike Corporation, Senior secured2025-09-300001930087Royal Holdco Corporation, One stop 12025-09-300001930087Royal Holdco Corporation, One stop 22025-09-300001930087Royal Holdco Corporation, One stop 32025-09-300001930087Service Logic Acquisition, Inc., Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ConstructionAndEngineeringMember2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ConstructionMaterialsMember2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ConsumerFinanceMember2025-09-300001930087AOT Packaging Products Acquisitionco, LLC , Senior secured2025-09-300001930087Chase Intermediate, One stop 12025-09-300001930087Chase Intermediate, One stop 22025-09-300001930087Iris Holding, Inc., Senior secured2025-09-300001930087Packaging Coordinators Midco, Inc., One stop 12025-09-300001930087Packaging Coordinators Midco, Inc., One stop 22025-09-300001930087Packaging Coordinators Midco, Inc., One stop 32025-09-300001930087Packaging Coordinators Midco, Inc., One stop 42025-09-300001930087Packaging Coordinators Midco, Inc., One stop 52025-09-300001930087Packaging Coordinators Midco, Inc., One stop 62025-09-300001930087Packaging Coordinators Midco, Inc., One stop 72025-09-300001930087Packaging Coordinators Midco, Inc., One stop 82025-09-300001930087Pegasus BidCo, Senior secured2025-09-300001930087Technimark, LLC, Senior secured2025-09-300001930087WP Deluxe Merger Sub, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001930087ABC Legal Holdings, LLC, One stop 12025-09-300001930087ABC Legal Holdings, LLC, One stop 22025-09-300001930087ABC Legal Holdings, LLC, One stop 32025-09-300001930087Any Hour, LLC, One stop 12025-09-300001930087Any Hour, LLC, One stop 22025-09-300001930087Any Hour, LLC, One stop 32025-09-300001930087Any Hour, LLC, One stop 42025-09-300001930087Apex Service Partners, LLC, One stop 12025-09-300001930087Apex Service Partners, LLC, One stop 22025-09-300001930087Apex Service Partners, LLC, One stop 32025-09-300001930087Apex Service Partners, LLC, One stop 42025-09-300001930087Apex Service Partners, LLC, One stop 52025-09-300001930087Apex Service Partners, LLC, One stop 62025-09-300001930087Certus Pest, Inc., One stop 12025-09-300001930087Certus Pest, Inc., One stop 22025-09-300001930087Certus Pest, Inc., One stop 32025-09-300001930087Certus Pest, Inc., One stop 42025-09-300001930087Certus Pest, Inc., One stop 52025-09-300001930087Certus Pest, Inc., One stop 62025-09-300001930087Certus Pest, Inc., One stop 72025-09-300001930087Certus Pest, Inc., One stop 82025-09-300001930087Certus Pest, Inc., One stop 92025-09-300001930087Certus Pest, Inc., One stop 102025-09-300001930087Certus Pest, Inc., One stop 112025-09-300001930087Certus Pest, Inc., One stop 122025-09-300001930087CHVAC Services Investment, LLC, One stop 12025-09-300001930087CHVAC Services Investment, LLC, One stop 22025-09-300001930087CHVAC Services Investment, LLC, One stop 32025-09-300001930087CHVAC Services Investment, LLC, One stop 42025-09-300001930087Entomo Brands Acquisitions, Inc., Senior secured 12025-09-300001930087Entomo Brands Acquisitions, Inc., Senior secured 22025-09-300001930087Entomo Brands Acquisitions, Inc., Senior secured 32025-09-300001930087HS Spa Holdings, Inc., One stop 12025-09-300001930087HS Spa Holdings, Inc., One stop 22025-09-300001930087Knowledge Universe Education LLC, Senior secured2025-09-300001930087Kodiak Buyer, LLC, One stop 12025-09-300001930087Kodiak Buyer, LLC, One stop 22025-09-300001930087Kodiak Buyer, LLC, One stop 32025-09-300001930087Liminex, Inc., One stop2025-09-300001930087Litera Bidco, LLC, One stop 12025-09-300001930087Litera Bidco, LLC, One stop 22025-09-300001930087Litera Bidco, LLC, One stop 32025-09-300001930087Litera Bidco, LLC, One stop 42025-09-300001930087McAfee, LLC, Senior secured2025-09-300001930087Project Alpha Intermediate Holdings, Inc., Senior secured2025-09-300001930087Provenance Buyer LLC, One stop 12025-09-300001930087Provenance Buyer LLC, One stop 22025-09-300001930087RW AM Holdco LLC, One stop2025-09-300001930087Salisbury House, LLC, One stop 12025-09-300001930087Salisbury House, LLC, One stop 22025-09-300001930087Salisbury House, LLC, One stop 32025-09-300001930087Severin Acquisition, LLC, One stop 12025-09-300001930087Severin Acquisition, LLC, One stop 22025-09-300001930087Severin Acquisition, LLC, One stop 32025-09-300001930087Stellar Brands, LLC, Senior secured 12025-09-300001930087Stellar Brands, LLC, Senior secured 22025-09-300001930087Virginia Green Acquisition, LLC, One stop 12025-09-300001930087Virginia Green Acquisition, LLC, One stop 22025-09-300001930087Virginia Green Acquisition, LLC, One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:DiversifiedConsumerServicesMember2025-09-300001930087Apex Group Treasury, LLC, Senior secured2025-09-300001930087Baker Tilly Advisory Group, LP, One stop 12025-09-300001930087Baker Tilly Advisory Group, LP, One stop 22025-09-300001930087Baker Tilly Advisory Group, LP, One stop 32025-09-300001930087Baker Tilly Advisory Group, LP, One stop 42025-09-300001930087BCPE Pequod Buyer, Senior secured2025-09-300001930087Ceres Groupe SAS & Ceres PikCo, One stop 12025-09-300001930087Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-09-300001930087Ceres Groupe SAS & Ceres PikCo, One stop 22025-09-300001930087Ceres Groupe SAS & Ceres PikCo, One stop 32025-09-300001930087Corelogic, Inc., Senior secured2025-09-300001930087Corsair Blade IV S.A R.L., One stop 12025-09-300001930087Corsair Blade IV S.A R.L., One stop 22025-09-300001930087Deerfield Dakota Holding, LLC, One stop 12025-09-300001930087Deerfield Dakota Holding, LLC, One stop 22025-09-300001930087Equity Methods, LLC, One stop 12025-09-300001930087Equity Methods, LLC, One stop 22025-09-300001930087Equity Methods, LLC, One stop 32025-09-300001930087Evertec, Inc., Senior secured2025-09-300001930087Finastra USA, Inc., One stop2025-09-300001930087Finastra, Senior secured2025-09-300001930087First Eagle Investment Management, Senior secured 12025-09-300001930087First Eagle Investment Management, Senior secured 22025-09-300001930087Focus Financial Partners, LLC, Senior secured2025-09-300001930087GTCR Everest Borrower, LLC, Senior secured2025-09-300001930087Higginbotham Insurance Agency, Inc., One stop 12025-09-300001930087Higginbotham Insurance Agency, Inc., One stop 22025-09-300001930087Howden Group Holdings Limited , Senior secured 12025-09-300001930087Howden Group Holdings Limited , Senior secured 22025-09-300001930087Mariner Wealth Advisors, LLC, Senior secured2025-09-300001930087Medlar Bidco Limited, One stop 12025-09-300001930087Medlar Bidco Limited, One stop 22025-09-300001930087Medlar Bidco Limited, One stop 32025-09-300001930087Orion Advisor Solutions, Senior secured2025-09-300001930087OSTTRA Group, Ltd., Senior secured2025-09-300001930087Wealth Enhancement Group, LLC, One stop 12025-09-300001930087Wealth Enhancement Group, LLC, One stop 22025-09-300001930087Wealth Enhancement Group, LLC, One stop 32025-09-300001930087Wealth Enhancement Group, LLC, One stop 42025-09-300001930087Wealth Enhancement Group, LLC, One stop 52025-09-300001930087Zebra Buyer LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:DiversifiedFinancialServicesMember2025-09-300001930087Smart Energy Systems, Inc., One stop 12025-09-300001930087Smart Energy Systems, Inc., One stop 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ElectricUtilitiesMember2025-09-300001930087Power Grid Holdings, Inc., One stop 12025-09-300001930087Power Grid Holdings, Inc., One stop 22025-09-300001930087Wildcat TopCo, Inc., One stop 12025-09-300001930087Wildcat TopCo, Inc., One stop 22025-09-300001930087Wildcat TopCo, Inc., One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ElectricalEquipmentSectorMember2025-09-300001930087Eagle Parent Corp, Senior secured2025-09-300001930087Inspire International, Inc, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:FoodAndStaplesRetailingMember2025-09-300001930087Aspire Bakeries Holdings, LLC, Senior secured2025-09-300001930087Blast Bidco Inc, One stop 12025-09-300001930087Blast Bidco Inc, One stop 22025-09-300001930087Eagle Family Foods Group, LLC, One stop 12025-09-300001930087Eagle Family Foods Group, LLC, One stop 22025-09-300001930087Louisiana Fish Fry Products, Ltd, One stop2025-09-300001930087Merlin Buyer, Inc., Senior secured2025-09-300001930087MIC GLEN LLC, Senior secured2025-09-300001930087Sphynx UK Bidco, Ltd., One stop 12025-09-300001930087Sphynx UK Bidco, Ltd., One stop 22025-09-300001930087Sphynx UK Bidco, Ltd., One stop 32025-09-300001930087Zullas, L.C, One stop 12025-09-300001930087Zullas, L.C, One stop 22025-09-300001930087Zullas, L.C, One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:FoodProductsMember2025-09-300001930087Blue River Pet Care, LLC, One stop 12025-09-300001930087Blue River Pet Care, LLC, One stop 22025-09-300001930087Blue River Pet Care, LLC, One stop 32025-09-300001930087Blue River Pet Care, LLC, One stop 42025-09-300001930087Blue River Pet Care, LLC, One stop 52025-09-300001930087Blue River Pet Care, LLC, One stop 62025-09-300001930087Blue River Pet Care, LLC, One stop 72025-09-300001930087Blue River Pet Care, LLC, One stop 82025-09-300001930087Blue River Pet Care, LLC, One stop 92025-09-300001930087Blue River Pet Care, LLC, One stop 102025-09-300001930087Blue River Pet Care, LLC, One stop 112025-09-300001930087Blue River Pet Care, LLC, One stop 122025-09-300001930087CCSL Holdings, LLC, One stop 12025-09-300001930087CCSL Holdings, LLC, One stop 22025-09-300001930087CCSL Holdings, LLC, One stop 32025-09-300001930087CCSL Holdings, LLC, One stop 42025-09-300001930087CCSL Holdings, LLC, One stop 52025-09-300001930087Centegix Intermediate II, LLC, One stop 12025-09-300001930087Centegix Intermediate II, LLC, One stop 22025-09-300001930087Centegix Intermediate II, LLC, One stop 32025-09-300001930087CMI Parent Inc, One stop 12025-09-300001930087CMI Parent Inc, One stop 22025-09-300001930087Confluent Medical Technologies, Inc., Senior secured2025-09-300001930087HuFriedy Group Acquisition, LLC, One stop 12025-09-300001930087HuFriedy Group Acquisition, LLC, One stop 22025-09-300001930087HuFriedy Group Acquisition, LLC, One stop 32025-09-300001930087Isto Group, Inc., One stop 12025-09-300001930087Isto Group, Inc., One stop 22025-09-300001930087Isto Group, Inc., One stop 32025-09-300001930087NSM Top Holdings Corp, Senior secured2025-09-300001930087Precision Medicine Group, LLC, Senior secured2025-09-300001930087Resonetics, LLC, Senior secured2025-09-300001930087RTI Surgical, Inc., One stop 12025-09-300001930087RTI Surgical, Inc., One stop 22025-09-300001930087TIDI Legacy Products, Inc., One stop 12025-09-300001930087TIDI Legacy Products, Inc., One stop 22025-09-300001930087TIDI Legacy Products, Inc., One stop 32025-09-300001930087YI, LLC, One stop 12025-09-300001930087YI, LLC, One stop 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:HealthcareEquipmentAndSuppliesMember2025-09-300001930087Agiliti Health, Inc, Senior secured2025-09-300001930087AHP Health Partners, Inc., Senior secured2025-09-300001930087AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop2025-09-300001930087Bamboo US Bidco LLC, One stop 12025-09-300001930087Bamboo US Bidco LLC, One stop 22025-09-300001930087Bamboo US Bidco LLC, One stop 32025-09-300001930087Bamboo US Bidco LLC, One stop 42025-09-300001930087Bamboo US Bidco LLC, One stop 52025-09-300001930087Bamboo US Bidco LLC, One stop 62025-09-300001930087Bayou Intermediate II, LLC, One stop 12025-09-300001930087Bayou Intermediate II, LLC, One stop 22025-09-300001930087Bayou Intermediate II, LLC, One stop 32025-09-300001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-09-300001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-09-300001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-09-300001930087Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-09-300001930087BHG Holdings, LLC, One stop 12025-09-300001930087BHG Holdings, LLC, One stop 22025-09-300001930087BHG Holdings, LLC, One stop 32025-09-300001930087Cotiviti, Senior secured 12025-09-300001930087Cotiviti, Senior secured 22025-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 12025-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 22025-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 32025-09-300001930087Datix Bidco Limited and RL Datix Holdings, Inc, One stop 42025-09-300001930087Electron BidCo, Inc, Senior secured2025-09-300001930087Hanger, Inc, Senior secured 12025-09-300001930087Hanger, Inc, Senior secured 22025-09-300001930087HP TLE Buyer, Inc., One stop 12025-09-300001930087HP TLE Buyer, Inc., One stop 22025-09-300001930087LOV Acquisition LLC, Senior secured 12025-09-300001930087LOV Acquisition LLC, Senior secured 22025-09-300001930087Mamba Purchaser, Inc., Senior secured2025-09-300001930087New Look Corporation and New Look Vision Group Inc, One stop2025-09-300001930087Pathway Vet Alliance, LLC, Senior secured2025-09-300001930087Pharmerica, Senior secured2025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 12025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 22025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 32025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 42025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 52025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 62025-09-300001930087Pinnacle Treatment Centers, Inc, One stop 72025-09-300001930087PPV Intermediate Holdings, LLC, One stop 12025-09-300001930087PPV Intermediate Holdings, LLC, One stop 22025-09-300001930087Premise Health Holding Corp., One stop 12025-09-300001930087Premise Health Holding Corp., One stop 22025-09-300001930087Southern Veterinary Partners, LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:HealthcareProvidersAndServicesMember2025-09-300001930087Amberfield Acquisition Co., One stop 12025-09-300001930087Amberfield Acquisition Co., One stop 22025-09-300001930087Amberfield Acquisition Co., One stop 32025-09-300001930087Athenahealth, Inc., Senior secured2025-09-300001930087ESO Solution, Inc., One stop2025-09-300001930087FINThrive Software Intermediate Holdings, Inc., Senior secured2025-09-300001930087GHX Ultimate Parent Corporation, One stop 12025-09-300001930087GHX Ultimate Parent Corporation, One stop 22025-09-300001930087Healthmark Holdings, L.P., One stop 12025-09-300001930087Healthmark Holdings, L.P., One stop 22025-09-300001930087Healthmark Holdings, L.P., One stop 32025-09-300001930087Imprivata, Inc., Senior secured2025-09-300001930087Kona Buyer, LLC, One stop 12025-09-300001930087Kona Buyer, LLC, One stop 22025-09-300001930087Kona Buyer, LLC, One stop 32025-09-300001930087Kona Buyer, LLC, One stop 42025-09-300001930087Kona Buyer, LLC, One stop 52025-09-300001930087Kona Buyer, LLC, One stop 62025-09-300001930087Kona Buyer, LLC, One stop 72025-09-300001930087Kona Buyer, LLC, One stop 82025-09-300001930087Lacker Bidco Limited, One stop 12025-09-300001930087Lacker Bidco Limited, One stop 22025-09-300001930087Lacker Bidco Limited, One stop 32025-09-300001930087Mediware Information Systems, Inc., Senior secured2025-09-300001930087Milano Acquisition Corp., Senior secured2025-09-300001930087Modernizing Medicine, Inc., One stop 12025-09-300001930087Modernizing Medicine, Inc., One stop 22025-09-300001930087Neptune Holdings, Inc., One stop 12025-09-300001930087Neptune Holdings, Inc., One stop 22025-09-300001930087Netsmart Technologies, Inc., One stop 12025-09-300001930087Netsmart Technologies, Inc., One stop 22025-09-300001930087Netsmart Technologies, Inc., One stop 32025-09-300001930087PointClickCare Technologies, Inc,, Senior secured2025-09-300001930087Stratose Intermediate Holdings II, LLC, Senior secured 12025-09-300001930087Stratose Intermediate Holdings II, LLC, Senior secured 22025-09-300001930087Symplr Software, Inc., Senior secured2025-09-300001930087Tebra Technologies, Inc., One stop2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:HealthcareTechnologyMember2025-09-300001930087BJH Holdings III Corp, One stop 12025-09-300001930087BJH Holdings III Corp, One stop 22025-09-300001930087Crumbl Enterprises, LLC, One stop 12025-09-300001930087Crumbl Enterprises, LLC, One stop 22025-09-300001930087Fertitta Entertainment, LLC, Senior secured2025-09-300001930087GFP Atlantic Holdco 2, LLC, One stop 12025-09-300001930087GFP Atlantic Holdco 2, LLC, One stop 22025-09-300001930087Health Buyer, LLC, Senior secured 12025-09-300001930087Health Buyer, LLC, Senior secured 22025-09-300001930087Olo Parent, Inc., One stop 12025-09-300001930087Olo Parent, Inc., One stop 22025-09-300001930087Patriot Acquireco, LLC, One stop 12025-09-300001930087Patriot Acquireco, LLC, One stop 22025-09-300001930087PB Group Holdings, LLC, One stop 12025-09-300001930087PB Group Holdings, LLC, One stop 22025-09-300001930087QSR Acquisition Co., One stop 12025-09-300001930087QSR Acquisition Co., One stop 22025-09-300001930087QSR Acquisition Co., One stop 32025-09-300001930087Rooster BidCo Limited, One stop 12025-09-300001930087Rooster BidCo Limited, One stop 22025-09-300001930087Rooster BidCo Limited, One stop 32025-09-300001930087Saguaro Buyer, LLC, One stop 12025-09-300001930087Saguaro Buyer, LLC, One stop 22025-09-300001930087Saguaro Buyer, LLC, One stop 32025-09-300001930087Saguaro Buyer, LLC, One stop 42025-09-300001930087Scientific Games Holdings LP, Senior secured2025-09-300001930087SDC Holdco, LLC, One stop 12025-09-300001930087SDC Holdco, LLC, One stop 22025-09-300001930087SSRG Holdings, LLC, One stop 12025-09-300001930087SSRG Holdings, LLC, One stop 22025-09-300001930087SSRG Holdings, LLC, One stop 32025-09-300001930087SSRG Holdings, LLC, One stop 42025-09-300001930087SSRG Holdings, LLC, One stop 52025-09-300001930087Tacala LLC, Senior secured2025-09-300001930087Super REGO, LLC, Subordinated debt2025-09-300001930087YE Brands Holding, LLC, One stop 12025-09-300001930087YE Brands Holding, LLC, One stop 22025-09-300001930087YE Brands Holding, LLC, One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:HotelsRestaurantsAndLeisureMember2025-09-300001930087Groundworks, LLC, Senior secured 12025-09-300001930087Groundworks, LLC, Senior secured 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:HouseholdDurablesMember2025-09-300001930087WU Holdco, Inc., One stop 12025-09-300001930087WU Holdco, Inc., One stop 22025-09-300001930087WU Holdco, Inc., One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:HouseholdProductsMember2025-09-300001930087Arch Global CCT Holdings Corp., Senior secured 12025-09-300001930087Arch Global CCT Holdings Corp., Senior secured 22025-09-300001930087CPM Holdings, Inc., Senior secured2025-09-300001930087EAB Global, Inc., Senior secured2025-09-300001930087Essential Services Holdings Corporation, One stop 12025-09-300001930087Essential Services Holdings Corporation, One stop 22025-09-300001930087Essential Services Holdings Corporation, One stop 32025-09-300001930087Excelitas Technologies Corp., One stop 12025-09-300001930087Excelitas Technologies Corp., One stop 22025-09-300001930087Madison IAQ LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:IndustrialConglomeratesMember2025-09-300001930087Acrisure, LLC, Senior secured 12025-09-300001930087Acrisure, LLC, Senior secured 22025-09-300001930087Alera Group, Inc., Senior secured2025-09-300001930087AMBA Buyer, Inc, One stop 12025-09-300001930087AMBA Buyer, Inc, One stop 22025-09-300001930087AMBA Buyer, Inc, One stop 32025-09-300001930087Bellwether Buyer, LLC, One stop 12025-09-300001930087Bellwether Buyer, LLC, One stop 22025-09-300001930087Bellwether Buyer, LLC, One stop 32025-09-300001930087Ben Nevis Midco Limited, One stop 12025-09-300001930087Ben Nevis Midco Limited, One stop 22025-09-300001930087Ben Nevis Midco Limited, One stop 32025-09-300001930087Ben Nevis Midco Limited, One stop 42025-09-300001930087Captive Resources Midco, LLC, One stop 12025-09-300001930087Captive Resources Midco, LLC, One stop 22025-09-300001930087Disco Parent, Senior secured2025-09-300001930087Doxa Insurance Holdings LLC, One stop 12025-09-300001930087Doxa Insurance Holdings LLC, One stop 22025-09-300001930087Doxa Insurance Holdings LLC, One stop 32025-09-300001930087Doxa Insurance Holdings LLC, One stop 42025-09-300001930087Galway Borrower LLC, One stop2025-09-300001930087Gimlet Bidco GMBH, One stop 12025-09-300001930087Gimlet Bidco GMBH, One stop 22025-09-300001930087Gimlet Bidco GMBH, One stop 32025-09-300001930087Hub International Limited, Senior secured2025-09-300001930087Integrated Specialty Coverages, LLC, One stop 12025-09-300001930087Integrated Specialty Coverages, LLC, One stop 22025-09-300001930087Integrated Specialty Coverages, LLC, One stop 32025-09-300001930087Integrity Marketing Acquisition, LLC, One stop 12025-09-300001930087Integrity Marketing Acquisition, LLC, One stop 22025-09-300001930087Integrity Marketing Acquisition, LLC, One stop 32025-09-300001930087J.S. Held Holdings, LLC, One stop 12025-09-300001930087J.S. Held Holdings, LLC, One stop 22025-09-300001930087J.S. Held Holdings, LLC, One stop 32025-09-300001930087Koala Investment Holdings, Inc., One stop 12025-09-300001930087Koala Investment Holdings, Inc., One stop 22025-09-300001930087Koala Investment Holdings, Inc., One stop 32025-09-300001930087Majesco, One stop 12025-09-300001930087Majesco, One stop 22025-09-300001930087MRH Trowe Germany GMBH, One stop 12025-09-300001930087MRH Trowe Germany GMBH, One stop 22025-09-300001930087MRH Trowe Germany GMBH, One stop 32025-09-300001930087Oakbridge Insurance Agency LLC, One stop 12025-09-300001930087Oakbridge Insurance Agency LLC, One stop 22025-09-300001930087Oakbridge Insurance Agency LLC, One stop 32025-09-300001930087Oakbridge Insurance Agency LLC, One stop 42025-09-300001930087OneDigital Borrower LLC, Senior secured2025-09-300001930087Truist Insurance Holdings, LLC, Senior secured2025-09-300001930087Wasabi Lower Holdco, LLC, Senior secured 12025-09-300001930087Wasabi Lower Holdco, LLC, Senior secured 22025-09-300001930087World Insurance Associates, LLC, One stop 12025-09-300001930087World Insurance Associates, LLC, One stop 22025-09-300001930087us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001930087Acquia, Inc., One stop2025-09-300001930087CE Intermediate I, LLC, Senior secured2025-09-300001930087ContractPod Technologies, Ltd., One stop 12025-09-300001930087ContractPod Technologies, Ltd., One stop 22025-09-300001930087ContractPod Technologies, Ltd., One stop 32025-09-300001930087Delinea Inc., One stop 12025-09-300001930087Delinea Inc., One stop 22025-09-300001930087Delinea Inc., One stop 32025-09-300001930087KnowBe4, Senior secured2025-09-300001930087LEIA FINCO US, Senior secured2025-09-300001930087Maverick Bidco Inc., Senior secured 12025-09-300001930087Maverick Bidco Inc., Senior secured 22025-09-300001930087Maverick Bidco Inc., Senior secured 32025-09-300001930087Netwrix Corporation, One stop 12025-09-300001930087Netwrix Corporation, One stop 22025-09-300001930087Particle Investments, Senior secured2025-09-300001930087PDQ Intermediate, Inc., Subordinated debt2025-09-300001930087ReliaQuest Holdings, LLC, One stop 12025-09-300001930087ReliaQuest Holdings, LLC, One stop 22025-09-300001930087ReliaQuest Holdings, LLC, One stop 32025-09-300001930087ReliaQuest Holdings, LLC, One stop 42025-09-300001930087Saturn Borrower Inc., One stop 12025-09-300001930087Saturn Borrower Inc., One stop 22025-09-300001930087UKG Inc., Senior secured2025-09-300001930087WPEngine, Inc., One stop 12025-09-300001930087WPEngine, Inc., One stop 22025-09-300001930087VS Buyer, LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ITServicesMember2025-09-300001930087Cast & Crew Payroll, LLC, Senior secured2025-09-300001930087Crunch Holdings, LLC, One stop 12025-09-300001930087Crunch Holdings, LLC, One stop 22025-09-300001930087EP Purchaser, LLC, Senior secured2025-09-300001930087Movement Holdings, LLC, One stop 12025-09-300001930087Movement Holdings, LLC, One stop 22025-09-300001930087Movement Holdings, LLC, One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:LeisureProductsMember2025-09-300001930087Diamondback Acquisition, Inc., One stop 12025-09-300001930087Diamondback Acquisition, Inc., One stop 22025-09-300001930087Diamondback Acquisition, Inc., One stop 32025-09-300001930087PAS Parent Inc., One stop 12025-09-300001930087PAS Parent Inc., One stop 22025-09-300001930087PAS Parent Inc., One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:LifeSciencesToolsAndServicesMember2025-09-300001930087AAL Delaware, Senior secured2025-09-300001930087AI Titan Parent, Inc., One stop 12025-09-300001930087AI Titan Parent, Inc., One stop 22025-09-300001930087AI Titan Parent, Inc., One stop 32025-09-300001930087Blackbird Purchaser, Inc., One stop 12025-09-300001930087Blackbird Purchaser, Inc., One stop 22025-09-300001930087Blackbird Purchaser, Inc., One stop 32025-09-300001930087Filtration Group Corp., Senior secured2025-09-300001930087Thermogenics, Inc., One stop 12025-09-300001930087Thermogenics, Inc., One stop 22025-09-300001930087Thermogenics, Inc., One stop 32025-09-300001930087Thermogenics, Inc., One stop 42025-09-300001930087Thermogenics, Inc., One stop 52025-09-300001930087Wireco Worldgroup Inc., Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:MachineryMember2025-09-300001930087Ascend Learning, LLC, Senior secured2025-09-300001930087Lotus Topco, Inc., One stop 12025-09-300001930087Lotus Topco, Inc., One stop 22025-09-300001930087Lotus Topco, Inc., One stop 32025-09-300001930087Lotus Topco, Inc., One stop 42025-09-300001930087Shout! Factory, LLC, One stop 12025-09-300001930087Shout! Factory, LLC, One stop 22025-09-300001930087Triple Lift, Inc., One stop 12025-09-300001930087Triple Lift, Inc., One stop 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:MediaMember2025-09-300001930087Envernus, Inc., One stop 12025-09-300001930087Envernus, Inc., One stop 22025-09-300001930087Envernus, Inc., One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:OilGasAndConsumableFuelsMember2025-09-300001930087Ranpak Corporation, Senior secured 12025-09-300001930087Ranpak Corporation, Senior secured 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:PaperAndForestProductsMember2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:PersonalProductsMember2025-09-300001930087Caerus Midco 3 S.A.R.L., One stop2025-09-300001930087Certara Holdco, Inc. and Certara USA, Inc., Senior secured2025-09-300001930087Creek Parent, Inc., One stop 12025-09-300001930087Creek Parent, Inc., One stop 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:PharmaceuticalsMember2025-09-300001930087Avalara, Inc., Senior secured 12025-09-300001930087Avalara, Inc., Senior secured 22025-09-300001930087Citrin Cooperman Advisors LLC, Senior secured 12025-09-300001930087Citrin Cooperman Advisors LLC, Senior secured 22025-09-300001930087Denali Intermediate Holdings, Inc., One stop 12025-09-300001930087Denali Intermediate Holdings, Inc., One stop 22025-09-300001930087Eclipse Buyer, Inc., One stop 12025-09-300001930087Eclipse Buyer, Inc., One stop 22025-09-300001930087Eclipse Buyer, Inc., One stop 32025-09-300001930087Eisner Advisory Group LLC, Senior secured2025-09-300001930087Eliassen Group, LLC, One stop2025-09-300001930087Geosyntec Consultants, Inc., Senior secured2025-09-300001930087Grant Thornton Advisors, LLC, Senior secured2025-09-300001930087IG Investments Holdings, LLC, One stop2025-09-300001930087NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12025-09-300001930087NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22025-09-300001930087Outcomes Group Holdings, Inc., Senior secured2025-09-300001930087PGA Holdings, Inc., Senior secured2025-09-300001930087Shift4 Payments, LLC, Senior secured2025-09-300001930087Varicent Intermediate Holdings Corporation, One stop 12025-09-300001930087Varicent Intermediate Holdings Corporation, One stop 22025-09-300001930087Varicent Intermediate Holdings Corporation, One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:ProfessionalServicesMember2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:RealEstateManagementAndDevelopmentMember2025-09-300001930087Kenan Advantage Group, Inc., Senior secured2025-09-300001930087VRS Buyer, Inc., Senior secured 12025-09-300001930087VRS Buyer, Inc., Senior secured 22025-09-300001930087VRS Buyer, Inc., Senior secured 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:RoadAndRailMember2025-09-300001930087Anaplan, Inc., One stop2025-09-300001930087Appfire Technologies, LLC, One stop 12025-09-300001930087Appfire Technologies, LLC, One stop 22025-09-300001930087Apttus Corporation, Senior secured2025-09-300001930087AQA Acquisition Holding, Inc., Senior secured2025-09-300001930087Artifact Bidco, Inc., One stop 12025-09-300001930087Artifact Bidco, Inc., One stop 22025-09-300001930087Artifact Bidco, Inc., One stop 32025-09-300001930087Artifact Bidco, Inc., One stop 42025-09-300001930087Azul Systems, Inc., Senior secured2025-09-300001930087Azurite Intermediate Holdings, Inc., One stop 12025-09-300001930087Azurite Intermediate Holdings, Inc., One stop 22025-09-300001930087Azurite Intermediate Holdings, Inc., One stop 32025-09-300001930087Baxter Planning Systems, LLC, One stop 12025-09-300001930087Baxter Planning Systems, LLC, One stop 22025-09-300001930087Baxter Planning Systems, LLC, One stop 32025-09-300001930087BestPass, Inc., One stop 12025-09-300001930087BestPass, Inc., One stop 22025-09-300001930087BestPass, Inc., One stop 32025-09-300001930087Bloomerang, LLC, One stop 12025-09-300001930087Bloomerang, LLC, One stop 22025-09-300001930087Bloomerang, LLC, One stop 32025-09-300001930087Blue Bidco Limited, One stop 12025-09-300001930087Blue Bidco Limited, One stop 22025-09-300001930087Blue Bidco Limited, One stop 32025-09-300001930087Blue Bidco Limited, One stop 42025-09-300001930087Blue Bidco Limited, One stop 52025-09-300001930087Bottomline Technologies, Inc., One stop2025-09-300001930087Bullhorn, Inc., One stop 12025-09-300001930087Bullhorn, Inc., One stop 22025-09-300001930087Camelia Bidco Limited, One stop 12025-09-300001930087Camelia Bidco Limited, One stop 22025-09-300001930087Camelia Bidco Limited, One stop 32025-09-300001930087Camelia Bidco Limited, One stop 42025-09-300001930087Capstone Borrower, Senior secured2025-09-300001930087CB Buyer, Inc., One stop 12025-09-300001930087CB Buyer, Inc., One stop 22025-09-300001930087CB Buyer, Inc., One stop 32025-09-300001930087Cloud Software Group, Senior secured 12025-09-300001930087Cloud Software Group, Senior secured 22025-09-300001930087ConnectWise, LLC, Senior secured2025-09-300001930087Conservice Midco, LLC, Senior secured2025-09-300001930087Cornerstone OnDemand, Inc., Senior secured2025-09-300001930087Crewline Buyer, Inc., One stop 12025-09-300001930087Crewline Buyer, Inc., One stop 22025-09-300001930087Cyberswift, Senior secured2025-09-300001930087Daxko Acquisition Corporation, One stop 12025-09-300001930087Daxko Acquisition Corporation, One stop 22025-09-300001930087Daxko Acquisition Corporation, One stop 32025-09-300001930087Denali Bidco Limited, One stop 12025-09-300001930087Denali Bidco Limited, One stop 22025-09-300001930087Denali Bidco Limited, One stop 32025-09-300001930087Denali Bidco Limited, Subordinated debt 12025-09-300001930087Denali Bidco Limited, Subordinated debt 22025-09-300001930087ECI Macola/Max Holding, LLC, Senior secured2025-09-300001930087Einstein Parent, Inc., One stop 12025-09-300001930087Einstein Parent, Inc., One stop 22025-09-300001930087Epicor Software Corporation, Senior secured2025-09-300001930087Espresso Bidco, Inc., One stop 12025-09-300001930087Espresso Bidco, Inc., One stop 22025-09-300001930087Espresso Bidco, Inc., One stop 32025-09-300001930087EverCommerce Solutions, Inc., Senior secured2025-09-300001930087Evergreen IX Borrower 2023, LLC, One stop 12025-09-300001930087Evergreen IX Borrower 2023, LLC, One stop 22025-09-300001930087Evergreen IX Borrower 2023, LLC, One stop 32025-09-300001930087Flexera Software, LLC, One stop 12025-09-300001930087Flexera Software, LLC, One stop 22025-09-300001930087Flexera Software, LLC, One stop 32025-09-300001930087Gurobi Optimization, LLC, One stop 12025-09-300001930087Gurobi Optimization, LLC, One stop 22025-09-300001930087Hornet Security Holding GMBH, One stop 12025-09-300001930087Hornet Security Holding GMBH, One stop 22025-09-300001930087Hornet Security Holding GMBH, One stop 32025-09-300001930087Hornet Security Holding GMBH, One stop 42025-09-300001930087Hyland Software, Inc., One stop 12025-09-300001930087Hyland Software, Inc., One stop 22025-09-300001930087Icefall Parent, Inc., One stop 12025-09-300001930087Icefall Parent, Inc., One stop 22025-09-300001930087Instructure Holdings, Inc., Senior secured2025-09-300001930087iSolved, Inc., Senior secured2025-09-300001930087Javelin Buyer, Inc., Senior secured2025-09-300001930087Kairos Bidco Limited, One stop 12025-09-300001930087Kairos Bidco Limited, One stop 22025-09-300001930087Kairos Bidco Limited, One stop 32025-09-300001930087Kairos Bidco Limited, One stop 42025-09-300001930087Kaseya Inc., Senior secured2025-09-300001930087LeadsOnline, LLC, One stop 12025-09-300001930087LeadsOnline, LLC, One stop 22025-09-300001930087LeadsOnline, LLC, One stop 32025-09-300001930087LeadsOnline, LLC, One stop 42025-09-300001930087Lighthouse Bidco GMBH, One stop 12025-09-300001930087Lighthouse Bidco GMBH, One stop 22025-09-300001930087Lighthouse Bidco GMBH, One stop 32025-09-300001930087LogicMonitor, Inc., One stop 12025-09-300001930087LogicMonitor, Inc., One stop 22025-09-300001930087Matrix42 Holding GMBH, One stop 12025-09-300001930087Matrix42 Holding GMBH, One stop 22025-09-300001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-09-300001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-09-300001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-09-300001930087Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-09-300001930087Modena Buyer, LLC, Senior secured2025-09-300001930087Motus Group, LLC, Senior secured2025-09-300001930087MYOB Invest Co Pty Ltd, One stop2025-09-300001930087Navex TopCo, Inc., One stop 12025-09-300001930087Navex TopCo, Inc., One stop 22025-09-300001930087Onit, Inc., One stop 12025-09-300001930087Onit, Inc., One stop 22025-09-300001930087Onit, Inc., One stop 32025-09-300001930087Onit, Inc., One stop 42025-09-300001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-09-300001930087Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-09-300001930087Panzura, LLC, One stop2025-09-300001930087Personify, Inc., One stop 12025-09-300001930087Personify, Inc., One stop 22025-09-300001930087Pineapple German Bidco GMBH, One stop 12025-09-300001930087Pineapple German Bidco GMBH, One stop 22025-09-300001930087Pineapple German Bidco GMBH, One stop 32025-09-300001930087Pineapple German Bidco GMBH, One stop 42025-09-300001930087Pineapple German Bidco GMBH, One stop 52025-09-300001930087Pineapple German Bidco GMBH, One stop 62025-09-300001930087Pineapple German Bidco GMBH, One stop 72025-09-300001930087Planview Parent, Inc., Senior secured2025-09-300001930087Pluralsight, LLC, One stop 12025-09-300001930087Pluralsight, LLC, One stop 22025-09-300001930087Pluralsight, LLC, One stop 32025-09-300001930087Pluralsight, LLC, One stop 42025-09-300001930087Pluralsight, LLC, One stop 52025-09-300001930087Proofpoint, Inc., Senior secured2025-09-300001930087QAD, Inc., One stop2025-09-300001930087Rainforest Bidco Limited, One stop2025-09-300001930087Sapphire Bidco Oy, One stop2025-09-300001930087Sophia, L.P., Senior secured2025-09-300001930087Spark Bidco Limited, One stop 12025-09-300001930087Spark Bidco Limited, One stop 22025-09-300001930087Spark Bidco Limited, One stop 32025-09-300001930087Spark Bidco Limited, One stop 42025-09-300001930087Telesoft Holdings LLC, One stop2025-09-300001930087Togetherwork Holdings, LLC, One stop 12025-09-300001930087Togetherwork Holdings, LLC, One stop 22025-09-300001930087Togetherwork Holdings, LLC, One stop 32025-09-300001930087Transform Bidco Limited, One stop 12025-09-300001930087Transform Bidco Limited, One stop 22025-09-300001930087Transform Bidco Limited, One stop 32025-09-300001930087Transform Bidco Limited, One stop 42025-09-300001930087Transform Bidco Limited, One stop 52025-09-300001930087Transform Bidco Limited, One stop 62025-09-300001930087Transform Bidco Limited, One stop 72025-09-300001930087Tricentis Operations Holdings, Inc., One stop 12025-09-300001930087Tricentis Operations Holdings, Inc., One stop 22025-09-300001930087Tricentis Operations Holdings, Inc., One stop 32025-09-300001930087Vantage Bidco GMBH, One stop 12025-09-300001930087Vantage Bidco GMBH, One stop 22025-09-300001930087Varinem German Midco GMBH, One stop 12025-09-300001930087Varinem German Midco GMBH, One stop 22025-09-300001930087Viper Bidco, Inc., One stop 12025-09-300001930087Viper Bidco, Inc., One stop 22025-09-300001930087Viper Bidco, Inc., One stop 32025-09-300001930087Viper Bidco, Inc., One stop 42025-09-300001930087Viper Bidco, Inc., One stop 52025-09-300001930087Zendesk, Inc., One stop2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:SoftwareMember2025-09-300001930087AGL CLO 20 Ltd., Structured Finance Note2025-09-300001930087Apidos CLO LIII, Structured Finance Note 12025-09-300001930087Apidos CLO LIII, Structured Finance Note 22025-09-300001930087Apidos CLO XXVIII, Structured Finance Note2025-09-300001930087Ares LXIII CLO, Ltd., Structured Finance Note2025-09-300001930087Bain Capital Credit CLO 2025-3, Limited, Structured Finance Note2025-09-300001930087Bain Capital Credit CLO 2025-4, Limited, Structured Finance Note2025-09-300001930087Ballyrock CLO 30, Ltd., Structured Finance Note2025-09-300001930087Carlyle US CLO 2023-3, Ltd., Structured Finance Note2025-09-300001930087Carlyle US CLO 2025-2, Ltd., Structured Finance Note2025-09-300001930087CBAMR 2018-5, Ltd., Structured Finance Note2025-09-300001930087CIFC Funding 2018-III, Ltd., Structured Finance Note2025-09-300001930087CIFC Funding 2019-II, Ltd., Structured Finance Note2025-09-300001930087CIFC Funding 2019-V, Ltd., Structured Finance Note2025-09-300001930087CIFC Funding 2025-IV, Ltd., Structured Finance Note2025-09-300001930087CIFC Funding 2025-V, Ltd., Structured Finance Note2025-09-300001930087Davis Park CLO, Ltd., Structured Finance Note2025-09-300001930087Dryden 40 Senior Loan Fund, Structured Finance Note2025-09-300001930087Eaton Vance CLO 2013-1, Ltd., Structured Finance Note2025-09-300001930087Elmwood CLO 19, Ltd., Structured Finance Note2025-09-300001930087GoldenTree Loan Management US CLO 17, Ltd., Structured Finance Note2025-09-300001930087Green Lakes Park CLO, LLC, Structured Finance Note2025-09-300001930087Higley Park CLO, Ltd., Structured Finance Note2025-09-300001930087Hook Park CLO, Ltd., Structured Finance Note2025-09-300001930087Ivy Hill Middle Market Credit Fund XX, Ltd., Structured Finance Note2025-09-300001930087Madison Park Funding XVII, Ltd., Structured Finance Note2025-09-300001930087MCF CLO IV, LLC, Structured Finance Note2025-09-300001930087Neuberger Berman CLO 32R, Ltd., Structured Finance Note2025-09-300001930087OCP CLO 2025-44, Ltd., Structured Finance Note2025-09-300001930087OHA Credit Funding 22, Ltd., Structured Finance Note2025-09-300001930087OHA Credit Partners VII, Ltd., Structured Finance Note2025-09-300001930087Orion CLO 2025-5, Ltd., Structured Finance Note2025-09-300001930087Orion CLO 2025-6 Ltd., Structured Finance Note2025-09-300001930087Palmer Square CLO 2019-1, Ltd., Structured Finance Note2025-09-300001930087Palmer Square CLO 2021-3, Ltd., Structured Finance Note2025-09-300001930087Peace Park CLO, Ltd., Structured Finance Note2025-09-300001930087Pikes Peak CLO 9, Structured Finance Note2025-09-300001930087Rockland Park CLO, Ltd., Structured Finance Note2025-09-300001930087Sixth Street CLO XIV, Ltd., Structured Finance Note2025-09-300001930087Sixth Street CLO XVIII, Ltd., Structured Finance Note2025-09-300001930087Voya CLO 2020-2, Ltd., Structured Finance Note2025-09-300001930087Voya CLO 2025-2, Ltd., Structured Finance Note2025-09-300001930087Voya CLO 2025-4, Ltd., Structured Finance Note2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:SpecializedFinanceMember2025-09-300001930087Ashco, LLC, Senior secured2025-09-300001930087Ave Holdings III, Corp, One stop2025-09-300001930087Biscuit Parent, LLC, One stop 12025-09-300001930087Biscuit Parent, LLC, One stop 22025-09-300001930087Biscuit Parent, LLC, One stop 32025-09-300001930087Cavender Stores L.P., Senior secured2025-09-300001930087Consilio Midco Limited, Subordinated debt 12025-09-300001930087Consilio Midco Limited, Senior secured 12025-09-300001930087Consilio Midco Limited, Senior secured 22025-09-300001930087Consilio Midco Limited, Senior secured 32025-09-300001930087Consilio Midco Limited, Senior secured 42025-09-300001930087Consilio Midco Limited, Senior secured 52025-09-300001930087Consilio Midco Limited, Subordinated debt 22025-09-300001930087Consilio Midco Limited, Subordinated debt 32025-09-300001930087CVP Holdco, Inc., One stop 12025-09-300001930087CVP Holdco, Inc., One stop 22025-09-300001930087CVP Holdco, Inc., One stop 32025-09-300001930087Med Parentco, LP, Senior secured2025-09-300001930087Metal Supermarkets US Buyer, LLC, One stop 12025-09-300001930087Metal Supermarkets US Buyer, LLC, One stop 22025-09-300001930087PetVet Care Centers LLC, One stop 12025-09-300001930087PetVet Care Centers LLC, One stop 22025-09-300001930087PetVet Care Centers LLC, One stop 32025-09-300001930087Radiance Borrower, LLC, One stop 42025-09-300001930087Radiance Borrower, LLC, One stop 52025-09-300001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-09-300001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-09-300001930087VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:SpecialtyRetailMember2025-09-300001930087Marcone Yellowstone Buyer Inc., One stop 12025-09-300001930087Marcone Yellowstone Buyer Inc., One stop 22025-09-300001930087us-gaap:DebtSecuritiesMembergcred:TradingCompaniesAndDistributorsMember2025-09-300001930087LDS Intermediate Holdings, LLC, One stop 12025-09-300001930087LDS Intermediate Holdings, LLC, One stop 22025-09-300001930087LDS Intermediate Holdings, LLC, One stop 32025-09-300001930087LDS Intermediate Holdings, LLC, One stop 42025-09-300001930087LDS Intermediate Holdings, LLC, One stop 52025-09-300001930087PODS, LLC, Senior secured2025-09-300001930087us-gaap:DebtSecuritiesMembergcred:TransportationInfrastructureMember2025-09-300001930087Aegion Corporation, Senior secured 12025-09-300001930087Aegion Corporation, Senior secured 22025-09-300001930087Vessco Midco Holdings, LLC, One stop 12025-09-300001930087Vessco Midco Holdings, LLC, One stop 22025-09-300001930087Vessco Midco Holdings, LLC, One stop 32025-09-300001930087us-gaap:DebtSecuritiesMembergcred:WaterUtilitiesMember2025-09-300001930087us-gaap:DebtSecuritiesMember2025-09-300001930087us-gaap:EquitySecuritiesMembergcred:AirFreightLogisticsMember2025-09-300001930087us-gaap:EquitySecuritiesMembergcred:AutoComponentsMember2025-09-300001930087CAP-KSI Holdings, LLC, Preferred stock2025-09-300001930087CAP-KSI Holdings, LLC, Common stock2025-09-300001930087Quick Quack Car Wash Holdings, LLC, LLC units2025-09-300001930087Quick Quack Car Wash Holdings, LLC, Preferred stock2025-09-300001930087Yorkshire Parent, Inc., LP interest2025-09-300001930087us-gaap:EquitySecuritiesMembergcred:AutomobilesSectorMember2025-09-300001930087us-gaap:EquitySecuritiesMembergcred:BeveragesSectorMember2025-09-300001930087us-gaap:EquitySecuritiesMembergcred:CommercialServicesAndSuppliesMember2025-09-300001930087us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001930087CHVAC Services Investment, LLC, Preferred stock2025-09-300001930087Kodiak Buyer, LLC, LP interest2025-09-300001930087Virginia Green Acquisition, LLC, Preferred 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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 814-01555

Golub Capital Private Credit Fund

(Exact name of registrant as specified in its charter)

Delaware						92-2030260
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

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

As of February 12, 2026, the Registrant had outstanding Class I and Class S common shares of beneficial interest, $0.01 par value, outstanding of 170,787,848 and 8,394,906, respectively. Common shares of beneficial interest outstanding excludes February 1, 2026 subscriptions since the offering price is not yet finalized at this time.

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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)			57
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			102
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			132
Item 4.			Controls and Procedures			133
Part II. Other Information
Item 1.			Legal Proceedings			134
Item 1A.			Risk Factors			134
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			134
Item 3.			Defaults Upon Senior Securities			134
Item 4.			Mine Safety Disclosures			134
Item 5.			Other Information			134
Item 6.			Exhibits			135

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

			December 31, 2025						September 30, 2025
			(unaudited)
Assets
Non-controlled/non-affiliate company investments at fair value (amortized cost of $9,839,254 and $8,479,341, respectively)			$	9,913,408					$	8,555,251
Cash			59,718						14,857
Cash equivalents			19,110						29,020
Foreign currencies (cost of $9,374 and $4,645, respectively)			9,525						4,352
Restricted cash			28,951						40,618
Restricted cash equivalents			62,662						383,616
Interest receivable			82,604						74,426
Receivable for investments			9,648						9,373
Deferred offering costs			2,299						1,168
Net unrealized appreciation on derivatives			20,178						22,144
Other assets			1,611						1,748
Total Assets			$	10,209,714					$	9,136,573
Liabilities
Debt			$	5,419,758					$	4,699,707
Less unamortized debt issuance costs			(35,613)						(38,246)
Debt less unamortized debt issuance costs			5,384,145						4,661,461
Other short-term borrowings			133,354						74,178
Interest payable			50,727						20,215
Distributions payable			33,188						30,116
Management and income incentive fees payable			27,814						23,088
Payable for investments purchased			80,772						241,534
Accrued trustee fees			629						662
Net unrealized depreciation on derivatives			10,912						11,371
Accounts payable and other liabilities			15,520						14,479
Total Liabilities			5,737,061						5,077,104
Commitments and Contingencies (Note 8)
Net Assets
Preferred shares, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and September 30, 2025.			—						—
Common shares, par value $0.01 per share, unlimited shares authorized, 177,824,004.558 and 161,326,430.474 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively.			1,778						1,613
Paid in capital in excess of par			4,459,342						4,044,440
Distributable earnings (losses)			11,533						13,416
Total Net Assets			4,472,653						4,059,469
Total Liabilities and Total Net Assets			$	10,209,714					$	9,136,573
Net Asset Value Per Share
Class I Shares:
Net assets			$	4,255,629					$	3,872,168
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)			169,195,375.880						153,882,766.474
Net asset value per common share			$	25.15					$	25.16
Class S Shares:
Net assets			$	217,024					$	187,302
Number of common shares outstanding (par value $0.01 per share, unlimited shares authorized)			8,628,628.678						7,443,664.000
Net asset value per common share			$	25.15					$	25.16

See Notes to Consolidated Financial Statements

3

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

			Three months ended December 31,
			2025						2024
Investment income
Interest income			$	197,957					$	88,207
Payment-in-kind interest income			11,970						4,657
Dividend income			656						106
Fee income			733						277
Total investment income			211,316						93,247
Expenses
Interest and other debt financing expenses			78,891						36,369
Base management fee			13,671						6,062
Incentive fee			13,635						7,100
Administrative service fee			2,517						977
Professional fees			4,216						3,054
General and administrative expenses			256						174
Distribution and shareholder servicing fees
Class S			447						172
Total expenses			113,633						53,908
Net investment income			97,683						39,339
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments			(378)						(5)
Foreign currency transactions			970						(578)
Net realized gain (loss) on investment transactions			592						(583)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments			(3,368)						10,912
Forward currency contracts			612						1,599
Translation of assets and liabilities in foreign currencies			(446)						(1,828)
Net change in unrealized appreciation (depreciation) on investment transactions			(3,202)						10,683
Net gain (loss) on investment transactions			(2,610)						10,100
Net increase (decrease) in net assets resulting from operations			$	95,073					$	49,439
Per Common Share Data
Class I Shares:
Earnings available to shareholders			$	90,909					$	47,525
Basic and diluted weighted average common shares outstanding (Note 11)			164,502,015						73,669,932
Basic and diluted earnings per common share (Note 11)			$	0.55					$	0.65
Class S Shares:
Earnings available to shareholders			$	4,164					$	1,914
Basic and diluted weighted average common shares outstanding (Note 11)			8,328,486						3,224,475
Basic and diluted earnings per common share (Note 11)			$	0.50					$	0.60

See Notes to Consolidated Financial Statements

4

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

			Common Shares												Paid in Capital in Excess of Par						Distributable Earnings (Losses)						Total Net Assets
			Shares						Par Amount
Balance at September 30, 2024			69,008,371.263						$	690					$	1,727,522					$	4,130					$	1,732,342
Issuance of common shares
Class I			11,384,439.822						114						285,411						—						285,525
Class S			784,685.299						8						19,675						—						19,683
Repurchase of common shares, net of early repurchase deduction
Class I			(591,629.063)						(6)						(14,841)						—						(14,847)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						39,339						39,339
Net realized gain (loss) on investment transactions			—						—						—						(583)						(583)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						10,683						10,683
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I			602,110.202						6						15,094						—						15,100
Class S			35,420.232						—						888						—						888
Distributions from distributable earnings (losses)
Class I			—						—						—						(29,239)						(29,239)
Class S			—						—						—						(1,159)						(1,159)
Distributions declared and payable
Class I			—						—						—						(14,971)						(14,971)
Class S			—						—						—						(603)						(603)
Total increase (decrease) for the three months ended December 31, 2024			12,215,026.492						122						306,227						3,467						309,816
Balance at December 31, 2024			81,223,397.755						$	812					$	2,033,749					$	7,597					$	2,042,158
Balance at September 30, 2025			161,326,430.474						$	1,613					$	4,044,440					$	13,416					$	4,059,469
Issuance of common shares
Class I			16,269,869.602						163						409,086						—						409,249
Class S			1,149,977.576						11						28,915						—						28,926
Repurchase of common shares, net of early repurchase deduction
Class I			(1,963,165.720)						(20)						(49,275)						—						(49,295)
Class S			(47,906.272)						—						(1,200)						—						(1,200)
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						97,683						97,683
Net realized gain (loss) on investment transactions			—						—						—						592						592
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						(3,202)						(3,202)
Distributions to shareholders:
Shares issued in connection with distribution reinvestment plan
Class I			1,005,905.525						10						25,292						—						25,302
Class S			82,893.373						1						2,084						—						2,085
Distributions from distributable earnings (losses)
Class I			—						—						—						(60,977)						(60,977)
Class S			—						—						—						(2,791)						(2,791)
Distributions declared and payable
Class I			—						—						—						(31,724)						(31,724)
Class S			—						—						—						(1,464)						(1,464)
Total increase (decrease) for the three months ended December 31, 2025			16,497,574.084						165						414,902						(1,883)						413,184
Balance at December 31, 2025			177,824,004.558						$	1,778					$	4,459,342					$	11,533					$	4,472,653

See Notes to Consolidated Financial Statements

5

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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			$	95,073					$	49,439
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			3,005						1,487
Amortization of deferred offering costs			535						562
Amortization of discounts on issued debt securities			821						288
Accretion of discounts and amortization of premiums on investments			(5,207)						(2,738)
Net realized (gain) loss on investments			378						5
Net realized (gain) loss on foreign currency transactions			(970)						578
Net change in unrealized (appreciation) depreciation on investments			3,368						(10,912)
Net change in unrealized (appreciation) depreciation on forward currency contracts			(612)						(1,599)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			446						1,828
Net change in unrealized (appreciation) depreciation on interest rate swaps			56						3,198
Proceeds from (fundings of) revolving loans, net			(19,567)						(2,163)
Purchases and fundings of investments			(1,742,835)						(878,582)
Proceeds from principal payments and sales of portfolio investments			421,786						93,554
Payment-in-kind interest capitalized			(11,969)						(4,816)
Non-cash dividends capitalized			(625)						(106)
Changes in operating assets and liabilities:
Interest receivable			(8,178)						(358)
Receivable for investments			(275)						(5,443)
Other assets			137						(1,446)
Interest payable			30,512						6,804
Management and income incentive fees payable			4,726						2,263
Payable for investments purchased			(160,762)						(78,890)
Accrued trustee fees			(33)						80
Accounts payable and other liabilities			1,041						742
Net cash provided by (used in) operating activities			(1,389,149)						(826,225)
Cash flows from financing activities
Borrowings on debt			1,554,668						462,275
Repayments of debt			(836,799)						—
Proceeds from other short-term borrowings			68,822						—
Repayments on other short-term borrowings			(9,646)						—
Capitalized debt issuance costs			(372)						(3,287)
Deferred offering costs			(1,666)						(199)
Proceeds from issuance of common shares			438,175						305,208
Repurchased shares, net of early repurchase deduction paid			(50,495)						(14,847)
Distributions paid			(66,497)						(29,545)
Net cash provided by (used in) financing activities			1,096,190						719,605
Net change in cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents			(292,959)						(106,620)
Effect of foreign currency exchange rates			462						(630)
Cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents, beginning of period			472,463						189,643
Cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents, end of period			$	179,966					$	82,393

Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)			$	61,846					$	24,591
Distributions declared for the period			96,956						45,972
Supplemental disclosure of non-cash financing activities:
Shares issued in connection with distribution reinvestment plan			$	27,387					$	15,988
Change in distributions payable			3,072						439

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

See Notes to Consolidated Financial Statements

6

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 and restricted cash equivalents within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

			As of
			December 31, 2025						September 30, 2025
Cash			$	59,718					$	14,857
Cash equivalents			19,110						29,020
Foreign currencies (cost of $9,374 and $4,645, respectively)			9,525						4,352
Restricted cash			28,951						40,618
Restricted cash equivalents			62,662						383,616
Total cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents shown in the Consolidated Statements of Cash Flows(1)			$	179,966					$	472,463

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

See Notes to Consolidated Financial Statements

7

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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
			Bleriot US Bidco Inc.^(8)(25)			Senior secured						SF +			2.50		%	(i)						6.17		%													10/2030						$	15,085					$	15,117					0.3			%			$	15,176
			Element Materials Technology^(8)			Senior secured						SF +			3.68		%	(i)						7.35		%													06/2029						18,342						18,324						0.4						18,526
			Jeppesen Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.59		%													11/2032						109,176						108,776						2.4						108,357
			Jeppesen Holdings, LLC^(5)			One stop																		N/A(6)															11/2032						—						(21)						—						(42)
			Kaman Corporation#(25)			Senior secured						SF +			2.50		%	(i)(j)						6.38		%													02/2032						3,410						3,402						0.1						3,428
			Kaman Corporation#(25)			Senior secured						SF +			2.50		%	(i)						6.43		%													02/2032						31						30						—						33
			LSF11 Trinity Bidco, Inc.^#			Senior secured						SF +			2.50		%	(h)						6.23		%													06/2030						15,007						15,031						0.3						15,083
			PPW Aero Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(8)						—						—
			PPW Aero Buyer, Inc.*			One stop						SF +			5.00		%	(i)						8.67		%													09/2031						1,697						1,688						—						1,697
			PPW Aero Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(27)						—						—
			Propulsion Newco LLC#(8)			Senior secured						SF +			2.50		%	(i)						6.17		%													12/2032						6,600						6,584						0.2						6,641
			Signia Aerospace, LLC^#			Senior secured						SF +			2.75		%	(i)						6.57		%													12/2031						8,521						8,519						0.2						8,563
			Signia Aerospace, LLC^#(5)			Senior secured																		N/A(6)															12/2031						—						(1)						—						2
			SMX Technologies^#			Senior secured						SF +			4.50		%	(h)						8.22		%													02/2032						7,565						7,570						0.2						7,495
			Titan BW Borrower L.P.*^(24)			One stop						SF +			5.38		%	(i)						6.38		%	cash/			2.88		%	PIK						07/2032						16,104						15,955						0.4						16,104
			Titan BW Borrower L.P.^(5)			One stop																		N/A(6)															07/2032						—						(25)						—						—
			Titan BW Borrower L.P.^(5)			One stop																		N/A(6)															07/2032						—						(6)						—						—
			Transdigm, Inc.^#(8)(25)			Senior secured						SF +			2.25		%	(h)						5.97		%													03/2030						21,021						20,988						0.5						21,105
																																													222,559						221,896						5.0						222,168
			Air Freight & Logistics
			RJW Group Holdings, Inc.*^			One stop						SF +			5.00		%	(i)						8.67		%													11/2031						49,796						48,922						1.1						49,796
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(j)						8.73		%													11/2031						3,145						3,083						0.1						3,145
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(i)						8.67		%													11/2031						53,127						52,620						1.2						53,127
			RJW Group Holdings, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(43)						—						—
																																													106,068						104,582						2.4						106,068
			Airlines
			Brown Group Holding, LLC ^#(8)(10)(25)			Senior secured						SF +			2.75		%	(h)(i)						6.56		%													07/2031						11,905						11,918						0.3						11,978
			Brown Group Holding, LLC ^(8)(10)(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													07/2031						1,791						1,792						—						1,802
			KKR Apple Bidco, LLC^(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													09/2031						9,048						9,051						0.2						9,105
																																													22,744						22,761						0.5						22,885
			Auto Components
			Arnott, LLC*			One stop						SF +			4.75		%	(j)						8.62		%													11/2030						4,786						4,747						0.1						4,642
			Arnott, LLC^			One stop						SF +			4.75		%	(j)						8.50		%													11/2030						462						456						—						438
			Collision SP Subco, LLC*&			One stop						SF +			4.75		%	(i)						8.59		%													01/2030						15,993						15,808						0.4						15,993
			Collision SP Subco, LLC&			One stop						SF +			4.75		%	(i)(j)						8.45		%													01/2030						9,335						9,265						0.2						9,335
			Collision SP Subco, LLC^			One stop						SF +			4.75		%	(i)						8.57		%													01/2030						381						351						—						381
			Collision SP Subco, LLC&			One stop						SF +			4.75		%	(i)						8.59		%													01/2030						1,210						1,200						—						1,210
			Collision SP Subco, LLC^			One stop						SF +			4.75		%	(i)(j)						8.48		%													01/2030						2,774						2,646						0.1						2,774
			OEConnection, LLC&^			One stop						SF +			4.50		%	(h)						8.23		%													12/2032						53,247						52,854						1.2						53,335
			OEConnection, LLC^(5)			One stop																		N/A(6)															12/2032						—						(38)						—						9
			OEConnection, LLC^(5)			One stop																		N/A(6)															12/2032						—						(39)						—						18
			RC Buyer, Inc.^(25)			Senior secured						SF +			3.50		%	(h)						7.33		%													07/2028						9,333						9,337						0.2						9,309
			RealTruck Group, Inc.^(8)(25)			Senior secured						SF +			3.75		%	(h)						7.58		%													01/2028						10,155						10,094						0.2						7,870
			Wand NewCo 3, Inc.^(8)(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													01/2031						14,005						14,031						0.3						14,035
																																													121,681						120,712						2.7						119,349

See Notes to Consolidated Financial Statements

8

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Automobiles
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25		%	(i)						8.98		%													06/2030						$	34,671					$	34,299					0.8			%			$	34,671
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25		%	(a)(i)						9.48		%													06/2030						1,408						1,368						—						1,408
			Denali Midco 2, LLC^(24)			Second lien						N/A												13.00		%	PIK												12/2029						26,697						26,524						0.6						26,697
			Denali Midco 2, LLC*&			One stop						SF +			5.25		%	(h)						8.97		%													12/2028						16,886						16,624						0.4						16,886
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(i)						8.92		%													12/2029						598						590						—						598
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(i)						8.92		%													12/2029						124						123						—						124
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(i)						8.92		%													12/2029						105						105						—						105
			High Bar Brands Operating, LLC^(5)			Senior secured																		N/A(6)															12/2029						—						(2)						—						—
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(i)						8.92		%													09/2027						9,384						9,358						0.2						9,384
			JHCC Holdings LLC^			One stop						SF +			5.25		%	(i)						8.92		%													09/2027						4,253						4,229						0.1						4,253
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(i)						8.92		%													09/2027						2,571						2,566						0.1						2,571
			Lincoln Acq Buyer, LLC*			One stop						SF +			4.50		%	(h)						8.22		%													11/2032						5,593						5,566						0.1						5,565
			Lincoln Acq Buyer, LLC^			One stop						SF +			4.50		%	(h)(i)						8.22		%													11/2032						165						163						—						163
			Lincoln Acq Buyer, LLC^			One stop						SF +			4.50		%	(i)						8.20		%													11/2032						84						67						—						67
			Mavis Tire Express Services Topco, Corp.^#(8)(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													05/2028						22,051						22,091						0.5						22,156
			Mister Car Wash Holdings, Inc.^(8)(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													03/2031						11,805						11,831						0.3						11,865
			National Express Wash Parent Holdco, LLC&^			One stop						SF +			5.00		%	(i)						8.67		%													07/2029						37,699						37,164						0.8						37,699
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(j)						8.87		%													07/2029						1,524						1,486						—						1,524
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(j)						8.60		%													07/2029						13,699						13,523						0.3						13,699
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(i)						8.67		%													07/2029						12,121						12,069						0.3						12,121
			Paint Intermediate III, LLC^#(25)			Senior secured						SF +			3.00		%	(i)						6.87		%													10/2031						15,995						15,980						0.4						16,100
			Quick Quack Car Wash Holdings, LLC&			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						2,484						2,467						0.1						2,484
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						139						138						—						139
			Quick Quack Car Wash Holdings, LLC^(5)			One stop																		N/A(6)															06/2031						—						(1)						—						—
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						896						881						—						896
			Quick Quack Car Wash Holdings, LLC*^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						2,106						2,100						—						2,106
			TWAS Holdings, LLC*&^			One stop						SF +			4.75		%	(h)						8.47		%													12/2029						24,786						24,466						0.5						24,662
			TWAS Holdings, LLC^(5)			One stop																		N/A(6)															12/2029						—						(35)						—						(37)
			Yorkshire Parent, Inc.*&			One stop						SF +			5.50		%	(i)						9.17		%													12/2029						12,681						12,567						0.3						12,681
			Yorkshire Parent, Inc.&			One stop						SF +			5.00		%	(i)						8.84		%													12/2029						11,861						11,813						0.3						11,861
			Yorkshire Parent, Inc.&			One stop						SF +			5.50		%	(i)						9.34		%													12/2029						3,513						3,482						0.1						3,513
			Yorkshire Parent, Inc.^			One stop						SF +			5.50		%	(i)						9.17		%													12/2029						738						705						—						738
			Yorkshire Parent, Inc.^			One stop						SF +			5.00		%	(i)						8.84		%													12/2029						4,000						3,879						0.1						4,000
																																													280,637						278,186						6.3						280,699
			Banks
			Empyrean Solutions, LLC&			One stop						SF +			4.50		%	(i)						8.17		%													11/2031						9,959						9,917						0.2						9,959
			Empyrean Solutions, LLC^(5)			One stop																		N/A(6)															11/2031						—						(6)						—						—
			Empyrean Solutions, LLC^(5)			One stop																		N/A(6)															11/2031						—						(17)						—						—
			OSP Hamilton Purchaser, LLC*			One stop						SF +			4.75		%	(i)						8.59		%													12/2029						2,769						2,745						0.1						2,769
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75		%	(i)						8.64		%													12/2029						2,648						2,626						0.1						2,648
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75		%	(i)						8.59		%													12/2029						695						685						—						695
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75		%	(i)						8.61		%													12/2029						632						602						—						632
																																													16,703						16,552						0.4						16,703
			Beverages
			Financial Information Technologies, LLC^(5)			One stop																		N/A(6)															06/2030						—						(17)						—						—
			Financial Information Technologies, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													06/2030						84						83						—						84
			Financial Information Technologies, LLC&^			One stop						SF +			4.75		%	(i)						8.42		%													06/2030						41,191						41,099						0.9						41,191
			Spindrift Beverage Co. Inc.*^			One stop						SF +			5.00		%	(i)						8.94		%													02/2032						22,323						22,078						0.5						22,323
			Spindrift Beverage Co. Inc.^(5)			One stop																		N/A(6)															02/2032						—						(48)						—						—

See Notes to Consolidated Financial Statements

9

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Spindrift Beverage Co. Inc.^(5)			One stop																		N/A(6)															02/2032						$	—					$	(14)					—			%			$	—
			Winebow Holdings, Inc.^			One stop						SF +			6.25		%	(h)						10.07		%													12/2027						15,235						14,950						0.3						12,798
																																													78,833						78,131						1.7						76,396
			Building Products
			BECO Holding Company, Inc.&^			One stop						SF +			5.25		%	(i)						9.07		%													11/2028						2,120						2,111						—						2,120
			BECO Holding Company, Inc.^(5)			One stop																		N/A(6)															11/2028						—						(20)						—						—
			Pye-Barker Fire and Safety, LLC#			Senior secured						SF +			2.50		%	(i)						6.21		%													12/2032						8,700						8,657						0.2						8,764
			Pye-Barker Fire and Safety, LLC#			Senior secured																		N/A(6)															12/2032						—						—						—						10
																																													10,820						10,748						0.2						10,894
			Capital Markets
			BlueMatrix Holdings, LLC*&			One stop						SF +			4.75		%	(i)						8.42		%													01/2031						23,795						23,638						0.5						23,795
			BlueMatrix Holdings, LLC*			One stop						SF +			4.75		%	(i)						8.42		%													01/2031						10,556						10,464						0.2						10,556
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													01/2031						1,634						1,612						0.1						1,634
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													01/2031						3,551						3,521						0.1						3,551
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													01/2031						5,171						5,153						0.1						5,171
			Edelman Financial Center, LLC^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													04/2028						22,706						22,749						0.5						22,851
																																													67,413						67,137						1.5						67,558
			Chemicals
			AP Adhesives Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(82)						—						—
			AP Adhesives Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(40)						—						—
			AP Adhesives Holdings, LLC*^			One stop						SF +			4.75		%	(i)						8.66		%													04/2032						54,929						54,682						1.2						54,929
			INEOS US Finance LLC and INEOS Finance PLC^(8)(10)			Senior secured						SF +			3.25		%	(h)						6.97		%													02/2030						9,653						9,579						0.2						7,858
			Inhance Parent, Inc.^(24)			One stop						SF +			7.00		%	(i)						6.32		%	cash/			4.50		%	PIK						06/2029						403						403						—						403
			Inhance Parent, Inc.^(24)			One stop						SF +			7.00		%	(i)						6.32		%	cash/			4.50		%	PIK						06/2029						11,060						9,740						0.2						10,396
			Inhance Parent, Inc.^(7)(24)			One stop						N/A												20.00		%	PIK												06/2029						5,325						2,133						0.1						2,503
			Innophos Holdings, Inc.^(8)			Senior secured						SF +			4.25		%	(h)						8.08		%													03/2029						5,346						5,320						0.1						5,226
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50		%	(h)						8.23		%													09/2032						20,537						20,438						0.5						20,537
			JSG II, Inc. and Checkers USA, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(12)						—						—
			JSG II, Inc. and Checkers USA, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(14)						—						—
			Krayden Holdings, Inc.*			Senior secured						SF +			4.75		%	(h)						8.42		%													03/2029						8,602						8,541						0.2						8,602
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(h)(i)						8.46		%													03/2029						973						952						—						973
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(h)						8.42		%													03/2029						2,680						2,638						0.1						2,680
			Windsor Holdings III, LLC^#(8)(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													08/2030						19,756						19,741						0.4						19,826
			W.R. Grace & Co#(8)			Senior secured						SF +			3.00		%	(i)						6.69		%													08/2032						13,541						13,485						0.3						13,579
																																													152,805						147,504						3.3						147,512
			Commercial Services & Supplies
			BradyPLUS Holdings#			Senior secured						SF +			3.50		%							7.15		%													12/2032						7,000						6,895						0.2						6,937
			CHA Vision Holdings, Inc.*^			One stop						SF +			5.00		%	(i)						8.87		%													01/2031						18,147						17,996						0.4						18,147
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(i)						8.87		%													01/2031						5,908						5,859						0.1						5,908
			CHA Vision Holdings, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(12)						—						—
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(i)						8.87		%													01/2031						2,770						2,757						0.1						2,770
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(i)						8.82		%													01/2031						346						316						—						346
			Dispatch Acquisition Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													11/2032						118,948						118,364						2.6						118,354
			Dispatch Acquisition Holdings, LLC^			One stop						SF +			4.75		%	(a)(i)						8.59		%													11/2032						7,840						7,733						0.2						7,732
			Energize Holdco, LLC^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													12/2028						12,895						12,928						0.3						12,952
			Kleinfelder Intermediate, LLC*^			One stop						SF +			5.00		%	(i)						8.84		%													09/2030						1,796						1,758						—						1,796
			Kleinfelder Intermediate, LLC^(5)			One stop																		N/A(6)															09/2028						—						(3)						—						—
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00		%	(i)						8.84		%													09/2030						195						193						—						195
			OMNIA Partners, LLC^#(25)			Senior secured						SF +			2.75		%	(i)						6.45		%													12/2032						8,976						8,929						0.2						9,023
			Pearl Acquisition Buyer, Inc.^			One stop						SF +			4.50		%	(i)						8.17		%													12/2032						65						63						—						63
			Pearl Acquisition Buyer, Inc.^			One stop						SF +			4.50		%	(i)						8.17		%													12/2032						6,853						6,836						0.2						6,836
			Pearl Acquisition Buyer, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(6)						—						(6)
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(h)						8.99		%													04/2031						1,436						1,425						—						1,436
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(h)						8.97		%													04/2031						239						238						—						239

See Notes to Consolidated Financial Statements

10

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(h)						8.97		%													04/2030						$	110					$	108					—			%			$	110
			PSC Parent, Inc.^			One stop						SF +			5.25		%	(h)						9.00		%													04/2031						180						179						—						180
			Radwell Parent, LLC*			One stop						SF +			5.50		%	(i)						9.17		%													03/2029						15,557						15,557						0.4						15,557
			Radwell Parent, LLC^			One stop						SF +			5.50		%	(i)						9.17		%													03/2029						764						500						—						764
			Thermostat Purchaser III, Inc.^(25)			Senior secured						SF +			4.25		%	(i)						7.92		%													08/2028						11,895						11,880						0.3						11,875
			Trinity Air Consultants Holdings Corporation^(5)			One stop																		N/A(6)															06/2029						—						(4)						—						(6)
			Trinity Air Consultants Holdings Corporation^			One stop						SF +			4.50		%	(i)						8.50		%													06/2029						913						910						—						904
			Trinity Air Consultants Holdings Corporation^			One stop						SF +			4.50		%	(h)(i)						8.44		%													06/2029						2,723						2,716						0.1						2,695
			Trinity Air Consultants Holdings Corporation^			One stop						SF +			4.50		%	(i)						8.48		%													06/2029						5,267						5,217						0.1						5,214
			Trinity Air Consultants Holdings Corporation^(5)			One stop																		N/A(6)															06/2029						—						(5)						—						(11)
			WRE Holding Corp.&^			One stop						SF +			5.00		%	(j)						8.87		%													07/2031						31,251						31,005						0.7						31,251
			WRE Holding Corp.^(5)			One stop																		N/A(6)															07/2030						—						(35)						—						—
			WRE Holding Corp.*			One stop						SF +			5.00		%	(j)						8.62		%													07/2031						3,430						3,417						0.1						3,430
			WRE Holding Corp.*			One stop						SF +			5.00		%	(j)						8.60		%													07/2031						2,067						2,059						—						2,067
			WRE Holding Corp.&			One stop						SF +			5.00		%	(j)						8.60		%													07/2031						1,608						1,601						—						1,608
			WRE Holding Corp.^			One stop						SF +			5.00		%	(j)						8.60		%													07/2031						563						561						—						563
			WRE Holding Corp.^			One stop						SF +			5.00		%	(j)						8.60		%													07/2031						576						573						—						576
			WRE Holding Corp.^			One stop						SF +			5.00		%	(j)						8.60		%													07/2031						357						355						—						357
			WRE Holding Corp.^(5)			One stop																		N/A(6)															07/2031						—						(40)						—						—
			WRE Holding Corp.^			One stop						SF +			5.00		%	(j)						8.71		%													07/2031						686						683						—						686
																																													271,361						269,506						6.0						270,548
			Construction & Engineering
			Belfor USA Group Inc.^(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													11/2030						9,634						9,620						0.2						9,694
			Chariot Buyer, LLC#(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													09/2032						12,237						12,243						0.3						12,276
			Consor Intermediate II, LLC*^			One stop						SF +			4.50		%	(i)						8.17		%													05/2031						1,641						1,635						—						1,641
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(2)						—						—
			Consor Intermediate II, LLC^			One stop						SF +			4.50		%	(i)						8.17		%													05/2031						58						57						—						58
			DCCM, LLC&			One stop						SF +			4.75		%	(h)						8.47		%													06/2032						4,020						4,002						0.1						4,020
			DCCM, LLC^(5)			One stop																		N/A(6)															06/2032						—						(4)						—						—
			DCCM, LLC^(5)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			EagleView Technology Corporation#(24)(25)			Senior secured						SF +			6.50		%	(i)						9.17		%	cash/			1.00		%	PIK						08/2028						10,886						10,693						0.2						10,507
			Royal Holdco Corporation&^			One stop						SF +			4.50		%	(i)						8.24		%													12/2030						27,655						27,417						0.6						27,655
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(i)						8.20		%													12/2030						1,730						1,709						0.1						1,730
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(i)						8.29		%													12/2030						1,990						1,950						0.1						1,990
																																													69,851						69,311						1.6						69,571
			Construction Materials
			Star Holding, LLC#(8)			Senior secured						SF +			4.50		%	(h)						8.22		%													07/2031						17,165						17,011						0.4						16,908
			Consumer Finance
			Ascensus Group Holdings^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													11/2032						26,105						26,032						0.6						26,110
			Containers & Packaging
			AOT Packaging Products Acquisitionco, LLC ^#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													03/2031						17,918						17,845						0.4						17,396
			Berlin Packaging, LLC#(25)			Senior secured						SF +			3.25		%	(h)(i)						7.11		%													06/2031						4,589						4,585						0.1						4,604
			Chase Intermediate*&			One stop						SF +			4.75		%	(i)						8.59		%													10/2028						14,535						14,380						0.3						14,535
			Chase Intermediate^			One stop						SF +			4.75		%	(i)						8.59		%													10/2028						3,432						3,233						0.1						3,432
			Iris Holding, Inc.#(25)			Senior secured						SF +			4.75		%	(i)						8.69		%													06/2028						2,985						2,903						0.1						2,903
			Packaging Coordinators Midco, Inc.*^			One stop						SF +			4.50		%	(i)						8.34		%													07/2032						33,627						33,102						0.8						33,627
			Packaging Coordinators Midco, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(40)						—						—
			Packaging Coordinators Midco, Inc.^			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.50		%	(i)						8.34		%													07/2032						194						194						—						194
			Packaging Coordinators Midco, Inc.^			One stop																		N/A(6)															07/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(17)						—						—

See Notes to Consolidated Financial Statements

11

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Packaging Coordinators Midco, Inc.^(9)			One stop						SN +			4.50		%	(g)						8.22		%													07/2032						$	16,733					$	16,316					0.4			%			$	16,733
			Pegasus BidCo^#(8)(14)			Senior secured						SF +			2.75		%	(i)						6.60		%													07/2029						18,757						18,763						0.4						18,851
			Technimark, LLC^#			Senior secured						SF +			3.25		%	(h)						6.98		%													04/2031						14,696						14,673						0.3						14,612
			WP Deluxe Merger Sub^#			Senior secured						SF +			3.25		%	(i)						6.92		%													11/2032						10,649						10,622						0.2						10,730
			WP Deluxe Merger Sub^#			Senior secured						SF +			3.25		%	(i)						6.92		%													11/2032						1,494						1,494						—						1,507
																																													139,609						138,053						3.1						139,124
			Diversified Consumer Services
			ABC Legal Holdings, LLC*^			One stop						SF +			4.50		%	(i)						8.34		%													08/2032						26,725						26,599						0.6						26,725
			ABC Legal Holdings, LLC^(5)			One stop																		N/A(6)															08/2032						—						(25)						—						—
			ABC Legal Holdings, LLC^(5)			One stop																		N/A(6)															08/2032						—						(38)						—						—
			Action Termite Control, LLC^(5)			Senior secured																		N/A(6)															12/2032						—						(6)						—						(6)
			Action Termite Control, LLC^			Senior secured						SF +			4.25		%	(i)						7.96		%													12/2032						2,143						2,132						0.1						2,132
			Action Termite Control, LLC^(5)			Senior secured																		N/A(6)															12/2032						—						(33)						—						(33)
			Any Hour, LLC*^			One stop						SF +			5.25		%	(i)						8.92		%													05/2030						30,207						29,876						0.6						28,394
			Any Hour, LLC^(24)			One stop						N/A												13.00		%	PIK												05/2031						5,698						5,627						0.1						4,900
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)(i)						8.96		%													05/2030						3,887						3,837						0.1						3,610
			Any Hour, LLC^			One stop						SF +			5.25		%	(i)						8.92		%													05/2030						856						806						—						811
			Apex Service Partners, LLC*^			One stop						SF +			5.00		%	(i)						8.82		%													10/2030						17,845						17,482						0.4						17,889
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(i)						8.78		%													10/2030						13,207						13,153						0.3						13,240
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(i)						8.82		%													10/2030						4,247						4,165						0.1						4,258
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(i)						8.71		%													10/2029						350						315						—						350
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(i)						8.84		%													10/2030						7,647						7,580						0.2						7,666
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(i)						8.81		%													10/2030						15,541						15,442						0.4						15,598
			Aptive Environmental, LLC&^			One stop						SF +			4.75		%	(h)						8.47		%													10/2032						73,308						72,597						1.6						72,575
			Aptive Environmental, LLC^(5)			One stop																		N/A(6)															10/2032						—						(62)						—						(64)
			Aptive Environmental, LLC^(5)			One stop																		N/A(6)															10/2032						—						(16)						—						(32)
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						3,304						3,292						0.1						3,304
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						3,091						3,079						0.1						3,091
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						2,597						2,587						0.1						2,597
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						2,359						2,351						0.1						2,359
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						1,427						1,421						—						1,427
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						1,133						1,129						—						1,133
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						445						443						—						445
			Certus Pest, Inc.^(5)			One stop																		N/A(6)															08/2027						—						(12)						—						—
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						2,640						2,632						0.1						2,640
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						1,646						1,640						—						1,646
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						790						788						—						790
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						790						788						—						790
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						517						515						—						517
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(i)						9.07		%													08/2027						3,135						3,126						0.1						3,135
			CHVAC Services Investment, LLC&			One stop						SF +			4.50		%	(i)						8.17		%													05/2030						1,941						1,918						—						1,941
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(i)						8.17		%													05/2030						505						500						—						505
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(h)						8.23		%													05/2030						39						37						—						39
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(i)						8.17		%													05/2030						252						100						—						252
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(i)						9.32		%													07/2029						763						757						—						763
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(i)						9.32		%													07/2029						222						219						—						222
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(i)						9.32		%													07/2029						7						7						—						7
			HS Spa Holdings, Inc.*^			One stop						SF +			5.25		%	(i)						9.07		%													06/2029						7,779						7,688						0.2						7,779
			HS Spa Holdings, Inc.^			One stop						SF +			5.25		%	(i)						9.09		%													06/2029						894						891						—						894
			Knowledge Universe Education LLC^#(8)(25)			Senior secured						SF +			2.75		%	(i)						6.42		%													06/2030						7,935						7,952						0.2						7,724
			Kodiak Buyer, LLC*			One stop						SF +			4.50		%	(i)						8.17		%													07/2032						4,971						4,948						0.1						4,971
			Kodiak Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(7)						—						—
			Kodiak Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(8)						—						—
			Liminex, Inc.*			One stop						SF +			6.00		%	(i)						9.99		%													11/2026						10,573						10,531						0.2						10,573

See Notes to Consolidated Financial Statements

12

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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		%	(h)						8.72		%													05/2028						$	28,225					$	28,142					0.6			%			$	28,225
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													05/2028						11,270						11,252						0.3						11,270
			Litera Bidco, LLC^(5)			One stop																		N/A(6)															05/2028						—						(6)						—						—
			Litera Bidco, LLC^			One stop																		N/A(6)															05/2028						—						—						—						—
			McAfee, LLC^(8)(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													03/2029						4,950						4,959						0.1						4,584
			Project Alpha Intermediate Holdings, Inc.^#(25)			Senior secured						SF +			3.25		%	(i)						6.92		%													10/2030						20,046						20,094						0.4						20,036
			Provenance Buyer LLC*			One stop						SF +			5.00		%	(i)						8.77		%													06/2027						7,388						7,389						0.2						7,314
			Provenance Buyer LLC*			One stop						SF +			5.00		%	(i)						8.77		%													06/2027						3,787						3,788						0.1						3,749
			RW AM Holdco LLC^(7)			One stop						SF +			5.25		%	(i)						9.02		%													04/2028						10,097						9,896						0.1						5,553
			Salisbury House, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													08/2032						1,158						1,122						—						1,158
			Salisbury House, LLC^(5)			One stop																		N/A(6)															08/2032						—						(55)						—						—
			Salisbury House, LLC*^			One stop						SF +			5.00		%	(j)						8.73		%													08/2032						57,613						57,340						1.3						57,613
			SCP CDH Buyer, Inc.^			One stop						SF +			4.50		%	(i)						8.17		%													12/2032						22,751						22,637						0.5						22,523
			SCP CDH Buyer, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(13)						—						(27)
			SCP CDH Buyer, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(33)						—						(67)
			Severin Acquisition, LLC*^(24)			One stop						SF +			4.75		%	(h)						6.22		%	cash/			2.25		%	PIK						10/2031						34,263						33,990						0.8						33,920
			Severin Acquisition, LLC^(5)			One stop																		N/A(6)															10/2031						—						(35)						—						(42)
			Severin Acquisition, LLC^(24)			One stop						SF +			4.75		%	(h)						6.22		%	cash/			2.25		%	PIK						10/2031						1,491						1,462						—						1,421
			Stellar Brands, LLC&			Senior secured						SF +			4.50		%	(i)						8.17		%													02/2031						9,078						9,020						0.2						9,078
			Stellar Brands, LLC^(5)			Senior secured																		N/A(6)															02/2031						—						(5)						—						—
			Virginia Green Acquisition, LLC*&^			One stop						SF +			5.25		%	(j)						8.86		%													12/2030						19,691						19,549						0.4						19,592
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2030						—						(9)						—						(6)
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2029						—						(16)						—						(12)
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2030						—						(46)						—						(48)
																																													493,224						489,165						10.8						483,391
			Diversified Financial Services
			Apex Group Treasury, LLC^(8)(10)			Senior secured						SF +			3.50		%	(i)						7.39		%													02/2032						10,892						10,915						0.2						10,293
			Baker Tilly Advisory Group, LP*^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						19,337						19,131						0.4						19,385
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2030						—						(47)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.25		%	(h)						7.97		%													06/2031						13,369						13,309						0.3						13,369
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2031						—						(21)						—						—
			Banker's Toolbox, Inc.^			One stop						SF +			4.50		%	(i)						8.17		%													07/2029						4,538						4,508						0.1						4,538
			Banker's Toolbox, Inc.^(5)			One stop																		N/A(6)															07/2029						—						(16)						—						—
			BCPE Pequod Buyer^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													11/2031						21,988						21,952						0.5						22,064
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop						E +			4.75		%	(d)						6.83		%													07/2031						14,257						13,027						0.3						14,257
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)(24)			Subordinated debt						E +			8.00		%	(d)						10.08		%	PIK												07/2032						4,336						3,970						0.1						4,336
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop						E +			4.75		%	(d)						6.85		%													07/2031						2,020						1,812						—						2,020
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corelogic, Inc.^#(8)(25)			Senior secured						SF +			3.50		%	(h)						7.33		%													06/2028						16,850						16,792						0.4						16,888
			Corsair Blade IV S.A R.L.^(8)(13)(24)			One stop						SF +			5.75		%	(i)						9.76		%	cash/			0.25		%	PIK						12/2030						4,448						4,448						0.1						4,448
			Corsair Blade IV S.A R.L.^(8)(9)(13)(24)			One stop						SN +			5.75		%	(g)						9.22		%	cash/			0.25		%	PIK						12/2030						1,434						1,111						—						1,434
			Deerfield Dakota Holding, LLC^(5)			One stop																		N/A(6)															09/2032						—						(78)						—						—
			Deerfield Dakota Holding, LLC^(24)			One stop						SF +			5.75		%	(i)						6.67		%	cash/			2.75		%	PIK						09/2032						88,072						87,237						2.0						88,072
			EP Wealth Advisors#			Senior secured						SF +			3.00		%	(i)						6.67		%													10/2032						7,000						6,998						0.1						7,053
			Equity Methods, LLC&^			One stop						SF +			4.75		%	(i)						8.42		%													04/2032						48,893						48,672						1.1						48,893
			Equity Methods, LLC^(5)			One stop																		N/A(6)															04/2032						—						(40)						—						—
			Equity Methods, LLC^(5)			One stop																		N/A(6)															04/2032						—						(50)						—						—
			Evertec, Inc.^(8)			Senior secured						SF +			2.25		%	(h)						5.97		%													10/2030						12,450						12,401						0.3						12,492
			Finastra USA, Inc.*(8)(10)			One stop						SF +			7.25		%	(i)						10.97		%													09/2029						5,693						5,622						0.1						5,693
			Finastra#(8)(10)(25)			Senior secured						SF +			4.00		%	(i)						7.72		%													09/2032						8,750						8,666						0.2						8,582
			First Eagle Investment Management#(25)			Senior secured						SF +			3.50		%	(i)						7.17		%													08/2032						14,078						13,897						0.3						14,077
			First Eagle Investment Management#(5)(25)			Senior secured																		N/A(6)															08/2032						—						(21)						—						—
			Focus Financial Partners, LLC^#(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													09/2031						29,582						29,513						0.7						29,665

See Notes to Consolidated Financial Statements

13

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			GTCR Everest Borrower, LLC^#(25)			Senior secured						SF +			2.75		%	(i)						6.42		%													09/2031						$	17,619					$	17,628					0.4			%			$	17,704
			Higginbotham Insurance Agency, Inc.*^			One stop						SF +			4.50		%	(h)(i)						8.22		%													06/2031						7,792						7,790						0.2						7,773
			Higginbotham Insurance Agency, Inc.^(5)			One stop																		N/A(6)															06/2031						—						(6)						—						(6)
			Higginbotham Insurance Agency, Inc.^(5)			One stop																		N/A(6)															06/2031						—						—						—						(4)
			Howden Group Holdings Limited ^#(8)(10)(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													02/2031						20,800						20,776						0.5						20,876
			Howden Group Holdings Limited ^#(8)(10)(25)			Senior secured						SF +			2.75		%	(i)						6.49		%													04/2030						5,828						5,798						0.1						5,851
			Mariner Wealth Advisors, LLC^(25)			Senior secured						SF +			2.25		%	(i)						5.93		%													12/2030						12,665						12,621						0.3						12,753
			Medlar Bidco Limited^(8)(9)(18)			One stop						SN +			5.00		%	(g)						8.72		%													05/2032						35,278						34,583						0.8						35,278
			Medlar Bidco Limited^(5)(8)(9)(18)			One stop																		N/A(6)															05/2032						—						(72)						—						—
			Medlar Bidco Limited^(8)(9)(18)			One stop						E +			5.00		%	(c)						6.99		%													05/2032						43,835						41,936						1.0						43,835
			Orion Advisor Solutions^#(25)			Senior secured						SF +			3.25		%	(i)						7.11		%													09/2030						28,965						28,992						0.6						29,192
			OSTTRA Group, Ltd.#(8)(10)(25)			Senior secured						SF +			3.50		%	(i)						7.43		%													10/2032						13,859						13,888						0.3						13,940
			Wealth Enhancement Group, LLC*			One stop						SF +			4.50		%	(i)						8.49		%													10/2028						3,771						3,767						0.1						3,771
			Wealth Enhancement Group, LLC*			One stop						SF +			4.50		%	(i)						8.49		%													10/2028						2,719						2,716						0.1						2,719
			Wealth Enhancement Group, LLC^(5)			One stop																		N/A(6)															10/2028						—						(2)						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50		%	(i)						8.36		%													10/2028						6,996						6,964						0.2						6,996
			Wealth Enhancement Group, LLC^(5)			One stop																		N/A(6)															10/2028						—						(20)						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50		%	(i)						8.49		%													10/2028						646						644						—						646
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50		%	(i)						8.49		%													10/2028						2,893						2,886						0.1						2,893
			Zebra Buyer LLC^#(25)			Senior secured						SF +			3.00		%	(i)						6.69		%													11/2030						27,137						27,192						0.6						27,317
																																													558,790						551,789						12.5						559,093
			Electric Utilities
			Pioneer AcquisitionCo, LLC#			Senior secured						SF +			3.25		%	(i)						6.94		%													11/2032						5,000						4,988						0.1						5,028
			Smart Energy Systems, Inc.^(24)			One stop						SF +			7.50		%	(i)						7.74		%	cash/			3.75		%	PIK						01/2030						5,894						5,829						0.2						5,776
			Smart Energy Systems, Inc.^(24)			One stop						SF +			7.50		%	(i)						7.74		%	cash/			3.75		%	PIK						01/2030						649						641						—						636
																																													11,543						11,458						0.3						11,440
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75		%	(i)						8.42		%													12/2030						461						455						—						456
			Power Grid Holdings, Inc.^			One stop						P +			3.75		%	(a)						10.50		%													12/2030						12						11						—						11
			Wildcat TopCo, Inc.*^			One stop						SF +			4.50		%	(i)						8.32		%													11/2031						21,033						20,845						0.5						21,033
			Wildcat TopCo, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(37)						—						—
			Wildcat TopCo, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(19)						—						—
																																													21,506						21,255						0.5						21,500
			Food & Staples Retailing
			Eagle Parent Corp.^#(25)			Senior secured						SF +			4.25		%	(i)						7.92		%													04/2029						13,730						13,664						0.3						13,784
			GMF Parent, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(4)						—						(4)
			GMF Parent, Inc.^			One stop						SF +			4.50		%	(i)						8.20		%													12/2032						5,798						5,769						0.1						5,769
			GMF Parent, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(7)						—						(7)
			GMF Parent, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(8)						—						(8)
			Inspire International, Inc.^(8)(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													12/2030						2,963						2,966						0.1						2,973
																																													22,491						22,380						0.5						22,507
			Food Products
			Aspire Bakeries Holdings, LLC^#			Senior secured						SF +			3.50		%	(h)						7.22		%													12/2030						7,229						7,232						0.2						7,280
			Blast Bidco Inc.&			One stop						SF +			6.00		%	(i)						9.67		%													10/2030						15,016						14,861						0.3						15,016
			Blast Bidco Inc.^(5)			One stop																		N/A(6)															10/2029						—						(17)						—						—
			Eagle Family Foods Group, LLC*			One stop						SF +			5.00		%	(j)						8.79		%													08/2030						9,929						9,848						0.2						9,929
			Eagle Family Foods Group, LLC^(5)			One stop																		N/A(6)															08/2030						—						(10)						—						—
			Louisiana Fish Fry Products, Ltd.&			One stop						SF +			6.25		%	(i)						10.07		%													07/2027						8,690						8,486						0.2						8,690
			Merlin Buyer, Inc.#			Senior secured						SF +			4.00		%	(i)						7.67		%													12/2028						2,494						2,487						—						2,520
			MIC GLEN LLC^#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													07/2028						24,889						24,937						0.6						25,114
			PFI Lower MidCo, LLC#			Senior secured						SF +			4.00		%	(h)						7.87		%													12/2032						8,000						7,921						0.2						8,070
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						A +			4.50		%	(e)						8.23		%													09/2032						8,734						8,480						0.2						8,734
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						E +			4.50		%	(c)						6.52		%													09/2032						8,508						8,382						0.2						8,508
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						SN +			4.50		%	(g)						8.22		%													09/2032						39,379						38,912						0.9						39,379

See Notes to Consolidated Financial Statements

14

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Zullas, L.C.^(5)			One stop																		N/A(6)															06/2031						$	—					$	(4)					—			%			$	—
			Zullas, L.C.&			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						2,977						2,963						0.1						2,977
			Zullas, L.C.^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						488						475						—						488
																																													136,333						134,953						3.1						136,705
			Healthcare Equipment & Supplies
			Argent Bidco SAS#(8)(17)			Senior secured						SF +			2.50		%							6.15		%													11/2032						4,800						4,795						0.1						4,845
			Bayou Intermediate II, LLC^(5)			One stop																		N/A(6)															09/2032						—						(23)						—						—
			Bayou Intermediate II, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													09/2032						32,709						32,551						0.7						32,709
			Bayou Intermediate II, LLC^			One stop						SF +			4.75		%	(h)(i)						8.43		%													09/2032						3,539						3,496						0.1						3,539
			Blades Buyer, Inc.^(5)			Senior secured																		N/A(6)															03/2028						—						(3)						—						(6)
			Blades Buyer, Inc.^(5)			Senior secured																		N/A(6)															03/2028						—						(31)						—						(66)
			Blue River Pet Care, LLC*			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						11,395						11,331						0.3						11,395
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						7,693						7,651						0.2						7,693
			Blue River Pet Care, LLC*			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						3,677						3,656						0.1						3,677
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						5,440						5,405						0.1						5,440
			Blue River Pet Care, LLC&^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						5,528						5,497						0.1						5,528
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						4,763						4,737						0.1						4,763
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						4,201						4,174						0.1						4,201
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						12,499						12,461						0.3						12,499
			Blue River Pet Care, LLC^(5)			One stop																		N/A(6)															08/2029						—						(48)						—						—
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						1,381						1,377						—						1,381
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						3,743						3,732						0.1						3,743
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						1,410						1,406						—						1,410
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						3,033						3,023						0.1						3,033
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						5,140						5,124						0.1						5,140
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(i)						9.62		%													08/2029						1,850						1,845						—						1,850
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(i)						9.59		%													08/2029						2,185						2,178						0.1						2,185
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.57		%													08/2029						4,189						4,176						0.1						4,189
			CCSL Holdings, LLC*&			One stop						SF +			5.75		%	(h)						9.47		%													12/2028						11,574						11,453						0.3						11,574
			CCSL Holdings, LLC^(9)			One stop						E +			5.75		%	(b)						7.65		%													12/2028						28,212						26,022						0.6						28,212
			CCSL Holdings, LLC^(9)			One stop						E +			5.75		%	(b)						7.65		%													12/2028						5,527						4,911						0.1						5,527
			CCSL Holdings, LLC^			One stop						SF +			5.75		%	(h)						9.47		%													12/2028						6,805						6,777						0.2						6,805
			CCSL Holdings, LLC&			One stop						SF +			5.75		%	(h)						9.47		%													12/2028						5,415						5,393						0.1						5,415
			CCSL Holdings, LLC^			One stop						SF +			5.75		%	(h)						9.47		%													12/2028						2,027						2,008						0.1						2,027
			Centegix Intermediate II, LLC^(24)			One stop						SF +			6.00		%	(i)						6.63		%	cash/			3.25		%	PIK						08/2032						49,912						49,677						1.1						49,912
			Centegix Intermediate II, LLC^			One stop						SF +			5.50		%	(i)						9.31		%													08/2032						4,950						4,909						0.1						4,950
			Centegix Intermediate II, LLC^(5)			One stop																		N/A(6)															08/2032						—						(69)						—						—
			CMI Parent Inc.*&			One stop						SF +			5.00		%	(h)						8.72		%													12/2026						18,172						18,135						0.4						18,172
			CMI Parent Inc.*			One stop						SF +			5.00		%	(h)						8.72		%													12/2026						6,668						6,665						0.2						6,668
			Confluent Medical Technologies, Inc.^			Senior secured						SF +			3.00		%	(i)						6.67		%													02/2029						6,381						6,373						0.1						6,436
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(i)						9.32		%													06/2031						40,346						40,034						0.9						40,346
			HuFriedy Group Acquisition, LLC^(5)			One stop																		N/A(6)															05/2030						—						(33)						—						—
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(i)(j)						9.18		%													06/2031						8,830						8,707						0.2						8,830
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(i)						9.26		%													06/2031						2,739						2,694						0.1						2,739
			Isto Group, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(1)						—						—
			Isto Group, Inc.*			One stop						SF +			4.75		%	(i)						8.46		%													09/2032						5,177						5,152						0.1						5,177
			Isto Group, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(16)						—						—
			NSM Top Holdings Corp.^#			Senior secured						SF +			4.25		%	(i)						8.02		%													05/2029						5,769						5,756						0.1						5,810
			Precision Medicine Group, LLC#			Senior secured						SF +			3.50		%	(i)						7.17		%													08/2032						19,406						19,328						0.4						19,533
			Resonetics, LLC^#(25)			Senior secured						SF +			2.75		%	(i)						6.59		%													06/2031						22,999						23,025						0.5						23,073
			RTI Surgical, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(56)						—						—
			RTI Surgical, Inc.&^			One stop						SF +			4.75		%	(h)						8.47		%													09/2032						58,376						58,095						1.3						58,376
			TIDI Legacy Products, Inc.*			One stop						SF +			4.50		%	(h)						8.22		%													12/2029						1,629						1,629						0.1						1,629
			TIDI Legacy Products, Inc.^			One stop																		N/A(6)															12/2029						—						—						—						—

See Notes to Consolidated Financial Statements

15

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50		%	(h)						8.22		%													12/2029						$	436					$	432					—			%			$	436
			YI, LLC*			One stop						SF +			5.75		%	(h)						9.49		%													12/2029						6,081						6,002						0.1						6,081
			YI, LLC^(5)			One stop																		N/A(6)															12/2029						—						(15)						—						—
			ZimVie, Inc.^			One stop						SF +			4.75		%	(i)						8.42		%													10/2032						5,696						5,609						0.1						5,607
			ZimVie, Inc.^			One stop						SF +			4.75		%	(i)						8.42		%													10/2032						106,800						106,281						2.4						106,266
			ZimVie, Inc.^(5)			One stop																		N/A(6)															10/2032						—						(87)						—						(89)
																																													549,102						543,300						12.3						548,660
			Healthcare Providers & Services
			Active Day, Inc.^			One stop						SF +			5.00		%	(h)						8.72		%													05/2027						5,412						5,386						0.1						5,385
			Active Day, Inc.^(5)			One stop																		N/A(6)															05/2027						—						(12)						—						(13)
			Active Day, Inc.^			One stop						SF +			5.00		%	(h)						8.72		%													05/2027						1,850						1,841						0.1						1,841
			Agiliti Health, Inc.^			Senior secured						SF +			3.00		%	(j)						6.86		%													05/2030						9,844						9,769						0.2						9,665
			AHP Health Partners, Inc. ^(8)			Senior secured						SF +			2.25		%	(h)						5.97		%													09/2032						1,385						1,388						—						1,388
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*&			One stop						SF +			6.00		%	(i)						9.92		%													03/2027						11,547						11,528						0.3						11,547
			Bamboo US Bidco LLC*			One stop						SF +			5.25		%	(i)						9.09		%													09/2030						7,986						7,832						0.2						7,986
			Bamboo US Bidco LLC^(9)			One stop						E +			5.00		%	(c)						7.07		%													09/2030						5,836						5,141						0.1						5,836
			Bamboo US Bidco LLC^			One stop						SF +			5.25		%	(i)						9.09		%													09/2030						1,222						1,218						—						1,222
			Bamboo US Bidco LLC^			One stop						SF +			5.00		%	(h)(i)						8.83		%													09/2030						1,300						1,294						—						1,300
			Bamboo US Bidco LLC^			One stop						SF +			5.00		%	(h)						8.79		%													09/2030						1,084						1,084						—						1,084
			Bamboo US Bidco LLC^(5)			One stop																		N/A(6)															10/2029						—						(33)						—						—
			Benefit Plan Administrators of Eau Claire, LLC*&^			One stop						SF +			4.75		%	(i)						8.57		%													11/2030						58,628						58,316						1.3						58,628
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			4.75		%	(i)						8.57		%													11/2030						13,110						13,044						0.3						13,110
			Benefit Plan Administrators of Eau Claire, LLC^(5)			One stop																		N/A(6)															11/2030						—						(11)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^(5)			One stop																		N/A(6)															11/2030						—						(37)						—						—
			BHG Holdings, LLC*&^			One stop						SF +			5.50		%	(i)						9.34		%													04/2032						102,978						102,166						2.3						102,978
			BHG Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(102)						—						—
			BHG Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(232)						—						—
			Cotiviti^			Senior secured						SF +			2.75		%	(h)						6.62		%													05/2031						12,294						12,304						0.3						11,844
			Cotiviti#(25)			Senior secured						SF +			2.75		%	(h)						6.62		%													03/2032						7,960						7,927						0.2						7,662
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)			One stop						SF +			5.00		%	(j)						8.73		%													04/2031						23,296						22,942						0.5						23,296
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)			One stop						SN +			5.00		%	(g)						8.72		%													04/2031						14,536						13,347						0.3						14,536
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															04/2031						—						(40)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															10/2030						—						(60)						—						—
			Electron BidCo, Inc. ^#(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													11/2028						14,484						14,458						0.3						14,577
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.^(8)(9)(11)			One stop						CA +			5.00		%	(k)						7.30		%													09/2029						11,685						11,383						0.3						11,685
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.^(8)(9)(11)			One stop						CA +			5.00		%	(k)						7.30		%													09/2029						4,301						4,170						0.1						4,301
			Hanger, Inc.^#(25)			Senior secured						SF +			3.50		%	(h)						7.22		%													10/2031						14,064						14,084						0.3						14,128
			Hanger, Inc.^#(25)			Senior secured						SF +			3.50		%	(h)						7.22		%													10/2031						1,073						1,076						—						1,082
			HP TLE Buyer, Inc.&			One stop						SF +			4.75		%	(i)						8.42		%													07/2032						16,393						16,317						0.4						16,393
			HP TLE Buyer, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(17)						—						—
			LOV Acquisition LLC*&^			Senior secured						SF +			4.25		%	(h)						7.97		%													11/2031						26,953						26,839						0.6						26,953
			LOV Acquisition LLC^(5)			Senior secured																		N/A(6)															11/2031						—						(12)						—						—
			Mamba Purchaser, Inc.^#(25)			Senior secured						SF +			3.00		%	(h)						6.73		%													10/2031						24,539						24,455						0.6						24,646
			New Look Corporation and New Look Vision Group Inc. ^(8)(9)(11)			One stop						CA +			5.25		%	(l)						7.51		%													05/2028						10,956						11,077						0.2						10,956
			Pathway Vet Alliance, LLC#			Senior secured						SF +			5.00		%	(i)						8.84		%													06/2028						5,000						5,045						0.1						5,047
			Pharmerica^(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													02/2031						12,279						12,215						0.3						12,353
			Pinnacle Treatment Centers, Inc.*&			One stop						SF +			5.75		%	(i)						9.57		%													01/2027						19,411						19,393						0.4						19,218
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.75		%	(i)						9.57		%													01/2027						17,109						17,109						0.4						16,938

See Notes to Consolidated Financial Statements

16

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(i)						9.57		%													01/2027						$	8,365					$	8,332					0.2			%			$	8,282
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(i)						9.57		%													01/2027						1,743						1,741						—						1,726
			Pinnacle Treatment Centers, Inc.^			One stop						P +			4.50		%	(a)(h)						10.81		%													01/2027						2,191						2,190						0.1						2,127
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(i)						9.57		%													01/2027						1,082						1,080						—						1,071
			Pinnacle Treatment Centers, Inc.*			One stop						SF +			5.75		%	(i)						9.57		%													01/2027						818						817						—						810
			PPV Intermediate Holdings, LLC*			One stop						SF +			5.75		%	(i)						9.57		%													08/2029						4,925						4,866						0.1						4,876
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.25		%	(i)						9.07		%													08/2029						4,461						4,402						0.1						4,347
			Premise Health Holding Corp.*^			One stop						SF +			4.50		%	(i)						8.17		%													11/2032						29,238						28,843						0.7						28,946
			Premise Health Holding Corp.^(5)			One stop																		N/A(6)															11/2031						—						(50)						—						(41)
			Premise Health Holding Corp.^			One stop						SF +			4.50		%	(i)						8.17		%													11/2032						6,240						6,178						0.1						6,177
			Premise Health Holding Corp.^(5)			One stop																		N/A(6)															11/2032						—						(13)						—						(26)
			Southern Veterinary Partners, LLC^#(25)			Senior secured						SF +			2.50		%	(i)						6.37		%													12/2031						18,421						18,455						0.4						18,420
																																													535,999						530,433						11.9						534,287
			Healthcare Technology
			Amberfield Acquisition Co.*			One stop						SF +			5.50		%	(i)						9.17		%													05/2030						2,180						2,164						—						2,180
			Amberfield Acquisition Co.^			One stop						SF +			5.50		%	(i)						9.17		%													05/2030						54						52						—						54
			Amberfield Acquisition Co.^			One stop						SF +			5.50		%	(i)						9.17		%													05/2030						69						69						—						69
			Athenahealth, Inc.^(8)(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													02/2029						12,700						12,632						0.3						12,740
			ESO Solution, Inc.^			One stop						SF +			6.75		%	(i)						10.58		%													05/2027						5,250						5,229						0.1						5,250
			FINThrive Software Intermediate Holdings, Inc.#			Senior secured						SF +			5.25		%	(i)						8.94		%													12/2028						1,990						1,981						—						1,848
			GHX Ultimate Parent Corporation*^			One stop						SF +			4.75		%	(i)						8.42		%													12/2031						75,472						74,826						1.7						75,472
			GHX Ultimate Parent Corporation^(5)			One stop																		N/A(6)															12/2031						—						(60)						—						—
			Healthmark Holdings, L.P.^(5)			One stop																		N/A(6)															07/2032						—						(14)						—						—
			Healthmark Holdings, L.P.^(5)			One stop																		N/A(6)															07/2032						—						(23)						—						—
			Healthmark Holdings, L.P.*^			One stop						SF +			4.50		%	(i)						8.32		%													07/2032						23,153						23,044						0.5						23,153
			Imprivata, Inc.^#(25)			Senior secured						SF +			3.00		%	(i)						6.67		%													12/2027						25,543						25,551						0.6						25,688
			Kona Buyer, LLC*^			One stop						SF +			4.50		%	(i)						8.36		%													07/2031						13,057						12,955						0.3						13,057
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(i)						8.36		%													07/2031						766						766						—						766
			Kona Buyer, LLC^(5)			One stop																		N/A(6)															07/2031						—						(12)						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(i)						8.36		%													07/2031						216						215						—						216
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75		%	(g)						9.47		%													02/2031						13,062						12,098						0.3						13,062
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75		%	(g)						9.47		%													02/2031						17,416						17,028						0.4						17,416
			Lacker Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(33)						—						—
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(g)						9.22		%													02/2031						589						591						—						488
			Mediware Information Systems, Inc.^#(25)			Senior secured						SF +			2.75		%	(h)						6.58		%													03/2028						25,066						25,048						0.6						25,161
			Milano Acquisition Corp.#(25)			Senior secured						SF +			4.00		%	(i)						7.77		%													10/2027						4,885						4,841						0.1						4,809
			Modernizing Medicine, Inc.*^(24)			One stop						SF +			4.75		%	(i)						6.17		%	cash/			2.25		%	PIK						04/2032						128,026						126,889						2.9						128,026
			Modernizing Medicine, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(106)						—						—
			Neptune Holdings, Inc.&			One stop						SF +			4.50		%	(i)						8.17		%													09/2030						5,533						5,454						0.1						5,533
			Neptune Holdings, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.&^(24)			One stop						SF +			5.20		%	(h)						6.22		%	cash/			2.70		%	PIK						08/2031						100,174						99,687						2.2						100,174
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(62)						—						—
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(31)						—						—
			Netsmart Technologies, Inc.^(24)			One stop						SF +			5.20		%	(h)						6.22		%	cash/			2.70		%	PIK						08/2031						46,364						46,251						1.0						46,364
			PointClickCare Technologies, Inc.^(8)(11)			Senior secured						SF +			2.75		%	(i)						6.42		%													11/2031						19,865						19,865						0.5						19,931
			QF Holdings, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(27)						—						(55)
			QF Holdings, Inc.^			One stop						SF +			4.50		%	(i)						8.19		%													12/2032						84,835						84,623						1.9						84,411
			QF Holdings, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(46)						—						(92)
			Signant Finance One Limited^(5)			One stop																		N/A(6)															10/2031						—						(33)						—						(34)
			Signant Finance One Limited^(24)			One stop						SF +			4.75		%	(i)						8.42		%	PIK												10/2031						35,069						34,728						0.8						34,718

See Notes to Consolidated Financial Statements

17

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Signant Finance One Limited^(5)			One stop																		N/A(6)															10/2031						$	—					$	(40)					—			%			$	(81)
			Stratose Intermediate Holdings II, LLC^#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													11/2031						10,920						10,920						0.2						10,852
			Stratose Intermediate Holdings II, LLC^(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													09/2029						447						448						—						443
			Symplr Software, Inc.#			Senior secured						SF +			4.50		%	(i)						8.44		%													12/2027						2,705						2,494						0.1						2,304
																																													655,406						649,962						14.6						653,923
			Hotels, Restaurants & Leisure
			BJH Holdings III Corp.*			One stop						SF +			5.00		%	(i)						8.69		%													08/2027						9,723						9,695						0.2						9,723
			BJH Holdings III Corp.&			One stop						SF +			5.00		%	(i)						8.69		%													08/2027						5,288						5,243						0.1						5,288
			CB Sports Holdings Bidco, LLC^(5)			One stop																		N/A(6)															12/2032						—						(4)						—						(4)
			CB Sports Holdings Bidco, LLC^			One stop						SF +			4.50		%	(i)						8.20		%													12/2032						3,691						3,677						0.1						3,677
			CB Sports Holdings Bidco, LLC^(5)			One stop																		N/A(6)															12/2032						—						(11)						—						(11)
			CB Sports Holdings Bidco, LLC^(5)			One stop																		N/A(6)															12/2032						—						—						—						(9)
			CR Fitness Holdings, LLC^			Senior secured						SF +			4.25		%	(i)						7.92		%													10/2031						2,195						2,167						0.1						2,166
			CR Fitness Holdings, LLC^			Senior secured						SF +			4.25		%	(i)						7.92		%													10/2032						103,970						103,718						2.3						103,710
			CR Fitness Holdings, LLC^(5)			Senior secured																		N/A(6)															10/2032						—						(56)						—						(58)
			Crumbl Enterprises, LLC&^			One stop						SF +			4.50		%	(i)						8.17		%													05/2032						115,200						114,678						2.6						115,200
			Crumbl Enterprises, LLC^(5)			One stop																		N/A(6)															05/2032						—						(42)						—						—
			Fertitta Entertainment, LLC^#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													01/2029						20,734						20,635						0.5						20,753
			GFP Atlantic Holdco 2, LLC*			One stop						SF +			6.00		%	(i)						9.87		%													11/2027						2,587						2,561						0.1						2,587
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00		%	(i)						9.85		%													11/2027						1,935						1,890						0.1						1,935
			Health Buyer, LLC^(5)			Senior secured																		N/A(6)															04/2030						—						(7)						—						—
			Health Buyer, LLC*^			Senior secured						SF +			4.75		%	(i)						8.42		%													04/2030						5,271						5,202						0.1						5,271
			Olo Parent, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(20)						—						—
			Olo Parent, Inc.&^			One stop						SF +			4.50		%	(i)						8.32		%													09/2032						91,032						90,814						2.0						91,032
			Patriot Acquireco, LLC^			One stop						SF +			4.50		%	(i)						8.18		%													09/2032						1,688						1,648						—						1,688
			Patriot Acquireco, LLC^			One stop						SF +			4.50		%	(i)						8.17		%													09/2032						84,207						83,806						1.9						84,207
			PB Group Holdings, LLC&^(24)			One stop						SF +			5.50		%	(h)						6.47		%	cash/			2.75		%	PIK						08/2030						33,422						33,297						0.8						33,422
			PB Group Holdings, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													08/2030						1,622						1,607						—						1,622
			QSR Acquisition Co.&			One stop						SF +			4.25		%	(h)						7.97		%													06/2032						15,216						15,163						0.3						15,216
			QSR Acquisition Co.^(5)			One stop																		N/A(6)															06/2032						—						(5)						—						—
			QSR Acquisition Co.^(5)			One stop																		N/A(6)															06/2032						—						(12)						—						—
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00		%	(g)						8.72		%													03/2032						44,778						42,645						1.0						44,778
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00		%	(g)						8.72		%													03/2032						1,066						1,002						—						1,066
			Rooster BidCo Limited^(5)(8)(9)(10)			One stop																		N/A(6)															03/2032						—						(204)						—						—
			Saguaro Buyer, LLC&			One stop						SF +			4.50		%	(i)						8.17		%													07/2032						2,711						2,699						0.1						2,711
			Saguaro Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(2)						—						—
			Saguaro Buyer, LLC^			One stop						SF +			4.50		%	(i)						8.34		%													07/2032						1,479						1,472						—						1,479
			Saguaro Buyer, LLC^			One stop						SF +			4.50		%	(i)						8.17		%													07/2032						366						357						—						366
			Scientific Games Holdings LP^#(25)			Senior secured						SF +			3.00		%	(i)						6.93		%													04/2029						16,550						16,492						0.4						16,281
			SDC Holdco, LLC*&^			One stop						SF +			4.38		%	(h)						8.10		%													07/2032						52,635						52,388						1.2						52,635
			SDC Holdco, LLC^(5)			One stop																		N/A(6)															07/2032						—						(29)						—						—
			SSRG Holdings, LLC*&			One stop						SF +			4.75		%	(i)						8.42		%													11/2029						22,560						22,422						0.5						22,560
			SSRG Holdings, LLC&			One stop						SF +			4.75		%	(i)						8.42		%													11/2029						10,086						10,009						0.2						10,086
			SSRG Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													11/2029						490						480						—						490
			SSRG Holdings, LLC^(5)			One stop																		N/A(6)															11/2029						—						(13)						—						—
			SSRG Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													11/2029						5,946						5,919						0.1						5,946
			Tacala LLC^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													01/2031						25,142						25,187						0.6						25,346
			YE Brands Holding, LLC*			One stop						SF +			4.75		%	(i)						8.42		%													10/2027						6,252						6,220						0.1						6,252
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													10/2027						890						884						—						890
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													10/2027						12						12						—						12
																																													688,744						683,584						15.4						688,313
			Household Durables
			Groundworks, LLC^#(25)			Senior secured						SF +			3.00		%	(h)						6.73		%													03/2031						12,954						12,980						0.3						13,035
			TLB Holdings I, LLC^(5)			One stop																		N/A(6)															10/2031						—						(8)						—						(8)

See Notes to Consolidated Financial Statements

18

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			TLB Holdings I, LLC^			One stop						SF +			4.75		%	(i)						8.62		%													10/2031						$	5,278					$	5,252					0.1			%			$	5,251
			TLB Holdings I, LLC^(5)			One stop																		N/A(6)															10/2031						—						(13)						—						(13)
																																													18,232						18,211						0.4						18,265
			Household Products
			WU Holdco, Inc.*^			One stop						SF +			4.75		%	(i)						8.42		%													04/2032						21,520						21,423						0.5						21,520
			WU Holdco, Inc.^			One stop						SF +			4.75		%	(i)						8.44		%													04/2032						140						133						—						140
			WU Holdco, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(12)						—						—
																																													21,660						21,544						0.5						21,660
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(i)						8.52		%													04/2026						6,637						6,626						0.1						6,305
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(i)						8.52		%													04/2026						4,315						4,307						0.1						4,099
			CPM Holdings, Inc.^#(25)			Senior secured						SF +			4.50		%	(h)						8.34		%													09/2028						6,965						6,926						0.2						6,942
			EAB Global, Inc. #(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													08/2030						13,462						13,456						0.3						12,003
			Essential Services Holdings Corporation*^			One stop						SF +			5.00		%	(i)						8.88		%													06/2031						40,923						40,604						0.9						40,514
			Essential Services Holdings Corporation^			One stop						SF +			5.00		%	(i)						8.88		%													06/2030						2,006						1,969						—						1,968
			Essential Services Holdings Corporation^(5)			One stop																		N/A(6)															06/2031						—						(31)						—						(80)
			Excelitas Technologies Corp.^(9)			One stop						E +			5.25		%	(b)						7.15		%													08/2029						15,991						14,776						0.4						15,991
			Excelitas Technologies Corp.^(5)			One stop																		N/A(6)															08/2029						—						(13)						—						—
			Madison IAQ LLC^(8)(25)			Senior secured						SF +			2.50		%	(j)						6.70		%													06/2028						4,867						4,868						0.1						4,897
																																													95,166						93,488						2.1						92,639
			Insurance
			Acrisure, LLC^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													11/2030						25,106						25,041						0.6						25,118
			Acrisure, LLC#			Senior secured						SF +			3.25		%	(h)						6.97		%													06/2032						4,975						4,981						0.1						4,987
			Alera Group, Inc.#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													05/2032						14,963						15,033						0.3						15,051
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(i)						9.02		%													07/2027						7,660						7,630						0.2						7,660
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(i)						9.02		%													07/2027						3,479						3,465						0.1						3,479
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(i)						9.02		%													07/2027						3,071						3,059						0.1						3,071
			Bellwether Buyer, LLC^(5)			One stop																		N/A(6)															04/2032						—						(45)						—						—
			Bellwether Buyer, LLC&^			One stop						SF +			4.50		%	(h)						8.23		%													04/2032						47,769						47,554						1.1						47,769
			Bellwether Buyer, LLC^(5)			One stop																		N/A(6)															04/2032						—						(56)						—						—
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(i)						9.34		%													03/2028						7,826						7,740						0.2						7,826
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(i)						9.29		%													03/2028						5,262						5,262						0.1						5,262
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(i)						9.34		%													03/2028						6,477						6,392						0.1						6,477
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(i)						9.34		%													03/2028						1,349						1,344						—						1,349
			Captive Resources Midco, LLC*&			One stop						SF +			4.50		%	(h)						8.22		%													07/2029						16,788						16,788						0.4						16,788
			Captive Resources Midco, LLC^			One stop																		N/A(6)															07/2028						—						—						—						—
			Disco Parent#			Senior secured						SF +			3.25		%	(i)						7.07		%													07/2032						15,250						15,300						0.3						15,364
			Doxa Insurance Holdings LLC*^			One stop						SF +			4.50		%	(i)						8.17		%													12/2030						12,614						12,412						0.3						12,614
			Doxa Insurance Holdings LLC^			One stop						SF +			4.50		%	(i)						8.17		%													12/2030						11,997						11,895						0.3						11,997
			Doxa Insurance Holdings LLC^			One stop						SF +			4.50		%	(i)						8.17		%													12/2029						331						315						—						331
			Doxa Insurance Holdings LLC^			One stop						SF +			4.50		%	(i)						8.34		%													12/2030						6,171						6,041						0.1						6,171
			Galway Borrower LLC*			One stop						SF +			4.50		%							8.17		%													09/2028						4,846						4,769						0.1						4,846
			Gimlet Bidco GMBH^(8)(9)(16)			One stop						E +			5.75		%	(c)						7.82		%													04/2031						1,762						1,574						—						1,762
			Gimlet Bidco GMBH^(8)(9)(16)			One stop						E +			5.75		%	(b)(c)						7.82		%													04/2031						687						642						—						687
			Gimlet Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															04/2031						—						(37)						—						—
			Hub International Limited^(8)(25)			Senior secured						SF +			2.25		%	(i)						6.12		%													06/2030						6,982						6,995						0.2						7,026
			Huskies Parent, Inc.^			One stop						SF +			6.00		%	(h)						9.82		%													11/2029						9,196						9,109						0.2						9,012
			Integrity Marketing Acquisition, LLC*^			One stop						SF +			5.00		%	(i)						8.82		%													08/2028						27,941						27,760						0.6						27,941
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(2)						—						—
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(3)						—						—
			J.S. Held Holdings, LLC*&			One stop						SF +			4.75		%	(i)						8.57		%													06/2028						19,608						19,415						0.4						19,608
			J.S. Held Holdings, LLC^			One stop						SF +			4.75		%	(i)						8.57		%													06/2028						11,509						11,286						0.3						11,509
			J.S. Held Holdings, LLC^(5)			One stop																		N/A(6)															06/2028						—						(1)						—						—
			Koala Investment Holdings, Inc.&^			One stop						SF +			4.50		%	(i)						8.17		%													08/2032						70,267						69,934						1.6						70,267

See Notes to Consolidated Financial Statements

19

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Koala Investment Holdings, Inc.^(5)			One stop																		N/A(6)															08/2032						$	—					$	(29)					—			%			$	—
			Koala Investment Holdings, Inc.^(5)			One stop																		N/A(6)															08/2032						—						(64)						—						—
			Majesco*&^			One stop						SF +			4.75		%	(i)						8.47		%													09/2028						44,382						44,353						1.0						44,382
			Majesco^(5)			One stop																		N/A(6)															09/2027						—						(1)						—						—
			MRH Trowe Germany GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															11/2031						—						(25)						—						—
			MRH Trowe Germany GMBH^(8)(9)(16)			One stop						E +			5.00		%	(d)						7.11		%													05/2032						65,052						61,683						1.4						65,052
			MRH Trowe Germany GMBH^(8)(9)(16)			One stop						E +			5.00		%	(c)						7.03		%													05/2032						10,099						10,017						0.2						10,099
			Oakbridge Insurance Agency LLC*^			One stop						SF +			4.75		%	(h)						8.47		%													11/2029						6,514						6,455						0.1						6,448
			Oakbridge Insurance Agency LLC^			One stop						SF +			4.75		%	(h)						8.47		%													11/2029						3,146						3,118						0.1						3,114
			Oakbridge Insurance Agency LLC^			One stop						SF +			4.75		%	(h)						8.48		%													11/2029						361						352						—						351
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.00		%	(h)						8.72		%													11/2029						2,521						2,474						0.1						2,504
			Oakbridge Insurance Agency LLC^(5)			One stop																		N/A(6)															11/2029						—						(50)						—						(100)
			OneDigital Borrower LLC^#			Senior secured						SF +			3.00		%	(h)						6.72		%													07/2031						18,329						18,325						0.4						18,399
			Trucordia Insurance Holdings, LLC#			Senior secured						SF +			3.25		%	(h)						6.97		%													06/2032						9,975						10,006						0.2						9,925
			Truist Insurance Holdings, LLC^#(8)			Senior secured						SF +			2.75		%	(i)						6.42		%													05/2031						14,274						14,275						0.3						14,316
			Wasabi Lower Holdco, LLC^(5)			Senior secured																		N/A(6)															06/2032						—						(21)						—						—
			Wasabi Lower Holdco, LLC^			Senior secured						SF +			4.50		%	(h)						8.22		%													06/2032						6,950						6,865						0.2						6,950
			World Insurance Associates, LLC^			One stop						SF +			5.00		%	(i)						8.68		%													04/2030						17,710						17,645						0.4						17,710
			World Insurance Associates, LLC^(5)			One stop																		N/A(6)															04/2030						—						(9)						—						—
																																													543,199						536,961						12.1						543,122
			IT Services
			Acquia, Inc.^			One stop						SF +			5.50		%	(i)						9.59		%													10/2026						9,956						9,943						0.2						9,956
			CivicPlus, LLC^(5)			One stop																		N/A(6)															08/2030						—						(5)						—						—
			CivicPlus, LLC^(5)			One stop																		N/A(6)															08/2030						—						(43)						—						—
			ContractPod Technologies, Ltd.^(8)(10)(24)			One stop						SF +			6.50		%	(i)						6.92		%	cash/			3.25		%	PIK						07/2030						3,456						3,441						0.1						3,456
			ContractPod Technologies, Ltd.^(8)(10)(24)			One stop						SF +			6.50		%	(i)						7.09		%	cash/			3.25		%	PIK						07/2030						850						842						—						850
			ContractPod Technologies, Ltd.^(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(8)						—						—
			Delinea Inc.*&^			One stop						SF +			5.75		%	(i)						9.57		%													03/2028						32,589						32,409						0.7						32,589
			Delinea Inc.*			One stop						SF +			5.75		%	(i)						9.57		%													03/2028						8,747						8,584						0.2						8,747
			Delinea Inc.*			One stop						SF +			5.75		%	(i)						9.57		%													03/2028						4,783						4,694						0.1						4,783
			KnowBe4#			Senior secured						SF +			3.75		%	(i)						7.59		%													07/2032						13,920						13,896						0.3						13,946
			LEIA FINCO US^#(8)(10)(25)			Senior secured						SF +			3.25		%	(i)						7.19		%													10/2031						21,877						21,788						0.5						21,985
			Netwrix Corporation*^			One stop						SF +			4.50		%	(i)						8.32		%													06/2029						12,424						12,320						0.3						12,424
			Netwrix Corporation^			One stop						SF +			4.50		%	(i)						8.32		%													06/2029						43						43						—						43
			PDQ.com Corporation^(5)			One stop																		N/A(6)															10/2032						—						(1)						—						(3)
			PDQ.com Corporation^			One stop						SF +			4.75		%	(i)						8.42		%													10/2032						5,756						5,742						0.1						5,727
			PDQ.com Corporation^(5)			One stop																		N/A(6)															10/2032						—						(7)						—						(7)
			ReliaQuest Holdings, LLC^(24)			One stop						SF +			6.00		%	(i)						6.59		%	cash/			3.25		%	PIK						04/2031						41,805						41,565						0.9						41,805
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(21)						—						—
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(46)						—						—
			ReliaQuest Holdings, LLC^(24)			One stop						SF +			6.00		%	(i)						6.59		%	cash/			3.25		%	PIK						04/2031						57,841						57,590						1.3						57,841
			Saturn Borrower Inc.*			One stop						SF +			6.00		%	(i)						9.67		%													11/2028						8,149						7,927						0.2						8,149
			Saturn Borrower Inc.^			One stop						SF +			6.00		%	(i)						9.68		%													11/2028						228						217						—						228
			UKG Inc.^(25)			Senior secured						SF +			2.50		%	(i)						6.34		%													02/2031						25,312						25,231						0.6						25,368
			VS Buyer, LLC^			Senior secured						SF +			2.25		%	(i)						6.09		%													04/2031						11,910						11,917						0.3						11,977
			WPEngine, Inc.^			One stop						SF +			5.75		%	(i)						9.45		%													08/2029						953						941						—						953
			WPEngine, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
																																													260,599						258,959						5.8						260,817
			Leisure Products
			Cast & Crew Payroll, LLC^			Senior secured						SF +			3.75		%	(h)						7.47		%													12/2028						2,419						2,426						—						1,461
			Crunch Holdings, LLC*&			One stop						SF +			4.50		%	(h)						8.22		%													09/2031						17,603						17,562						0.4						17,603
			Crunch Holdings, LLC^(5)			One stop																		N/A(6)															09/2031						—						(5)						—						—
			EP Purchaser, LLC^			Senior secured						SF +			3.50		%	(i)						7.43		%													11/2028						4,888						4,870						0.1						3,517
			Movement Holdings, LLC*&(8)(10)			One stop						SF +			5.50		%	(i)						9.32		%													03/2030						21,968						21,812						0.5						21,968

See Notes to Consolidated Financial Statements

20

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Movement Holdings, LLC^(8)(10)			One stop						SF +			5.50		%	(i)						9.32		%													03/2030						$	747					$	721					—			%			$	747
			Movement Holdings, LLC^(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(105)						—						—
																																													47,625						47,281						1.0						45,296
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00		%	(i)						8.69		%													11/2029						85,027						84,602						1.9						84,602
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50		%	(h)						8.22		%													09/2032						33,794						33,713						0.8						33,709
			Diamondback Acquisition, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(17)						—						(17)
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50		%	(h)						8.22		%													09/2032						875						864						—						863
			PAS Parent Inc.*&^			One stop						SF +			4.50		%	(h)						8.22		%													08/2032						22,134						21,731						0.5						22,134
			PAS Parent Inc.^(5)			One stop																		N/A(6)															08/2031						—						(16)						—						—
			PAS Parent Inc.^(5)			One stop																		N/A(6)															08/2032						—						(20)						—						—
																																													141,830						140,857						3.2						141,291
			Machinery
			AAL Delaware#(8)(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													07/2031						4,975						4,998						0.1						5,007
			AI Titan Parent, Inc.*^			One stop						SF +			4.50		%	(h)						8.22		%													08/2031						9,302						9,227						0.2						9,209
			AI Titan Parent, Inc.^			One stop						SF +			4.50		%	(h)						8.32		%													08/2031						419						411						—						400
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(9)						—						(12)
			Blackbird Purchaser, Inc.*&^			One stop						SF +			5.75		%	(i)						9.42		%													12/2030						20,006						19,878						0.5						20,006
			Blackbird Purchaser, Inc.^(5)			One stop																		N/A(6)															12/2030						—						(10)						—						—
			Blackbird Purchaser, Inc.^			One stop						SF +			5.75		%	(h)(i)						9.43		%													12/2029						1,690						1,673						0.1						1,690
			Filtration Group Corp.^#(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													10/2028						17,060						17,095						0.4						17,173
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25		%	(l)						6.51		%													06/2032						898						898						—						898
			Thermogenics, Inc.^(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(3)						—						—
			Thermogenics, Inc.&(8)(11)			One stop						SF +			4.25		%	(i)						7.92		%													06/2032						1,151						1,146						—						1,151
			Thermogenics, Inc.^(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(13)						—						—
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25		%	(l)						6.51		%													06/2032						92						92						—						92
			Thermogenics, Inc.^(8)(11)			One stop						SF +			4.25		%	(i)						7.92		%													06/2032						676						673						—						676
			Wireco Worldgroup Inc.^#			Senior secured						SF +			3.75		%	(i)						7.61		%													11/2028						9,191						9,187						0.2						9,215
																																													65,460						65,243						1.5						65,505
			Media
			Ascend Learning, LLC^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													12/2028						22,433						22,388						0.5						22,538
			Lotus Topco, Inc.*			One stop						SF +			4.75		%	(i)						8.42		%													06/2030						1,680						1,671						—						1,680
			Lotus Topco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(2)						—						—
			Lotus Topco, Inc.^			One stop						SF +			4.75		%	(i)						8.42		%													06/2030						213						208						—						213
			Lotus Topco, Inc.&			One stop						SF +			4.75		%	(i)						8.42		%													06/2030						10,186						10,117						0.2						10,186
			Shout! Factory, LLC*^			One stop						SF +			5.25		%	(i)						8.92		%													06/2031						17,671						17,549						0.4						17,671
			Shout! Factory, LLC^			One stop						SF +			5.25		%	(i)						8.93		%													06/2031						263						249						—						263
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(i)						9.59		%													05/2028						8,658						8,492						0.2						7,987
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(i)						9.59		%													05/2028						2,540						2,491						0.1						2,343
																																													63,644						63,163						1.4						62,881
			Oil, Gas & Consumable Fuels
			Edition Holdings, Inc.^			One stop						SF +			4.50		%	(i)						8.20		%													12/2032						6,460						6,436						0.1						6,436
			Edition Holdings, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(2)						—						(2)
			Edition Holdings, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(3)						—						(7)
			Edition Holdings, Inc.^(5)			One stop																		N/A(6)															12/2032						—						(2)						—						(3)
																																													6,460						6,429						0.1						6,424
			Paper & Forest Products
			Ranpak Corporation^#(8)			Senior secured						SF +			4.50		%	(h)						8.22		%													12/2031						3,631						3,629						0.1						3,640
			Ranpak Corporation^#(8)			Senior secured						SF +			4.50		%	(h)						8.22		%													12/2031						2,324						2,322						—						2,330
																																													5,955						5,951						0.1						5,970
			Personal Products
			Knowlton Development Corporation, Inc.^#(8)(11)(25)			Senior secured						SF +			3.50		%	(h)						7.22		%													08/2028						19,024						19,071						0.4						18,810

See Notes to Consolidated Financial Statements

21

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Pharmaceuticals
			ACP Ulysses Buyer, Inc.^			One stop						SF +			4.75		%	(i)						8.42		%													02/2030						$	5,955					$	5,718					0.1			%			$	5,955
			Caerus Midco 3 S.A.R.L.*(8)			One stop						SF +			5.00		%	(i)						8.67		%													05/2029						19,447						19,110						0.4						19,447
			Certara Holdco, Inc. and Certara USA, Inc.^(8)			Senior secured						SF +			2.75		%	(h)						6.47		%													06/2031						10,907						10,891						0.3						11,030
			Creek Parent, Inc.*^			One stop						SF +			5.00		%	(h)						8.73		%													12/2031						79,397						78,213						1.8						79,397
			Creek Parent, Inc.^(5)			One stop																		N/A(6)															12/2031						—						(160)						—						—
																																													115,706						113,772						2.6						115,829
			Professional Services
			Avalara, Inc.^#(25)			Senior secured						SF +			2.75		%	(i)						6.42		%													03/2032						20,879						20,866						0.5						20,994
			bswift, LLC^			One stop						SF +			4.75		%	(h)						8.57		%													11/2028						9,553						9,502						0.2						9,501
			Citrin Cooperman Advisors LLC^#(25)			Senior secured						SF +			3.00		%	(i)						6.67		%													03/2032						16,137						16,122						0.4						16,205
			Citrin Cooperman Advisors LLC#(5)			Senior secured																		N/A(6)															03/2032						—						(10)						—						4
			Dawn Bidco, LLC#(25)			Senior secured						SF +			3.00		%							6.65		%													09/2032						12,500						12,469						0.3						12,478
			Denali Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															08/2032						—						(139)						—						—
			Denali Intermediate Holdings, Inc.^			One stop						SF +			5.50		%	(h)						9.23		%													08/2032						146,455						145,063						3.3						146,455
			Eclipse Buyer, Inc.*^			One stop						SF +			4.50		%	(h)						8.25		%													09/2031						12,644						12,541						0.3						12,644
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(50)						—						—
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Eisner Advisory Group LLC#(25)			Senior secured						SF +			4.00		%	(h)						7.72		%													02/2031						4,477						4,510						0.1						4,515
			Eliassen Group, LLC*			One stop						SF +			5.75		%	(i)						9.42		%													04/2028						4,794						4,794						0.1						4,626
			Geosyntec Consultants, Inc.^#			Senior secured						SF +			3.00		%	(h)						6.72		%													07/2031						18,154						18,179						0.4						18,279
			Grant Thornton Advisors, LLC#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													06/2031						14,715						14,727						0.3						14,792
			IG Investments Holdings, LLC*^			One stop						SF +			5.00		%	(i)						8.84		%													09/2028						22,683						22,661						0.5						22,683
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(24)			One stop						SF +			6.00		%	(i)						6.34		%	cash/			3.50		%	PIK						11/2030						15,757						15,534						0.3						14,497
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(24)			One stop						SF +			6.00		%	(i)						6.17		%	cash/			3.50		%	PIK						11/2030						2,826						2,812						—						2,600
			Outcomes Group Holdings, Inc.^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													05/2031						14,888						14,896						0.3						15,000
			PGA Holdings, Inc.^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													04/2031						25,709						25,736						0.6						25,790
			Varicent Intermediate Holdings Corporation^(8)(11)(24)			One stop						SF +			6.26		%	(i)						6.54		%	cash/			3.38		%	PIK						08/2031						44,557						44,061						1.0						44,334
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(74)						—						(38)
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(37)						—						(31)
			Varicent Intermediate Holdings Corporation^(8)(11)(24)			One stop						SF +			6.26		%	(i)						6.55		%	cash/			3.38		%	PIK						08/2031						21,093						20,991						0.5						20,988
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(23)						—						(24)
																																													407,821						405,122						9.1						406,292
			Real Estate Management & Development
			RealPage, Inc.^(25)			Senior secured						SF +			3.00		%	(i)						6.93		%													04/2028						4,898						4,888						0.1						4,900
			Road & Rail
			Kenan Advantage Group, Inc.^#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													01/2029						28,708						28,636						0.6						28,508
			VRS Buyer, Inc.#(25)			Senior secured						SF +			3.50		%	(i)						7.24		%													10/2032						11,793						11,824						0.3						11,849
			VRS Buyer, Inc.#			Senior secured																		N/A(6)															10/2032						—						3						—						6
																																													40,501						40,463						0.9						40,363
			Software
			Anaplan, Inc.*			One stop						SF +			4.50		%	(i)						8.32		%													06/2029						9,900						9,843						0.2						9,900
			Appfire Technologies, LLC*			One stop						SF +			4.75		%	(i)						8.42		%													03/2028						10,048						9,970						0.2						9,947
			Appfire Technologies, LLC^(5)			One stop																		N/A(6)															03/2028						—						(67)						—						(225)
			Apttus Corporation^#			Senior secured						SF +			3.50		%	(i)						7.34		%													05/2028						16,368						16,363						0.4						16,368
			AQA Acquisition Holding, Inc. ^#			Senior secured						SF +			4.00		%	(i)						7.84		%													03/2028						25,492						25,505						0.6						24,058
			Artifact Bidco, Inc.*^			One stop						SF +			4.15		%	(i)						7.82		%													05/2031						5,024						4,985						0.1						5,024
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2031						—						(5)						—						—
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(2)						—						—
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(5)						—						—

See Notes to Consolidated Financial Statements

22

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00		%	(h)						9.72		%													03/2031						$	17,541					$	17,340					0.4			%			$	17,541
			Azurite Intermediate Holdings, Inc.*			One stop						SF +			6.00		%	(h)						9.72		%													03/2031						7,718						7,632						0.2						7,718
			Azurite Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															03/2031						—						(32)						—						—
			Baxter Planning Systems, LLC^(24)			One stop						SF +			6.26		%	(i)						6.72		%	cash/			3.38		%	PIK						05/2031						12,139						12,072						0.3						12,139
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(12)						—						—
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(14)						—						—
			BestPass, Inc.*&^			One stop						SF +			4.75		%	(h)						8.47		%													08/2031						36,142						35,998						0.8						36,142
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(14)						—						—
			BestPass, Inc.^			One stop						SF +			4.75		%	(h)						8.47		%													08/2031						4,800						4,781						0.1						4,800
			Bloomerang, LLC^(24)			One stop						SF +			6.50		%	(i)						6.67		%	cash/			3.50		%	PIK						12/2029						10,279						10,212						0.2						10,279
			Bloomerang, LLC^(24)			One stop						SF +			6.50		%	(i)						6.67		%	cash/			3.50		%	PIK						12/2029						1,028						1,008						—						1,028
			Bloomerang, LLC^			One stop						P +			5.00		%	(a)(i)						10.71		%													12/2029						1,140						1,125						—						1,140
			Blue Bidco Limited^(8)(9)(10)			One stop						E +			5.00		%	(d)						7.17		%													06/2032						13,177						12,652						0.3						13,177
			Blue Bidco Limited^(8)(9)(10)			One stop						SN +			5.00		%	(g)						8.72		%													06/2032						22,900						22,699						0.5						22,900
			Blue Bidco Limited^(8)(9)(10)			One stop																		N/A(6)															06/2032						—						—						—						—
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00		%	(j)						8.68		%													06/2032						3,300						3,285						0.1						3,300
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00		%	(j)						8.68		%													06/2032						6,778						6,778						0.2						6,778
			Bottomline Technologies, Inc.*			One stop						SF +			4.50		%	(i)						8.17		%													05/2029						4,863						4,779						0.1						4,863
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(h)						8.72		%													10/2029						3,959						3,943						0.1						3,959
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(h)						8.72		%													10/2029						3,959						3,944						0.1						3,959
			Burning Glass Intermediate Holdings Company, Inc.^			One stop						SF +			4.50		%	(i)						8.32		%													06/2028						731						727						—						731
			Burning Glass Intermediate Holdings Company, Inc.^			One stop						SF +			4.50		%	(i)						8.32		%													06/2028						12,925						12,893						0.3						12,925
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(g)						9.22		%													08/2030						4,828						4,497						0.1						4,828
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(g)						9.22		%													08/2030						945						879						—						945
			Camelia Bidco Limited^(8)(9)(10)			One stop						A +			5.50		%	(f)						9.05		%													08/2030						296						284						—						296
			Camelia Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(16)						—						—
			Capstone Borrower^#(8)(25)			Senior secured						SF +			2.75		%	(i)						6.42		%													06/2030						16,456						16,474						0.4						16,468
			CB Buyer, Inc.^			One stop						SF +			5.25		%	(i)						8.92		%													07/2031						37,296						37,022						0.8						36,923
			CB Buyer, Inc.^			One stop						SF +			5.25		%	(h)						8.97		%													07/2031						232						203						—						195
			CB Buyer, Inc.^			One stop						SF +			5.25		%	(i)						8.92		%													07/2031						408						366						—						342
			Cloud Software Group#(8)(25)			Senior secured						SF +			3.25		%	(i)						6.92		%													08/2032						14,056						14,079						0.3						14,090
			Cloud Software Group#(8)(25)			Senior secured						SF +			3.25		%	(i)						6.92		%													03/2031						3,990						4,000						0.1						4,000
			ConnectWise, LLC^#(25)			Senior secured						SF +			3.50		%	(i)						7.43		%													10/2028						28,467						28,423						0.6						28,023
			Conservice Midco, LLC^#			Senior secured						SF +			2.75		%	(h)						6.47		%													05/2030						15,940						15,944						0.4						15,995
			Cornerstone OnDemand, Inc.^(8)			Senior secured						SF +			3.75		%	(h)						7.58		%													10/2028						9,387						9,249						0.2						8,652
			Crewline Buyer, Inc.^			One stop						SF +			6.75		%	(i)						10.59		%													11/2030						28,617						28,321						0.6						28,617
			Crewline Buyer, Inc.^(5)			One stop																		N/A(6)															11/2030						—						(26)						—						—
			Cyberswift#(8)(14)			Senior secured						SF +			4.00		%	(i)						7.94		%													10/2032						7,000						6,966						0.2						6,998
			Daxko Acquisition Corporation*			One stop						SF +			4.75		%	(h)						8.47		%													10/2028						11,544						11,300						0.3						11,544
			Daxko Acquisition Corporation^			One stop						SF +			4.75		%	(h)						8.47		%													10/2028						5,450						5,402						0.1						5,450
			Daxko Acquisition Corporation^(5)			One stop																		N/A(6)															10/2028						—						(20)						—						—
			Denali Bidco Limited^(8)(9)(10)			One stop						SN +			5.00		%	(g)						8.72		%													09/2031						28,982						28,740						0.7						28,982
			Denali Bidco Limited^(8)(9)(10)			One stop						E +			5.00		%	(c)						7.02		%													09/2031						56,275						55,321						1.3						56,275
			Denali Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															09/2031						—						(34)						—						—
			Denali Bidco Limited^(8)(9)(10)(24)			Subordinated debt						N/A												9.80		%	PIK												09/2032						27,429						27,113						0.6						27,429
			Denali Bidco Limited^(8)(9)(10)(24)			Subordinated debt						N/A												11.20		%	PIK												09/2032						18,195						18,072						0.4						18,195
			ECI Macola/Max Holding, LLC^#(8)(25)			Senior secured						SF +			2.75		%	(i)						6.42		%													05/2030						23,269						23,308						0.5						23,416
			Einstein Parent, Inc.^			One stop						SF +			6.50		%	(i)						10.36		%													01/2031						40,574						39,889						0.9						40,574
			Einstein Parent, Inc.^(5)			One stop																		N/A(6)															01/2031						—						(71)						—						—
			Epicor Software Corporation#(25)			Senior secured						SF +			2.50		%	(h)						6.22		%													05/2031						6,012						6,030						0.1						6,039
			Espresso Bidco, Inc.^(24)			One stop						SF +			5.76		%	(i)						6.30		%	cash/			3.13		%	PIK						03/2032						36,813						36,333						0.8						36,813
			Espresso Bidco, Inc.^(5)			One stop																		N/A(6)															03/2032						—						(66)						—						—

See Notes to Consolidated Financial Statements

23

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Espresso Bidco, Inc.^(5)			One stop																		N/A(6)															03/2032						$	—					$	(59)					—			%			$	—
			EverCommerce Solutions, Inc.^(8)			Senior secured						SF +			2.25		%	(h)						5.97		%													07/2031						8,038						8,053						0.2						8,071
			Evergreen IX Borrower 2023, LLC*^			One stop						SF +			4.75		%	(i)						8.42		%													09/2030						11,646						11,404						0.3						11,646
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													09/2030						3,636						3,608						0.1						3,636
			Evergreen IX Borrower 2023, LLC^(5)			One stop																		N/A(6)															10/2029						—						(25)						—						—
			Flexera Software, LLC^(9)			One stop						E +			4.50		%	(b)						6.43		%													08/2032						11,260						11,208						0.3						11,218
			Flexera Software, LLC*^			One stop						SF +			4.50		%	(i)						8.35		%													08/2032						31,766						31,728						0.7						31,647
			Flexera Software, LLC^(5)			One stop																		N/A(6)															08/2032						—						(3)						—						(9)
			Flexera Software, LLC^			One stop						SF +			4.50		%	(i)						8.19		%													08/2032						10,012						9,975						0.2						9,975
			GTIV, LLC^			One stop						SF +			4.75		%	(h)(i)						8.59		%													02/2031						46,539						46,423						1.0						46,423
			Gurobi Optimization, LLC^			One stop						SF +			4.50		%	(i)						8.17		%													09/2031						41,843						41,495						0.9						41,843
			Gurobi Optimization, LLC^(5)			One stop																		N/A(6)															09/2031						—						(32)						—						—
			Hyland Software, Inc.*^			One stop						SF +			5.00		%	(i)						8.67		%													09/2030						28,114						27,830						0.6						28,114
			Hyland Software, Inc.^(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.&^			One stop						SF +			4.50		%	(i)						8.17		%													01/2030						37,270						36,938						0.8						37,270
			Icefall Parent, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(33)						—						—
			IGT Holding IV AB#(8)(20)			Senior secured						SF +			3.00		%	(i)						6.67		%													09/2031						2,000						2,005						0.1						2,015
			Instructure Holdings, Inc.^#(25)			Senior secured						SF +			2.75		%	(i)						6.44		%													11/2031						15,030						15,006						0.3						15,075
			iSolved, Inc.^#			Senior secured						SF +			2.75		%	(h)						6.47		%													10/2030						25,334						25,369						0.6						25,457
			Javelin Buyer, Inc.^#(25)			Senior secured						SF +			2.75		%	(i)						6.59		%													12/2031						20,030						20,057						0.5						20,119
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(i)						8.42		%													07/2032						85						81						—						85
			Kairos Bidco Limited&			One stop						SF +			4.75		%	(i)						8.42		%													07/2032						4,890						4,867						0.1						4,890
			Kairos Bidco Limited^(5)			One stop																		N/A(6)															07/2032						—						(8)						—						—
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(i)						8.42		%													07/2032						735						732						—						735
			Kaseya Inc.^(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													03/2032						5,084						5,060						0.1						5,094
			LeadsOnline, LLC*			One stop						SF +			4.50		%	(i)						8.48		%													02/2028						4,362						4,303						0.1						4,362
			LeadsOnline, LLC*			One stop						SF +			4.50		%	(i)						8.17		%													02/2028						2,225						2,218						0.1						2,225
			LeadsOnline, LLC^			One stop						SF +			4.50		%	(i)						8.48		%													02/2028						770						759						—						770
			LeadsOnline, LLC^(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—
			Lighthouse Bidco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(c)						6.77		%													12/2031						26,680						23,572						0.6						26,680
			Lighthouse Bidco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(d)						6.87		%													06/2031						2,466						2,400						0.1						2,466
			Lighthouse Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															12/2031						—						(122)						—						—
			LogicMonitor, Inc.^			One stop						SF +			5.50		%	(i)						9.34		%													11/2031						52,165						51,885						1.2						51,513
			LogicMonitor, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(30)						—						(71)
			LogicMonitor, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(20)						—						(41)
			Matrix42 Holding GMBH^(8)(9)(16)			One stop						E +			6.25		%	(d)						8.32		%													12/2029						191						175						—						191
			Matrix42 Holding GMBH^(8)(9)(16)			One stop						E +			6.25		%	(c)						8.31		%													12/2029						20,929						20,556						0.5						20,929
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.00		%	(c)						7.07		%													11/2031						14,669						13,030						0.3						14,669
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)			One stop						SF +			5.00		%	(i)						8.82		%													11/2031						9,353						9,234						0.2						9,353
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.00		%	(c)						7.06		%													11/2031						1,310						1,268						—						1,310
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.00		%	(c)						7.06		%													11/2030						2,969						2,927						0.1						2,969
			Modena Buyer, LLC^#(25)			Senior secured						SF +			4.25		%	(i)						8.09		%													07/2031						17,890						17,537						0.4						17,832
			Motus Group, LLC^			Senior secured						SF +			3.75		%	(i)						7.42		%													12/2028						8,763						8,784						0.2						8,748
			MYOB Invest Co Pty Ltd^(8)(9)(12)(24)			One stop						A +			5.25		%	(e)						6.19		%	cash/			2.75		%	PIK						06/2030						169,615						163,635						3.8						169,615
			Navex Global Holdings Corporation*&^			One stop						SF +			5.00		%	(i)						8.91		%													10/2032						28,723						28,278						0.6						28,581
			Navex Global Holdings Corporation^(5)			One stop																		N/A(6)															10/2031						—						(6)						—						(11)
			Navex Global Holdings Corporation^(5)			One stop																		N/A(6)															10/2032						—						(7)						—						(14)
			Onit, Inc.&^			One stop						SF +			4.75		%	(i)						8.59		%													01/2032						18,763						18,603						0.4						18,810
			Onit, Inc.^(5)			One stop																		N/A(6)															01/2032						—						(23)						—						—
			Onit, Inc.^(5)			One stop																		N/A(6)															01/2032						—						(35)						—						—
			Onit, Inc.^			One stop						SF +			4.50		%	(i)						8.34		%													01/2032						3,163						3,155						0.1						3,163
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)			One stop						E +			5.75		%	(c)						7.77		%													11/2029						10,139						9,140						0.2						10,164

See Notes to Consolidated Financial Statements

24

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)			One stop						E +			5.00		%	(c)						7.02		%													11/2029						$	737					$	619					—			%			$	737
			Panzura, LLC^(24)			One stop						N/A												7.00		%	cash/			8.00		%	PIK						08/2027						67						65						—						60
			Personify, Inc.*&			One stop						SF +			4.75		%	(h)						8.47		%													09/2028						17,087						17,016						0.4						17,087
			Personify, Inc.*			One stop						SF +			4.75		%	(h)						8.47		%													09/2028						6,342						6,302						0.1						6,342
			Pineapple German Bidco GMBH^(8)(9)(16)(24)			One stop						E +			5.26		%	(c)						4.15		%	cash/			3.13		%	PIK						01/2031						21,428						19,525						0.5						21,428
			Pineapple German Bidco GMBH^(8)(16)(24)			One stop						SF +			5.26		%	(i)						5.78		%	cash/			3.13		%	PIK						01/2031						17,126						16,986						0.4						17,126
			Pineapple German Bidco GMBH^(8)(9)(16)(24)			One stop						E +			5.26		%	(c)						4.15		%	cash/			3.13		%	PIK						01/2031						6,641						5,996						0.2						6,641
			Pineapple German Bidco GMBH^(8)(9)(16)(24)			One stop						E +			5.26		%	(c)						4.15		%	cash/			3.13		%	PIK						01/2031						6,038						5,200						0.1						6,038
			Pineapple German Bidco GMBH^(8)(16)(24)			One stop						SF +			5.26		%	(i)						5.78		%	cash/			3.13		%	PIK						01/2031						1,446						1,418						—						1,446
			Pineapple German Bidco GMBH^(8)(9)(16)(24)			One stop						E +			5.26		%	(c)						4.15		%	cash/			3.13		%	PIK						01/2031						1,471						1,330						—						1,471
			Pineapple German Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															01/2031						—						(207)						—						—
			PING Identity Holding Corp.#			Senior secured						SF +			2.75		%	(i)						6.59		%													11/2032						10,000						9,975						0.2						10,038
			Planview Parent, Inc.^#			Senior secured						SF +			3.50		%	(i)						7.17		%													12/2027						21,855						21,796						0.5						21,032
			Pluralsight, LLC^(7)(24)			One stop						SF +			7.50		%	(i)						11.32		%	PIK												08/2029						2,085						2,032						—						1,626
			Pluralsight, LLC^(24)			One stop						SF +			4.50		%	(i)						6.82		%	cash/			1.50		%	PIK						08/2029						1,211						1,185						—						1,163
			Pluralsight, LLC^(24)			One stop						SF +			4.50		%	(i)						6.82		%	cash/			1.50		%	PIK						08/2029						606						606						—						581
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(12)
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(30)
			Proofpoint, Inc.^#(25)			Senior secured						SF +			3.00		%	(i)						6.67		%													08/2028						27,522						27,515						0.6						27,709
			QAD, Inc.*			One stop						SF +			4.75		%	(h)						8.47		%													11/2027						9,722						9,722						0.2						9,722
			Rainforest Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															07/2029						—						(60)						—						—
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			4.75		%	(c)						6.78		%													07/2029						15,270						14,103						0.3						15,270
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			4.75		%	(c)						6.83		%													07/2029						3,991						3,950						0.1						3,991
			Sophia, L.P.#(8)(25)			Senior secured						SF +			2.75		%	(h)						6.47		%													10/2029						9,021						9,040						0.2						9,083
			Spark Bidco Limited^(8)(9)(10)			One stop						A +			4.75		%	(e)						8.33		%													10/2032						19,601						19,249						0.5						19,601
			Spark Bidco Limited^(8)(10)			One stop						SF +			4.75		%	(i)						8.69		%													10/2032						94,724						94,008						2.1						94,724
			Spark Bidco Limited^(8)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Spark Bidco Limited^(8)(10)			One stop						SF +			4.75		%	(i)						8.69		%													10/2032						34,275						34,275						0.8						34,275
			Spark Bidco Limited^(8)(9)(10)			One stop						SN +			3.98		%	(g)						7.70		%													10/2032						2,984						2,969						0.1						2,984
			Telesoft Holdings LLC*			One stop						SF +			5.75		%	(h)						9.57		%													12/2026						5,612						5,601						0.1						5,612
			Togetherwork Holdings, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													05/2031						44,316						44,017						1.0						44,316
			Togetherwork Holdings, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													05/2031						1,111						1,067						—						1,111
			Togetherwork Holdings, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													05/2031						575						545						—						575
			Transform Bidco Limited^(8)(10)(24)			One stop						SF +			6.90		%	(i)						7.94		%	cash/			2.90		%	PIK						01/2031						14,967						14,716						0.3						14,967
			Transform Bidco Limited^(8)(10)(24)			One stop						SF +			6.75		%	(i)						10.69		%	PIK												01/2031						7,930						7,844						0.2						7,930
			Transform Bidco Limited^(8)(9)(10)(24)			One stop						A +			6.75		%	(e)(i)						7.62		%	cash/			2.75		%	PIK						01/2031						2,691						2,607						0.1						2,691
			Transform Bidco Limited^(8)(9)(10)(24)			One stop						SN +			6.75		%	(g)						7.72		%	cash/			2.75		%	PIK						01/2031						424						398						—						424
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.50		%	(h)						10.73		%													06/2030						487						455						—						487
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(45)						—						—
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(108)						—						—
			Tricentis Operations Holdings, Inc.^(24)			One stop						SF +			6.26		%	(i)						5.22		%	cash/			4.88		%	PIK						02/2032						64,188						63,918						1.4						64,188
			Tricentis Operations Holdings, Inc.^(5)			One stop																		N/A(6)															02/2032						—						(34)						—						—
			Tricentis Operations Holdings, Inc.^(5)			One stop																		N/A(6)															02/2032						—						(54)						—						—
			Vanco Payment Solutions, LLC^(5)			One stop																		N/A(6)															12/2031						—						(9)						—						(9)
			Vanco Payment Solutions, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													12/2031						19,219						19,029						0.4						19,026
			Vantage Bidco GMBH^(8)(9)(16)			One stop						E +			6.00		%	(c)						8.02		%													04/2031						21,797						19,582						0.5						21,797
			Vantage Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															10/2030						—						(38)						—						—
			Varinem German Midco GMBH^(8)(9)(16)			One stop						E +			5.50		%	(d)						7.57		%													07/2031						27,640						25,463						0.6						27,640
			Varinem German Midco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(d)						6.82		%													07/2031						10,751						9,945						0.2						10,751
			Viper Bidco, Inc.^			One stop						SF +			4.75		%	(i)						8.42		%													11/2031						53,798						53,571						1.2						53,932
			Viper Bidco, Inc.^(9)			One stop						SN +			4.75		%	(g)						8.47		%													11/2031						24,785						23,061						0.6						24,847
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(22)						—						—
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(12)						—						—

See Notes to Consolidated Financial Statements

25

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						$	—					$	(21)					—			%			$	—
			Zendesk, Inc.*^			One stop						SF +			5.00		%	(i)						8.69		%													11/2028						10,136						10,136						0.2						10,136
																																													1,992,806						1,955,485						44.4						1,987,611
			Specialized Finance
			AGL CLO 20 Ltd.(8)(18)(26)			Structured Finance Note						SF +			4.45		%							8.33		%													10/2037						1,500						1,508						—						1,499
			AGL CLO 45, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.60		%							7.70		%													01/2039						2,500						2,500						0.1						2,532
			AGL CLO 46, Ltd.(8)(19)			Structured Finance Note						SF +			3.60		%							7.15		%													01/2039						3,000						3,000						0.1						3,000
			AGL CLO 5, Ltd.(8)(19)			Structured Finance Note						SF +			3.95		%							7.74		%													01/2039						3,000						3,000						0.1						3,008
			AIMCO CLO 20, Ltd.(8)(18)(26)			Structured Finance Note						SF +			3.60		%							7.53		%													10/2038						3,750						3,750						0.1						3,800
			Apidos CLO LIII(8)(19)(26)			Structured Finance Note						SF +			3.50		%							7.38		%													07/2038						2,000						2,000						—						2,014
			Apidos CLO LIII(8)(19)(26)			Structured Finance Note						SF +			4.80		%							8.68		%													07/2038						2,375						2,375						—						2,389
			Apidos CLO XXVIII(8)(19)(26)			Structured Finance Note						SF +			4.05		%							7.83		%													10/2038						4,500						4,500						0.1						4,531
			Ares LVII CLO, Ltd.(8)(19)			Structured Finance Note						SF +			3.75		%							7.63		%													10/2038						3,000						3,000						0.1						2,984
			Ares LXIII CLO, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.35		%							8.13		%													10/2038						3,500						3,500						0.1						3,511
			Ares LXXVIII CLO, Ltd.(8)(19)			Structured Finance Note						SF +			3.75		%							7.59		%													01/2039						5,000						5,000						0.1						5,033
			Bain Capital Credit CLO 2022-1, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.95		%							7.83		%													10/2038						9,000						9,000						0.2						9,021
			Bain Capital Credit CLO 2023-4, Ltd.(8)(19)			Structured Finance Note						SF +			3.90		%							7.78		%													01/2039						7,875						7,875						0.2						7,858
			Bain Capital Credit CLO 2025-3, Limited(8)(19)(26)			Structured Finance Note						SF +			4.05		%							7.83		%													07/2038						4,000						4,000						0.1						4,024
			Bain Capital Credit CLO 2025-4, Limited(8)(19)(26)			Structured Finance Note						SF +			3.65		%							7.65		%													01/2039						2,000						2,000						—						2,030
			Bain Capital Credit CLO 2025-5, Ltd.(8)(19)			Structured Finance Note						SF +			3.65		%							7.42		%													01/2039						2,000						2,000						—						2,000
			Balboa Bay Loan Funding 2025-2, Ltd.(8)(19)			Structured Finance Note						SF +			3.85		%							7.64		%													01/2039						4,000						4,000						0.1						4,000
			Ballyrock CLO 30, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.05		%							8.04		%													10/2038						3,000						3,000						0.1						3,019
			Ballyrock CLO 32, Ltd.(8)(19)			Structured Finance Note						SF +			3.60		%							7.49		%													01/2039						5,000						5,000						0.1						5,063
			BCC Middle Market CLO 2023-2, LLC(8)			Structured Finance Note						SF +			3.50		%							7.20		%													10/2035						12,750						12,750						0.3						12,782
			Carlyle US CLO 2023-3, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.75		%							7.75		%													10/2040						5,000						5,000						0.1						5,021
			Carlyle US CLO 2025-2, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.35		%							7.13		%													07/2038						2,500						2,500						0.1						2,540
			CBAMR 2018-5, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.15		%							7.93		%													10/2038						4,000						4,000						0.1						4,014
			CBAMR 2019-11R, Ltd.(8)(19)			Structured Finance Note						SF +			4.20		%							8.08		%													03/2038						4,500						4,500						0.1						4,507
			CIFC Funding 2018-III, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.90		%							8.10		%													10/2038						3,500						3,500						0.1						3,524
			CIFC Funding 2019-II, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.85		%							8.02		%													10/2038						5,000						5,000						0.1						5,030
			CIFC Funding 2019-V, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.95		%							8.15		%													10/2038						3,000						3,000						0.1						3,018
			CIFC Funding 2020-III, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.65		%							7.51		%													10/2028						5,000						5,000						0.1						5,080
			CIFC Funding 2021-III, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.70		%							7.64		%													10/2038						3,000						3,000						0.1						3,011
			CIFC Funding 2025-IV, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.10		%							7.88		%													10/2038						2,500						2,500						0.1						2,519
			CIFC Funding 2025-V, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.00		%							8.00		%													10/2038						5,000						5,000						0.1						5,040
			Davis Park CLO, Ltd.(8)(18)(26)			Structured Finance Note						SF +			4.35		%							8.23		%													07/2038						5,000						5,000						0.1						5,012
			Eaton Vance CLO 2013-1, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.15		%							8.05		%													10/2038						5,000						5,000						0.1						5,008

See Notes to Consolidated Financial Statements

26

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Elmwood CLO 19, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.75		%							7.75		%													10/2038						$	2,000					$	2,000					—			%			$	2,010
			GoldenTree Loan Management US CLO 15, Ltd.(8)(18)(26)			Structured Finance Note						SF +			3.75		%							7.63		%													10/2038						2,250						2,250						—						2,275
			GoldenTree Loan Management US CLO 17, Ltd.(8)(18)(26)			Structured Finance Note						SF +			4.00		%							7.88		%													01/2039						1,500						1,500						—						1,510
			GoldenTree Loan Management US CLO 27, Ltd.(8)(19)			Structured Finance Note						SF +			3.65		%							7.54		%													01/2040						7,500						7,500						0.2						7,535
			Green Lakes Park CLO, LLC(8)(26)			Structured Finance Note						SF +			3.70		%							7.56		%													01/2038						3,350						3,350						0.1						3,355
			Higley Park CLO, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.00		%							7.87		%													07/2038						3,750						3,750						0.1						3,782
			Hook Park CLO, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.75		%							8.53		%													07/2038						3,000						3,000						0.1						3,017
			Ivy Hill Middle Market Credit Fund XX, Ltd.(8)(18)(26)			Structured Finance Note						SF +			4.00		%							7.88		%													07/2037						4,500						4,500						0.1						4,514
			Madison Park Funding XLVIII, Ltd.(8)(19)			Structured Finance Note						SF +			3.85		%							7.64		%													01/2039						4,500						4,500						0.1						4,513
			Madison Park Funding XVII, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.15		%							8.02		%													10/2037						5,700						5,709						0.1						5,723
			MCF CLO IV, LLC(8)(26)			Structured Finance Note						SF +			5.00		%							9.00		%													10/2037						4,750						4,750						0.1						4,777
			Neuberger Berman CLO 32R, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.25		%							8.03		%													07/2039						5,500						5,500						0.1						5,484
			OCP CLO 2025-44, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.05		%							7.83		%													10/2038						4,000						4,000						0.1						4,033
			OHA Credit Funding 22, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.25		%							8.03		%													07/2038						2,500						2,500						0.1						2,530
			OHA Credit Partners VII, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.50		%							7.39		%													02/2028						2,000						1,975						—						2,013
			Orion CLO 2023-2, Ltd.(8)(18)			Structured Finance Note						SF +			4.00		%							7.70		%													01/2037						4,500						4,500						0.1						4,511
			Orion CLO 2025-5, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.25		%							8.13		%													07/2038						4,000						4,000						0.1						4,027
			Orion CLO 2025-6 Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.05		%							8.10		%													10/2038						4,000						4,000						0.1						3,995
			Palmer Square CLO 2019-1, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.00		%							7.85		%													08/2038						3,000						3,000						0.1						3,005
			Palmer Square CLO 2021-3, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.05		%							7.95		%													10/2038						4,500						4,500						0.1						4,510
			Palmer Square CLO 2023-3, Ltd.(8)(19)			Structured Finance Note						SF +			3.75		%							7.44		%													01/2029						4,000						4,000						0.1						4,000
			Peace Park CLO, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.85		%							7.73		%													10/2038						3,900						3,900						0.1						3,925
			Pikes Peak CLO 9(8)(19)(26)			Structured Finance Note						SF +			4.20		%							8.06		%													10/2038						5,000						5,000						0.1						5,009
			Pikes Peak CLO 15 (2023), Ltd.(8)(18)(26)			Structured Finance Note						SF +			3.90		%							7.78		%													10/2038						2,375						2,375						—						2,390
			Rockland Park CLO, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.20		%							8.08		%													07/2038						2,500						2,500						0.1						2,488
			Sixth Street CLO XII, Ltd.(8)(19)			Structured Finance Note						SF +			3.70		%							7.49		%													01/2039						2,000						2,000						—						2,008
			Sixth Street CLO XIV, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.70		%							7.57		%													01/2038						2,000						1,975						—						2,004
			Sixth Street CLO XVIII, Ltd.(8)(19)(26)			Structured Finance Note						SF +			3.85		%							7.73		%													10/2038						3,000						3,000						0.1						2,990
			Voya CLO 2020-2, Ltd.(8)(19)(25)(26)			Structured Finance Note						SF +			4.00		%							7.88		%													01/2038						1,000						1,000						—						997
			Voya CLO 2025-2, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.85		%							8.75		%													07/2038						5,000						5,000						0.1						5,025
			Voya CLO 2025-4, Ltd.(8)(19)(26)			Structured Finance Note						SF +			4.05		%							7.95		%													10/2038						5,700						5,700						0.1						5,745
																																													250,025						249,992						5.6						251,122
			Specialty Retail
			Ashco, LLC#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													01/2032						37,562						37,491						0.9						37,829
			Ave Holdings III, Corp*&			One stop						SF +			5.50		%	(j)						9.62		%													02/2028						13,412						13,226						0.3						13,009
			Biscuit Parent, LLC*&^			One stop						SF +			4.75		%	(i)						8.42		%													02/2031						35,903						35,659						0.8						35,903
			Biscuit Parent, LLC^(5)			One stop																		N/A(6)															02/2031						—						(31)						—						—
			Biscuit Parent, LLC^			One stop						SF +			4.75		%	(i)						8.42		%													02/2031						4,472						4,415						0.1						4,472

See Notes to Consolidated Financial Statements

27

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Cavender Stores L.P.*&			Senior secured						SF +			5.00		%	(i)						8.67		%													10/2029						$	23,889					$	23,737					0.5			%			$	23,889
			Consilio Midco Limited^(8)(9)(10)(24)			Subordinated debt						E +			7.50		%	(d)						9.60		%	PIK												04/2033						4,466						4,300						0.1						4,466
			Consilio Midco Limited^(8)(9)(10)			Senior secured						E +			4.75		%	(c)						6.77		%													04/2032						38,061						36,676						0.9						38,061
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75		%	(i)						8.42		%													04/2032						30,962						30,823						0.7						30,962
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75		%	(i)						8.42		%													04/2032						19,084						18,998						0.4						19,084
			Consilio Midco Limited^(5)(8)(10)			Senior secured																		N/A(6)															04/2032						—						(53)						—						—
			Consilio Midco Limited^(8)(10)			Senior secured																		N/A(6)															04/2032						—						—						—						—
			Consilio Midco Limited^(8)(10)(24)			Subordinated debt						SF +			7.50		%	(i)						11.23		%	PIK												04/2033						5,629						5,592						0.1						5,629
			Consilio Midco Limited^(8)(10)(24)			Subordinated debt						SF +			7.50		%	(i)						11.82		%	PIK												04/2033						6						6						—						6
			CVP Holdco, Inc.*^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						32,806						32,549						0.7						32,806
			CVP Holdco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(26)						—						—
			CVP Holdco, Inc.^			One stop						SF +			4.75		%	(h)						8.47		%													06/2031						2,010						1,976						0.1						2,010
			Med Parentco, LP^#(25)			Senior secured						SF +			3.25		%	(h)						6.97		%													04/2031						22,347						22,366						0.5						22,440
			Metal Supermarkets US Buyer, LLC&(8)(11)			One stop						SF +			4.75		%	(i)						8.42		%													12/2030						12,326						12,275						0.3						12,326
			Metal Supermarkets US Buyer, LLC^(8)(11)			One stop						SF +			4.75		%	(i)						8.42		%													12/2030						328						322						—						328
			PetVet Care Centers LLC^			One stop						SF +			6.00		%	(h)						9.72		%													11/2030						9,215						9,089						0.2						8,293
			PetVet Care Centers LLC^			One stop						SF +			6.00		%	(h)						9.84		%													11/2029						140						122						—						21
			Radiance Borrower, LLC&^(24)			One stop						SF +			5.25		%	(h)						8.97		%													06/2031						41,495						41,259						0.9						41,495
			Radiance Borrower, LLC^			One stop						SF +			5.25		%	(h)						8.97		%													06/2031						388						362						—						388
			VSG Acquisition Corp. and Sherrill, Inc.*&^			One stop						SF +			5.00		%	(h)						8.72		%													10/2029						30,999						30,599						0.7						30,999
			VSG Acquisition Corp. and Sherrill, Inc.^			One stop						SF +			5.00		%	(h)						8.72		%													10/2029						331						324						—						331
			VSG Acquisition Corp. and Sherrill, Inc.^(5)			One stop																		N/A(6)															10/2029						—						(10)						—						—
																																													365,831						362,046						8.2						364,747
			Trading Companies & Distributors
			Marcone Yellowstone Buyer Inc.^(24)			One stop						SF +			7.00		%	(i)						7.88		%	cash/			3.25		%	PIK						06/2028						11,998						11,710						0.2						10,799
			Marcone Yellowstone Buyer Inc.^(24)			One stop						SF +			7.00		%	(i)						7.88		%	cash/			3.25		%	PIK						06/2028						5,089						4,966						0.1						4,580
																																													17,087						16,676						0.3						15,379
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC*^			One stop						SF +			5.00		%	(h)						8.72		%													02/2032						54,616						54,318						1.2						54,616
			LDS Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															02/2032						—						(44)						—						—
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													02/2032						10,815						10,756						0.3						10,815
			LDS Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															02/2032						—						(33)						—						—
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00		%	(h)						8.72		%													02/2032						1,809						1,800						—						1,809
			PODS, LLC#(25)			Senior secured						SF +			3.00		%	(h)						6.83		%													03/2028						4,979						4,880						0.1						4,930
																																													72,219						71,677						1.6						72,170
			Water Utilities
			Aegion Corporation^#(25)			Senior secured						SF +			3.00		%	(h)						6.72		%													05/2028						17,304						17,276						0.4						17,416
			Aegion Corporation#(25)			Senior secured																		N/A(6)															05/2028						—						1						—						3
			S.J. Electro Systems, LLC^			One stop						SF +			4.75		%	(i)						8.66		%													06/2028						4,624						4,600						0.1						4,601
			S.J. Electro Systems, LLC^(5)			One stop																		N/A(6)															06/2028						—						(25)						—						(26)
			Vessco Midco Holdings, LLC&			One stop						SF +			4.50		%	(h)(j)						8.42		%													07/2031						15,577						15,453						0.3						15,499
			Vessco Midco Holdings, LLC^			One stop						SF +			4.50		%	(h)(j)						8.28		%													07/2031						4,292						4,272						0.1						4,266
			Vessco Midco Holdings, LLC^(5)			One stop																		N/A(6)															07/2031						—						(14)						—						(9)
			Vessco Midco Holdings, LLC^			One stop						SF +			4.50		%	(j)						8.23		%													07/2031						4,817						4,793						0.1						4,793
			Vessco Midco Holdings, LLC^(5)			One stop																		N/A(6)															07/2031						—						(11)						—						(23)
																																													46,614						46,345						1.0						46,520
			Total debt investments																																										9,879,854						9,770,025						220.0						9,839,925

See Notes to Consolidated Financial Statements

28

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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(21)(22)

Air Freight & Logistics

RJW Group Holdings, Inc.

LP interest

N/A

N/A

11/2024

N/A

1,563

$

962

—

%

$

1,320

Auto Components

Arnott, LLC

Common stock

N/A

N/A

12/2024

N/A

—

125

—

84

Automobiles

CAP-KSI Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

1,146

1,146

—

1,301

CAP-KSI Holdings, LLC

LLC interest

N/A

06/2024

N/A

1,146

—

—

180

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

N/A

06/2024

N/A

417

417

—

562

Quick Quack Car Wash Holdings, LLC

LLC interest

N/A

N/A

06/2024

N/A

83

83

—

107

Yorkshire Parent, Inc.

LP interest

N/A

N/A

12/2023

N/A

—

94

—

119

1,740

—

2,269

Beverages

Spindrift Beverage Co. Inc.

LP interest

N/A

N/A

02/2025

N/A

3

3,178

0.1

3,799

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP interest

N/A

N/A

01/2024

N/A

—

109

—

140

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP interest

N/A

N/A

09/2025

N/A

182

1,822

—

1,822

Diversified Consumer Services

Action Termite Control, LLC

Preferred stock

N/A

N/A

12/2025

N/A

—

358

—

358

Action Termite Control, LLC

Common stock

N/A

N/A

12/2025

N/A

4

19

—

19

CHVAC Services Investment, LLC

Common stock

N/A

N/A

05/2024

N/A

162

408

0.1

768

Kodiak Buyer, LLC

Common stock

N/A

N/A

08/2025

N/A

4

448

—

454

SCP CDH Buyer, Inc.

Preferred stock

N/A

N/A

12/2025

N/A

1

729

—

729

SCP CDH Buyer, Inc.

Common stock

N/A

N/A

12/2025

N/A

8

38

—

38

Virginia Green Acquisition, LLC

LP interest

N/A

N/A

12/2023

N/A

73

73

—

100

2,073

0.1

2,466

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

N/A

01/2025

N/A

7

36

—

178

Electrical Equipment

Wildcat TopCo, Inc.(23)

LP interest

N/A

N/A

12/2024

N/A

191

156

—

208

Food & Staples Retailing

GMF Parent, Inc.

LP interest

N/A

N/A

12/2025

N/A

2

1,700

—

1,700

Food Products

Zullas, L.C.

Common stock

N/A

N/A

06/2025

N/A

2

1,726

—

1,796

Healthcare Equipment & Supplies

Centegix Intermediate II, LLC

LLC interest

N/A

N/A

08/2025

N/A

3,652

3,652

0.1

3,909

Isto Group, Inc.(9)

LP interest

N/A

N/A

09/2025

N/A

18

2,189

0.1

2,167

ZimVie, Inc.

LP interest

N/A

N/A

10/2025

N/A

10

857

—

857

6,698

0.2

6,933

Healthcare Providers & Services

HP TLE Buyer, Inc.

Common stock

N/A

N/A

07/2025

N/A

743

743

—

750

See Notes to Consolidated Financial Statements

29

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Healthcare Technology
			Amberfield Acquisition Co.			Common stock						N/A												N/A															05/2024						N/A						450						$	450					—			%			$	597
			Modernizing Medicine, Inc.(23)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						14						15,324						0.4						15,644
																																																									15,774						0.4						16,241
			Hotels, Restaurants & Leisure
			Patriot Acquireco, LLC			Common stock						N/A												N/A															09/2025						N/A						3,613						3,664						0.1						3,613
			PB Group Holdings, LLC			LP interest						N/A												N/A															08/2024						N/A						113						262						—						241
			Rooster BidCo Limited(8)(10)			Preferred stock						N/A												N/A															03/2025						N/A						1,601						1,656						0.1						2,849
			Saguaro Buyer, LLC			Common stock						N/A												N/A															07/2025						N/A						4						3,798						0.1						4,719
																																																									9,380						0.3						11,422
			Insurance
			Oakbridge Insurance Agency LLC			LP interest						N/A												N/A															11/2023						N/A						4						70						—						78
			Leisure Products
			Movement Holdings, LLC(8)(10)			LLC interest						N/A												N/A															03/2024						N/A						—						661						—						347
			Pharmaceuticals
			Creek Parent, Inc.			LP interest						N/A												N/A															12/2024						N/A						1,279						1,279						—						1,573
			Professional Services
			Eclipse Buyer, Inc.(23)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						3,894						0.1						3,952
			Software
			CB Buyer, Inc.			LP interest						N/A												N/A															07/2024						N/A						458						458						—						393
			Denali Bidco Limited(8)(10)			LP units						N/A												N/A															08/2023						N/A						75						46						—						130
			Energy Worldnet, LLC			LLC interest						N/A												N/A															02/2025						N/A						50						51						—						55
			Gurobi Optimization, LLC			Common stock						N/A												N/A															09/2024						N/A						—						209						—						226
			LogicMonitor, Inc.			LP interest						N/A												N/A															12/2024						N/A						250						250						—						275
			Menlo Ridgeview Co-Invest, LLC(8)			LLC interest						N/A												N/A															05/2025						N/A						1,484						1,525						—						1,652
			Navex Global Holdings Corporation			LP interest						N/A												N/A															10/2025						N/A						4						3,809						0.1						3,809
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			Pluralsight, LLC			LLC interest						N/A												N/A															08/2024						N/A						597						1,100						—						37
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						676						3,599						0.1						3,599
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						545						2,384						0.1						2,563
			Transform Bidco Limited(8)(10)			LP interest						N/A												N/A															04/2025						N/A						3,478						3,504						0.1						3,483
			Tricentis Operations Holdings, Inc.			LP interest						N/A												N/A															02/2025						N/A						40						40						—						46
																																																									16,979						0.4						16,268
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(8)(11)			Preferred stock						N/A												N/A															12/2024						N/A						1						124						—						135
			Metal Supermarkets US Buyer, LLC(8)(11)			Common stock																		N/A															12/2024						N/A						—						—						—						2
																																																									124						—						137
			Total equity investments																																																						69,229						1.6						73,483
			Total investments																																																						9,839,254						221.6						9,913,408

See Notes to Consolidated Financial Statements

30

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			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%			(27)																														$	65,109					1.4			%			$	65,109
			JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Share Class (CUSIP 4812A0375)																					3.73%			(27)																														16,663						0.4						16,663
			Total money market funds																																																						81,772						1.8						81,772
			Total investments and money market funds																																																						$	9,921,026					223.4			%			$	9,995,180

See Notes to Consolidated Financial Statements

31

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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 2025-R Debt Securitization (as defined in Note 7).
&						Denotes that all or a portion of the investment collateralizes the 2025 Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
#						Denotes that all or a portion of the investment collateralizes the BANA Credit Facility (as defined in Note 7).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of 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 may 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 Prime, 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 the 30-day Term SOFR, which was 3.69% as of December 31, 2025.

(i) 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.

(j) 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.

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

(l) 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 21.7% 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 Australia.

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital Private Credit Fund and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2025

(Dollar and share amounts in thousands)

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

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

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

(25)The fair value of this investment was valued using Level 2 inputs. See Note 6.

(26)The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing (‘‘ASC Topic 860’’), and therefore, the asset remains in the Consolidated Schedule of Investments. See Note 7.

(27)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 Private Credit Fund 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
			Bleriot US Bidco Inc.^(8)(26)			Senior secured						SF +			2.50		%	(h)						6.50		%													10/2030						$	15,124					$	15,158					0.4			%			$	15,148
			Element Materials Technology^(8)(26)			Senior secured						SF +			3.68		%	(h)						7.68		%													06/2029						18,389						18,370						0.5						18,536
			Kaman Corporation#(26)			Senior secured						SF +			2.50		%	(h)(i)						6.66		%													02/2032						3,418						3,411						0.1						3,411
			Kaman Corporation#(26)			Senior secured						SF +			2.50		%	(h)						6.83		%													02/2032						30						30						—						30
			LSF11 Trinity Bidco, Inc.^#			Senior secured						SF +			2.50		%	(g)						6.65		%													06/2030						15,047						15,071						0.4						15,075
			PPW Aero Buyer, Inc.^(5)			One stop																		N/A(6)															02/2029						—						(8)						—						(9)
			PPW Aero Buyer, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													09/2031						1,701						1,692						—						1,692
			PPW Aero Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(28)						—						(28)
			Propulsion Newco LLC^(8)(26)			Senior secured						SF +			2.75		%	(h)						7.04		%													09/2029						14,165						14,177						0.3						14,231
			Signia Aerospace, LLC^#			Senior secured						SF +			2.75		%	(g)(h)						6.91		%													12/2031						8,542						8,541						0.2						8,569
			Signia Aerospace, LLC^#(5)			Senior secured																		N/A(6)															12/2031						—						(1)						—						1
			SMX Technologies^#(26)			Senior secured						SF +			4.50		%	(g)						8.66		%													02/2032						7,584						7,590						0.2						7,632
			Titan BW Borrower L.P.^(25)			One stop						SF +			5.26		%	(h)						6.58		%	cash/			2.88		%	PIK						07/2032						15,987						15,832						0.4						15,827
			Titan BW Borrower L.P.^(5)			One stop																		N/A(6)															07/2032						—						(26)						—						(27)
			Titan BW Borrower L.P.^(5)			One stop																		N/A(6)															07/2032						—						(7)						—						(14)
			Transdigm, Inc.^#(8)(26)			Senior secured						SF +			2.25		%	(h)						6.25		%													03/2030						21,074						21,039						0.5						21,076
																																													121,061						120,841						3.0						121,150
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													11/2031						49,796						48,893						1.2						49,298
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.20		%													11/2031						3,145						3,081						0.1						3,108
			RJW Group Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													11/2031						53,127						52,598						1.3						52,596
			RJW Group Holdings, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(45)						—						(90)
																																													106,068						104,527						2.6						104,912
			Airlines
			Accelya Lux Finco S.A.R.L.*(8)(18)(25)			One stop						SF +			6.00		%	(h)						10.10		%	PIK												12/2026						1,586						1,560						0.1						1,586
			Brown Group Holding, LLC ^#(8)(10)(26)			Senior secured						SF +			2.75		%	(g)(h)						6.99		%													07/2031						7,935						7,943						0.2						7,958
			Brown Group Holding, LLC ^(8)(10)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													07/2031						1,796						1,797						—						1,799
			KKR Apple Bidco, LLC^(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													09/2031						9,071						9,074						0.2						9,080
																																													20,388						20,374						0.5						20,423
			Auto Components
			Arnott, LLC^			One stop						SF +			4.75		%	(i)						8.62		%													11/2030						4,798						4,757						0.1						4,750
			Arnott, LLC^			One stop						SF +			4.75		%	(i)						8.74		%													11/2030						353						347						—						345
			Collision SP Subco, LLC*&			One stop						SF +			4.75		%	(h)						9.06		%													01/2030						16,034						15,837						0.4						16,034
			Collision SP Subco, LLC^			One stop						SF +			4.75		%	(h)(i)						9.00		%													01/2030						8,556						8,482						0.2						8,556
			Collision SP Subco, LLC^			One stop						SF +			4.75		%	(h)						8.95		%													01/2030						381						349						—						381
			Collision SP Subco, LLC&			One stop						SF +			4.75		%	(h)						9.04		%													01/2030						1,213						1,202						0.1						1,213
			Collision SP Subco, LLC^(5)			One stop																		N/A(6)															01/2030						—						(136)						—						—
			OEConnection, LLC^			One stop						SF +			5.25		%	(g)(h)						9.41		%													04/2031						40,442						40,121						1.0						40,577
			OEConnection, LLC^			One stop						SF +			5.25		%	(g)(h)						9.41		%													04/2031						7,057						6,997						0.2						7,080
			OEConnection, LLC^(5)			One stop																		N/A(6)															04/2031						—						(35)						—						15
			OEConnection, LLC^(5)			One stop																		N/A(6)															04/2031						—						(32)						—						24
			RC Buyer, Inc.^(26)			Senior secured						SF +			3.50		%	(g)						7.77		%													07/2028						9,334						9,339						0.2						9,294
			RealTruck Group, Inc.^(8)(26)			Senior secured						SF +			3.75		%	(g)						8.02		%													01/2028						10,182						10,113						0.2						9,276
			Wand NewCo 3, Inc.^(8)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													01/2031						14,216						14,244						0.4						14,184
																																													112,566						111,585						2.8						111,729
			Automobiles
			Belron Finance US, LLC^(8)(26)			Senior secured						SF +			2.50		%	(h)						6.74		%													10/2031						4,975						4,975						0.1						5,006
			CAP-KSI Holdings, LLC*^			One stop						SF +			5.25		%	(g)(h)						9.32		%													06/2030						34,759						34,364						0.9						34,759
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25		%	(h)						9.89		%													06/2030						1,408						1,366						—						1,408

See Notes to Consolidated Financial Statements

34

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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^(25)			Second lien						N/A												13.00		%	PIK												12/2029						$	25,829					$	25,645					0.6			%			$	25,829
			Denali Midco 2, LLC*&			One stop						SF +			5.25		%	(g)						9.41		%													12/2028						16,886						16,602						0.4						16,886
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2029						599						591						—						599
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2029						125						123						—						125
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2029						106						103						—						106
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25		%	(h)						9.24		%													12/2029						7						5						—						7
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(h)						9.25		%													09/2027						9,408						9,378						0.2						9,408
			JHCC Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													09/2027						4,264						4,236						0.1						4,264
			JHCC Holdings LLC*			One stop						SF +			5.25		%	(h)						9.25		%													09/2027						2,578						2,572						0.1						2,578
			Mavis Tire Express Services Topco, Corp.^#(8)(26)			Senior secured						SF +			3.00		%	(h)						7.20		%													05/2028						18,106						18,144						0.5						18,125
			Mister Car Wash Holdings, Inc.^(8)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													03/2031						12,263						12,291						0.3						12,302
			National Express Wash Parent Holdco, LLC&^			One stop						SF +			5.00		%	(h)						9.00		%													07/2029						37,794						37,220						0.9						37,794
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(i)						9.03		%													07/2029						4,572						4,532						0.1						4,572
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(h)(i)						9.24		%													07/2029						13,734						13,545						0.3						13,734
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00		%	(h)						9.00		%													07/2029						12,152						12,096						0.3						12,152
			Paint Intermediate III, LLC^#(26)			Senior secured						SF +			3.00		%	(h)						7.24		%													10/2031						13,935						13,925						0.4						13,940
			Quick Quack Car Wash Holdings, LLC&			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						2,490						2,473						0.1						2,490
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						140						138						—						140
			Quick Quack Car Wash Holdings, LLC^(5)			One stop																		N/A(6)															06/2031						—						(1)						—						—
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						1,024						1,002						—						1,024
			Quick Quack Car Wash Holdings, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						128						127						—						128
			TWAS Holdings, LLC*&^			One stop						SF +			6.00		%	(g)						10.26		%													12/2026						22,705						22,542						0.6						22,705
			Yorkshire Parent, Inc.*&			One stop						SF +			5.50		%	(h)						9.50		%													12/2029						12,681						12,560						0.3						12,681
			Yorkshire Parent, Inc.&			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						11,861						11,810						0.3						11,861
			Yorkshire Parent, Inc.&			One stop						SF +			5.50		%	(h)						9.79		%													12/2029						3,513						3,480						0.1						3,513
			Yorkshire Parent, Inc.^			One stop						SF +			5.50		%	(h)						9.50		%													12/2029						738						703						—						738
			Yorkshire Parent, Inc.^			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						379						250						—						379
																																													269,159						266,797						6.6						269,253
			Banks
			Empyrean Solutions, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													11/2031						9,959						9,915						0.3						9,959
			Empyrean Solutions, LLC^(5)			One stop																		N/A(6)															11/2031						—						(7)						—						—
			Empyrean Solutions, LLC^(5)			One stop																		N/A(6)															11/2031						—						(18)						—						—
			OSP Hamilton Purchaser, LLC*			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						2,776						2,751						0.1						2,776
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(h)						9.32		%													12/2029						2,655						2,631						0.1						2,655
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													12/2029						695						685						—						695
			OSP Hamilton Purchaser, LLC^			One stop						SF +			5.00		%	(h)						9.32		%													12/2029						130						98						—						130
																																													16,215						16,055						0.5						16,215
			Beverages
			Financial Information Technologies, LLC^(5)			One stop																		N/A(6)															06/2030						—						(18)						—						—
			Financial Information Technologies, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						84						84						—						84
			Financial Information Technologies, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						41,295						41,196						1.0						41,295
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.00		%	(h)						9.29		%													02/2032						22,323						22,068						0.6						22,323
			Spindrift Beverage Co. Inc.^(5)			One stop																		N/A(6)															02/2032						—						(49)						—						—
			Spindrift Beverage Co. Inc.^(5)			One stop																		N/A(6)															02/2032						—						(14)						—						—
			Winebow Holdings, Inc.^			One stop						SF +			6.25		%	(g)						10.51		%													12/2027						15,270						15,058						0.3						13,437
																																													78,972						78,325						1.9						77,139
			Building Products
			Beacon Roofing Supply, Inc.^(8)(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													04/2032						1,889						1,871						0.1						1,907
			BECO Holding Company, Inc.&			One stop						SF +			5.25%			(h)						9.40%															11/2028						1,427						1,420						—						1,427
			BECO Holding Company, Inc.^(5)			One stop																		N/A(6)															11/2028						—						(25)						—						—
																																													3,316						3,266						0.1						3,334

See Notes to Consolidated Financial Statements

35

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Capital Markets
			BlueMatrix Holdings, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						$	23,855					$	23,691					0.6			%			$	23,855
			BlueMatrix Holdings, LLC*			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						10,582						10,486						0.2						10,582
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						700						677						—						700
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						3,560						3,528						0.1						3,560
			BlueMatrix Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													01/2031						5,184						5,165						0.1						5,184
			Edelman Financial Center, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													04/2028						22,763						22,810						0.6						22,805
																																													66,644						66,357						1.6						66,686
			Chemicals
			AP Adhesives Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(86)						—						—
			AP Adhesives Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(42)						—						—
			AP Adhesives Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.80		%													04/2032						55,067						54,810						1.3						55,067
			INEOS US Finance LLC and INEOS Finance PLC^(8)(10)(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													02/2030						9,677						9,598						0.2						8,794
			Inhance Parent, Inc.^			One stop																		N/A(6)															06/2029						—						—						—						—
			Inhance Parent, Inc.^(25)			One stop						SF +			7.00		%	(h)						6.65		%	cash/			4.50		%	PIK						06/2029						11,785						10,364						0.3						10,606
			Inhance Parent, Inc.^(7)(25)			One stop						N/A												20.00		%	PIK												06/2029						5,066						2,133						0.1						2,381
			Innophos Holdings, Inc.^(8)(26)			Senior secured						SF +			4.25		%	(g)						8.52		%													03/2029						5,361						5,333						0.1						5,327
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						20,537						20,435						0.5						20,435
			JSG II, Inc. and Checkers USA, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						195						183						—						183
			JSG II, Inc. and Checkers USA, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(14)						—						(28)
			Krayden Holdings, Inc.*			Senior secured						SF +			4.75		%	(g)						8.91		%													03/2029						8,623						8,558						0.2						8,623
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(g)						8.90		%													03/2029						571						548						—						571
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75		%	(g)						8.91		%													03/2029						2,687						2,641						0.1						2,687
			Windsor Holdings III, LLC^#(8)(26)			Senior secured						SF +			2.75		%	(g)						6.92		%													08/2030						16,806						16,796						0.4						16,841
			W.R. Grace & Co#(8)			Senior secured						SF +			3.00		%	(h)						7.00		%													08/2032						12,000						11,956						0.3						12,050
																																													148,375						143,213						3.5						143,537
			Commercial Services & Supplies
			BradyIFS Holdings, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													10/2029						16,007						15,763						0.4						16,007
			BradyIFS Holdings, LLC^			One stop						SF +			5.00		%	(h)						9.25		%													10/2029						155						148						—						155
			CHA Vision Holdings, Inc.*^			One stop						SF +			5.00		%	(h)						9.33		%													01/2031						18,193						18,035						0.5						18,102
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.22		%													01/2031						5,922						5,871						0.2						5,893
			CHA Vision Holdings, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(12)						—						(8)
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													01/2031						2,777						2,763						0.1						2,763
			CHA Vision Holdings, Inc.^(5)			One stop																		N/A(6)															01/2031						—						(32)						—						(32)
			Energize Holdco, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													12/2028						12,927						12,964						0.3						12,961
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													09/2030						1,801						1,760						—						1,801
			Kleinfelder Intermediate, LLC^			One stop						P +			4.00		%	(a)						11.25		%													09/2028						44						41						—						44
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00		%	(h)						9.31		%													09/2030						196						193						—						196
			North Haven Stack Buyer, LLC*			One stop						SF +			4.75		%	(h)						8.95		%													07/2027						10,776						10,752						0.3						10,776
			North Haven Stack Buyer, LLC^(25)			Second lien						N/A												9.75		%	cash/			2.50		%	PIK						01/2028						9,255						9,224						0.2						9,255
			OMNIA Partners, LLC^#(26)			Senior secured						SF +			2.50		%	(h)						6.81		%													07/2030						8,999						8,970						0.2						9,013
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.15		%													04/2031						1,439						1,428						—						1,439
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.16		%													04/2031						240						239						—						240
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.16		%													04/2030						89						87						—						89
			PSC Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.17		%													04/2031						159						158						—						159
			Radwell Parent, LLC*			One stop						SF +			5.50		%	(h)						9.50		%													03/2029						15,597						15,597						0.4						15,597
			Radwell Parent, LLC^			One stop						SF +			5.50		%	(h)						9.50		%													03/2029						1,222						929						—						1,222
			Thermostat Purchaser III, Inc.^(26)			Senior secured						SF +			4.25		%	(h)						8.25		%													08/2028						11,925						11,908						0.3						11,980
			WRE Holding Corp.&^			One stop						SF +			5.00		%	(i)						8.87		%													07/2031						31,331						31,073						0.8						31,331
			WRE Holding Corp.^(5)			One stop																		N/A(6)															07/2030						—						(37)						—						—
			WRE Holding Corp.*			One stop						SF +			5.00		%	(i)						9.14		%													07/2031						3,439						3,425						0.1						3,439
			WRE Holding Corp.*			One stop						SF +			5.00		%	(i)						9.13		%													07/2031						2,072						2,064						0.1						2,072
			WRE Holding Corp.&			One stop						SF +			5.00		%	(i)						9.12		%													07/2031						1,612						1,605						—						1,612
			WRE Holding Corp.^			One stop						SF +			5.00		%	(i)						9.17		%													07/2031						564						562						—						564

See Notes to Consolidated Financial Statements

36

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			WRE Holding Corp.^			One stop						SF +			5.00		%	(h)						9.30		%													07/2031						$	577					$	575					—			%			$	577
			WRE Holding Corp.^			One stop						SF +			5.00		%	(h)						9.23		%													07/2031						358						356						—						358
																																													157,676						156,409						3.9						157,605
			Construction & Engineering
			Belfor USA Group Inc.^			Senior secured						SF +			2.75		%	(g)						6.91		%													11/2030						9,659						9,644						0.2						9,713
			Chariot Buyer, LLC#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													09/2032						9,975						9,984						0.3						9,997
			Consor Intermediate II, LLC*^			One stop						SF +			4.75		%	(g)(h)						8.75		%													05/2031						1,645						1,639						—						1,645
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(3)						—						—
			Consor Intermediate II, LLC^(5)			One stop																		N/A(6)															05/2031						—						(1)						—						—
			DCCM, LLC&			One stop						SF +			4.75		%	(g)						8.91		%													06/2032						4,030						4,011						0.1						4,030
			DCCM, LLC^(5)			One stop																		N/A(6)															06/2032						—						(4)						—						—
			DCCM, LLC^(5)			One stop																		N/A(6)															06/2032						—						(9)						—						—
			EagleView Technology Corporation#(25)(26)			Senior secured						SF +			6.50		%	(h)						9.50		%	cash/			1.00		%	PIK						08/2028						10,859						10,647						0.3						10,692
			Pike Corporation^(8)(26)			Senior secured						SF +			3.00		%	(g)						7.27		%													01/2028						10,488						10,467						0.3						10,561
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(h)						8.62		%													12/2030						27,725						27,474						0.7						27,725
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(h)						8.50		%													12/2030						989						966						—						989
			Royal Holdco Corporation^			One stop						SF +			4.50		%	(h)						8.67		%													12/2030						1,993						1,950						—						1,993
			Service Logic Acquisition, Inc.^#			Senior secured						SF +			3.00		%	(h)						7.31		%													10/2027						12,855						12,872						0.3						12,903
																																													90,218						89,637						2.2						90,248
			Construction Materials
			Star Holding, LLC#(8)(26)			Senior secured						SF +			4.50		%	(g)						8.66		%													07/2031						17,209						17,046						0.4						17,103
			Consumer Finance
			Ascensus Group Holdings^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													08/2028						26,106						26,096						0.6						26,116
			Containers & Packaging
			AOT Packaging Products Acquisitionco, LLC ^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													03/2031						17,963						17,885						0.4						17,899
			Chase Intermediate*&			One stop						SF +			4.75		%	(h)						9.06		%													10/2028						14,572						14,403						0.3						14,572
			Chase Intermediate^			One stop						SF +			4.75		%	(h)						9.06		%													10/2028						3,440						3,224						0.1						3,440
			Iris Holding, Inc.#(26)			Senior secured						SF +			4.75		%							9.06		%													06/2028						2,985						2,897						0.1						2,905
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.75		%	(h)						9.06		%													07/2032						28,004						27,941						0.7						28,004
			Packaging Coordinators Midco, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(6)						—						—
			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						—						—						—						—
			Pegasus BidCo^(8)(14)			Senior secured						SF +			2.75		%	(h)						6.76		%													07/2029						17,305						17,305						0.4						17,391
			Technimark, LLC^#			Senior secured						SF +			3.25		%	(g)						7.39		%													04/2031						14,733						14,709						0.4						14,760
			WP Deluxe Merger Sub^#(26)			Senior secured						SF +			3.50		%	(h)						7.76		%													05/2028						11,718						11,722						0.3						11,799
																																													110,720						110,080						2.7						110,770
			Diversified Consumer Services
			ABC Legal Holdings, LLC^			One stop						SF +			4.50		%	(g)						8.65		%													08/2032						26,792						26,660						0.7						26,524
			ABC Legal Holdings, LLC^(5)			One stop																		N/A(6)															08/2032						—						(26)						—						(52)
			ABC Legal Holdings, LLC^(5)			One stop																		N/A(6)															08/2032						—						(39)						—						(80)
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													05/2030						30,284						29,932						0.7						29,072
			Any Hour, LLC^(25)			One stop						N/A												13.00		%	PIK												05/2031						5,515						5,440						0.1						5,239
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)						9.30		%													05/2030						2,777						2,723						0.1						2,592
			Any Hour, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													05/2030						858						806						—						500
			Apex Service Partners, LLC*^			One stop						SF +			5.00		%	(h)						9.20		%													10/2030						17,890						17,508						0.4						17,890
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.17		%													10/2030						13,240						13,184						0.3						13,240
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.20		%													10/2030						4,258						4,172						0.1						4,258
			Apex Service Partners, LLC^(5)			One stop																		N/A(6)															10/2029						—						(37)						—						—

See Notes to Consolidated Financial Statements

37

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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^			One stop						SF +			5.00		%	(h)						9.31		%													10/2030						$	7,666					$	7,595					0.2			%			$	7,666
			Apex Service Partners, LLC^			One stop						SF +			5.00		%	(h)						9.21		%													10/2030						12,842						12,737						0.3						12,842
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						3,304						3,290						0.1						3,304
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						3,091						3,078						0.1						3,091
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						2,597						2,586						0.1						2,597
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						2,359						2,349						0.1						2,359
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						1,427						1,421						—						1,427
			Certus Pest, Inc.*			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						1,133						1,129						—						1,133
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						448						446						—						448
			Certus Pest, Inc.^(5)			One stop																		N/A(6)															08/2027						—						(27)						—						—
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						2,653						2,644						0.1						2,653
			Certus Pest, Inc.&			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						1,654						1,648						—						1,654
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						792						790						—						792
			Certus Pest, Inc.^			One stop						SF +			5.25		%	(h)						9.40		%													08/2027						792						790						—						792
			CHVAC Services Investment, LLC&			One stop						SF +			4.50		%	(h)						8.50		%													05/2030						1,941						1,917						0.1						1,941
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													05/2030						505						500						—						505
			CHVAC Services Investment, LLC^(5)			One stop																		N/A(6)															05/2030						—						(1)						—						—
			CHVAC Services Investment, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													05/2030						252						92						—						252
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(h)						9.65		%													07/2029						764						758						—						764
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(h)						9.65		%													07/2029						222						219						—						222
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50		%	(h)						9.65		%													07/2029						7						7						—						7
			HS Spa Holdings, Inc.*^			One stop						SF +			5.25		%	(h)						9.45		%													06/2029						7,798						7,702						0.2						7,798
			HS Spa Holdings, Inc.^			One stop						SF +			5.25		%	(h)						9.56		%													06/2029						897						893						—						897
			Knowledge Universe Education LLC^(8)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													06/2030						5,955						5,975						0.2						5,958
			Kodiak Buyer, LLC*			One stop						SF +			4.50		%	(h)						8.50		%													07/2032						4,971						4,947						0.1						4,946
			Kodiak Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(7)						—						(7)
			Kodiak Buyer, LLC^(5)			One stop																		N/A(6)															07/2032						—						(8)						—						(9)
			Liminex, Inc.^			One stop						SF +			6.25		%	(h)						10.71		%													11/2026						10,599						10,546						0.3						10,599
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													05/2028						28,297						28,205						0.7						28,297
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													05/2028						11,298						11,278						0.3						11,298
			Litera Bidco, LLC^			One stop						SF +			5.00		%	(g)						9.25		%													05/2028						287						280						—						287
			Litera Bidco, LLC^			One stop																		N/A(6)															05/2028						—						—						—						—
			McAfee, LLC^(8)(26)			Senior secured						SF +			3.00		%	(g)						7.22		%													03/2029						4,963						4,972						0.1						4,755
			Project Alpha Intermediate Holdings, Inc.^#(26)			Senior secured						SF +			3.25		%	(h)						7.25		%													10/2030						16,096						16,147						0.4						16,159
			Provenance Buyer LLC*			One stop						SF +			5.50		%	(h)						9.60		%													06/2027						7,407						7,408						0.2						7,259
			Provenance Buyer LLC*			One stop						SF +			5.50		%	(h)						9.60		%													06/2027						3,797						3,797						0.1						3,721
			RW AM Holdco LLC^			One stop						SF +			5.25		%	(h)						9.35		%													04/2028						10,097						9,882						0.2						7,774
			Salisbury House, LLC^			One stop						SF +			5.00		%	(h)						9.16		%													08/2032						1,313						1,275						—						1,236
			Salisbury House, LLC^(5)			One stop																		N/A(6)															08/2032						—						(57)						—						(116)
			Salisbury House, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													08/2032						57,613						57,330						1.4						57,037
			Severin Acquisition, LLC^(25)			One stop						SF +			5.00		%	(g)						6.91		%	cash/			2.25		%	PIK						10/2031						34,150						33,864						0.8						33,809
			Severin Acquisition, LLC^(5)			One stop																		N/A(6)															10/2031						—						(36)						—						(42)
			Severin Acquisition, LLC^(25)			One stop						SF +			5.00		%	(g)						6.91		%	cash/			2.25		%	PIK						10/2031						1,194						1,164						—						1,123
			Stellar Brands, LLC&			Senior secured						SF +			4.50		%	(h)						8.50		%													02/2031						9,101						9,040						0.2						9,101
			Stellar Brands, LLC^(5)			Senior secured																		N/A(6)															02/2031						—						(6)						—						—
			Virginia Green Acquisition, LLC*&^			One stop						SF +			5.25		%	(i)						9.41		%													12/2030						19,739						19,592						0.5						19,739
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2030						—						(9)						—						—
			Virginia Green Acquisition, LLC^(5)			One stop																		N/A(6)															12/2029						—						(17)						—						—
																																													381,635						378,448						9.2						375,251
			Diversified Financial Services
			Apex Group Treasury, LLC^(8)(10)(26)			Senior secured						SF +			3.50		%	(h)						7.75		%													02/2032						10,919						10,944						0.3						10,701
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						19,385						19,169						0.5						19,434
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2030						—						(50)						—						—
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.50		%	(g)						8.66		%													06/2031						13,369						13,306						0.3						13,369

See Notes to Consolidated Financial Statements

38

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Baker Tilly Advisory Group, LP^(5)			One stop																		N/A(6)															06/2031						$	—					$	(22)					—			%			$	—
			BCPE Pequod Buyer^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													11/2031						13,596						13,574						0.3						13,636
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop						E +			4.50		%	(d)						6.58		%													07/2031						14,246						13,023						0.4						14,246
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)(25)			Subordinated debt						E +			7.50		%	(d)						9.58		%	PIK												07/2032						4,333						3,969						0.1						4,333
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop						E +			4.50		%	(d)						6.76		%													07/2031						2,018						1,808						0.1						2,018
			Ceres Groupe SAS & Ceres PikCo^(8)(9)(17)			One stop																		N/A(6)															07/2031						—						—						—						—
			Corelogic, Inc.^#(8)(26)			Senior secured						SF +			3.50		%	(g)						7.77		%													06/2028						16,894						16,831						0.4						16,925
			Corsair Blade IV S.A R.L.^(8)(13)(25)			One stop						SF +			5.75		%	(h)						9.75		%	cash/			0.25		%	PIK						12/2030						4,417						4,417						0.1						4,417
			Corsair Blade IV S.A R.L.^(8)(9)(13)(25)			One stop						SN +			5.75		%	(f)						9.47		%	cash/			0.25		%	PIK						12/2030						1,422						1,088						—						1,422
			Deerfield Dakota Holding, LLC^(5)			One stop																		N/A(6)															09/2032						—						(81)						—						(82)
			Deerfield Dakota Holding, LLC^(25)			One stop						SF +			5.75		%	(h)						7.06		%	cash/			2.75		%	PIK						09/2032						87,338						86,471						2.1						86,465
			Equity Methods, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													04/2032						48,893						48,663						1.2						48,893
			Equity Methods, LLC^(5)			One stop																		N/A(6)															04/2032						—						(42)						—						—
			Equity Methods, LLC^(5)			One stop																		N/A(6)															04/2032						—						(52)						—						—
			Evertec, Inc.^(8)(26)			Senior secured						SF +			2.25		%	(g)						6.41		%													10/2030						12,450						12,399						0.3						12,497
			Finastra USA, Inc.^(8)(10)			One stop						SF +			7.25		%	(h)						11.29		%													09/2029						5,745						5,670						0.1						5,745
			Finastra#(8)(10)(26)			Senior secured						SF +			4.00		%	(h)						8.04		%													08/2032						8,750						8,663						0.2						8,723
			First Eagle Investment Management#(26)			Senior secured						SF +			3.50		%	(h)						7.71		%													08/2032						13,957						13,770						0.3						13,840
			First Eagle Investment Management#(5)(26)			Senior secured																		N/A(6)															08/2032						—						(22)						—						(20)
			Focus Financial Partners, LLC^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													09/2031						24,778						24,706						0.6						24,812
			GTCR Everest Borrower, LLC^#(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													09/2031						17,664						17,673						0.4						17,684
			Higginbotham Insurance Agency, Inc.*^			One stop						SF +			4.50		%	(g)						8.67		%													11/2028						3,399						3,412						0.1						3,399
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													11/2028						3,455						3,434						0.1						3,455
			Howden Group Holdings Limited ^#(8)(10)(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													04/2030						5,828						5,797						0.1						5,830
			Howden Group Holdings Limited ^#(8)(10)(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													02/2031						20,852						20,827						0.5						20,877
			Mariner Wealth Advisors, LLC^(26)			Senior secured						SF +			2.50		%	(h)						6.50		%													12/2030						12,697						12,650						0.3						12,748
			Medlar Bidco Limited^(8)(9)(19)			One stop						SN +			5.00		%	(f)						8.97		%													05/2032						35,205						34,573						0.9						35,205
			Medlar Bidco Limited^(5)(8)(9)(19)			One stop																		N/A(6)															05/2032						—						(75)						—						—
			Medlar Bidco Limited^(8)(9)(19)			One stop						E +			5.00		%	(c)						6.97		%													05/2032						43,801						41,924						1.1						43,801
			Orion Advisor Solutions^#(26)			Senior secured						SF +			3.25		%	(h)						7.57		%													09/2030						24,039						24,066						0.6						24,139
			OSTTRA Group, Ltd.#(8)(10)(26)			Senior secured						SF +			3.50		%	(h)						7.66		%													06/2032						11,600						11,623						0.3						11,673
			Wealth Enhancement Group, LLC*			One stop						SF +			4.50		%	(h)						8.79		%													10/2028						3,781						3,777						0.1						3,781
			Wealth Enhancement Group, LLC*			One stop						SF +			4.50		%	(h)						8.79		%													10/2028						2,726						2,723						0.1						2,726
			Wealth Enhancement Group, LLC^(5)			One stop																		N/A(6)															10/2028						—						(3)						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			4.50		%	(g)(h)						8.78		%													10/2028						2,704						2,669						0.1						2,704
			Wealth Enhancement Group, LLC^(5)			One stop																		N/A(6)															10/2028						—						(21)						—						—
			Zebra Buyer LLC^#(26)			Senior secured						SF +			2.75		%	(h)						6.81		%													11/2030						23,603						23,661						0.6						23,672
																																													513,864						506,912						12.6						513,068
			Electric Utilities
			Smart Energy Systems, Inc.^(25)			One stop						SF +			7.50		%	(h)						8.04		%	cash/			3.75		%	PIK						01/2030						5,838						5,769						0.2						5,721
			Smart Energy Systems, Inc.^(25)			One stop						SF +			7.50		%	(h)(i)						7.88		%	cash/			3.75		%	PIK						01/2030						643						635						—						630
																																													6,481						6,404						0.2						6,351
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													12/2030						656						647						—						656
			Power Grid Holdings, Inc.^			One stop						SF +			4.75		%	(g)(h)						9.67		%													12/2030						15						13						—						15
			Wildcat TopCo, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													11/2031						24,718						24,501						0.6						24,718
			Wildcat TopCo, Inc.^			One stop						P +			3.75		%	(a)						11.00		%													11/2031						119						80						—						119
			Wildcat TopCo, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(19)						—						—
																																													25,508						25,222						0.6						25,508

See Notes to Consolidated Financial Statements

39

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Food & Staples Retailing
			Eagle Parent Corp.^#(26)			Senior secured						SF +			4.25		%	(h)						8.25		%													04/2029						$	10,765					$	10,692					0.3			%			$	10,772
			Inspire International, Inc.^(8)(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													12/2027						2,970						2,974						0.1						2,974
																																													13,735						13,666						0.4						13,746
			Food Products
			Aspire Bakeries Holdings, LLC^#			Senior secured						SF +			3.50		%	(g)						7.66		%													12/2030						7,247						7,251						0.2						7,299
			Blast Bidco Inc.&			One stop						SF +			6.00		%	(h)						10.00		%													10/2030						15,054						14,891						0.4						15,054
			Blast Bidco Inc.^(5)			One stop																		N/A(6)															10/2029						—						(18)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00		%	(h)(i)						9.32		%													08/2030						10,577						10,491						0.2						10,577
			Eagle Family Foods Group, LLC^(5)			One stop																		N/A(6)															08/2030						—						(10)						—						—
			Louisiana Fish Fry Products, Ltd.&			One stop						SF +			6.25		%	(h)						10.40		%													07/2027						8,713						8,476						0.2						8,713
			Merlin Buyer, Inc.#			Senior secured						SF +			4.00		%							8.00		%													12/2028						2,500						2,494						0.1						2,513
			MIC GLEN LLC^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													07/2028						24,952						25,004						0.6						25,124
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						A +			4.75		%	(e)						8.35		%													08/2032						8,652						8,478						0.2						8,598
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						E +			4.75		%	(c)						6.82		%													08/2032						8,501						8,380						0.2						8,448
			Sphynx UK Bidco, Ltd.^(8)(9)(10)			One stop						SN +			4.75		%	(f)						8.72		%													08/2032						39,298						38,905						1.0						39,052
			Zullas, L.C.^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						163						159						—						163
			Zullas, L.C.&			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						2,985						2,970						0.1						2,985
			Zullas, L.C.^(5)			One stop																		N/A(6)															06/2031						—						(14)						—						—
																																													128,642						127,457						3.2						128,526
			Healthcare Equipment & Supplies
			Blue River Pet Care, LLC*			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						11,425						11,356						0.3						11,425
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						7,713						7,661						0.2						7,713
			Blue River Pet Care, LLC*			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						3,686						3,664						0.1						3,686
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						5,454						5,416						0.1						5,454
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						5,541						5,504						0.1						5,541
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						4,775						4,743						0.1						4,775
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						4,212						4,183						0.1						4,212
			Blue River Pet Care, LLC&			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						12,530						12,489						0.3						12,530
			Blue River Pet Care, LLC^(5)			One stop																		N/A(6)															08/2029						—						(104)						—						—
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						1,384						1,380						—						1,384
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(g)						10.01		%													08/2029						3,752						3,740						0.1						3,752
			Blue River Pet Care, LLC^			One stop						SF +			5.75		%	(h)						9.97		%													08/2029						1,414						1,409						—						1,414
			CCSL Holdings, LLC*&			One stop						SF +			5.75		%	(g)						9.91		%													12/2028						11,604						11,473						0.3						11,604
			CCSL Holdings, LLC^(9)			One stop						E +			5.75		%	(b)						7.66		%													12/2028						28,262						26,076						0.7						28,262
			CCSL Holdings, LLC^(9)			One stop						E +			5.75		%	(b)						7.66		%													12/2028						5,536						4,921						0.1						5,536
			CCSL Holdings, LLC^			One stop						SF +			5.75		%	(g)						9.91		%													12/2028						6,822						6,792						0.2						6,822
			CCSL Holdings, LLC&			One stop						SF +			5.75		%	(g)						9.91		%													12/2028						5,429						5,405						0.1						5,429
			Centegix Intermediate II, LLC^			One stop						SF +			5.50		%	(h)						9.69		%													08/2032						49,501						49,257						1.2						49,253
			Centegix Intermediate II, LLC^(5)			One stop																		N/A(6)															08/2032						—						(43)						—						(44)
			Centegix Intermediate II, LLC^(5)			One stop																		N/A(6)															08/2032						—						(72)						—						(73)
			CMI Parent Inc.*&			One stop						SF +			5.00		%	(g)						9.16		%													12/2026						18,218						18,171						0.5						18,218
			CMI Parent Inc.*			One stop						SF +			5.00		%	(g)						9.16		%													12/2026						6,686						6,682						0.2						6,686
			Confluent Medical Technologies, Inc.^			Senior secured						SF +			3.00		%	(h)						7.00		%													02/2029						6,397						6,388						0.2						6,437
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(h)						9.70		%													06/2031						40,448						40,121						1.0						40,448
			HuFriedy Group Acquisition, LLC^(5)			One stop																		N/A(6)															05/2030						—						(35)						—						—
			HuFriedy Group Acquisition, LLC^			One stop						SF +			5.50		%	(h)						9.51		%													06/2031						7,825						7,697						0.2						7,825
			Isto Group, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(1)						—						(1)
			Isto Group, Inc.^			One stop						SF +			4.75		%	(h)						8.77		%													09/2032						5,177						5,151						0.1						5,151
			Isto Group, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(17)						—						(17)
			NSM Top Holdings Corp.^#			Senior secured						SF +			4.75		%	(h)						8.85		%													05/2029						3,383						3,376						0.1						3,422
			Precision Medicine Group, LLC#(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													08/2032						18,455						18,375						0.5						18,405
			Resonetics, LLC^#(26)			Senior secured						SF +			2.75		%	(h)						7.06		%													06/2031						23,060						23,087						0.6						23,065
			RTI Surgical, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(58)						—						(58)

See Notes to Consolidated Financial Statements

40

---

TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			RTI Surgical, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													09/2032						$	58,376					$	58,084					1.4			%			$	58,084
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													12/2029						1,633						1,633						—						1,633
			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		%	(g)						9.90		%													12/2029						6,097						6,012						0.2						6,036
			YI, LLC^(5)			One stop																		N/A(6)															12/2029						—						(16)						—						(12)
																																													364,795						359,900						9.0						363,997
			Healthcare Providers & Services
			Agiliti Health, Inc.^(26)			Senior secured						SF +			3.00		%	(h)(i)						7.24		%													05/2030						9,869						9,789						0.2						9,487
			AHP Health Partners, Inc. ^(8)(26)			Senior secured						SF +			2.25		%	(g)						6.41		%													09/2032						2,842						2,840						0.1						2,851
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*^			One stop						SF +			6.00		%	(h)						10.30		%													03/2027						11,578						11,554						0.3						11,578
			Bamboo US Bidco LLC*			One stop						SF +			5.25		%	(h)						9.56		%													09/2030						8,006						7,844						0.2						8,006
			Bamboo US Bidco LLC^(9)			One stop						E +			5.25		%	(c)						7.28		%													09/2030						5,846						5,147						0.2						5,846
			Bamboo US Bidco LLC^			One stop						SF +			5.25		%	(h)						9.56		%													09/2030						1,225						1,221						—						1,225
			Bamboo US Bidco LLC^			One stop						SF +			5.25		%	(g)(h)						9.48		%													09/2030						1,202						1,196						—						1,202
			Bamboo US Bidco LLC^			One stop																		N/A(6)															09/2030						—						—						—						—
			Bamboo US Bidco LLC^(5)			One stop																		N/A(6)															10/2029						—						(35)						—						—
			Bayou Intermediate II, LLC^(5)			One stop																		N/A(6)															09/2032						—						(24)						—						(48)
			Bayou Intermediate II, LLC^			One stop						SF +			4.75		%	(h)						8.76		%													09/2032						32,709						32,545						0.8						32,382
			Bayou Intermediate II, LLC^(5)			One stop																		N/A(6)															09/2032						—						(45)						—						(89)
			Benefit Plan Administrators of Eau Claire, LLC*&^			One stop						SF +			5.00		%	(h)						9.29		%													11/2030						58,776						58,446						1.5						58,776
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00		%	(h)						9.29		%													11/2030						13,143						13,073						0.3						13,143
			Benefit Plan Administrators of Eau Claire, LLC^(5)			One stop																		N/A(6)															11/2030						—						(12)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^(5)			One stop																		N/A(6)															11/2030						—						(39)						—						—
			BHG Holdings, LLC&^			One stop						SF +			5.25		%	(g)						9.41		%													04/2032						103,236						102,391						2.5						103,236
			BHG Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(107)						—						—
			BHG Holdings, LLC^(5)			One stop																		N/A(6)															04/2032						—						(242)						—						—
			Cotiviti^(26)			Senior secured						SF +			2.75		%	(g)						7.03		%													05/2031						12,325						12,336						0.3						12,130
			Cotiviti#(26)			Senior secured						SF +			2.75		%	(g)(h)						7.03		%													03/2032						7,980						7,946						0.2						7,850
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(10)			One stop						SF +			5.00		%	(i)						9.29		%													04/2031						23,296						22,925						0.6						23,296
			Datix Bidco Limited and RL Datix Holdings, Inc.^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													04/2031						14,506						13,337						0.4						14,506
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															04/2031						—						(42)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															10/2030						—						(64)						—						—
			Electron BidCo, Inc. ^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													11/2028						11,521						11,484						0.3						11,555
			Hanger, Inc.^#(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													10/2031						14,100						14,119						0.4						14,147
			Hanger, Inc.^#(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													10/2031						272						275						—						279
			HP TLE Buyer, Inc.&			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						16,393						16,314						0.4						16,311
			HP TLE Buyer, Inc.^(5)			One stop																		N/A(6)															07/2032						—						(17)						—						(18)
			LOV Acquisition LLC*&^			Senior secured						SF +			4.25		%	(g)						8.41		%													11/2031						26,953						26,834						0.7						26,953
			LOV Acquisition LLC^(5)			Senior secured																		N/A(6)															11/2031						—						(12)						—						—
			Mamba Purchaser, Inc.^#(26)			Senior secured						SF +			2.75		%	(g)						6.89		%													10/2031						24,600						24,513						0.6						24,701
			New Look Corporation and New Look Vision Group Inc. ^(8)(9)(11)(25)			One stop						CA +			5.50		%	(j)						7.96		%	PIK												05/2028						10,829						11,077						0.3						10,829
			Pathway Vet Alliance, LLC#(26)			Senior secured						SF +			5.00		%	(h)						9.31		%													06/2028						5,000						5,049						0.1						5,060
			Pharmerica^(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													02/2031						12,310						12,243						0.3						12,332
			Pinnacle Treatment Centers, Inc.*&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						19,465						19,441						0.5						19,271
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						17,155						17,126						0.4						16,983
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						8,386						8,344						0.2						8,303
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						1,748						1,745						—						1,731
			Pinnacle Treatment Centers, Inc.^			One stop						P +			4.50		%	(a)						11.75		%													01/2027						1,643						1,632						—						1,579

See Notes to Consolidated Financial Statements

41

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Pinnacle Treatment Centers, Inc.&			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						$	1,084					$	1,082					—			%			$	1,074
			Pinnacle Treatment Centers, Inc.^			One stop						SF +			5.75		%	(h)						9.95		%													01/2027						820						819						—						812
			PPV Intermediate Holdings, LLC*			One stop						SF +			5.75		%	(h)						9.95		%													08/2029						4,938						4,875						0.1						4,938
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.25		%	(h)						9.45		%													08/2029						4,472						4,409						0.1						4,472
			Premise Health Holding Corp.^			One stop						SF +			5.25		%	(h)						9.25		%													03/2031						29,313						28,973						0.7						29,313
			Premise Health Holding Corp.^(5)			One stop																		N/A(6)															03/2030						—						(38)						—						—
			Southern Veterinary Partners, LLC^#(26)			Senior secured						SF +			2.50		%	(h)						6.82		%													12/2031						18,467						18,502						0.5						18,454
																																													536,008						530,769						13.2						534,456
			Healthcare Technology
			Amberfield Acquisition Co.*			One stop						SF +			5.50		%	(h)						9.50		%													05/2030						2,180						2,163						0.1						2,180
			Amberfield Acquisition Co.^			One stop						SF +			5.50		%	(h)						9.50		%													05/2030						54						51						—						54
			Amberfield Acquisition Co.^			One stop						SF +			5.50		%	(h)						9.50		%													05/2030						69						69						—						69
			Athenahealth, Inc.^(8)(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													02/2029						12,733						12,658						0.3						12,723
			ESO Solution, Inc.^			One stop						SF +			6.75		%	(h)						10.95		%													05/2027						5,250						5,225						0.1						5,250
			FINThrive Software Intermediate Holdings, Inc.#(26)			Senior secured						SF +			5.25		%	(h)						9.25		%													12/2028						1,995						1,985						0.1						1,989
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75		%	(h)						8.75		%													12/2031						75,662						74,988						1.9						75,662
			GHX Ultimate Parent Corporation^(5)			One stop																		N/A(6)															12/2031						—						(63)						—						—
			Healthmark Holdings, L.P.^(5)			One stop																		N/A(6)															07/2032						—						(14)						—						(29)
			Healthmark Holdings, L.P.^(5)			One stop																		N/A(6)															07/2032						—						(23)						—						(24)
			Healthmark Holdings, L.P.^			One stop						SF +			4.50		%	(h)						8.70		%													07/2032						23,153						23,040						0.6						22,921
			Imprivata, Inc.^#(26)			Senior secured						SF +			3.00		%	(h)						7.00		%													12/2027						25,607						25,616						0.6						25,744
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(h)						8.82		%													07/2031						13,091						12,982						0.3						13,091
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(h)						8.82		%													07/2031						768						768						—						768
			Kona Buyer, LLC^(5)			One stop																		N/A(6)															07/2031						—						(13)						—						—
			Kona Buyer, LLC^			One stop						SF +			4.50		%	(h)						8.82		%													07/2031						216						215						—						216
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC^			One stop																		N/A(6)															07/2031						—						—						—						—
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75		%	(f)						9.72		%													02/2031						13,035						12,092						0.3						12,905
			Lacker Bidco Limited^(8)(9)(10)			One stop						SN +			5.75		%	(f)						9.72		%													02/2031						10,825						10,437						0.3						10,652
			Lacker Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(34)						—						(29)
			Mediware Information Systems, Inc.^#(26)			Senior secured						SF +			2.75		%	(g)						7.02		%													03/2028						25,128						25,109						0.6						25,171
			Milano Acquisition Corp.#(26)			Senior secured						SF +			4.00		%	(h)						8.10		%													10/2027						4,898						4,848						0.1						4,830
			Modernizing Medicine, Inc.^(25)			One stop						SF +			4.75		%	(h)						6.50		%	cash/			2.25		%	PIK						04/2032						127,295						126,112						3.1						127,295
			Modernizing Medicine, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(110)						—						—
			Neptune Holdings, Inc.&			One stop						SF +			4.50		%	(h)						8.50		%													09/2030						5,547						5,464						0.1						5,547
			Neptune Holdings, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.&^(25)			One stop						SF +			4.95		%	(g)						6.66		%	cash/			2.45		%	PIK						08/2031						58,423						57,945						1.4						58,423
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(65)						—						—
			Netsmart Technologies, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(32)						—						—
			PointClickCare Technologies, Inc.^(8)(11)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													11/2031						19,915						19,915						0.5						19,961
			Stratose Intermediate Holdings II, LLC^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													11/2031						10,948						10,947						0.3						10,961
			Stratose Intermediate Holdings II, LLC^(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													09/2029						1,988						1,993						—						1,986
			Symplr Software, Inc.#(26)			Senior secured						SF +			4.50		%							8.81		%													12/2027						2,712						2,478						0.1						2,444
			Tebra Technologies, Inc.^(25)			One stop						SF +			8.00		%	(h)						8.85		%	cash/			3.50		%	PIK						11/2025						11,171						11,137						0.3						11,283
																																													452,663						447,883						11.1						452,043
			Hotels, Restaurants & Leisure
			BJH Holdings III Corp.*			One stop						SF +			5.00		%	(h)						9.00		%													08/2027						9,748						9,716						0.2						9,748
			BJH Holdings III Corp.&			One stop						SF +			5.00		%	(h)						9.00		%													08/2027						5,301						5,249						0.1						5,301
			Crumbl Enterprises, LLC&^			One stop						SF +			4.50		%	(h)						8.50		%													05/2032						115,489						114,946						2.8						115,489
			Crumbl Enterprises, LLC^			One stop						SF +			4.50		%	(h)						8.50		%													05/2032						1,505						1,462						—						1,505
			Fertitta Entertainment, LLC^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													01/2029						20,788						20,680						0.5						20,782
			GFP Atlantic Holdco 2, LLC*			One stop						SF +			6.00		%	(h)						10.21		%													11/2029						2,594						2,566						0.1						2,594

See Notes to Consolidated Financial Statements

42

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00		%	(h)						10.30		%													11/2029						$	1,940					$	1,890					—			%			$	1,940
			Health Buyer, LLC*			Senior secured						SF +			5.25		%	(h)						9.25		%													04/2029						4,888						4,827						0.1						4,888
			Health Buyer, LLC^			Senior secured						SF +			5.50		%	(h)						9.50		%													04/2029						397						393						—						397
			Olo Parent, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(21)						—						(21)
			Olo Parent, Inc.^			One stop						SF +			4.50		%	(h)						8.56		%													09/2032						87,771						87,553						2.2						87,552
			Patriot Acquireco, LLC^			One stop						SF +			4.50		%	(h)						8.66		%													09/2032						1,206						1,164						—						1,164
			Patriot Acquireco, LLC^			One stop						SF +			4.50		%	(h)						8.66		%													09/2032						84,418						84,001						2.1						83,996
			PB Group Holdings, LLC&^(25)			One stop						SF +			5.50		%	(g)						6.91		%	cash/			2.75		%	PIK						08/2030						33,268						33,136						0.8						33,268
			PB Group Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													08/2030						454						438						—						454
			QSR Acquisition Co.&			One stop						SF +			4.25		%	(h)						8.25		%													06/2032						15,254						15,199						0.4						15,254
			QSR Acquisition Co.^(5)			One stop																		N/A(6)															06/2032						—						(5)						—						—
			QSR Acquisition Co.^(5)			One stop																		N/A(6)															06/2032						—						(12)						—						—
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													03/2032						44,685						42,633						1.1						44,685
			Rooster BidCo Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													03/2032						1,064						1,055						—						1,064
			Rooster BidCo Limited^(5)(8)(9)(10)			One stop																		N/A(6)															03/2032						—						(212)						—						—
			Saguaro Buyer, LLC&			One stop						SF +			4.50		%	(g)(h)						8.66		%													07/2032						2,718						2,705						0.1						2,718
			Saguaro Buyer, LLC^			One stop						SF +			4.50		%	(g)						8.66		%													07/2032						42						39						—						42
			Saguaro Buyer, LLC^			One stop																		N/A(6)															07/2032						—						—						—						—
			Saguaro Buyer, LLC^			One stop						SF +			4.50		%	(g)						8.66		%													07/2032						73						63						—						73
			Scientific Games Holdings LP^#(26)			Senior secured						SF +			3.00		%	(h)						7.29		%													04/2029						14,967						14,933						0.4						14,861
			SDC Holdco, LLC*&^			One stop						SF +			4.38		%	(g)(h)						8.54		%													07/2032						52,635						52,379						1.3						52,372
			SDC Holdco, LLC^(5)			One stop																		N/A(6)															07/2032						—						(30)						—						(31)
			SSRG Holdings, LLC*^			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						22,621						22,472						0.6						22,507
			SSRG Holdings, LLC&			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						10,111						10,029						0.3						10,061
			SSRG Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						700						688						—						689
			SSRG Holdings, LLC^(5)			One stop																		N/A(6)															11/2029						—						(14)						—						(14)
			SSRG Holdings, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													11/2029						5,961						5,932						0.2						5,931
			Tacala LLC^#(26)			Senior secured						SF +			3.50		%	(g)						7.82		%													01/2031						24,465						24,508						0.6						24,603
			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		%	(h)						8.75		%													10/2027						6,268						6,231						0.2						6,268
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													10/2027						892						885						—						892
			YE Brands Holding, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													10/2027						12						12						—						12
																																													572,272						567,527						14.1						571,081
			Household Durables
			Groundworks, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													03/2031						12,591						12,618						0.3						12,612
			Groundworks, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													03/2031						370						376						—						374
																																													12,961						12,994						0.3						12,986
			Household Products
			WU Holdco, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													04/2032						21,573						21,473						0.5						21,573
			WU Holdco, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(8)						—						—
			WU Holdco, Inc.^(5)			One stop																		N/A(6)															04/2032						—						(12)						—						—
																																													21,573						21,453						0.5						21,573
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(g)						8.91		%													04/2026						6,655						6,631						0.2						6,588
			Arch Global CCT Holdings Corp.*			Senior secured						SF +			4.75		%	(g)						8.91		%													04/2026						4,326						4,310						0.1						4,283
			CPM Holdings, Inc.^#(26)			Senior secured						SF +			4.50		%	(g)						8.78		%													09/2028						6,985						6,943						0.2						6,978
			EAB Global, Inc. #(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													08/2030						13,496						13,490						0.3						13,184
			Essential Services Holdings Corporation^			One stop						SF +			5.00		%	(h)						9.32		%													06/2031						40,923						40,589						1.0						40,514
			Essential Services Holdings Corporation^			One stop						SF +			5.00		%	(h)						9.19		%													06/2030						1,003						964						—						965
			Essential Services Holdings Corporation^(5)			One stop																		N/A(6)															06/2031						—						(33)						—						(80)
			Excelitas Technologies Corp.^(9)			One stop						E +			5.25		%	(b)						7.16		%													08/2029						16,020						14,807						0.4						16,020
			Excelitas Technologies Corp.^(5)			One stop																		N/A(6)															08/2029						—						(14)						—						—
			Madison IAQ LLC^(8)(26)			Senior secured						SF +			2.50		%	(i)						6.70		%													06/2028						4,880						4,880						0.1						4,890
																																													94,288						92,567						2.3						93,342

See Notes to Consolidated Financial Statements

43

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Insurance
			Acrisure, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													11/2030						$	25,770					$	25,698					0.6			%			$	25,758
			Acrisure, LLC#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													06/2032						4,988						4,994						0.1						4,992
			Alera Group, Inc.#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													05/2032						15,000						15,073						0.4						15,073
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(h)						9.35		%													07/2027						7,680						7,646						0.2						7,680
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(h)						9.35		%													07/2027						3,488						3,472						0.1						3,488
			AMBA Buyer, Inc.*			One stop						SF +			5.25		%	(h)						9.35		%													07/2027						3,079						3,065						0.1						3,079
			Bellwether Buyer, LLC^			One stop						SF +			4.50		%	(g)						8.66		%													04/2032						2,488						2,441						0.1						2,488
			Bellwether Buyer, LLC&^			One stop						SF +			4.50		%	(g)						8.64		%													04/2032						47,769						47,545						1.2						47,769
			Bellwether Buyer, LLC^(5)			One stop																		N/A(6)															04/2032						—						(58)						—						—
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.81		%													03/2028						7,826						7,730						0.2						7,826
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.70		%													03/2028						5,262						5,262						0.1						5,262
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.81		%													03/2028						6,477						6,382						0.1						6,477
			Ben Nevis Midco Limited^(8)(10)			One stop						SF +			5.50		%	(h)						9.81		%													03/2028						1,349						1,343						—						1,349
			Captive Resources Midco, LLC&^			One stop						SF +			4.50		%	(g)						8.66		%													07/2029						16,788						16,788						0.4						16,788
			Captive Resources Midco, LLC^			One stop																		N/A(6)															07/2028						—						—						—						—
			Disco Parent#			Senior secured						SF +			3.25		%	(h)						7.48		%													07/2032						6,750						6,752						0.2						6,784
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													12/2030						10,621						10,542						0.3						10,621
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													12/2030						10,005						9,930						0.2						10,005
			Doxa Insurance Holdings LLC^			One stop						SF +			5.25		%	(h)						9.25		%													12/2029						278						261						—						278
			Doxa Insurance Holdings LLC^(5)			One stop																		N/A(6)															12/2030						—						(137)						—						—
			Galway Borrower LLC*			One stop						SF +			4.50		%	(h)						8.50		%													09/2028						4,859						4,776						0.1						4,859
			Gimlet Bidco GMBH^(8)(9)(16)			One stop						E +			5.75		%	(c)						7.78		%													04/2031						1,761						1,573						—						1,743
			Gimlet Bidco GMBH^(8)(9)(16)			One stop						E +			5.75		%	(b)(c)						7.75		%													04/2031						626						581						—						619
			Gimlet Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															04/2031						—						(39)						—						(82)
			Hub International Limited^(8)(26)			Senior secured						SF +			2.25		%	(h)						6.58		%													06/2030						9,002						9,021						0.2						9,026
			Integrated Specialty Coverages, LLC^			One stop						SF +			4.75		%	(g)						8.91		%													07/2030						6,822						6,776						0.2						6,822
			Integrated Specialty Coverages, LLC^(5)			One stop																		N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC^(5)			One stop																		N/A(6)															07/2030						—						(8)						—						—
			Integrity Marketing Acquisition, LLC*^			One stop						SF +			5.00		%	(h)						9.20		%													08/2028						27,728						27,530						0.7						27,728
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(2)						—						—
			Integrity Marketing Acquisition, LLC^(5)			One stop																		N/A(6)															08/2028						—						(4)						—						—
			J.S. Held Holdings, LLC*&			One stop						SF +			5.50		%	(h)						9.65		%													06/2028						19,657						19,495						0.5						19,657
			J.S. Held Holdings, LLC^			One stop						SF +			5.50		%	(h)						9.65		%													06/2028						10,536						10,354						0.3						10,536
			J.S. Held Holdings, LLC^(5)			One stop																		N/A(6)															06/2028						—						(1)						—						—
			Koala Investment Holdings, Inc.^(8)(10)			One stop						SF +			4.50		%	(h)						8.50		%													08/2032						70,267						69,921						1.7						69,565
			Koala Investment Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															08/2032						—						(30)						—						(60)
			Koala Investment Holdings, Inc.^(5)(8)(10)			One stop																		N/A(6)															08/2032						—						(67)						—						(135)
			Majesco*&^			One stop						SF +			4.75		%	(h)						8.75		%													09/2028						44,499						44,466						1.1						44,499
			Majesco^(5)			One stop																		N/A(6)															09/2027						—						(2)						—						—
			MRH Trowe Germany GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															11/2031						—						(26)						—						—
			MRH Trowe Germany GMBH^(8)(9)(16)			One stop						E +			5.00		%	(d)						7.11		%													05/2032						65,002						61,672						1.6						65,002
			MRH Trowe Germany GMBH^(8)(9)(16)			One stop						E +			5.00		%	(c)						6.99		%													05/2032						2,458						2,451						0.1						2,458
			Oakbridge Insurance Agency LLC*^			One stop						SF +			5.75		%	(g)						9.97		%													11/2029						6,530						6,485						0.2						6,530
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75		%	(g)						9.97		%													11/2029						3,154						3,132						0.1						3,154
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75		%	(g)						10.03		%													11/2029						39						31						—						39
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.00		%	(g)						9.27		%													11/2029						1,874						1,843						—						1,874
			OneDigital Borrower LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													07/2031						18,375						18,371						0.4						18,399
			Truist Insurance Holdings, LLC^#(8)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													05/2031						14,274						14,275						0.3						14,297
			Wasabi Lower Holdco, LLC^(5)			Senior secured																		N/A(6)															06/2032						—						(22)						—						—
			Wasabi Lower Holdco, LLC^			Senior secured						SF +			4.50		%	(g)						8.66		%													06/2032						6,950						6,862						0.2						6,950
			World Insurance Associates, LLC^			One stop						SF +			5.00		%	(h)						9.00		%													04/2030						6,736						6,667						0.2						6,736
			World Insurance Associates, LLC^(5)			One stop																		N/A(6)															04/2030						—						(9)						—						—
																																													496,767						490,800						12.2						495,933

See Notes to Consolidated Financial Statements

44

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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
			Acquia, Inc.^			One stop						SF +			6.00		%	(h)						10.43		%													10/2026						$	9,956					$	9,939					0.3			%			$	9,956
			CE Intermediate I, LLC^#			Senior secured						SF +			3.00		%	(h)						7.38		%													03/2032						12,656						12,640						0.3						12,690
			ContractPod Technologies, Ltd.^(8)(10)(25)			One stop						SF +			6.50		%	(h)						7.25		%	cash/			3.25		%	PIK						07/2030						3,428						3,411						0.1						3,428
			ContractPod Technologies, Ltd.^(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(8)						—						—
			ContractPod Technologies, Ltd.^(5)(8)(10)			One stop																		N/A(6)															07/2030						—						(8)						—						—
			Delinea Inc.&^			One stop						SF +			5.75		%	(h)						9.90		%													03/2028						32,672						32,471						0.8						32,672
			Delinea Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													03/2028						8,770						8,588						0.2						8,770
			Delinea Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													03/2028						4,795						4,696						0.1						4,795
			KnowBe4#(26)			Senior secured						SF +			3.75		%	(h)						8.07		%													07/2032						13,920						13,895						0.4						13,955
			LEIA FINCO US^#(8)(10)(26)			Senior secured						SF +			3.25		%	(h)						7.19		%													10/2031						14,932						14,874						0.4						14,952
			Maverick Bidco Inc.^			Senior secured						SF +			4.75		%	(h)						9.16		%													05/2028						37,062						37,062						0.9						37,062
			Maverick Bidco Inc.^			Senior secured						SF +			5.00		%	(h)						9.41		%													05/2028						56,372						56,372						1.4						56,372
			Maverick Bidco Inc.^			Senior secured						SF +			3.75		%	(h)						8.21		%													05/2028						4,961						4,961						0.1						4,961
			Netwrix Corporation*^			One stop						SF +			4.75		%	(h)						8.95		%													06/2029						12,456						12,345						0.3						12,456
			Netwrix Corporation^			One stop						SF +			4.75		%	(h)						8.95		%													06/2029						38						37						—						38
			Particle Investments^			Senior secured						SF +			3.75		%	(g)						7.91		%													03/2031						2,985						2,985						0.1						3,002
			PDQ Intermediate, Inc.^(25)			Subordinated debt						N/A												13.75		%	PIK												10/2031						65						64						—						66
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00		%	(h)						7.06		%	cash/			3.25		%	PIK						04/2031						41,461						41,209						1.0						41,461
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(22)						—						—
			ReliaQuest Holdings, LLC^(5)			One stop																		N/A(6)															04/2031						—						(48)						—						—
			ReliaQuest Holdings, LLC^(25)			One stop						SF +			6.00		%	(h)						7.06		%	cash/			3.25		%	PIK						04/2031						57,364						57,101						1.4						57,364
			Saturn Borrower Inc.*			One stop						SF +			6.00		%	(h)						10.00		%													11/2028						8,170						7,928						0.2						8,170
			Saturn Borrower Inc.^			One stop						SF +			6.00		%	(g)						10.16		%													11/2028						216						204						—						216
			UKG Inc.^(26)			Senior secured						SF +			2.50		%	(h)						6.81		%													02/2031						25,375						25,290						0.6						25,379
			WPEngine, Inc.^			One stop						SF +			6.00		%	(h)						10.02		%													08/2029						953						940						—						953
			WPEngine, Inc.^			One stop																		N/A(6)															08/2029						—						—						—						—
			VS Buyer, LLC^(26)			Senior secured						SF +			2.25		%	(h)						6.56		%													04/2031						11,940						11,948						0.3						11,947
																																													360,547						358,874						8.9						360,665
			Leisure Products
			Cast & Crew Payroll, LLC^(26)			Senior secured						SF +			3.75		%	(g)						7.91		%													12/2028						5,426						5,441						0.1						4,928
			Crunch Holdings, LLC*&			One stop						SF +			4.75		%	(g)						8.91		%													09/2031						17,647						17,605						0.4						17,647
			Crunch Holdings, LLC^(5)			One stop																		N/A(6)															09/2031						—						(6)						—						—
			EP Purchaser, LLC^(26)			Senior secured						SF +			3.50		%	(g)						7.77		%													11/2028						4,901						4,881						0.1						4,627
			Movement Holdings, LLC*&(8)(10)			One stop						SF +			5.50		%	(h)						9.70		%													03/2030						22,024						21,858						0.6						22,024
			Movement Holdings, LLC^(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(28)						—						—
			Movement Holdings, LLC^(5)(8)(10)			One stop																		N/A(6)															03/2030						—						(111)						—						—
																																													49,998						49,640						1.2						49,226
			Life Sciences Tools & Services
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						33,794						33,710						0.8						33,709
			Diamondback Acquisition, Inc.^(5)			One stop																		N/A(6)															09/2032						—						(17)						—						(34)
			Diamondback Acquisition, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													09/2032						875						863						—						863
			PAS Parent Inc.*&^			One stop						SF +			4.50		%	(g)						8.66		%													08/2032						22,190						21,768						0.6						21,968
			PAS Parent Inc.^(5)			One stop																		N/A(6)															08/2031						—						(18)						—						(19)
			PAS Parent Inc.^(5)			One stop																		N/A(6)															08/2032						—						(20)						—						(181)
																																													56,859						56,286						1.4						56,306
			Machinery
			AAL Delaware#(8)(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													07/2031						4,987						5,012						0.1						5,005
			AI Titan Parent, Inc.^			One stop						SF +			4.50		%	(g)						8.66		%													08/2031						9,302						9,224						0.2						9,302
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(8)						—						—
			AI Titan Parent, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(10)						—						—
			Blackbird Purchaser, Inc.*^			One stop						SF +			5.50		%	(h)						9.50		%													12/2030						17,950						17,816						0.5						17,950
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50		%	(h)						9.50		%													12/2030						2,108						2,081						0.1						2,108
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50		%	(g)(h)						9.55		%													12/2029						1,690						1,672						—						1,690

See Notes to Consolidated Financial Statements

45

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Filtration Group Corp.^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													10/2028						$	17,815					$	17,854					0.4			%			$	17,916
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25		%	(j)						6.70		%													06/2032						888						900						—						888
			Thermogenics, Inc.^(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(3)						—						—
			Thermogenics, Inc.&(8)(11)			One stop						SF +			4.25		%	(h)						8.25		%													06/2032						1,154						1,149						—						1,154
			Thermogenics, Inc.^(5)(8)(11)			One stop																		N/A(6)															06/2032						—						(17)						—						—
			Thermogenics, Inc.^(8)(9)(11)			One stop						CA +			4.25		%	(j)						6.70		%													06/2032						91						92						—						91
			Wireco Worldgroup Inc.^			Senior secured						SF +			3.75		%	(h)						8.08		%													11/2028						6,215						6,226						0.2						6,098
																																													62,200						61,988						1.5						62,202
			Media
			Ascend Learning, LLC^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													12/2028						22,489						22,441						0.6						22,491
			Lotus Topco, Inc.*			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						1,685						1,675						—						1,672
			Lotus Topco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(2)						—						(3)
			Lotus Topco, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						213						208						—						207
			Lotus Topco, Inc.^			One stop						SF +			4.75		%	(h)						8.75		%													06/2030						10,212						10,138						0.3						10,135
			Shout! Factory, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													06/2031						17,783						17,655						0.4						17,783
			Shout! Factory, LLC^			One stop						SF +			5.25		%	(h)						9.25		%													06/2031						368						353						—						368
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													05/2028						8,681						8,496						0.2						8,073
			Triple Lift, Inc.*			One stop						SF +			5.75		%	(h)						9.90		%													05/2028						2,547						2,492						0.1						2,368
																																													63,978						63,456						1.6						63,094
			Oil, Gas & Consumable Fuels
			Envernus, Inc.&^			One stop						SF +			5.50		%	(g)						9.66		%													12/2029						19,152						19,024						0.5						19,152
			Envernus, Inc.^			One stop						SF +			5.50		%	(g)						9.64		%													12/2029						42						31						—						42
			Envernus, Inc.^(5)			One stop																		N/A(6)															12/2029						—						(1)						—						—
																																													19,194						19,054						0.5						19,194
			Paper & Forest Products
			Ranpak Corporation^#(8)			Senior secured						SF +			4.50		%	(h)						8.50		%													12/2031						3,640						3,638						0.1						3,649
			Ranpak Corporation^#(8)			Senior secured						SF +			4.50		%	(h)						8.50		%													12/2031						2,330						2,328						—						2,336
																																													5,970						5,966						0.1						5,985
			Personal Products
			Knowlton Development Corporation, Inc.^#(8)(11)(26)			Senior secured						SF +			3.50		%	(g)						7.66		%													08/2028						11,973						12,000						0.3						12,014
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.*(8)			One stop						SF +			5.00		%	(h)						9.00		%													05/2029						19,497						19,135						0.5						19,497
			Certara Holdco, Inc. and Certara USA, Inc.^(8)			Senior secured						SF +			3.00		%	(h)						7.00		%													06/2031						10,935						10,917						0.3						10,996
			Creek Parent, Inc.^			One stop						SF +			5.00		%	(g)						9.14		%													12/2031						79,597						78,361						1.9						79,597
			Creek Parent, Inc.^(5)			One stop																		N/A(6)															12/2031						—						(170)						—						—
																																													110,029						108,243						2.7						110,090
			Professional Services
			Avalara, Inc.#(26)			Senior secured						SF +			2.75		%							6.74		%													03/2032						499						499						—						500
			Avalara, Inc.^(26)			Senior secured						SF +			3.25		%	(h)						7.25		%													03/2032						11,970						11,948						0.3						11,988
			Citrin Cooperman Advisors LLC^#(26)			Senior secured						SF +			3.00		%	(h)						7.00		%													03/2032						14,070						14,057						0.3						14,027
			Citrin Cooperman Advisors LLC^#(5)(26)			Senior secured																		N/A(6)															03/2032						—						—						—						(3)
			Denali Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															08/2032						—						(144)						—						(146)
			Denali Intermediate Holdings, Inc.^			One stop						SF +			5.50		%	(g)						9.67		%													08/2032						146,455						145,011						3.6						144,990
			Eclipse Buyer, Inc.^			One stop						SF +			4.50		%	(g)						8.68		%													09/2031						12,644						12,536						0.3						12,644
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(52)						—						—
			Eclipse Buyer, Inc.^(5)			One stop																		N/A(6)															09/2031						—						(9)						—						—
			Eisner Advisory Group LLC#(26)			Senior secured						SF +			4.00		%							8.16		%													02/2031						4,489						4,522						0.1						4,521
			Eliassen Group, LLC*			One stop						SF +			5.75		%	(h)						9.75		%													04/2028						4,806						4,806						0.1						4,710
			Geosyntec Consultants, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													07/2031						16,825						16,848						0.4						16,879
			Grant Thornton Advisors, LLC#(26)			Senior secured						SF +			2.75		%							7.16		%													06/2031						14,752						14,765						0.3						14,748
			IG Investments Holdings, LLC*^			One stop						SF +			5.00		%	(h)						9.31		%													09/2028						22,741						22,717						0.6						22,741
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00		%	(h)						6.90		%	cash/			3.50		%	PIK						11/2030						15,728						15,461						0.4						14,784

See Notes to Consolidated Financial Statements

46

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			NBG Acquisition Corp. and NBG-P Acquisition Corp.^(25)			One stop						SF +			6.00		%	(h)						6.50		%	cash/			3.50		%	PIK						11/2030						$	2,808					$	2,793					0.1			%			$	2,640
			Outcomes Group Holdings, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													05/2031						14,925						14,933						0.4						15,027
			PGA Holdings, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													04/2031						25,774						25,801						0.6						25,734
			Shift4 Payments, LLC#(8)(26)			Senior secured						SF +			2.50		%	(h)						6.50		%													06/2032						500						499						—						504
			Varicent Intermediate Holdings Corporation^(8)(11)(25)			One stop						SF +			5.75		%	(h)						6.63		%	cash/			3.13		%	PIK						08/2031						44,210						43,691						1.1						44,210
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(66)						—						—
			Varicent Intermediate Holdings Corporation^(5)(8)(11)			One stop																		N/A(6)															08/2031						—						(45)						—						—
																																													353,196						350,571						8.6						350,498
			Real Estate Management & Development
			RealPage, Inc.^(26)			Senior secured						SF +			3.00		%	(h)						7.26		%													04/2028						4,910						4,899						0.1						4,904
			Road & Rail
			Kenan Advantage Group, Inc.^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													01/2029						26,705						26,647						0.6						26,413
			VRS Buyer, Inc.^			Senior secured						SF +			4.75		%	(h)						9.08		%													07/2032						72,281						71,930						1.8						72,281
			VRS Buyer, Inc.^(5)			Senior secured																		N/A(6)															07/2032						—						(48)						—						—
			VRS Buyer, Inc.^(5)			Senior secured																		N/A(6)															07/2032						—						(72)						—						—
																																													98,986						98,457						2.4						98,694
			Software
			Anaplan, Inc.^			One stop						SF +			4.50		%	(h)						8.70		%													06/2029						9,925						9,863						0.2						9,925
			Appfire Technologies, LLC*			One stop						SF +			5.00		%	(h)						9.00		%													03/2028						10,074						9,987						0.3						9,974
			Appfire Technologies, LLC^(5)			One stop																		N/A(6)															03/2028						—						(75)						—						(225)
			Apttus Corporation^#			Senior secured						SF +			3.50		%	(h)						7.81		%													05/2028						16,409						16,404						0.4						16,245
			AQA Acquisition Holding, Inc. ^#(26)			Senior secured						SF +			4.00		%	(h)						8.31		%													03/2028						25,556						25,570						0.6						25,277
			Artifact Bidco, Inc.^			One stop						SF +			4.25		%	(h)						8.25		%													05/2031						5,024						4,983						0.1						5,024
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2031						—						(5)						—						—
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(2)						—						—
			Artifact Bidco, Inc.^(5)			One stop																		N/A(6)															05/2030						—						(5)						—						—
			Azul Systems, Inc.*			Senior secured						SF +			4.50		%	(h)						8.65		%													04/2027						3,000						3,000						0.1						3,000
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00		%	(g)						10.16		%													03/2031						17,541						17,330						0.4						17,541
			Azurite Intermediate Holdings, Inc.*			One stop						SF +			6.00		%	(g)						10.16		%													03/2031						7,718						7,628						0.2						7,718
			Azurite Intermediate Holdings, Inc.^(5)			One stop																		N/A(6)															03/2031						—						(33)						—						—
			Baxter Planning Systems, LLC^(25)			One stop						SF +			6.25		%	(h)						7.19		%	cash/			3.38		%	PIK						05/2031						12,035						11,965						0.3						12,035
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(13)						—						—
			Baxter Planning Systems, LLC^(5)			One stop																		N/A(6)															05/2031						—						(15)						—						—
			BestPass, Inc.*&^			One stop						SF +			4.75		%	(g)						8.91		%													08/2031						36,234						36,083						0.9						36,234
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(15)						—						—
			BestPass, Inc.^(5)			One stop																		N/A(6)															08/2031						—						(20)						—						—
			Bloomerang, LLC^(25)			One stop						SF +			6.50		%	(h)						7.00		%	cash/			3.50		%	PIK						12/2029						10,189						10,117						0.3						10,189
			Bloomerang, LLC^(25)			One stop						SF +			6.50		%	(h)						7.00		%	cash/			3.50		%	PIK						12/2029						1,019						997						—						1,019
			Bloomerang, LLC^			One stop						SF +			6.00		%	(h)						11.13		%													12/2029						1,140						1,124						—						1,140
			Blue Bidco Limited^(8)(9)(10)			One stop						E +			5.00		%	(d)						7.04		%													05/2032						13,167						12,649						0.3						13,167
			Blue Bidco Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													05/2032						22,852						22,694						0.6						22,852
			Blue Bidco Limited^(8)(9)(10)			One stop																		N/A(6)															05/2032						—						—						—						—
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00		%	(i)						9.26		%													05/2032						3,300						3,284						0.1						3,300
			Blue Bidco Limited^(8)(10)			One stop						SF +			5.00		%	(h)						9.26		%													05/2032						6,778						6,778						0.2						6,778
			Bottomline Technologies, Inc.*			One stop						SF +			4.50		%	(h)						8.50		%													05/2029						4,875						4,785						0.1						4,875
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(g)						9.16		%													10/2029						3,959						3,942						0.1						3,959
			Bullhorn, Inc.*			One stop						SF +			5.00		%	(g)						9.16		%													10/2029						3,959						3,943						0.1						3,959
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(f)						9.47		%													08/2030						4,818						4,494						0.1						4,818
			Camelia Bidco Limited^(8)(9)(10)			One stop						SN +			5.50		%	(f)						9.47		%													08/2030						943						878						—						943
			Camelia Bidco Limited^(8)(9)(10)			One stop						A +			5.50		%	(e)						9.05		%													08/2030						293						283						—						293
			Camelia Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															08/2030						—						(16)						—						—

See Notes to Consolidated Financial Statements

47

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Capstone Borrower^#(8)(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													06/2030						$	12,597					$	12,637					0.3			%			$	12,593
			CB Buyer, Inc.&^			One stop						SF +			5.25		%	(h)						9.25		%													07/2031						37,391						37,104						0.9						37,391
			CB Buyer, Inc.^(5)			One stop																		N/A(6)															07/2031						—						(30)						—						—
			CB Buyer, Inc.^			One stop						SF +			5.25		%	(h)						9.25		%													07/2031						409						366						—						409
			Cloud Software Group#(8)(26)			Senior secured						SF +			3.25		%	(h)						7.25		%													08/2032						14,091						14,116						0.4						14,150
			Cloud Software Group#(8)(26)			Senior secured						SF +			3.25		%							7.25		%													03/2031						1,000						1,003						—						1,005
			ConnectWise, LLC^#(26)			Senior secured						SF +			3.50		%	(h)						7.76		%													10/2028						28,541						28,492						0.7						28,631
			Conservice Midco, LLC^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													05/2030						15,980						15,985						0.4						16,043
			Cornerstone OnDemand, Inc.^(26)			Senior secured						SF +			3.75		%	(g)						8.02		%													10/2028						9,411						9,260						0.2						9,089
			Crewline Buyer, Inc.^			One stop						SF +			6.75		%	(g)						10.91		%													11/2030						28,617						28,306						0.7						28,617
			Crewline Buyer, Inc.^(5)			One stop																		N/A(6)															11/2030						—						(28)						—						—
			Cyberswift#(8)(21)			Senior secured						SF +			4.00		%							8.16		%													08/2032						7,000						6,965						0.2						7,004
			Daxko Acquisition Corporation*			One stop						SF +			4.75		%	(g)						8.91		%													10/2028						11,574						11,308						0.3						11,574
			Daxko Acquisition Corporation^			One stop						SF +			4.75		%	(g)						8.91		%													10/2028						472						419						—						472
			Daxko Acquisition Corporation^(5)			One stop																		N/A(6)															10/2028						—						(22)						—						—
			Denali Bidco Limited^(8)(9)(10)			One stop						SN +			5.00		%	(f)						8.97		%													09/2031						28,922						28,730						0.7						28,778
			Denali Bidco Limited^(8)(9)(10)			One stop						E +			5.00		%	(c)						7.08		%													09/2031						56,232						55,303						1.4						55,950
			Denali Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															09/2031						—						(36)						—						(21)
			Denali Bidco Limited^(8)(9)(10)(25)			Subordinated debt						N/A												9.80		%	PIK												09/2032						26,562						26,256						0.6						26,296
			Denali Bidco Limited^(8)(9)(10)(25)			Subordinated debt						N/A												11.20		%	PIK												09/2032						17,520						17,426						0.4						17,344
			ECI Macola/Max Holding, LLC^#(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													05/2030						23,328						23,368						0.6						23,357
			Einstein Parent, Inc.^			One stop						SF +			6.50		%	(h)						10.83		%													01/2031						40,574						39,855						1.0						40,574
			Einstein Parent, Inc.^(5)			One stop																		N/A(6)															01/2031						—						(74)						—						—
			Epicor Software Corporation#(26)			Senior secured						SF +			2.50		%	(g)						6.66		%													05/2031						6,028						6,046						0.1						6,042
			Espresso Bidco, Inc.^(25)			One stop						SF +			5.75		%	(h)						6.63		%	cash/			3.13		%	PIK						03/2032						36,521						36,022						0.9						36,521
			Espresso Bidco, Inc.^(5)			One stop																		N/A(6)															03/2032						—						(69)						—						—
			Espresso Bidco, Inc.^(5)			One stop																		N/A(6)															03/2032						—						(61)						—						—
			EverCommerce Solutions, Inc.^(8)(26)			Senior secured						SF +			2.25		%	(g)						6.41		%													07/2031						8,059						8,075						0.2						8,058
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													09/2030						11,677						11,420						0.3						11,677
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													09/2030						3,645						3,615						0.1						3,645
			Evergreen IX Borrower 2023, LLC^(5)			One stop																		N/A(6)															10/2029						—						(27)						—						—
			Flexera Software, LLC^(9)			One stop						E +			4.75		%	(b)						6.63		%													08/2032						11,252						11,207						0.3						11,224
			Flexera Software, LLC^			One stop						SF +			4.75		%	(h)						8.96		%													08/2032						31,766						31,727						0.8						31,687
			Flexera Software, LLC^(5)			One stop																		N/A(6)															08/2032						—						(3)						—						(6)
			Gurobi Optimization, LLC&^			One stop						SF +			4.50		%	(h)						8.50		%													09/2031						43,789						43,416						1.1						43,789
			Gurobi Optimization, LLC^(5)			One stop																		N/A(6)															09/2031						—						(33)						—						—
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(b)						6.62		%													02/2031						15,953						14,521						0.4						16,112
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(b)						6.62		%													02/2031						10,633						9,678						0.3						10,739
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(b)						6.66		%													08/2030						259						227						—						259
			Hornet Security Holding GMBH^(8)(9)(16)			One stop						E +			4.75		%	(d)						6.80		%													02/2031						2,209						2,118						0.1						2,261
			Hyland Software, Inc.*&^			One stop						SF +			5.00		%	(g)						9.16		%													09/2030						28,186						27,886						0.7						28,186
			Hyland Software, Inc.^(5)			One stop																		N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.^			One stop						SF +			4.50		%	(h)						8.81		%													01/2030						33,912						33,559						0.8						33,912
			Icefall Parent, Inc.^(5)			One stop																		N/A(6)															01/2030						—						(35)						—						—
			Instructure Holdings, Inc.^#(26)			Senior secured						SF +			2.75		%	(h)						6.75		%													11/2031						11,668						11,642						0.3						11,665
			iSolved, Inc.^#(26)			Senior secured						SF +			2.75		%	(g)						6.91		%													10/2030						22,399						22,430						0.6						22,494
			Javelin Buyer, Inc.^#(26)			Senior secured						SF +			2.75		%	(h)						7.06		%													12/2031						20,079						20,108						0.5						20,079
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						85						80						—						80
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						4,890						4,866						0.1						4,865
			Kairos Bidco Limited^(5)			One stop																		N/A(6)															07/2032						—						(8)						—						(8)
			Kairos Bidco Limited^			One stop						SF +			4.75		%	(h)						8.75		%													07/2032						735						732						—						732
			Kaseya Inc.^(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													03/2032						14,776						14,705						0.4						14,814
			LeadsOnline, LLC*			One stop						SF +			4.50		%	(h)						8.79		%													02/2028						4,373						4,307						0.1						4,373

See Notes to Consolidated Financial Statements

48

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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		%	(h)						8.50		%													02/2028						$	2,230					$	2,223					0.1			%			$	2,230
			LeadsOnline, LLC^			One stop						SF +			4.50		%	(h)						8.79		%													02/2028						772						760						—						772
			LeadsOnline, LLC^(5)			One stop																		N/A(6)															02/2028						—						(1)						—						—
			Lighthouse Bidco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(c)						6.75		%													12/2031						26,659						23,564						0.7						26,659
			Lighthouse Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															06/2031						—						(39)						—						—
			Lighthouse Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															12/2031						—						(128)						—						—
			LogicMonitor, Inc.^			One stop						SF +			5.50		%	(h)						9.81		%													11/2031						45,630						45,380						1.1						45,630
			LogicMonitor, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(31)						—						—
			Matrix42 Holding GMBH^(8)(9)(16)			One stop						E +			6.25		%	(d)						8.32		%													12/2029						191						175						—						190
			Matrix42 Holding GMBH^(8)(9)(16)			One stop						E +			6.25		%	(d)						8.31		%													12/2029						20,913						20,547						0.5						20,756
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.25		%	(c)						7.28		%													11/2031						14,658						13,023						0.4						14,658
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(15)			One stop						SF +			5.25		%	(h)						9.45		%													11/2031						9,353						9,229						0.2						9,353
			Metatiedot Bidco Oy & Metatiedot US, LLC^(8)(9)(15)			One stop						E +			5.25		%	(c)						7.28		%													11/2031						119						79						—						119
			Metatiedot Bidco Oy & Metatiedot US, LLC^(5)(8)(9)(15)			One stop																		N/A(6)															11/2030						—						(34)						—						—
			Modena Buyer, LLC^#(26)			Senior secured						SF +			4.50		%	(h)						8.81		%													07/2031						11,925						11,643						0.3						11,793
			Motus Group, LLC^(26)			Senior secured						SF +			3.75		%	(h)						7.75		%													12/2028						8,785						8,808						0.2						8,800
			MYOB Invest Co Pty Ltd^(8)(9)(12)(25)			One stop						A +			5.75		%	(e)						6.33		%	cash/			3.00		%	PIK						06/2030						166,823						162,334						4.1						166,823
			Navex TopCo, Inc.*^			One stop						SF +			5.25		%	(g)						9.41		%													11/2030						22,813						22,480						0.6						22,813
			Navex TopCo, Inc.^(5)			One stop																		N/A(6)															11/2028						—						(25)						—						—
			Onit, Inc.^			One stop						SF +			4.75		%	(h)						9.06		%													01/2032						18,763						18,596						0.5						18,809
			Onit, Inc.^(5)			One stop																		N/A(6)															01/2032						—						(24)						—						—
			Onit, Inc.^(5)			One stop																		N/A(6)															01/2032						—						(37)						—						—
			Onit, Inc.^			One stop						SF +			4.50		%	(h)						8.50		%													01/2032						3,163						3,155						0.1						3,155
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)			One stop						E +			5.75		%	(c)						7.75		%													11/2029						10,131						9,129						0.3						10,182
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.^(8)(9)(14)			One stop						E +			5.00		%	(c)						7.00		%													11/2029						736						612						—						736
			Panzura, LLC^(25)			One stop						N/A												4.00		%	cash/			11.00		%	PIK						08/2027						66						63						—						60
			Personify, Inc.&^			One stop						SF +			4.75		%	(h)						8.75		%													09/2028						17,891						17,813						0.4						17,891
			Personify, Inc.*			One stop						SF +			4.75		%	(h)						8.75		%													09/2028						6,648						6,604						0.2						6,648
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.27		%	PIK												01/2031						21,242						19,346						0.5						21,242
			Pineapple German Bidco GMBH^(8)(16)(25)			One stop						SF +			5.25		%	(h)						9.24		%	PIK												01/2031						16,990						16,843						0.4						16,990
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.27		%	PIK												01/2031						6,583						5,938						0.2						6,583
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.27		%	PIK												01/2031						5,985						5,143						0.1						5,985
			Pineapple German Bidco GMBH^(8)(16)(25)			One stop						SF +			5.25		%	(h)						9.24		%	PIK												01/2031						1,434						1,405						—						1,434
			Pineapple German Bidco GMBH^(8)(9)(16)(25)			One stop						E +			5.25		%	(c)						7.25		%	PIK												01/2031						1,458						1,317						—						1,458
			Pineapple German Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															01/2031						—						(217)						—						—
			Planview Parent, Inc.^#(26)			Senior secured						SF +			3.50		%	(h)						7.50		%													12/2027						21,911						21,843						0.5						21,623
			Pluralsight, LLC^(25)			One stop						SF +			7.50		%	(h)						11.70		%	PIK												08/2029						2,024						1,968						—						2,004
			Pluralsight, LLC^(25)			One stop						SF +			4.50		%	(h)						7.20		%	cash/			1.50		%	PIK						08/2029						1,209						1,181						—						1,197
			Pluralsight, LLC^(25)			One stop						SF +			4.50		%	(h)						7.20		%	cash/			1.50		%	PIK						08/2029						605						605						—						598
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(3)
			Pluralsight, LLC^(5)			One stop																		N/A(6)															08/2029						—						—						—						(7)
			Proofpoint, Inc.^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													08/2028						27,592						27,585						0.7						27,735
			QAD, Inc.*			One stop						SF +			4.75		%	(g)						8.91		%													11/2027						9,747						9,747						0.2						9,747
			Rainforest Bidco Limited^(5)(8)(9)(10)			One stop																		N/A(6)															07/2029						—						(65)						—						—
			Sapphire Bidco Oy^(8)(9)(15)			One stop						E +			4.75		%	(c)						6.78		%													07/2029						15,258						14,097						0.4						15,258
			Sophia, L.P.#(8)(26)			Senior secured						SF +			2.75		%							6.91		%													10/2029						8,043						8,064						0.2						8,053
			Spark Bidco Limited^(8)(9)(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)(10)			One stop																		N/A(6)															10/2032						—						—						—						—
			Telesoft Holdings LLC*			One stop						SF +			5.75		%	(g)						10.01		%													12/2026						5,627						5,613						0.1						5,627

See Notes to Consolidated Financial Statements

49

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Togetherwork Holdings, LLC&^			One stop						SF +			5.25		%	(g)						9.41		%													05/2031						$	44,428					$	44,114					1.1			%			$	43,984
			Togetherwork Holdings, LLC^			One stop						SF +			5.25		%	(g)						9.41		%													05/2031						1,114						1,067						—						1,039
			Togetherwork Holdings, LLC^(5)			One stop																		N/A(6)															05/2031						—						(32)						—						(53)
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.75		%	(h)						10.53		%													01/2031						14,863						14,598						0.4						14,863
			Transform Bidco Limited^(8)(10)			One stop						SF +			6.75		%	(h)						10.53		%													01/2031						7,874						7,785						0.2						7,874
			Transform Bidco Limited^(8)(9)(10)(25)			One stop						A +			6.75		%	(e)						7.62		%	cash/			2.75		%	PIK						01/2031						2,647						2,588						0.1						2,647
			Transform Bidco Limited^(8)(9)(10)(25)			One stop						SN +			6.75		%	(f)						7.97		%	cash/			2.75		%	PIK						01/2031						420						396						—						420
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															06/2030						—						(34)						—						—
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(47)						—						—
			Transform Bidco Limited^(5)(8)(10)			One stop																		N/A(6)															01/2031						—						(113)						—						—
			Tricentis Operations Holdings, Inc.^(25)			One stop						SF +			6.25		%	(h)						5.61		%	cash/			4.88		%	PIK						02/2032						63,398						63,117						1.6						63,398
			Tricentis Operations Holdings, Inc.^(5)			One stop																		N/A(6)															02/2032						—						(35)						—						—
			Tricentis Operations Holdings, Inc.^(5)			One stop																		N/A(6)															02/2032						—						(56)						—						—
			Vantage Bidco GMBH^(8)(9)(16)(25)			One stop						E +			6.25		%	(c)						8.25		%	PIK												04/2031						21,781						19,571						0.5						21,781
			Vantage Bidco GMBH^(5)(8)(9)(16)			One stop																		N/A(6)															10/2030						—						(40)						—						—
			Varinem German Midco GMBH^(8)(9)(16)			One stop						E +			5.50		%	(d)						7.57		%													07/2031						27,619						25,454						0.7						27,688
			Varinem German Midco GMBH^(8)(9)(16)			One stop						E +			4.75		%	(d)						6.82		%													07/2031						10,743						9,943						0.3						10,743
			Viper Bidco, Inc.&^			One stop						SF +			4.75		%	(h)						8.75		%													11/2031						50,364						50,144						1.2						50,491
			Viper Bidco, Inc.^(9)			One stop						SN +			4.75		%	(f)						8.72		%													11/2031						24,797						23,115						0.6						24,859
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(22)						—						—
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(28)						—						—
			Viper Bidco, Inc.^(5)			One stop																		N/A(6)															11/2031						—						(22)						—						(44)
			Zendesk, Inc.^			One stop						SF +			5.00		%	(h)						9.00		%													11/2028						10,160						10,160						0.3						10,160
																																													1,718,108						1,681,375						42.3						1,715,947
			Specialized Finance
			AGL CLO 20 Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.45		%							8.78		%													10/2037						1,500						1,508						—						1,509
			Apidos CLO LIII(8)(20)(27)			Structured Finance Note						SF +			3.50		%							7.78		%													07/2038						2,000						2,000						0.1						2,037
			Apidos CLO LIII(8)(20)(27)			Structured Finance Note						SF +			4.80		%							9.08		%													07/2038						2,375						2,375						0.1						2,417
			Apidos CLO XXVIII(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.35		%													10/2038						4,500						4,500						0.1						4,552
			Ares LXIII CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.35		%							8.66		%													10/2038						3,500						3,500						0.1						3,538
			Bain Capital Credit CLO 2025-3, Limited(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.33		%													07/2038						4,000						4,000						0.1						4,039
			Bain Capital Credit CLO 2025-4, Limited(8)(20)			Structured Finance Note						SF +			3.65		%							7.65		%													01/2039						2,000						2,000						0.1						2,000
			Ballyrock CLO 30, Ltd.(8)(20)			Structured Finance Note						SF +			4.05		%							8.36		%													10/2038						3,000						3,000						0.1						3,030
			Carlyle US CLO 2023-3, Ltd.(8)(20)			Structured Finance Note						SF +			3.75		%							7.75		%													10/2040						5,000						5,000						0.1						5,000
			Carlyle US CLO 2025-2, Ltd.(8)(20)(27)			Structured Finance Note						SF +			3.35		%							7.65		%													07/2038						9,000						9,000						0.2						9,157
			CBAMR 2018-5, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.15		%							8.35		%													10/2038						4,000						4,000						0.1						4,045
			CIFC Funding 2018-III, Ltd.(8)(20)			Structured Finance Note						SF +			3.90		%							8.10		%													10/2038						3,500						3,500						0.1						3,512
			CIFC Funding 2019-II, Ltd.(8)(20)			Structured Finance Note						SF +			3.85		%							8.02		%													10/2038						5,000						5,000						0.1						5,058
			CIFC Funding 2019-V, Ltd.(8)(20)			Structured Finance Note						SF +			3.95		%							8.15		%													10/2038						3,000						3,000						0.1						3,034
			CIFC Funding 2025-IV, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.10		%							8.45		%													10/2038						2,500						2,500						0.1						2,525
			CIFC Funding 2025-V, Ltd.(8)(20)			Structured Finance Note						SF +			4.00		%							8.30		%													10/2038						5,000						5,000						0.1						5,048
			Davis Park CLO, Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.35		%							8.63		%													07/2038						5,000						5,000						0.1						5,031
			Dryden 40 Senior Loan Fund(8)(20)(27)			Structured Finance Note						SF +			3.10		%							7.57		%													08/2031						5,500						5,498						0.1						5,528
			Eaton Vance CLO 2013-1, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.15		%							8.46		%													10/2038						5,000						5,000						0.1						5,057

See Notes to Consolidated Financial Statements

50

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Elmwood CLO 19, Ltd.(8)(20)			Structured Finance Note						SF +			3.75		%							7.75		%													10/2038						$	2,000					$	2,000					0.1			%			$	2,000
			GoldenTree Loan Management US CLO 17, Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.00		%							8.33		%													01/2039						1,500						1,500						—						1,526
			Green Lakes Park CLO, LLC(8)(27)			Structured Finance Note						SF +			3.70		%							8.02		%													01/2038						3,350						3,350						0.1						3,368
			Higley Park CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.00		%							8.32		%													07/2038						3,750						3,750						0.1						3,791
			Hook Park CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.75		%							9.01		%													07/2038						3,000						3,000						0.1						3,016
			Ivy Hill Middle Market Credit Fund XX, Ltd.(8)(19)(27)			Structured Finance Note						SF +			4.00		%							8.32		%													07/2037						4,500						4,500						0.1						4,521
			Madison Park Funding XVII, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.15		%							8.48		%													10/2037						5,700						5,710						0.1						5,730
			MCF CLO IV, LLC(8)			Structured Finance Note						SF +			5.00		%							9.00		%													10/2037						4,750						4,750						0.1						4,750
			Neuberger Berman CLO 32R, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.25		%							8.53		%													07/2039						5,500						5,500						0.1						5,555
			OCP CLO 2025-44, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.37		%													10/2038						4,000						4,000						0.1						4,043
			OHA Credit Funding 22, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.25		%							8.57		%													07/2038						2,500						2,500						0.1						2,527
			OHA Credit Partners VII, Ltd.(8)(20)(26)(27)			Structured Finance Note						SF +			3.50		%							7.70		%													02/2028						2,000						1,972						—						2,011
			Orion CLO 2025-5, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.25		%							8.57		%													07/2038						4,000						4,000						0.1						4,044
			Orion CLO 2025-6 Ltd.(8)(20)			Structured Finance Note						SF +			4.05		%							8.35		%													10/2038						4,000						4,000						0.1						4,039
			Palmer Square CLO 2019-1, Ltd.(8)(20)			Structured Finance Note						SF +			4.00		%							8.20		%													08/2038						3,000						3,000						0.1						3,017
			Palmer Square CLO 2021-3, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.05		%							8.35		%													10/2038						4,500						4,500						0.1						4,548
			Peace Park CLO, Ltd.(8)(20)			Structured Finance Note						SF +			3.85		%							8.05		%													10/2038						3,900						3,900						0.1						3,922
			Pikes Peak CLO 9(8)(20)(27)			Structured Finance Note						SF +			4.20		%							8.51		%													10/2038						5,000						5,000						0.1						5,048
			Rockland Park CLO, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.20		%							8.51		%													07/2038						2,500						2,500						0.1						2,530
			Sixth Street CLO XIV, Ltd.(8)(20)(27)			Structured Finance Note						SF +			3.70		%							8.03		%													01/2038						2,000						1,974						0.1						2,011
			Sixth Street CLO XVIII, Ltd.(8)(20)			Structured Finance Note						SF +			3.85		%							8.05		%													10/2038						3,000						3,000						0.1						3,029
			Voya CLO 2020-2, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.00		%							8.33		%													01/2038						1,000						1,000						—						1,012
			Voya CLO 2025-2, Ltd.(8)(20)(27)			Structured Finance Note						SF +			4.85		%							9.15		%													07/2038						5,000						5,000						0.1						5,027
			Voya CLO 2025-4, Ltd.(8)(20)			Structured Finance Note						SF +			4.05		%							8.38		%													10/2038						5,700						5,700						0.1						5,761
																																													161,525						161,487						4.0						162,943
			Specialty Retail
			Ashco, LLC#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													01/2032						37,656						37,583						0.9						37,685
			Ave Holdings III, Corp*&			One stop						SF +			5.50		%	(i)						9.62		%													02/2028						13,445						13,238						0.3						12,976
			Biscuit Parent, LLC&^			One stop						SF +			4.75		%	(h)						8.75		%													02/2031						35,995						35,738						0.9						35,995
			Biscuit Parent, LLC^(5)			One stop																		N/A(6)															02/2031						—						(33)						—						—
			Biscuit Parent, LLC^			One stop						SF +			4.75		%	(h)						8.75		%													02/2031						261						223						—						261
			Cavender Stores L.P.*&			Senior secured						SF +			5.00		%	(h)						9.00		%													10/2029						23,949						23,788						0.6						23,949
			Consilio Midco Limited^(8)(9)(10)(25)			Subordinated debt						E +			7.50		%	(d)						9.59		%													04/2033						4,253						4,090						0.1						4,253
			Consilio Midco Limited^(8)(9)(10)			Senior secured						E +			4.75		%	(c)						6.75		%													04/2032						38,032						36,669						1.0						38,032
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75		%	(h)						9.04		%													04/2032						30,962						30,818						0.8						30,962
			Consilio Midco Limited^(8)(10)			Senior secured						SF +			4.75		%	(h)						9.04		%													04/2032						19,084						18,995						0.5						19,084
			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		%	(i)						11.64		%													04/2033						5,314						5,277						0.1						5,314
			Consilio Midco Limited^(8)(10)(25)			Subordinated debt						SF +			7.50		%	(h)						11.82		%	PIK												04/2033						3						3						—						3

See Notes to Consolidated Financial Statements

51

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			CVP Holdco, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						$	32,806					$	32,537					0.8			%			$	32,806
			CVP Holdco, Inc.^(5)			One stop																		N/A(6)															06/2030						—						(28)						—						—
			CVP Holdco, Inc.^			One stop						SF +			4.75		%	(g)						8.91		%													06/2031						1,881						1,846						—						1,881
			Med Parentco, LP^#(26)			Senior secured						SF +			3.25		%	(g)						7.41		%													04/2031						22,398						22,417						0.6						22,470
			Metal Supermarkets US Buyer, LLC&(8)(11)			One stop						SF +			4.75		%	(h)						8.75		%													12/2030						12,326						12,273						0.3						12,326
			Metal Supermarkets US Buyer, LLC^(8)(11)			One stop						SF +			4.75		%	(h)						8.75		%													12/2030						328						322						—						328
			PetVet Care Centers LLC^			One stop						SF +			6.00		%	(g)						10.16		%													11/2030						9,238						9,104						0.2						8,499
			PetVet Care Centers LLC^(5)			One stop																		N/A(6)															11/2029						—						(19)						—						(95)
			PetVet Care Centers LLC^(5)			One stop																		N/A(6)															11/2030						—						(9)						—						—
			Radiance Borrower, LLC&^(25)			One stop						SF +			5.75		%	(g)						7.16		%	cash/			2.75		%	PIK						06/2031						41,498						41,251						1.0						41,498
			Radiance Borrower, LLC^			One stop						SF +			5.25		%	(g)						9.41		%													06/2031						388						361						—						388
			VSG Acquisition Corp. and Sherrill, Inc.*^			One stop						SF +			5.00		%	(g)(h)						9.16		%													10/2029						31,077						30,651						0.8						30,921
			VSG Acquisition Corp. and Sherrill, Inc.^			One stop						SF +			5.00		%	(g)						9.16		%													10/2029						430						422						—						424
			VSG Acquisition Corp. and Sherrill, Inc.^(5)			One stop																		N/A(6)															10/2029						—						(10)						—						(11)
																																													361,324						357,507						8.9						359,949
			Trading Companies & Distributors
			Marcone Yellowstone Buyer Inc.^(25)			One stop						SF +			7.00		%	(h)						8.19		%	cash/			3.25		%	PIK						06/2028						11,900						11,582						0.3						10,769
			Marcone Yellowstone Buyer Inc.^(25)			One stop						SF +			7.00		%	(h)						8.19		%	cash/			3.25		%	PIK						06/2028						5,047						4,912						0.1						4,567
																																													16,947						16,494						0.4						15,336
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC*^			One stop						SF +			5.00		%	(g)						9.16		%													02/2032						54,753						54,442						1.3						54,207
			LDS Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															02/2032						—						(46)						—						(82)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													02/2032						10,842						10,781						0.3						10,734
			LDS Intermediate Holdings, LLC^(5)			One stop																		N/A(6)															02/2032						—						(40)						—						(80)
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00		%	(g)						9.16		%													02/2032						800						796						—						792
			PODS, LLC#(26)			Senior secured						SF +			3.00		%							7.28		%													03/2028						2,992						2,925						0.1						2,936
																																													69,387						68,858						1.7						68,507
			Water Utilities
			Aegion Corporation^#(26)			Senior secured						SF +			3.00		%	(g)						7.16		%													05/2028						12,349						12,294						0.3						12,380
			Aegion Corporation#(26)			Senior secured																		N/A(6)															05/2028						—						1						—						1
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75		%	(g)(i)						8.93		%													07/2031						15,577						15,448						0.4						15,577
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75		%	(g)(i)						8.89		%													07/2031						2,821						2,800						0.1						2,821
			Vessco Midco Holdings, LLC^(5)			One stop																		N/A(6)															07/2031						—						(14)						—						—
																																													30,747						30,529						0.8						30,779
			Total debt investments																																										8,521,763						8,418,294						209.2						8,490,414

See Notes to Consolidated Financial Statements

52

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TABLE OF CONTENTS

Golub Capital Private Credit Fund 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)
			Air Freight & Logistics
			RJW Group Holdings, Inc.(24)			LLC units						N/A												N/A															11/2024						N/A						1,563						$	962					—			%			$	1,241
			Auto Components
			Arnott, LLC			LP units						N/A												N/A															12/2024						N/A						—						125						—						112
			Automobiles
			CAP-KSI Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						1,146						1,146						0.1						1,274
			CAP-KSI Holdings, LLC			Common stock						N/A												N/A															06/2024						N/A						1,146						—						—						296
			Quick Quack Car Wash Holdings, LLC			LLC units						N/A												N/A															06/2024						N/A						417						417						—						547
			Quick Quack Car Wash Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						83						83						—						104
			Yorkshire Parent, Inc.			LP interest						N/A												N/A															12/2023						N/A						—						94						—						110
																																																									1,740						0.1						2,331
			Beverages
			Spindrift Beverage Co. Inc.			LLC interest						N/A												N/A															02/2025						N/A						3						3,178						0.1						3,897
			Commercial Services & Supplies
			CHA Vision Holdings, Inc.			Warrant						N/A												N/A															01/2024						N/A						—						109						—						151
			Containers & Packaging
			Packaging Coordinators Midco, Inc.			LP units						N/A												N/A															09/2025						N/A						182						1,822						0.1						1,822
			Diversified Consumer Services
			CHVAC Services Investment, LLC			Preferred stock						N/A												N/A															05/2024						N/A						162						408						—						698
			Kodiak Buyer, LLC			LP interest						N/A												N/A															08/2025						N/A						4						448						—						448
			Virginia Green Acquisition, LLC			Preferred stock						N/A												N/A															12/2023						N/A						73						73						—						83
																																																									929						—						1,229
			Electric Utilities
			Smart Energy Systems, Inc.			Preferred stock						N/A												N/A															01/2025						N/A						7						36						—						174
			Electrical Equipment
			Wildcat TopCo, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						191						191						—						256
			Food Products
			Zullas, L.C.			Warrant						N/A												N/A															06/2025						N/A						2						1,726						—						1,726
			Healthcare Equipment & Supplies
			Centegix Intermediate II, LLC			Preferred stock						N/A												N/A															08/2025						N/A						3,652						3,652						0.1						3,651
			Isto Group, Inc.(9)			LP units						N/A												N/A															09/2025						N/A						18						2,189						—						2,166
																																																									5,841						0.1						5,817
			Healthcare Providers & Services
			HP TLE Buyer, Inc.			LP units						N/A												N/A															07/2025						N/A						743						743						—						743
			Healthcare Technology
			Amberfield Acquisition Co.			Preferred stock						N/A												N/A															05/2024						N/A						450						450						—						536
			Modernizing Medicine, Inc.(24)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						14						14,820						0.4						15,155
																																																									15,270						0.4						15,691

See Notes to Consolidated Financial Statements

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Golub Capital Private Credit Fund 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)
			Hotels, Restaurants & Leisure
			Patriot Acquireco, LLC			LP units						N/A												N/A															09/2025						N/A						3,613						$	3,613					0.1			%			$	3,613
			PB Group Holdings, LLC			Preferred stock						N/A												N/A															08/2024						N/A						113						262						—						279
			Rooster BidCo Limited(8)(10)			LLC units						N/A												N/A															03/2025						N/A						1,601						1,656						0.1						2,450
			Saguaro Buyer, LLC			LP units						N/A												N/A															07/2025						N/A						4						3,798						0.1						4,038
																																																									9,329						0.3						10,380
			Insurance
			Oakbridge Insurance Agency LLC			Preferred stock						N/A												N/A															11/2023						N/A						4						70						—						89
			Leisure Products
			Movement Holdings, LLC(8)(10)			LP units						N/A												N/A															03/2024						N/A						—						661						—						385
			Pharmaceuticals
			Creek Parent, Inc.			Preferred stock						N/A												N/A															12/2024						N/A						1,279						1,279						—						1,368
			Professional Services
			Eclipse Buyer, Inc.(24)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						3,773						0.1						3,833
			Software
			CB Buyer, Inc.			Preferred stock						N/A												N/A															07/2024						N/A						458						458						—						285
			Denali Bidco Limited(8)(10)			LP units						N/A												N/A															08/2023						N/A						75						46						—						128
			Energy Worldnet, LLC(24)			Preferred stock						N/A												N/A															02/2025						N/A						50						52						—						54
			Gurobi Optimization, LLC			LLC units						N/A												N/A															09/2024						N/A						—						209						—						229
			LogicMonitor, Inc.			LLC units						N/A												N/A															12/2024						N/A						250						250						—						277
			Menlo Ridgeview Co-Invest, LLC(8)			LLC units						N/A												N/A															05/2025						N/A						1,484						1,520						—						1,587
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			Pluralsight, LLC			Common stock						N/A												N/A															08/2024						N/A						597						1,100						—						1,055
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						676						3,599						0.1						3,745
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						545						2,384						0.1						2,445
			Transform Bidco Limited(8)(10)			LP units						N/A												N/A															04/2025						N/A						3,477						3,477						0.1						3,601
			Tricentis Operations Holdings, Inc.			Preferred stock						N/A												N/A															02/2025						N/A						40						40						—						44
																																																									13,139						0.3						13,450
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(8)(11)			LLC units						N/A												N/A															12/2024						N/A						1						124						—						132
			Metal Supermarkets US Buyer, LLC(8)(11)			Preferred stock						N/A												N/A															12/2024						N/A						—						—						—						10
																																																									124						—						142
			Total equity investments																																																						61,047						1.5						64,837
			Total investments																																																						8,479,341						210.7						8,555,251
			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%			(28)																														$	251,491					6.2			%			$	251,491
			JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Share Class (CUSIP 4812A0375)																					4.09%			(28)																														161,145						4.0						161,145
			Total money market funds																																																						412,636						10.2						412,636
			Total investments and money market funds																																																						$	8,891,977					220.9			%			$	8,967,887

See Notes to Consolidated Financial Statements

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Golub Capital Private Credit Fund 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 2025-R Debt Securitization (as defined in Note 7).
&						Denotes that all or a portion of the investment collateralizes the 2025 Debt Securitization (as defined in Note 7).
^						Denotes that all or a portion of the investment collateralizes the SMBC Credit Facility (as defined in Note 7).
#						Denotes that all or a portion of the investment collateralizes the BANA Credit Facility (as defined in Note 7).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 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 may 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 Prime, 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 the 30-day Term SOFR which was 4.13% as of September 30, 2025.

(h) 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.

(i) 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.

(j) 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 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 September 30, 2025, total non-qualifying assets at fair value represented 21.3% 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 Australia.

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

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

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

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

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

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

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

(20)The headquarters of this portfolio company is located in the Cayman Islands.

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

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

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

See Notes to Consolidated Financial Statements

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Consolidated Schedule of Investments - (continued)

September 30, 2025

(Dollar and share amounts in thousands)

(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 fair value of this investment was valued using Level 2 inputs. See Note 6.

(27)The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing (‘‘ASC Topic 860’’), and therefore, the asset remains in the Consolidated Schedule of Investments. See Note 7.

(28)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 Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

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

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

The Company offers on a continuous basis up to $10.0 billion of common shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the “SEC”). The Company has received an exemptive order from the SEC that permits the Company to issue multiple share classes through Class S common shares (“Class S Shares”), Class D common shares (“Class D Shares”) and Class I common shares (“Class I Shares” and, together with Class S Shares and Class D Shares, the “Common Shares”) with, among others, different ongoing shareholder servicing and/or distribution fees (the “Public Offering”).

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, GCRED Holdings LLC (“GCRED Holdings”), GCRED Holdings 2 LLC (“GCRED Holdings 2”), GCRED Funding LLC (“GCRED Funding”), Golub Capital Private Credit Fund CLO-R (“2025-R Issuer”), formerly Golub Capital Private Credit Fund CLO (the “2023 Issuer”) prior to September 25, 2025 and formerly GCP SG Warehouse 2022-1 (the “CLO Vehicle”) prior to September 21, 2023, Golub Capital Private Credit Fund CLO-R Depositor statutory trust (“2025-R CLO Depositor”), Golub Capital Private Credit Fund CLO 2 (“2025 Issuer”), Golub Capital Private Credit Fund CLO 2 Depositor statutory trust (“2025 CLO Depositor”), GCRED BSL CLO 1 (“2026-B Issuer”) and GCRED BSL CLO 1 Depositor statutory trust (“2026-B CLO Depositor”) in its consolidated financial statements.

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by the 2025-R Issuer and the 2025 Issuer, special purpose entities that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entity have received security interests in such assets and such assets are not intended to be available to the creditors of GCRED (or any affiliate of GCRED).

Cash, 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Restricted cash and restricted cash equivalents: Restricted cash and restricted cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and restricted cash equivalents 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.

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

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

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

Refer to Note 5 for more information regarding the forward currency contracts.

Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments when a master netting agreement is in place, not taking into account collateral posted which is recorded separately, if applicable.

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

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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 $9,993 and $9,435, respectively. For the three months ended December 31, 2025 and 2024, interest income included $5,207 and $2,738, 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 $11,970 and $4,657, respectively, of PIK interest and the Company capitalized PIK interest of $11,969 and $4,816, 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 $320 of 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 amount of $185,304 and $85,388, 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 $625 and $106, 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 did not receive any cash payments of accrued and capitalized preferred dividends.

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

For the three months ended December 31, 2025, the Company recorded dividend income received in cash of $31 and $35 of return of capital distributions in cash. For the three months ended December 31, 2024, the Company did not recognize any dividend income received in cash and did not receive any return of capital distributions in cash.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Non-accrual 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 was $9,682 and $2,381 as of December 31, 2025 and September 30, 2025, 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. There were no preferred equity securities on non-accrual status as of December 31, 2025 and 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 taxation as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its shareholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three 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 2023 and 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. For the three months ended December 31, 2025 and 2024, the Company did not record any U.S. income tax.

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

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

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2025 and September 30, 2025, the Company had deferred debt issuance costs of $35,613 and $38,246, 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 $3,005 and $1,487, respectively.

Deferred offering costs: Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and amortized on a straight line basis. Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. For the three months ended December 31, 2025 and 2024, the Company amortized $535 and $562, respectively, of deferred offering costs, which are included in “Professional fees” on the Consolidated Statements of Operations.

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

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, dated as of April 28, 2023 and as amended and restated on November 14, 2025, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee.

Base Management Fee

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

The base management fee incurred for the three months ended December 31, 2025 and 2024 was $13,671 and $6,062, respectively.

Incentive Fees

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

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of Pre-Incentive Fee Net Investment Income Returns that exceeds the hurdle rate but is less than 1.43% is referred to as the “catch-up” provision; and

•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Investment Adviser.

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

For the three months ended December 31, 2025 and 2024, the Income Incentive Fee incurred was $13,970 and $5,827, respectively.

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

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

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

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

For the three months ended December 31, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of 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 Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. There can be no assurance that any 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 $335. For the three months ended December 31, 2024, the Company recorded an accrual of the capital gain incentive fee under GAAP of $1,273. As of December 31, 2025 and September 30, 2025, there was $3,163 and $3,498, respectively, of cumulative accrual for the capital gain incentive fee under GAAP included in “Accounts payable and other liabilities” on the Consolidated Statements of Financial Condition.

Administration Agreement: Under the Administration Agreement, dated as of April 28, 2023 and as amended and restated on November 14, 2025, the Administrator furnishes the Company with office facilities and equipment, provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”) and net offering price, preparing reports to shareholders and reports filed with the SEC, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to shareholders, managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for costs and expenses including, but not limited to, those related to the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third-party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

Included in accounts payable and other liabilities is $2,516 and $1,946, as of December 31, 2025 and September 30, 2025, respectively, for accrued allocated shared services under the Administration Agreement.

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

Managing Dealer Agreement: The Company has entered into a Managing Dealer Agreement (the “Managing Dealer Agreement”) with Arete Wealth Management, LLC (the “Managing Dealer”). Under the terms of the Managing Dealer Agreement, the Managing Dealer manages relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of the Company’s Class I Shares, Class D Shares and Class S Shares (referred to as “participating brokers”), and financial advisors. The Managing Dealer is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the aggregate NAV attributable to Class S Shares and Class D Shares, respectively. No shareholder servicing and/or distribution fees are paid with respect to Class I Shares. The shareholder servicing and/or distribution fees are payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers. In addition, pursuant to the Managing Dealer Agreement, the Company pays the Managing Dealer certain fees for its services as Managing Dealer, including, a $250 fixed managing dealer fee that was paid for the first 15 months of the Public Offering in five equal quarterly installments following effectiveness of the Public Offering and a two basis point variable managing dealer fee that is payable quarterly in arrears on any new capital raised in the Public Offering following the expiration of the initial 15-month period of the Public Offering. Such fees are borne by all shareholders of the Company. For the three months ended December 31, 2025 and 2024, the Company incurred $78 and $100, respectively, of fees to the Managing Dealer.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

Distribution and Servicing Plan: On May 2, 2025, the Board re-approved a distribution and servicing plan (the “Distribution and Servicing Plan”) for an additional one-year period. The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S Shares, Class D Shares and Class I Shares on an annualized basis as a percentage of the Company’s NAV for such class. The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of each applicable quarter. The shareholder servicing and/or distribution fees are calculated and paid separately for each class.

Shareholder Servicing and/or Distribution Fee Rate as a % of NAV

Class S Shares

0.85%

Class D Shares

0.25%

Class I Shares

N/A

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

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

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

For the three months ended December 31, 2025 and 2024, the Company incurred shareholder servicing and/or distribution fees of $447 and $172, respectively, which were attributable to Class S Shares.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all Expense Support Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of the Company’s (i) net investment income calculated in accordance with GAAP, (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month.

The following tables present a summary of Expense Support Payments and the related Reimbursement Payments for the three months ended December 31, 2025 and 2024:

						For the three months ended December 31, 2025
						Expense Support Payments by Investment Adviser						Reimbursement Payments to Investment Adviser(1)						Unreimbursed Expense Support Payments
Total, beginning of period						$	1,924					$	885					$	1,039
December 31, 2025						—						—						—
Total, end of period(2)						$	1,924					$	885					$	1,039
						For the three months ended December 31, 2024
						Expense Support Payments by Investment Adviser						Reimbursement Payments to Investment Adviser(1)						Unreimbursed Expense Support Payments
Total, beginning of period						$	1,924					$	885					$	1,039
December 31, 2024						—						—						—
Total, end of period(2)						$	1,924					$	885					$	1,039

(1) Reimbursement Payments to Investment Adviser are presented with associated Expense Support Payment and not in quarter of payment.

(2) Total includes cumulative Expense Support Payments and Reimbursement Payments since the Company’s commencement of operations.

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

On March 1, 2025 and May 1, 2024, affiliates of the Investment Adviser indirectly purchased $6,571 and $9,900, respectively, of Class I Shares through their ownership of a feeder vehicle.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator for the three months ended December 31, 2025 and 2024 were $3,824 and $2,808, respectively. As of December 31, 2025 and September 30, 2025, $7,344 and $4,864, respectively (which includes $1,039 of unreimbursed Expense Support Payments as of both December 31, 2025 and September 30, 2025), of reimbursable expenses were paid by the Administrator on behalf of the Company, were included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.

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

Note 4. Investments

Investments as of 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			$	2,365,806					$	2,360,197					$	2,355,739					$	2,288,864					$	2,283,507					$	2,285,901
One stop			7,177,265						7,074,259						7,146,306						5,978,203						5,881,309						5,948,840
Second lien			26,697						26,524						26,697						35,084						34,869						35,084
Subordinated debt			60,061						59,053						60,061						58,087						57,122						57,646
Structured finance note			250,025						249,992						251,122						161,525						161,487						162,943
Equity			N/A						69,229						73,483						N/A						61,047						64,837
Total			$	9,879,854					$	9,839,254					$	9,913,408					$	8,521,763					$	8,479,341					$	8,555,251

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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of December 31, 2025												As of September 30, 2025
Amortized Cost:
United States
Southeast			$	2,005,597					20.4		%				$	1,698,394					20.0		%
Midwest			1,808,291						18.4						1,445,453						17.0
West			1,415,662						14.4						1,159,934						13.7
Mid-Atlantic			1,411,293						14.3						1,208,533						14.3
Southwest			1,094,703						11.1						1,050,633						12.4
Northeast			357,222						3.6						395,788						4.7
U.S. Territory			12,401						0.1						12,399						0.1
United Kingdom			782,060						7.9						676,804						8.0
Germany			225,635						2.3						241,578						2.8
Cayman Islands			203,759						2.1						140,879						1.7
Australia			163,635						1.7						162,334						2.0
Canada			145,998						1.5						101,412						1.2
Jersey			101,830						1.0						88,930						1.0
Finland			44,512						0.5						36,394						0.4
Netherlands			35,488						0.4						27,046						0.3
France			23,604						0.2						18,800						0.2
Luxembourg			5,559						0.1						5,505						0.1
Sweden			2,005						0.0		*				—						—
Lithuania			—						—						6,965						0.1
Spain			—						—						1,560						0.0		*
Total			$	9,839,254					100.0		%				$	8,479,341					100.0		%
Fair Value:
United States
Southeast			$	2,014,749					20.3		%				$	1,704,931					19.9		%
Midwest			1,810,006						18.3						1,447,480						16.9
Mid-Atlantic			1,421,894						14.3						1,215,555						14.2
West			1,411,427						14.2						1,163,587						13.6
Southwest			1,105,756						11.1						1,060,849						12.4
Northeast			357,496						3.6						397,933						4.7
U.S. Territory			12,492						0.1						12,497						0.1
United Kingdom			794,261						8.0						686,479						8.0
Germany			242,204						2.4						260,620						3.0
Cayman Islands			204,697						2.1						142,238						1.7
Australia			169,615						1.7						166,823						2.0
Canada			146,520						1.5						101,943						1.2
Jersey			104,624						1.1						91,593						1.1
Finland			47,562						0.5						39,388						0.5
Netherlands			36,750						0.4						28,309						0.3
France			25,458						0.3						20,597						0.2
Luxembourg			5,882						0.1						5,839						0.1
Sweden			2,015						0.0		*				—						—
Lithuania			—						—						7,004						0.1
Spain			—						—						1,586						0.0		*
Total			$	9,913,408					100.0		%				$	8,555,251					100.0		%

* Represents an amount less than 0.1%

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

			As of December 31, 2025												As of September 30, 2025
Amortized Cost:
Aerospace & Defense			$	221,896					2.3		%				$	120,841					1.4		%
Air Freight & Logistics			105,544						1.1						105,489						1.2
Airlines			22,761						0.2						20,374						0.2
Auto Components			120,837						1.2						111,710						1.3
Automobiles			279,926						2.8						268,537						3.2
Banks			16,552						0.2						16,055						0.2
Beverages			81,309						0.8						81,503						1.0
Building Products			10,748						0.1						3,266						0.0		*
Capital Markets			67,137						0.7						66,357						0.8
Chemicals			147,504						1.5						143,213						1.7
Commercial Services & Supplies			269,615						2.7						156,518						1.8
Construction & Engineering			69,311						0.7						89,637						1.1
Construction Materials			17,011						0.2						17,046						0.2
Consumer Finance			26,032						0.3						26,096						0.3
Containers & Packaging			139,875						1.4						111,902						1.3
Diversified Consumer Services			491,238						5.0						379,377						4.5
Diversified Financial Services			551,789						5.6						506,912						6.0
Electric Utilities			11,494						0.1						6,440						0.1
Electrical Equipment			21,411						0.2						25,413						0.3
Food & Staples Retailing			24,080						0.2						13,666						0.2
Food Products			136,679						1.4						129,183						1.5
Healthcare Equipment & Supplies			549,998						5.6						365,741						4.3
Healthcare Providers & Services			531,176						5.4						531,512						6.3
Healthcare Technology			665,736						6.8						463,153						5.5
Hotels, Restaurants & Leisure			692,964						7.0						576,856						6.8
Household Durables			18,211						0.2						12,994						0.1
Household Products			21,544						0.2						21,453						0.2
Industrial Conglomerates			93,488						1.0						92,567						1.1
Insurance			537,031						5.5						490,870						5.8
IT Services			258,959						2.6						358,874						4.2
Leisure Products			47,942						0.5						50,301						0.6
Life Sciences Tools & Services			140,857						1.4						56,286						0.7
Machinery			65,243						0.7						61,988						0.7
Media			63,163						0.6						63,456						0.7
Oil, Gas & Consumable Fuels			6,429						0.1						19,054						0.2
Paper & Forest Products			5,951						0.1						5,966						0.1
Personal Products			19,071						0.2						12,000						0.1
Pharmaceuticals			115,051						1.2						109,522						1.3
Professional Services			409,016						4.2						354,344						4.2
Real Estate Management & Development			4,888						0.0		*				4,899						0.1
Road & Rail			40,463						0.4						98,457						1.2
Software			1,972,464						20.0						1,694,514						20.0
Specialized Finance			249,992						2.5						161,487						1.9
Specialty Retail			362,170						3.7						357,631						4.2
Trading Companies & Distributors			16,676						0.2						16,494						0.2
Transportation Infrastructure			71,677						0.7						68,858						0.8
Water Utilities			46,345						0.5						30,529						0.4
Total			$	9,839,254					100.0		%				$	8,479,341					100.0		%

* Represents an amount less than 0.1%

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of December 31, 2025												As of September 30, 2025
Fair Value:
Aerospace & Defense			$	222,168					2.2		%				$	121,150					1.4		%
Air Freight & Logistics			107,388						1.1						106,153						1.2
Airlines			22,885						0.2						20,423						0.2
Auto Components			119,433						1.2						111,841						1.3
Automobiles			282,968						2.9						271,584						3.2
Banks			16,703						0.2						16,215						0.2
Beverages			80,195						0.8						81,036						0.9
Building Products			10,894						0.1						3,334						0.0		*
Capital Markets			67,558						0.7						66,686						0.8
Chemicals			147,512						1.5						143,537						1.7
Commercial Services & Supplies			270,688						2.7						157,756						1.8
Construction & Engineering			69,571						0.7						90,248						1.0
Construction Materials			16,908						0.2						17,103						0.2
Consumer Finance			26,110						0.3						26,116						0.3
Containers & Packaging			140,946						1.4						112,592						1.3
Diversified Consumer Services			485,857						4.9						376,480						4.4
Diversified Financial Services			559,093						5.6						513,068						6.0
Electric Utilities			11,618						0.1						6,525						0.1
Electrical Equipment			21,708						0.2						25,764						0.3
Food & Staples Retailing			24,207						0.2						13,746						0.2
Food Products			138,501						1.4						130,252						1.5
Healthcare Equipment & Supplies			555,593						5.6						369,814						4.3
Healthcare Providers & Services			535,037						5.4						535,199						6.3
Healthcare Technology			670,164						6.8						467,734						5.5
Hotels, Restaurants & Leisure			699,735						7.1						581,461						6.8
Household Durables			18,265						0.2						12,986						0.2
Household Products			21,660						0.2						21,573						0.3
Industrial Conglomerates			92,639						0.9						93,342						1.1
Insurance			543,200						5.5						496,022						5.8
IT Services			260,817						2.6						360,665						4.2
Leisure Products			45,643						0.5						49,611						0.6
Life Sciences Tools & Services			141,291						1.4						56,306						0.7
Machinery			65,505						0.7						62,202						0.7
Media			62,881						0.6						63,094						0.7
Oil, Gas & Consumable Fuels			6,424						0.1						19,194						0.2
Paper & Forest Products			5,970						0.1						5,985						0.1
Personal Products			18,810						0.2						12,014						0.1
Pharmaceuticals			117,402						1.2						111,458						1.3
Professional Services			410,244						4.1						354,331						4.1
Real Estate Management & Development			4,900						0.0		*				4,904						0.1
Road & Rail			40,363						0.4						98,694						1.2
Software			2,003,879						20.2						1,729,397						20.2
Specialized Finance			251,122						2.5						162,943						1.9
Specialty Retail			364,884						3.7						360,091						4.2
Trading Companies & Distributors			15,379						0.2						15,336						0.2
Transportation Infrastructure			72,170						0.7						68,507						0.8
Water Utilities			46,520						0.5						30,779						0.4
Total			$	9,913,408					100.0		%				$	8,555,251					100.0		%

* Represents an amount less than 0.1%

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Derivatives

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

Forward Currency Contracts

The outstanding forward currency contracts as of December 31, 2025 and September 30, 2025 were as follows:

As of December 31, 2025
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation						Unrealized depreciation
Macquarie Bank Limited						€	33,000		EUR						$	38,801		USD						4/19/2027						$	—					$	(631)
																														$	—					$	(631)
Morgan Stanley Capital Services LLC						€	14,700		EUR						$	16,580		USD						4/9/2027						$	—					$	(951)
Morgan Stanley Capital Services LLC						£	33,200		GBP						$	42,765		USD						4/15/2027						—						(1,790)
																														$	—					$	(2,741)
Regions Bank						£	3,500		GBP						$	4,426		USD						11/16/2026						$	—					$	(276)
Regions Bank						€	22,000		EUR						$	24,053		USD						12/16/2026						—						(2,082)
Regions Bank						€	6,400		EUR						$	6,936		USD						12/24/2026						—						(666)
Regions Bank						€	24,300		EUR						$	27,574		USD						4/14/2027						—						(1,416)
Regions Bank						€	37,000		EUR						$	43,453		USD						5/27/2027						—						(802)
Regions Bank						£	16,900		GBP						$	22,980		USD						6/16/2027						257						—
Regions Bank						€	11,200		EUR						$	13,483		USD						6/16/2027						64						—
Regions Bank						£	14,000		GBP						$	18,623		USD						10/28/2026						—						(214)
																														$	321					$	(5,456)
As of September 30, 2025
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation						Unrealized depreciation
Macquarie Bank Limited						€	33,000		EUR						$	38,801		USD						4/19/2027						$	—					$	(853)
																														$	—					$	(853)
Morgan Stanley Capital Services LLC						€	14,700		EUR						$	16,580		USD						4/9/2027						$	—					$	(1,045)
Morgan Stanley Capital Services LLC						£	33,200		GBP						$	42,765		USD						4/15/2027						—						(1,590)
																														$	—					$	(2,635)
Regions Bank						£	3,500		GBP						$	4,426		USD						11/16/2026						$	—					$	(267)
Regions Bank						€	22,000		EUR						$	24,053		USD						12/16/2026						—						(2,288)
Regions Bank						€	6,400		EUR						$	6,936		USD						12/24/2026						—						(729)
Regions Bank						€	24,300		EUR						$	27,574		USD						4/14/2027						—						(1,637)
Regions Bank						€	37,000		EUR						$	43,453		USD						5/27/2027						—						(1,089)
Regions Bank						£	16,900		GBP						$	22,980		USD						6/16/2027						388						—
Regions Bank						€	11,200		EUR						$	13,483		USD						6/16/2027						—						(9)
																														$	388					$	(6,019)

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three months ended December 31, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category												Three months ended December 31,
																		2025						2024
Foreign exchange																		$	—					$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category												Three months ended December 31,
																		2025						2024
Foreign exchange																		$	612					$	1,599

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2025 and 2024:

Average U.S. Dollar notional outstanding												Three months ended December 31,
																		2025						2024
Forward currency contracts																		$	254,410					$	33,068

Interest Rate Swaps

In connection with the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes (each as defined in Note 7), the Company entered into interest rate swap agreements with Macquarie Bank Limited (“Macquarie”), SMBC Capital Markets, Inc. (“SMBC”), Regions Bank (“Regions”) and Morgan Stanley Capital Services LLC (“Morgan Stanley”) to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. The Company designated these interest rate swaps and the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes. The outstanding interest rate swap contracts as of December 31, 2025 and September 30, 2025 were as follows:

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of December 31, 2025
Counterparty						Hedged Item						Company Receives						Company Pays									Maturity Date						Notional Amount						Unrealized Appreciation						Unrealized Depreciation
SMBC Capital Markets, Inc.						2027 Tranche A Notes						7.12%						3M SOFR+			2.5975%						9/18/2027						$	225,000					$	4,160					$	—
SMBC Capital Markets, Inc.						2028 Notes						5.45%						3M SOFR+			1.834%						8/15/2028						500,000						2,623						—
SMBC Capital Markets, Inc.						2030 Notes						5.875%						D SOFR+			1.727%						5/1/2030						350,000						9,181						—
																																							$	15,964					$	—
Macquarie Bank Limited						2027 Tranche A Notes						7.12%						3M SOFR+			2.644%						9/20/2027						$	75,000					$	1,328					$	—
Macquarie Bank Limited						2029 Notes						6.046%						3M SOFR+			2.770%						8/12/2029						150,000						—						(940)
																																							$	1,328					$	(940)
Regions Bank						2029 Notes						6.046%						3M SOFR+			2.7875%						8/12/2029						$	350,000					$	—					$	(2,405)
																																							$	—					$	(2,405)
Morgan Stanley Capital Services LLC						2030 Notes						5.875%						D SOFR+			1.745%						5/1/2030						$	150,000					$	3,826					$	—
																																							$	3,826					$	—
As of September 30, 2025
Counterparty						Hedged Item						Company Receives						Company Pays									Maturity Date						Notional Amount						Unrealized Appreciation						Unrealized Depreciation
SMBC Capital Markets, Inc.						2027 Tranche A Notes						7.12%						3M SOFR+			2.5975%						9/18/2027						$	225,000					$	4,466					$	—
SMBC Capital Markets, Inc.						2028 Notes						5.45%						3M SOFR+			1.834%						8/15/2028						500,000						2,569						—
SMBC Capital Markets, Inc.						2030 Notes						5.875%						D SOFR+			1.727%						5/1/2030						350,000						10,267						—
																																							$	17,302					$	—
Macquarie Bank Limited						2027 Tranche A Notes						7.12%						3M SOFR+			2.644%						9/20/2027						$	75,000					$	1,425					$	—
Macquarie Bank Limited						2029 Notes						6.046%						3M SOFR+			2.770%						8/12/2029						150,000						—						(869)
																																							$	1,425					$	(869)
Regions Bank						2029 Notes						6.046%						3M SOFR+			2.7875%						8/12/2029						$	350,000					$	—					$	(2,252)
																																							$	—					$	(2,252)
Morgan Stanley Capital Services LLC						2030 Notes						5.875%						D SOFR+			1.745%						5/1/2030						$	150,000					$	4,286					$	—
																																							$	4,286					$	—

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. For the three months ended December 31, 2025 and 2024, the net unrealized loss related to the fair value hedge was $56 and $3,198, respectively, which is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The table below presents the components of the net unrealized gain/(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three months ended December 31, 2025 and 2024.

												Three months ended December 31,
																		2025						2024
Hedging instruments (Interest rate swaps)																		$	(2,119)					$	(25,628)
Hedged items (Unsecured notes)																		2,063						22,430
Fair market value adjustments for hedge accounting recognized in interest and other debt financing expenses																		$	(56)					$	(3,198)

The table below presents the carrying value, which is inclusive of (i) unamortized premium and/or unaccreted original issue discount and (ii) the cumulative adjustment for the change in fair value of an effective hedge accounting relationship, of the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes as of December 31, 2025 and September 30, 2025 that is designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:

						As of December 31, 2025												As of September 30, 2025
Description						Carrying Value						Cumulative Hedging Adjustment						Carrying Value						Cumulative Hedging Adjustment
2027 Tranche A Notes						$	305,008					$	5,008					$	305,326					$	5,326
2028 Notes						499,779						2,623						499,452						2,569
2029 Notes						494,068						(2,058)						494,058						(1,804)
2030 Notes						508,136						13,008						509,398						14,553

Offsetting Derivatives

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or accounts payable and other liabilities. There was no collateral pledged for derivatives included in other assets on the Consolidated Statements of Financial Condition as of both December 31, 2025 and September 30, 2025. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of December 31, 2025 and September 30, 2025:

As of December 31, 2025
Counterparty						Instrument						Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statements of Financial Condition						Collateral (Received) / Pledged (1)						Net Amounts(2)
Regions Bank						Interest rate swaps						Net unrealized depreciation on derivatives						$	—					$	(2,405)					$	(2,405)					$	—					$	(2,405)
Regions Bank						Foreign currency forward contracts						Net unrealized depreciation on derivatives						321						(5,456)						(5,135)						—						(5,135)
SMBC Capital Markets, Inc.						Interest rate swaps						Net unrealized appreciation on derivatives						15,964						—						15,964						—						15,964
Macquarie Bank Limited						Interest rate swaps						Net unrealized appreciation on derivatives						1,328						(940)						388						—						388
Macquarie Bank Limited						Foreign currency forward contracts						Net unrealized depreciation on derivatives						—						(631)						(631)						—						(631)
Morgan Stanley Capital Services LLC						Interest rate swaps						Net unrealized appreciation on derivatives						3,826						—						3,826						—						3,826
Morgan Stanley Capital Services LLC						Foreign currency forward contracts						Net unrealized depreciation on derivatives						—						(2,741)						(2,741)						—						(2,741)
As of September 30, 2025
Counterparty						Instrument						Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statements of Financial Condition						Collateral (Received) / Pledged (1)						Net Amounts(2)
Regions Bank						Interest rate swaps						Net unrealized depreciation on derivatives						$	—					$	(2,252)					$	(2,252)					$	—					$	(2,252)
Regions Bank						Foreign currency forward contracts						Net unrealized depreciation on derivatives						388						(6,019)						(5,631)						—						(5,631)
SMBC Capital Markets, Inc.						Interest rate swaps						Net unrealized appreciation on derivatives						17,302						—						17,302						—						17,302
Macquarie Bank Limited						Interest rate swaps						Net unrealized appreciation on derivatives						1,425						(869)						556						—						556
Macquarie Bank Limited						Foreign currency forward contracts						Net unrealized depreciation on derivatives						—						(853)						(853)						—						(853)
Morgan Stanley Capital Services LLC						Interest rate swaps						Net unrealized appreciation on derivatives						4,286						—						4,286						—						4,286
Morgan Stanley Capital Services LLC						Foreign currency forward contracts						Net unrealized depreciation on derivatives						—						(2,635)						(2,635)						—						(2,635)

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company could cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

Note 6. Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. During the three months ended December 31, 2025 and 2024, certain debt investments with a fair value of $356,334 and $31,029, respectively, transferred from Level 2 to Level 3 of the fair value hierarchy and certain debt investments with a fair value of $10,725 and $22,872, respectively, transferred from Level 3 to Level 2 of the fair value hierarchy. The transfers into or out of Level 3 were primarily due to decreased or increased transparency of the observable prices for 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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Investments

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

available market quotations subject to review by an independent valuation firm. As of December 31, 2025, $1,475,664 and $8,437,744 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2025, $1,750,395 and $6,804,856 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of December 31, 2025 and September 30, 2025, all interest rate swaps and forward currency contracts were valued using Level 2 inputs and all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs.

When determining fair value of Level 3 portfolio 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 or directly from brokers. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the independent third-party market “bid” and “ask” quotes to determine the value of our portfolio investments but may use another value if the Valuation Designee determines it better represents the investment’s fair value. While market price quotes from third-party pricing sources may be available, the Valuation Designee has the discretion to seek and utilize independent quotes from independent broker dealers to determine the fair value of the applicable portfolio investment. The Valuation Designee may obtain and consider both “bid” and “ask” quotes from either independent third-party vendors or directly from independent brokers.

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.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of 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)						$	—					$	1,475,664					$	8,364,261					$	9,839,925
Equity investments(1)						—						—						73,483						73,483
Money market funds(1)(2)						81,772						—						—						81,772
Forward currency contracts						—						321						—						321
Interest rate swaps						—						21,118						—						21,118
Total assets, at fair value:						$	81,772					$	1,497,103					$	8,437,744					$	10,016,619
Liabilities, at fair value:
Forward currency contracts						$	—					$	(8,828)					$	—					$	(8,828)
Interest rate swaps						—						(3,345)						—						(3,345)
Total liabilities, at fair value:						$	—					$	(12,173)					$	—					$	(12,173)
As of September 30, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	1,750,395					$	6,740,019					$	8,490,414
Equity investments(1)						—						—						64,837						64,837
Money market funds(1)(2)						412,636						—						—						412,636
Forward currency contracts						—						388						—						388
Interest rate swaps						—						23,013						—						23,013
Total assets, at fair value:						$	412,636					$	1,773,796					$	6,804,856					$	8,991,288
Liabilities, at fair value:
Forward currency contracts						$	—					$	(9,507)					$	—					$	(9,507)
Interest rate swaps						—						(3,121)						—						(3,121)
Total liabilities, at fair value:						$	—					$	(12,628)					$	—					$	(12,628)

(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 $5,765 and $(7,978), respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present the changes in investments measured at fair value using Level 3 inputs for the 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			$	6,740,019					$	64,837					$	6,804,856
Net change in unrealized appreciation (depreciation) on investments			(2,224)						462						(1,762)
Net translation of investments in foreign currencies			1,610						2						1,612
Realized gain (loss) on investments			(479)						—						(479)
Realized gain (loss) on translation of investments in foreign currencies			1,874						—						1,874
Fundings of (proceeds from) revolving loans, net			19,567						—						19,567
Purchases and fundings of investments			1,590,997						18,118						1,609,115
PIK interest and non-cash dividends			11,940						625						12,565
Proceeds from principal payments and sales of portfolio investments			(349,743)						(10,561)						(360,304)
Accretion of discounts and amortization of premiums			5,091						—						5,091
Transfers into Level 3(1)			356,334						—						356,334
Transfers out of Level 3(1)			(10,725)						—						(10,725)
Fair value, end of period			$	8,364,261					$	73,483					$	8,437,744

			For the three months ended December 31, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	2,638,140					$	11,443					$	2,649,583
Net change in unrealized appreciation (depreciation) on investments			7,057						894						7,951
Net translation of investments in foreign currencies			(17,185)						—						(17,185)
Realized gain (loss) on investments			8						—						8
Realized gain (loss) on translation of investments in foreign currencies			(33)						—						(33)
Fundings of (proceeds from) revolving loans, net			2,163						—						2,163
Purchases and fundings of investments			758,113						3,530						761,643
PIK interest and non-cash dividends			4,816						106						4,922
Proceeds from principal payments and sales of portfolio investments			(11,899)						—						(11,899)
Accretion of discounts and amortization of premiums			2,713						—						2,713
Transfers into Level 3(1)			31,029						—						31,029
Transfers out of Level 3(1)			(22,872)						—						(22,872)
Fair value, end of period			$	3,392,050					$	15,973					$	3,408,023

(1) Transfers between levels are recognized at the beginning of the period in which the transfers occur.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of 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

$

292,565

Yield analysis

Market interest rate

7.3% - 11.5% (8.1%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (11.6x)

588,507

Broker quotes

Broker quotes

N/A

One stop loans(2)(3)

$

7,092,944

Yield analysis

Market interest rate

3.5% - 20.0% (8.6%)

Market comparable companies

EBITDA multiples

7.5x - 30.0x (15.6x)

Revenue multiples

1.3x - 15.0x (8.8x)

53,362

Broker quotes

Broker quotes

N/A

Subordinated debt and second lien loans

$

86,758

Yield analysis

Market interest rate

8.5% - 11.5% (8.9%)

Market comparable companies

EBITDA multiples

14.0x - 21.5x (18.6x)

Structured finance note

$

199,638

Broker quotes

Broker quotes

N/A

50,487

Transactional value

Cost

N/A

Equity(4)

$

73,483

Market comparable companies

EBITDA multiples

7.5x - 25.5x (17.3x)

Revenue multiples

1.3x - 11.4x (9.8x)

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

(2)The Company valued $6,367,609 and $725,335 of one stop loans using EBITDA and revenue multiples, respectively.

(3)$9,682 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $60,249 and $13,234 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of  September 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

358,580

Yield analysis

Market interest rate

7.3% - 12.5% (8.3%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (13.5x)

178,937

Broker quotes

Broker quotes

N/A

One stop loans(2)(3)

$

5,901,144

Yield analysis

Market interest rate

3.8% - 20.5% (8.6%)

Market comparable companies

EBITDA multiples

8.0x - 34.4x (15.9x)

Revenue multiples

1.8x - 15.0x (8.2x)

47,696

Broker quotes

Broker quotes

N/A

Subordinated debt and second lien loans(4)

$

92,730

Yield analysis

Market interest rate

8.8% - 15.0% (10.1%)

Market comparable companies

EBITDA multiples

12.5x - 24.0x (18.4x)

Structured finance note

$

147,182

Broker quotes

Broker quotes

N/A

13,750

Transactional value

Cost

N/A

Equity(5)

$

64,837

Market comparable companies

EBITDA multiples

8.0x - 25.5x (18.2x)

Revenue multiples

1.8x - 11.1x (9.3x)

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

(2)The Company valued $5,262,911 and $638,233 of one stop loans using EBITDA and revenue multiples, respectively.

(3)$11,327 of loans at fair value were valued using the market comparable companies approach only.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(5)The Company valued $50,649 and $14,188 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” and “other short-term borrowings” which are reported at cost or the carrying value (as defined in the table below), 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 2028 Notes, 2029 Notes and 2030 Notes are based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s 2027 Notes and debt securitizations are estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available. The fair value of the Company’s revolving credit facilities and short-term borrowings approximates their carrying value due to their variable interest rates based on selected short-term rates.

The following are the carrying values and fair values of the Company’s debt and other short-term borrowings 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(1)			$	5,419,758					$	5,447,180					$	4,699,707					$	4,729,387
Other short-term borrowings			133,354						133,354						74,178						74,178

(1)As of December 31, 2025 and September 30, 2025, carrying value is inclusive of (i) unamortized premium and/or unaccreted original issue discount and (ii) an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes. See Note 5 for additional information.

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 150% after such borrowing. On May 17, 2023, the Company’s sole shareholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding common shares. As a result of such approval, effective as of May 18, 2023, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total debt-to-equity 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 179.8%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

2025-R Debt Securitization: On September 21, 2023, the Company completed a $693,620 term debt securitization (the “2023 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by the 2023 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. The 2023 Notes offered in the 2023 Debt Securitization consisted of $395,500 of AAA Class A-1 2023 Notes, which bore interest at three-month term SOFR plus 2.40%; $38,500 of AAA Class A-2 2023 Notes, which bore interest at three-month term SOFR plus 2.30%; and $259,620 of subordinated 2023 Notes. The Company indirectly retained all of the Subordinated 2023 Notes which were eliminated in consolidation. On September 9, 2024, the Company sold the previously retained Class A-2 2023 Notes to a third party, which resulted in a realized gain on the sale of debt of $1,274. On September 25, 2025, the Company completed a $931,550 term debt securitization (the “2025-R Debt Securitization”), which redeemed all of the notes issued under the 2023 Debt Securitization. The redemption of the 2023 Notes resulted in a realized loss on the extinguishment of debt of $1,900 for the portion of the unamortized discounts and debt issuance costs on the 2023 Notes issued.

The notes offered in the 2025-R Debt Securitization (the “2025 Reset Notes”) were issued by the 2025-R Issuer, a subsidiary of 2025-R CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The Secured Notes offered in the 2025-R Debt Securitization consist of $500,000 of AAA Class A-1R Senior Secured Floating Rate 2025 Reset Notes, which bear interest at the three-month SOFR plus 1.45% and $76,200 of AAA Class A-2 Senior Secured Floating Rate 2025 Reset Notes, which bear interest at the three-month SOFR plus 1.65%. In partial consideration for the loans transferred to the 2025-R Issuer as part of the 2025-R Debt Securitization, the 2025-R CLO Depositor received and retained $20,200 of Class A-2 2025 Reset Notes, $69,700 of AA Class B-R Senior Secured Floating Rate 2025 Reset Notes and $285,650 of subordinated 2025 Reset Notes, which were eliminated in consolidation.

Through October 26, 2029, all principal collections received on the underlying collateral may be used by the 2025-R Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025-R Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025-R Debt Securitization, allowing the Company to maintain the initial leverage in the 2025-R Debt Securitization. The Secured 2025 Reset Notes are due on October 26, 2037. The Subordinated 2025 Reset Notes are due on September 25, 2125.

As of December 31, 2025 and September 30, 2025, there were 117 and 77 portfolio companies, respectively, with total fair value of $903,320 and $679,738, securing the 2025 Reset Notes. The pool of loans in the 2025-R Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the 2025-R Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of December 31, 2025 based on the last interest rate reset was 4.2%.

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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 2025-R Debt Securitization and the 2023 Debt Securitization were as follows:

									Three months ended December 31,
															2025						2024
Stated interest expense															$	7,621					$	7,989
Accretion of discounts on notes issued															—						24
Amortization of debt issuance costs															149						113
Total interest and other debt financing expenses															$	7,770					$	8,126
Cash paid for interest expense															$	—					$	8,692
Annualized average stated interest rate															5.4		%				7.3		%
Average outstanding balance															$	556,000					$	434,000

As of December 31, 2025, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1R and A-2R 2025 Reset Notes are as follows:

Description			Class A-1R 2025 Reset Notes						Class A-2R 2025 Reset Notes
Type			Senior Secured Floating Rate						Senior Secured Floating Rate
Amount Outstanding			$500,000						$56,000
S&P Rating			"AAA"						"AAA"
Fitch Rating			"AAA"						N/A
Interest Rate			SOFR + 1.45%						SOFR + 1.65%

The Investment Adviser serves as collateral manager to the 2025-R Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2025-R Issuer for rendering such collateral management services.

2025 Debt Securitization: On September 18, 2025, the Company completed a $868,570 term debt securitization (the “2025 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2025 Debt Securitization (the “2025 Notes”) were issued by the 2025 Issuer, a subsidiary of 2025 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2025 Notes offered in the 2025 Debt Securitization consist of $430,000 of AAA Class A-1 Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.47%; $14,440 of AAA Class A-2 Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.65% and $59,650 of AA Class B Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.80%. In partial consideration for the loans transferred to the 2025 Issuer as part of the 2025 Debt Securitization, the 2025 CLO Depositor received and retained $60,340 of Class C Secured Deferrable Floating Rate 2025 Notes and $209,140 of subordinated 2025 Notes, which were eliminated in consolidation.

Additionally, the 2025 Issuer incurred certain loans as part of the 2025 Debt Securitization (the “2025 Loans”), consisting of $60,000 of AAA Class A-1L-1 Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.47%; $10,000 of AAA Class A-1L-2 Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.47%; $20,000 of AAA Class A-2L Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.65%; and $5,000 of AA Class B-L Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.80%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Through October 18, 2030, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 Debt Securitization, allowing the Company to maintain the initial leverage in the 2025 Debt Securitization. The Secured 2025 Notes are due on October 18, 2039. The Subordinated 2025 Notes are due on September 18, 2125. The Secured 2025 Loans mature on October 18, 2039.

As of December 31, 2025 and September 30, 2025, there were 69 and 59 portfolio companies, respectively, with total fair value of $856,839 and $700,937, respectively, securing the 2025 Notes. The pool of loans in the 2025 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the 2025 Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of December 31, 2025 based on the last interest rate reset was 3.9%.

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 2025 Debt Securitization were as follows:

									Three months ended December 31,
															2025												2024
Stated interest expense															$	8,344											$	—
Amortization of debt issuance costs															125												—
Total interest and other debt financing expenses															$	8,469											$	—
Cash paid for interest expense															$	—											$	—
Annualized average stated interest rate															5.5		%										N/A
Average outstanding balance															$	599,090											$	—

As of December 31, 2025, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1, Class A-2, and Class B 2025 Notes, and of the Class A-1L-1, Class A-1L-2, Class A-2L and Class B-L 2025 Loans are as follows:

Description

Class A-1 2025 Notes

Class A-2 2025 Notes

Class B 2025 Notes

Class A-1L-1 2025 Loans

Class A-1L-2 2025 Loans

Class A-2L 2025 Loans

Class B-L 2025 Loans

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$430,000

$14,440

$59,650

$60,000

$10,000

$20,000

$5,000

S&P Rating

"AAA"

"AAA"

"AA"

"AAA"

"AAA"

"AAA"

"AA"

Fitch Rating

"AAA"

"AAA"

"AA"

"AAA"

"AAA"

"AAA"

"AA"

Interest Rate

SOFR + 1.47%

SOFR + 1.65%

SOFR + 1.80%

SOFR + 1.47%

SOFR + 1.47%

SOFR + 1.65%

SOFR + 1.80%

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The Investment Adviser serves as collateral manager to the 2025 Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2025 Issuer for rendering such collateral management services.

SMBC Credit Facility: On September 6, 2023, the Company entered into a senior secured revolving credit facility (as amended, the “SMBC Credit Facility”) with the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. As of December 31, 2025, the SMBC Credit Facility allowed the Company to borrow up to $2,552,500 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions, which includes a term loan commitment of $75,000. Under the SMBC Credit Facility, the lenders have agreed to provide the Company with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide additional commitments up to $3,000,000. Through a series of amendments and agreements, most recently on December 9, 2025, the Company increased the aggregate commitments under the SMBC Credit Facility from $1,115,000 to $2,552,500 through the accordion feature under the SMBC Credit Facility.

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

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

Borrowings under the SMBC Credit Facility bear interest at the applicable base rate plus a margin of either 0.875% or 1.875%. The applicable base rate under the SMBC Credit Facility is (i) SOFR with respect to any advances denominated in U.S. dollars plus an adjustment of 0.10%, (ii) SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment of 0.0326%, (iii) EURIBOR with respect to any advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars plus an adjustment of 0.29547% for one-month tenor loans and 0.32138% for three-month tenor loans, (v) the Bank Bill Swap Rate with respect to any advances denominated in Australian Dollars plus an adjustment of 0.20% and (vi) the relevant rate as defined in the SMBC Credit Facility for borrowings in other currencies.

The Company pays a commitment fee of 0.35% per annum on the daily unused portion of commitments under the SMBC Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the SMBC Credit Facility. The Company may request borrowings on the SMBC Credit Facility (the “Availability Period”) through November 22, 2028 (the “Commitment Termination Date”), and the SMBC Credit Facility requires mandatory prepayment of interest and principal upon certain events during the term-out period commencing on the Commitment Termination Date. The SMBC Credit Facility matures on November 22, 2029.

As of December 31, 2025 and September 30, 2025, the Company had outstanding debt of $1,829,813 and $1,297,041, respectively, and no letters of credit outstanding under the SMBC 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 SMBC Credit Facility were as follows:

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

									Three months ended December 31,
															2025						2024
Stated interest expense															$	19,819					$	5,230
Facility fees															1,117						807
Amortization of debt issuance costs															1,141						614
Total interest and other debt financing expenses															$	22,077					$	6,651
Cash paid for interest expense															$	15,509					$	6,146
Annualized average stated interest rate(1)															5.3		%				5.9		%
Average outstanding balance															$	1,474,145					$	353,827

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

BANA Credit Facility: On May 9, 2025, GCRED Funding, a direct wholly-owned subsidiary of the Company, entered into a revolving credit and security agreement (the “BANA Credit Facility”) with the Company, as servicer, Bank of America, N.A., as administrative agent and sole lender, and Computershare Trust Company, N.A., as collateral custodian. Under the BANA Credit Facility, the lenders have agreed to extend credit to GCRED Funding in an aggregate principal amount of up to $500,000 as of May 9, 2025. GCRED Funding may request drawdowns under the BANA Credit Facility through May 9, 2028 and the BANA Credit Facility will mature on May 9, 2031, the sixth anniversary of the closing date of the BANA Credit Facility.

Borrowings under the BANA Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin, which is based on the composition of the portfolio and ranges from a floor of 1.70% per annum to 1.95% per annum. Additionally, GCRED Funding pays a commitment fee on the unused portion of commitments of (i) 0.25% per annum through September 9, 2025 and (ii) either 0.50% or 1.75% per annum, based on the amount of the unfunded commitments. A reduction fee may be payable in the event of any permanent reduction in commitments of the BANA Credit Facility.

The BANA Credit Facility is secured by all of the assets held by GCRED Funding. GCRED Funding 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 BANA Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

As of December 31, 2025 and September 30, 2025, the Company had $498,500 and $310,000 of outstanding debt under the BANA Credit Facility, respectively.

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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 BANA Credit Facility were as follows:

												Three months ended December 31,
																		2025						2024
Stated interest expense																		$	6,409					$	—
Facility fees																		52						—
Amortization of debt issuance costs																		170						—
Total interest and other debt financing expenses																		$	6,631					$	—
Cash paid for interest expense																		$	4,509					$	—
Annualized average stated interest rate																		5.5		%				N/A
Average outstanding balance																		$	461,389					$	—

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

For the three 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 2027 Notes were as follows:

									Three months ended December 31,
															2025						2024
Stated interest expense															$	7,377					$	7,612
Net contractual interest rate swap expense															(256)						341
Net (gain)/loss related to fair value hedge															87						3,983
Amortization of debt issuance costs															455						455
Total interest and other debt financing expenses															$	7,663					$	12,391
Cash paid (received) for interest expense(1)															$	2,996					$	(18)
Annualized average contractual interest rate swap and stated interest rate(2)															6.6		%				7.4		%
Average outstanding balance															$	429,342					$	427,840

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

(2)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

2028 Notes: On July 23, 2025, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of December 31, 2025, the outstanding aggregate principal amount of the 2028 Notes was $500,000. The 2028 Notes bear interest at a rate of 5.450% per year payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026. The 2028 Notes mature on July 15, 2028.

The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2028 Notes. The 2028 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebted (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after June 15, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2028 Notes.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

On July 16, 2025, the Company entered into interest rate swap agreements on the 2028 Notes with SMBC as a counterparty. Under the agreement with SMBC, the Company (i) receives a fixed interest rate of 5.45% and (ii) pays SMBC a floating interest rate of three-month Term SOFR plus 1.834% on the $500,000 of the 2028 Notes. The Company designated these interest rate swap and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

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 2028 Notes were as follows:

															Three months ended December 31,
															2025						2024
Stated interest expense															$	6,813					$	—
Net contractual interest rate swap expense															587						—
Net (gain)/loss related to fair value hedge															—						—
Accretion of discounts on notes issued															273						—
Amortization of debt issuance costs															345						—
Total interest and other debt financing expenses															$	8,018					$	—
Cash paid (received) for interest expense(1)															$	8,895					$	—
Annualized average contractual interest rate swap and stated interest rate															5.9		%				N/A
Average outstanding balance															$	500,000					$	—

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

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

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

For the three 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 2029 Notes were as follows:

									Three months ended December 31,
															2025						2024
Stated interest expense															$	7,250					$	7,250
Net contractual interest rate swap expense															1,078						2,167
Net (gain)/loss related to fair value hedge															(31)						(785)
Accretion of discounts on notes issued															264						264
Amortization of debt issuance costs															317						305
Total interest and other debt financing expenses															$	8,878					$	9,201
Cash paid (received) for interest expense(1)															$	8,232					$	9,771
Annualized average contractual interest rate swap and stated interest rate															6.6		%				7.5		%
Average outstanding balance															$	500,000					$	500,000

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

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

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

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

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

For the three 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 2030 Notes were as follows:

									Three months ended December 31,
															2025						2024
Stated interest expense															$	7,344					$	—
Net contractual interest rate swap expense															(39)						—
Net (gain)/loss related to fair value hedge															—						—
Accretion of discounts on notes issued															284						—
Amortization of debt issuance costs															302						—
Total interest and other debt financing expenses															$	7,891					$	—
Cash paid (received) for interest expense(1)															$	20,331					$	—
Annualized average contractual interest rate swap and stated interest rate															5.8		%				N/A
Average outstanding balance															$	500,000					$	—

(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of December 31, 2025, permitted the Company to borrow up to $300,000 in U.S. dollars and certain agreed upon foreign currencies and which has a maturity date of July 3, 2026. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of 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, 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															$	—					$	—
Cash paid for interest expense															—						—
Annualized average stated interest rate															N/A						N/A
Average outstanding balance															$	—					$	—

Other Short-Term Borrowings: Borrowings with original maturities of less than one year are classified as short-term. The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition. The Company includes other short-term borrowings in the balance of outstanding indebtedness in the calculation of the Company’s asset coverage requirement under the 1940 Act.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of December 31, 2025, the Company had $133,354 of other short-term borrowings and the fair value of the loans collateralizing the short-term borrowings was $178,320. As of September 30, 2025, the Company had $74,178 of other short-term borrowings and the fair value of the loans collateralizing the short-term borrowings was $109,743.

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 short-term borrowings were as follows:

									Three months ended December 31,
															2025						2024
Stated interest expense															$	1,494					$	—
Cash paid for interest expense															1,374						—
Annualized average stated interest rate															5.1		%				N/A
Average outstanding balance															$	116,623					$	—

For the three months ended December 31, 2025 and 2024, the average total debt outstanding was $5,136,589 and $1,715,667, respectively.

For the three months ended December 31, 2025 and 2024, the effective average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes, on the Company’s total debt was 6.1% and 7.7%, 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
2025 Debt Securitization(1)			$	599,090					$	—					$	—					$	—					$	599,090
2025-R Debt Securitization(1)			556,000						—						—						—						556,000
SMBC Credit Facility(1)			1,829,813						—						—						1,829,813						—
BANA Credit Facility			498,500						—						—						—						498,500
2027 Notes(2)			434,372						—						434,372						—						—
2028 Notes(1)(2)			499,779						—						499,779						—						—
2029 Notes(1)(2)			494,068						—						—						494,068						—
2030 Notes(1)(2)			508,136						—						—						508,136						—
Other short-term borrowings			133,354						133,354						—						—						—
Total borrowings			$	5,553,112					$	133,354					$	934,151					$	2,832,017					$	1,653,590

(1) Represents principal outstanding plus unamortized premium and/or unaccreted original issue discount.

(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

Note 8. Commitments and Contingencies

Commitments: As of December 31, 2025, the Company had outstanding commitments to fund investments totaling $1,850,818, including $576,229 of commitments on undrawn revolvers. As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $1,875,139, including $520,417 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.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

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

Note 9. Financial Highlights

The financial highlights for the Company are as follows:

						Three months ended December 31,
						2025																		2024
Per share data:(1)						Class I						Class S												Class I						Class S^^
Net asset value at beginning of period						$	25.16					$	25.16											$	25.10					$	25.10
Distributions declared:(2)
From net investment income - after tax						(0.56)						(0.51)												(0.60)						(0.55)
Net investment income - after tax						0.57						0.57												0.51						0.51
Net realized gain (loss) on investment transactions						0.00		^				0.00		^										(0.01)						(0.01)
Net change in unrealized appreciation (depreciation) on investment transactions(3)						(0.02)						(0.02)												0.14						0.14
Distribution and shareholder servicing fees						—						(0.05)												—						(0.05)
Net asset value at end of period						$	25.15					$	25.15											$	25.14					$	25.14
Total return based on net asset value per share(4)						2.26		%				2.06		%										2.66		%				2.36		%
Number of common shares outstanding						169,195,375.880						8,628,628.678												77,769,569.568						3,453,828.187

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

						Three months ended December 31,
						2025																		2024
Listed below are supplemental data and ratios to the financial highlights:						Class I						Class S												Class I						Class S^^
Ratio of net investment income - after tax to average net assets*(5)						8.95		%				8.12		%										8.13		%				7.29		%
Ratio of total expenses to average net assets*(5)(6)						9.39		%				10.25		%										9.96		%				10.81		%
Ratio of incentive fees to average net assets(6)						0.31		%				0.31		%										0.37		%				0.37		%
Ratio of net expenses to average net assets*(5)(6)						9.39		%				10.25		%										9.96		%				10.81		%
Ratio of total expenses (without incentive fees) to average net assets*(5)						9.08		%				9.94		%										9.59		%				10.44		%
Total return based on average net asset value(5)(7)						2.20		%				1.99		%										2.57		%				2.37		%
Total return based on average net asset value - annualized*(5)(7)						8.73		%				7.89		%										10.20		%				9.40		%
Net assets at end of period						$	4,255,629					$	217,024											$	1,955,320					$	86,838
Average debt outstanding(8)						$	5,136,589					$	5,136,589											$	1,715,667					$	1,715,667
Average debt outstanding per share(8)						$	29.72					$	29.72											$	22.31					$	22.31
Portfolio Turnover*(8)						17.90		%				17.90		%										10.24		%				10.24		%
Asset coverage ratio(8)(9)						179.81		%				179.81		%										200.57		%				200.57		%
Asset coverage ratio per unit(8)(10)						$	1,798					$	1,798											$	2,006					$	2,006
Average market value per unit(8)(11):
2025-R Debt Securitization						N/A						N/A												N/A						N/A
2025 Debt Securitization						N/A						N/A												—						—
SMBC Credit Facility						N/A						N/A												N/A						N/A
BANA Credit Facility						N/A						N/A												—						—
2027 Notes						N/A						N/A												N/A						N/A
2028 Notes						$	1,006					$	1,006											—						—
2029 Notes						$	1,014					$	1,014											$	974					$	974
2030 Notes						$	1,016					$	1,016											—						—
Adviser Revolver						N/A						N/A												N/A						N/A
Other Short-Term Borrowings						N/A						N/A												—						—

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

^ Represents an amount less than $0.01.

^^ The date of the first sale of Class S Shares was April 1, 2024. See Note 10 for additional information.

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

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

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

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

(5)The Class S Shares calculation includes the impact of distribution and shareholder servicing fees. No distribution and shareholder servicing fees are paid with respect to Class I Shares.

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

(7)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.

(8)Represents a fund level calculation applicable to both Class I Shares and Class S Shares.

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

(10)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.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(11)Not applicable because such senior securities are not registered for public trading, with the exception of the 2028 Notes, 2029 Notes and 2030 Notes. The average market value per unit calculated for the 2028 Notes, 2029 Notes and 2030 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

Note 10. Net Assets

Share Issuances

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.01 per share par value. The Company offers on a continuous basis up to $10.0 billion of Common Shares pursuant to the Public Offering. The Company has received an exemptive order from the SEC that permits the Company to issue multiple share classes through Class S Shares, Class D Shares and Class I Shares, with, among others, different ongoing shareholder servicing and/or distribution fees. The share classes have different ongoing distribution and/or shareholder servicing fees. As of April 1, 2024, the Company had received purchase orders from greater than 100 investors for Class S Shares, and the Board authorized the release of Class S proceeds from escrow. As of such date, the Company issued and sold 814,973.864 Class S Shares, and the escrow agent released net proceeds of $20,513 to the Company as payment for such Class S Shares. If the Company begins selling Class D Shares, we will accept purchase orders and hold investors' funds in an interest-bearing escrow account for Class D Shares until we receive purchase orders pursuant to the Public Offering for at least 100 investors in Class D Shares.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table summarizes the Common Shares issued and net proceeds from the Public Offering during the three months ended December 31, 2025 and 2024.

						Class I
Subscriptions Effective						Shares Issued						Net Proceeds
For the three months ended December 31, 2025
October 1, 2025						6,097,563.703						$	153,415
November 1, 2025						6,240,825.786						156,957
December 1, 2025						3,931,480.113						98,877
						16,269,869.602						$	409,249
For the three months ended December 31, 2024
October 1, 2024						3,715,048.849						$	93,248
November 1, 2024						3,559,514.265						89,201
December 1, 2024						4,109,876.708						103,076
						11,384,439.822						$	285,525
						Class S
Subscriptions Effective						Shares Issued						Net Proceeds
For the three months ended December 31, 2025
October 1, 2025						487,943.849						$	12,276
November 1, 2025						540,085.413						13,583
December 1, 2025						121,948.314						3,067
						1,149,977.576						$	28,926
For the three months ended December 31, 2024
October 1, 2024						362,866.736						$	9,108
November 1, 2024						223,271.196						5,595
December 1, 2024						198,547.367						4,980
						784,685.299						$	19,683

In connection with the Public Offering, the Company sells shares at an offering price per share as determined in accordance with a share pricing policy. Under such policy, in connection with each monthly closing on the sale of Class S Shares, Class D Shares and Class I Shares, the Board has authorized the Investment Adviser to establish a net offering price that it believes reflects a price per share that is no less than the then-current NAV per share. The following table summarizes the net offering price per share of Common Shares in the Public Offering during the three months ended December 31, 2025 and 2024.

						Net Offering Price Per Share
						Class I						Class S
For the three months ended December 31, 2025
October 31, 2025						$	25.15					$	25.15
November 30, 2025						25.15						25.15
December 31, 2025						25.15						25.15
For the three months ended December 31, 2024
October 31, 2024						$	25.06					$	25.06
November 30, 2024						25.08						25.08
December 31, 2024						25.14						25.14

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Distributions and Distribution Reinvestment

The Board authorizes and declares monthly distribution amounts per share that are recorded by the Company on the record date. The following tables summarize the Company’s dividend declarations and distributions with a record date during the three months ended December 31, 2025 and 2024.

Class I
Date Declared						Record Date						Payment Date						Shares Outstanding						Regular Distribution Per Share						Special Distribution Per Share						Total Distribution Per Share						Total Dividends Declared
For the three months ended December 31, 2025
August 1, 2025						October 31, 2025						November 26, 2025						160,305,396.355						$	0.1875					$	—					$	0.1875					$	30,055
November 14, 2025						November 30, 2025						December 30, 2025						164,917,320.705						0.1875						—						0.1875						30,922
November 14, 2025						December 31, 2025						January 29, 2026						169,195,375.880						0.1875						—						0.1875						31,724
Total dividends declared for the three months ended December 31, 2025																																										$	92,701
For the three months ended December 31, 2024
August 2, 2024						October 31, 2024						November 27, 2024						70,286,774.355						$	0.2200					$	—					$	0.2200					$	15,463
November 14, 2024						November 30, 2024						December 27, 2024						73,471,107.297						0.1875						—						0.1875						13,776
November 14, 2024						December 30, 2024						January 30, 2025						77,769,569.568						0.1875						0.0050						0.1925						14,971
Total dividends declared for the three months ended December 31, 2024																																										$	44,210
Class S
Date Declared						Record Date						Payment Date						Shares Outstanding						Regular Distribution Per Share(1)						Special Distribution Per Share						Total Distribution Per Share						Total Dividends Declared
For the three months ended December 31, 2025
August 1, 2025						October 31, 2025						November 26, 2025						7,957,633.357						$	0.1697					$	—					$	0.1697					$	1,352
November 14, 2025						November 30, 2025						December 30, 2025						8,477,229.514						0.1697						—						0.1697						1,439
November 14, 2025						December 31, 2025						January 29, 2026						8,628,628.678						0.1697						—						0.1697						1,464
Total dividends declared for the three months ended December 31, 2025																																										$	4,255
For three months ended December 31, 2024
August 2, 2024						October 31, 2024						November 27, 2024						3,007,320.468						$	0.2022					$	—					$	0.2022					$	608
November 14, 2024						November 30, 2024						December 27, 2024						3,243,641.371						0.1697						—						0.1697						551
November 14, 2024						December 30, 2024						January 30, 2025						3,453,828.187						0.1697						0.0050						0.1747						603
Total dividends declared for the three months ended December 31, 2024																																										$	1,762

(1) Distribution per share is net of shareholder servicing and/or distribution fees.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Class I
Payment Date						DRIP Shares Issued						Amount ($) per share						DRIP Shares Value (1)
For the three months ended December 31, 2025
October 30, 2025						325,066.179						$	25.16					$	8,179
November 26, 2025						334,264.284						25.15						8,407
December 30, 2025						346,575.062						25.15						8,716
						1,005,905.525												$	25,302
For the three months ended December 31, 2024
October 30, 2024						197,076.899						$	25.10					$	4,946
November 27, 2024						216,447.740						25.06						5,424
December 27, 2024						188,585.563						25.08						4,730
						602,110.202												$	15,100
Class S
Payment Date						DRIP Shares Issued						Amount ($) per share						DRIP Shares Value (1)
For the three months ended December 31, 2025
October 30, 2025						26,025.507						$	25.16					$	655
November 26, 2025						27,417.016						25.15						690
December 30, 2025						29,450.850						25.15						740
						82,893.373												$	2,085
For the three months ended December 31, 2024
October 30, 2024						10,731.076						$	25.10					$	269
November 27, 2024						13,049.707						25.06						327
December 27, 2024						11,639.449						25.08						292
						35,420.232												$	888

(1) Reflects DRIP shares issued multiplied by the unrounded amount per share.

Share Repurchase Program

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

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

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table presents share repurchases completed under the share repurchase program during the three months ended December 31, 2025 and 2024.

Repurchase Deadline Request						Total Number of Shares Repurchased (all classes)						Percentage of Outstanding Shares Repurchased(1)						Price Paid Per Share						Repurchase Pricing Date						Amount Repurchased (all classes)(2)						Maximum number of shares that may yet be purchased under the Repurchase Program(3)
For the three months ended December 31, 2025
November 3, 2025						2,011,071.992						1.25		%				$	25.16					September 30, 2025						$	50,495					—
						2,011,071.992																								$	50,495					—
For the three months ended December 31, 2024
November 1, 2024						591,629.063						0.86		%				$	25.10					September 30, 2024						$	14,847					—
						591,629.063																								$	14,847					—

(1)Percentage is based on total shares as of the close of the repurchase pricing date.

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

Note 11. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three months ended December 31, 2025 and 2024:

			Three months ended December 31,
			2025												2024
			Class I						Class S						Class I						Class S
Earnings available to shareholders			$	90,909					$	4,164					$	47,525					$	1,914
Basic and diluted weighted average shares outstanding			164,502,015						8,328,486						73,669,932						3,224,475
Basic and diluted earnings per share			$	0.55					$	0.50					$	0.65					$	0.60

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 14, 2026, GCRED BSL CLO 1 (the “2026-B Issuer”), an indirect and wholly owned and primarily controlled subsidiary of the Company, completed a $400,150 term debt securitization (the “2026-B Debt Securitization). The notes offered in the 2026-B Debt Securitization consist of $264,000 of AAA Class A-1 Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.05% (the “Class A-1 Notes”); $8,000 of AAA Class A-2 Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.30% (the “Class A-2 Notes”); $35,000 of AA Class B Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.45% (the “Class B Notes”); $28,000 of Class C Secured Deferrable Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.70% (the “Class C Notes”). Additionally, the 2026-B Issuer issued $65,150 of Subordinated Notes due 2126 (the “Subordinated 2026 Notes”), which do not bear interest, that were indirectly retained by the Company.

On January 29, 2026, the Company completed an offering of $500,000 aggregate principal amount of its 5.600% unsecured notes due 2031 (the “2031 Notes”). The 2031 Notes will mature on April 15, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the applicable redemption price. The 2031 Notes bear interest at a rate of 5.600% per year payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2026.

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Golub Capital Private Credit Fund and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

In connection with the 2031 Notes, the Company entered into interest rate swap agreements with SMBC and BNP Paribas as counterparties. Under the agreement with SMBC, the Company receives a fixed interest rate of 5.600% and pays SMBC a floating interest rate of SOFR plus 1.9485% on the first $300,000 of the 2031 Notes. Under the agreement with BNP Paribas, the Company receives a fixed interest rate of 5.600% and pays BNP Paribas a floating interest rate of SOFR plus 1.955% on the second $200,000 of the 2031 Notes.

On February 11, 2026, the Company entered into an agreement to increase aggregate commitments under the SMBC Credit Facility from $2,552,500 to $2,602,500 through the accordion feature under the SMBC Credit Facility. The other material terms of the SMBC Credit Facility were unchanged.

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

Share Class						Net Proceeds
Subscriptions effective January 1, 2026
Class I						$83,403
Class S						$4,550
Approximate subscriptions effective February 1, 2026
Class I						$118,808
Class S						$4,530

On January 29, 2026, the Company issued 352,730 Class I Shares and 29,262 Class S Shares through the DRIP.

The Company repurchased 2,076,488 of its Class I Shares and 443,898 of its Class S Shares pursuant to the tender offer to repurchase up to 5% of its Class I Shares and Class S Shares outstanding as of December 31, 2025 that commenced on December 19, 2025 and closed on February 2, 2026.

The Board declared gross distributions to Class I and Class S shareholders of record as set forth in the table below:

Declaration Date

Record Date

Payment Date

Gross Distribution

Class I Distributions

November 14, 2025

January 31, 2026

February 26, 2026

$0.1875

February 2, 2026

February 28, 2026

March 30, 2026

$0.1875

February 2, 2026

March 31, 2026

April 29, 2026

$0.1875

February 2, 2026

April 30, 2026

May 28, 2026

$0.1875

Class S Distributions

November 14, 2025

January 31, 2026

February 26, 2026

$0.1875

February 2, 2026

February 28, 2026

March 30, 2026

$0.1875

February 2, 2026

March 31, 2026

April 29, 2026

$0.1875

February 2, 2026

April 30, 2026

May 28, 2026

$0.1875

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

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

Forward-Looking Statements

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

•our future operating results;

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

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

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

•general economic and political trends and other external factors;

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

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

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

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

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

•turmoil in Eastern Europe 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, (as described below) and the rules and regulations issued thereunder and any actions toward repeal thereof; and

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

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

We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including Annual Reports on Form 10-K, Registration Statements on Form N-2, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This Quarterly Report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

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Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We were formed in May 2022 as a Delaware statutory trust and commenced operations on June 30, 2023.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. In addition, we expect to invest in liquid credit instruments, including secured floating rate syndicated loans (e.g., broadly syndicated loans), securitized products and corporate bonds though the exact allocation could vary from time to time depending on market conditions and available investment opportunities. Our portfolio may also include other credit-related investments, including, without limitation, structured and synthetic debt investments and debt investments accompanied by equity securities, preferred equity and, to a limited extent, common equity investments not associated with a debt investment. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $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 the Board of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on the value of our net assets as well as an incentive fee based on our investment performance. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator. Under the Administration Agreement, we have agreed to reimburse the Administrator for our costs and expenses including, but not limited to, those related to the allocable portion (subject to the review and approval of our independent trustees) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

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

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We seek to invest at least 80% of our total assets (net assets plus borrowings for investment purposes) directly or indirectly in private credit investments (loans, bonds and other credit and related instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days’ notice of such change.

We expect to make investments that typically have position sizes under 1% of our portfolio, on average. We expect to selectively invest more than 1% of our portfolio in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base, particularly during the period prior to raising sufficient capital, which could result in larger individual investments when and if our capital base increases. We may invest in companies of any size or capitalization.

We generally invest in instruments that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These instruments, 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						$	2,355,739					23.8		%				$	2,285,901					26.7		%
One stop						7,146,306						72.1						5,948,840						69.5
Second lien						26,697						0.3						35,084						0.4
Subordinated debt						60,061						0.6						57,646						0.7
Structured finance note						251,122						2.5						162,943						1.9
Equity						73,483						0.7						64,837						0.8
Total						$	9,913,408					100.0		%				$	8,555,251					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 $580.6 million and $551.3 million, respectively, of recurring revenue loans at fair value.

Senior secured loans include broadly syndicated loans where we do not act as lead arranger, joint lead arranger or co-manager (“BSLs”). As of December 31, 2025 and September 30, 2025, senior secured loans included $2,063.2 million and $1,932.3 million, respectively, of BSLs at fair value.

As of December 31, 2025 and September 30, 2025, we had debt and equity investments in 458 and 414 portfolio companies, respectively.

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The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments for the three months ended 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)*																					9.0%						9.4%						10.2%
Weighted average investment income yield(2)*																					9.2%						9.6%						10.5%
Weighted average income yield of total investments(3)*																					8.9%						9.3%						10.2%
Weighted average investment income yield of total investments(4)*																					9.1%						9.5%						10.5%

*Annualized for periods less than one year.

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

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

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

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

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

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

•organizational expenses;

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

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

•interest payable on debt, if any, incurred by us to finance its investments and expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our Common Shares or other securities, including any public or private offering of our Common Shares;

•investment advisory fees, including management fees and incentive fees;

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

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

•fees payable to transaction/brokerage platforms;

•subscription processing fees and expenses;

•reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices;

•fees incurred by us for transfer agent, dividend agent and custodial fees and expenses;

•fees and expenses payable under any managing dealer and selected dealer agreements, if any;

•all costs of registration and listing of our securities on any securities exchange, if applicable;

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

•U.S. federal, state and local taxes;

•independent trustees’ fees and expenses;

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

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

•costs associated with individual or group shareholders;

•costs of registration rights granted to certain investors;

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

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

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

•costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by GC Advisors or its affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors;

•proxy voting expenses; and

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

We have entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with GC Advisors. Under the Expense Support Agreement, GC Advisors may elect to pay certain expenses on our behalf (each, an “Expense Support Payment”), provided that no portion of the payment will be used to pay any of our interest expense or distribution and/or shareholder servicing fees. Refer to Note 3 of our consolidated financial statements for further details on the Expense Support Agreement.

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

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital Private Credit Fund CLO-R LLC, or the 2025-R Issuer, under a collateral management agreement, or the CLO Reset Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2025-R Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2025 Reset Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital Private Credit Fund CLO 2, LLC, or the 2025 Issuer, under a collateral management agreement, or the 2025 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2025 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2025 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Collateral management fees are paid directly by the 2025-R Issuer and the 2025 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. The 2025-R Issuer, formerly the 2023 Issuer and the CLO Vehicle, paid SG Americas Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2023 Debt Securitization. The 2025 Issuer paid SG Americas Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2025 Debt Securitization. Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2025-R Issuer and the 2025 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of each Debt Securitization.

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

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Recent Developments

On January 14, 2026, the 2026-B Issuer, an indirect and wholly owned and primarily controlled subsidiary of us, completed a $400.2 million 2026-B Debt Securitization. The notes offered in the 2026-B Debt Securitization consist of $264.0 million of AAA Class A-1 Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.05% (the “Class A-1 Notes”); $8.0 million of AAA Class A-2 Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.30% (the “Class A-2 Notes”); $35.0 million of AA Class B Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.45% (the “Class B Notes”); $28.0 million of Class C Secured Deferrable Floating Rate Notes due 2034, which bear interest at the three-month SOFR plus 1.70% (the “Class C Notes”). Additionally, the 2026-B Issuer issued $65.2 million of Subordinated 2026 Notes, which do not bear interest, that were indirectly retained by us.

On January 29, 2026, we completed an offering of $500.0 million aggregate principal amount of our 5.600% 2031 Notes. The 2031 Notes will mature on April 15, 2031 and may be redeemed in whole or in part at our option at any time or from time to time at the applicable redemption price. The 2031 Notes bear interest at a rate of 5.600% per year payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2026.

In connection with the 2031 Notes, we entered into interest rate swap agreements with SMBC and BNP Paribas as counterparties. Under the agreement with SMBC, we receive a fixed interest rate of 5.600% and pay SMBC a floating interest rate of SOFR plus 1.9485% on the first $300.0 million of the 2031 Notes. Under the agreement with BNP Paribas, we receive a fixed interest rate of 5.600% and pay BNP Paribas a floating interest rate of SOFR plus 1.955% on the second $200.0 million of the 2031 Notes.

On February 11, 2026, we entered into an agreement to increase aggregate commitments under the SMBC Credit Facility from $2,552.5 million to $2,602.5 million through the accordion feature under the SMBC Credit Facility. The other material terms of the SMBC Credit Facility were unchanged.

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

Share Class						Net Proceeds
Subscriptions effective January 1, 2026
Class I						$83.4 million
Class S						$4.6 million
Approximate subscriptions effective February 1, 2026
Class I						$118.8 million
Class S						$4.5 million

On January 29, 2026, we issued 352,730 Class I Shares and 29,262 Class S Shares through the DRIP.

We repurchased 2,076,488 of our Class I Shares and 443,898 of our Class S Shares pursuant to the tender offer to repurchase up to 5% of our Class I Shares and Class S Shares outstanding as of December 31, 2025 that commenced on December 19, 2025 and closed on February 2, 2026.

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The Board declared gross distributions to Class I and Class S shareholders of record as set forth in the table below:

Declaration Date

Record Date

Payment Date

Gross Distribution

Class I Distributions

November 14, 2025

January 31, 2026

February 26, 2026

$0.1875

February 2, 2026

February 28, 2026

March 30, 2026

$0.1875

February 2, 2026

March 31, 2026

April 29, 2026

$0.1875

February 2, 2026

April 30, 2026

May 28, 2026

$0.1875

Class S Distributions

November 14, 2025

January 31, 2026

February 26, 2026

$0.1875

February 2, 2026

February 28, 2026

March 30, 2026

$0.1875

February 2, 2026

March 31, 2026

April 29, 2026

$0.1875

February 2, 2026

April 30, 2026

May 28, 2026

$0.1875

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Consolidated Results of Operations

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

Consolidated operating results for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:

			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			$	192,750					$	160,824					$	85,469					$	31,926					$	107,281
Payment-in-kind interest income			11,970						8,122						4,657						3,848						7,313
Discount Amortization			5,207						4,287						2,738						920						2,469
Non-cash dividend income			625						704						106						(79)						519
Dividend income			31						—						—						31						31
Fee income			733						489						277						244						456
Total investment income			211,316						174,426						93,247						36,890						118,069
Net expenses			113,633						95,050						53,908						18,583						59,725
Net investment income - before tax			97,683						79,376						39,339						18,307						58,344
Excise tax			—						—						—						—						—
Net investment income - after tax			97,683						79,376						39,339						18,307						58,344
Net realized gain (loss) on investment transactions			592						(3,370)						(583)						3,962						1,175
Net change in unrealized appreciation (depreciation) on investment transactions			(3,202)						11,197						10,683						(14,399)						(13,885)
Net realized gain (loss) on sale/extinguishment of debt			—						(1,900)						—						1,900						—
Net increase in net assets resulting from operations			$	95,073					$	85,303					$	49,439					$	9,770					$	45,634
Average earning debt investments, at fair value			$	9,113,714					$	7,196,899					$	3,508,554					$	1,916,815					$	5,605,160
Average earning preferred equity investments, at fair value			$	19,191					$	18,148					$	3,391					$	1,043					$	15,800

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

Investment Income

Investment income increased from the three months ended September 30, 2025 to the three months ended December 31, 2025 by $36.9 million, primarily due to (i) an increase in interest and PIK interest income due to an increase in the average earning debt investments balance of $1.9 billion and (ii) an increase in discount amortization acceleration and non-recurring amendment and prepayment fees driven by repayments that were partially offset by declining interest base and spread rates.

Investment income increased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $118.1 million, primarily due to (i) an increase in interest and PIK interest income due to an increase in the average earning debt investments balance of $5.6 billion and (ii) an increase in discount amortization acceleration and non-recurring amendment and prepayment fees driven by repayments that were partially offset by declining interest base and spread rates.

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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			7.6		%				8.0		%				8.6		%
One stop			9.3		%				9.7		%				10.5		%
Second lien			13.0		%				13.4		%				13.0		%
Subordinated debt			10.5		%				10.1		%				11.1		%
Structured finance note			8.1		%				8.4		%				—		%

The income yield on senior secured and one stop loans decreased for three months ended December 31, 2025 as compared to the three months ended September 30, 2025 and 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 92.4% of our loan portfolio at fair value as of December 31, 2025 is subject to an interest rate floor. As of December 31, 2025 and September 30, 2025, the weighted average base floor of our loans was 0.54% and 0.59%, respectively.

As of December 31, 2025, we have second lien investments in one portfolio companies and subordinated debt investments in three portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three months ended 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 expense and other debt financing expenses			$	75,886					$	61,133					$	34,882					$	14,753					$	41,004
Amortization of deferred debt issuance costs			3,005						2,752						1,487						253						1,518
Base management fee			13,671						12,086						6,062						1,585						7,609
Income incentive fee			13,970						11,500						5,827						2,470						8,143
Capital gain incentive fee accrual (reversal) under GAAP			(335)						747						1,273						(1,082)						(1,608)
Administrative service fee			2,517						1,946						977						571						1,540
Professional fees			4,216						4,305						3,054						(89)						1,162
General and administrative expenses			256						207						174						49						82
Distribution and shareholder servicing fees			447						374						172						73						275
Net expenses			$	113,633					$	95,050					$	53,908					$	18,583					$	59,725
Average debt outstanding			$	5,136,589					$	3,769,675					$	1,715,667					$	1,366,914					$	3,420,922

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Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $15.0 million from the three months ended September 30, 2025 to the three months ended December 31, 2025, primarily due to an increase in average debt outstanding of $1,366.9 million that was partially offset by (i) lower interest base rates on our floating rate borrowings and (ii) reduced interest rate spreads incurred on our debt securitizations resulting from the 2025 Debt Securitization and 2025-R Debt Securitization issuances totaling $1.2 billion in notes which bear interest at a weighted-average rate of three-month SOFR plus 1.49% in September 2025. Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $42.5 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, that was partially offset by lower interest base rates on our floating borrowings and reduced interest rate spreads resulting from (i) the September 2025 issuances of our 2025 Debt Securitization and 2025-R Debt Securitization which bear interest at a weighted-average rate of three-month SOFR plus 1.49% and, to a lesser extent, (ii) the November 2024 amendment to our SMBC Credit Facility that reduced the applicable margin to 1.875%. 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 average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2028 Notes, 2029 Notes and 2030 Notes, on our total debt was 6.1%, 6.7% and 7.7%, respectively.

The effective average interest rate decreased from both the three months ended December 31, 2025 compared to the three months ended September 30, 2025 and the three months ended December 31, 2025 compared to the three months ended December 31, 2024 primarily due to declining interest base and spread rates on our borrowings.

Management Fees

The base management fee increased as a result of an increase in average net assets for the three months ended September 30, 2025 to the three months ended December 31, 2025 and the three months ended December 31, 2024 to the three months ended December 31, 2025.

Incentive Fees

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

The Income Incentive Fee increased from the three months ended September 30, 2025 compared to the three months ended December 31, 2025 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by the increase in the average earning debt investments balance of $1.9 billion. The Income Incentive Fee increased from the three months ended December 31, 2024 compared to the three months ended December 31, 2025 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by the increase in the average earning debt investments balance of $5.6 billion. For the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, we were fully through the catch-up provision of the Income Incentive Fee calculation and the Income Incentive Fee, as a percentage of Pre-Incentive Fee Net Investment Income, was 12.5%.

As of 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.

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As of December 31, 2025 and September 30, 2025, there was $3.2 million and $3.5 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, the reversal of the accrual of capital gain incentive fee under GAAP of $0.3 million was primarily due to $2.6 million of net unrealized and realized losses on investment and foreign currency transactions recognized during the period. For the three months ended September 30, 2025, the accrual of capital gain incentive fee under GAAP of $0.7 million was primarily due to $7.8 million of net unrealized and realized gains on investment and foreign currency transactions recognized during the period. For the three months ended December 31, 2024, the accrual of capital gain incentive fee under GAAP of $1.3 million was primarily due to $10.1 million of net unrealized and realized gains on investment and foreign currency transactions recognized during the period.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of 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 general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth and increase as a percentage of our total assets during periods of asset declines.

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.5 million from the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to higher administrative expenses and general and administrative expenses associated with a growing portfolio that were partially offset by a decrease in professional fee expenses.

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $2.8 million from the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to higher professional fees and administrative expenses associated with servicing a growing portfolio.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 were $3.8 million, $3.4 million and $2.8 million, respectively.

As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $7.3 million and $4.9 million, respectively (which includes $1.0 million of unreimbursed Expense Support Payments as of both December 31, 2025 and September 30, 2025), of expenses paid on behalf of us by the Administrator.

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Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended 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) on investments			$	(378)					$	(3,385)					$	(5)					$	3,007					$	(373)
Net realized gain (loss) on foreign currency transactions			970						15						(578)						955						1,548
Net realized gain (loss) on investment transactions			$	592					$	(3,370)					$	(583)					$	3,962					$	1,175
Unrealized appreciation from investments			$	24,583					$	23,686					$	16,054					$	897					$	8,529
Unrealized (depreciation) from investments			(27,951)						(13,719)						(5,142)						(14,232)						(22,809)
Unrealized appreciation (depreciation) from forward currency contracts			612						3,625						1,599						(3,013)						(987)
Unrealized appreciation (depreciation) on foreign currency translation			(446)						(2,395)						(1,828)						1,949						1,382
Net change in unrealized appreciation (depreciation) on investment transactions			$	(3,202)					$	11,197					$	10,683					$	(14,399)					$	(13,885)
Net realized gain (loss) on sale/extinguishment of debt			$	—					$	(1,900)					$	—					$	1,900					$	—

During the three months ended December 31, 2025, we had a net realized gain of $0.6 million primarily driven by $1.0 million of net realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by $0.4 million of net realized losses recognized on the partial sale of BSL investments. During the three months ended September 30, 2025, we had a net realized loss of $3.4 million primarily driven by a realized loss recognized on the restructure of a portfolio company investment and net realized losses recognized on the partial sale of BSL investments. During the three months ended December 31, 2024, we had a net realized loss of $0.6 million primarily driven by a net realized loss on the translation of foreign currency amounts and transactions into U.S. dollars.

For the three months ended December 31, 2025, we had $24.6 million in unrealized appreciation on 203 portfolio company investments, which was offset by $28.0 million in unrealized depreciation on 277 portfolio company investments. For the three months ended September 30, 2025, we had $23.7 million in unrealized appreciation on 200 portfolio company investments, which was offset by $13.7 million in unrealized depreciation on 244 portfolio company investments. For the three months ended December 31, 2024, we had $16.1 million in unrealized appreciation on 149 portfolio company investments, which was offset by $5.1 million in unrealized depreciation on 129 portfolio company investments.

Unrealized appreciation for the three months ended December 31, 2025 was primarily due to fair valuing recent originations up to or near par, and, to a lesser extent, (i) the rise in market prices of our BSL and structured finance note portfolios. Unrealized appreciation for the three months ended September 30, 2025 was primarily due to fair valuing recent originations up to or near par and, to a lesser extent, the rise in market prices of our structured finance note portfolio. Unrealized appreciation for the three months ended December 31, 2024 primarily resulted from fair valuing recent originations up to or near par and solid borrower credit trends across our portfolio.

Unrealized depreciation for the three months ended December 31, 2025 and September 30, 2025 primarily resulted from isolated deterioration in the performance of (i) portfolio companies that were moved to or on non-accrual status and (ii) investments in certain portfolio companies with pre-existing credit challenges as well as the decrease in market prices of certain BSL investments. Unrealized depreciation for the three months ended December 31, 2024 primarily resulted from amortization of discounts on originated loans during the year and isolated deterioration in the credit performance of certain portfolio companies.

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Liquidity and Capital Resources

For the three months ended December 31, 2025, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash and restricted cash equivalents of $293.0 million. During the period, cash used in operating activities was $1,389.1 million, primarily as a result of purchases and fundings of portfolio investments of $1,742.8 million, partially offset by proceeds from principal payments and sales of portfolio investments of $421.8 million. During the same period, cash provided by financing activities was $1,096.2 million, primarily driven by borrowings on debt of $1,554.7 million and proceeds from the issuance of common shares of $438.2 million, that were partially offset by repayments of debt of $836.8 million, distributions paid of $66.5 million and, to a lesser extent, repurchases of common shares of $50.5 million.

For the three months ended December 31, 2024, we experienced a net decrease in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents of $106.6 million. During the period, cash used in operating activities was $826.2 million, primarily as a result of purchases and fundings of portfolio investments of $878.6 million, partially offset by proceeds from principal payments and sales of portfolio investments of $93.6 million. During the same period, cash provided by financing activities was $719.6 million, primarily driven by borrowings on debt of $462.3 million and proceeds from the issuance of common shares of $305.2 million, that were partially offset by distributions paid of $29.5 million.

As of December 31, 2025 and September 30, 2025, we had cash, cash equivalents and foreign currencies totaling $88.4 million and $48.2 million and restricted cash and restricted cash equivalents totaling $91.6 million and $424.2 million, respectively. As of December 31, 2025, the decrease in restricted cash and cash equivalents was primarily driven by the issuance of the 2025 Debt Securitization and the 2025-R Debt Securitization in the prior quarter. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. The decrease in restricted cash and cash equivalents as of December 31, 2025 as compared to September 30, 2025 was due to the funding and acquisition of new investments at the 2025 Debt Securitization and the 2025-R Debt Securitization following their September 2025 issuances.

Revolving Debt Facilities

BANA Credit Facility - On May 9, 2025, we entered into the BANA Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of December 31, 2025, allowed us to borrow up to $500.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2025 and September 30, 2025, we had outstanding debt under the BANA Credit Facility of $498.5 million and $310.0 million, respectively. As of December 31, 2025 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $1.5 million and $190.0 million, respectively, of remaining commitments and $0.3 million and $24.9 million, respectively of availability on the BANA Credit Facility.

SMBC Credit Facility - On September 6, 2023, we entered into the SMBC Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of December 31, 2025, allowed us to borrow up to $2,552.5 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2025 and September 30, 2025, we had outstanding debt under the SMBC Credit Facility of $1,829.8 million and $1,297.0 million, respectively. As of December 31, 2025 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $722.7 million and $1,204.7 million, respectively, of remaining commitments and $722.7 million and $1,198.4 million, respectively, of availability on the SMBC Credit Facility. On December 9, 2025, we entered into an agreement with new lenders to increase aggregate commitments under the SMBC Credit Facility to $2,552.5 million through the accordion feature under the SMBC Credit Facility.

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

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Debt Securitizations

2025-R Debt Securitization - On September 21, 2023, we completed the 2023 Debt Securitization. On September 9, 2024, we sold the previously retained Class A-2 Notes to a third party. The Class A-1 and Class A-2 2023 Notes are included in the December 31, 2025 and September 30, 2025 Consolidated Statements of Financial Condition as our debt. The Subordinated 2023 Notes were eliminated in consolidation. On September 25, 2025, we completed the 2025-R Debt Securitization, which redeemed all of the notes issued under the 2023 Debt Securitization. The Class A-1R 2025 Reset Notes and $56.0 million of the Class A-2R 2025 Reset Notes (each as defined in Note 7 to our consolidated financial statements) are included in the December 31, 2025 Consolidated Statements of Financial Condition as our debt. The Class B-R 2025 Reset Notes, $20.2 million of the Class A-2R 2025 Reset Notes and the Subordinated 2025 Reset Notes were eliminated in consolidation. As of both December 31, 2025 and September 30, 2025, we had outstanding debt under the 2025-R Debt Securitization of $556.0 million.

2025 Debt Securitization - On September 18, 2025, we completed the 2025 Debt Securitization. We also incurred certain loans as part of the 2025 Debt Securitization. The Class A-1 2025 Notes, Class A-2 2025 Notes, Class B 2025 Notes, Class A-1L-1 2025 Loans, Class A-lL-2 2025 Loans, Class A-2L 2025 Loans and Class B-L 2025 Loans (each as defined in Note 7 to our consolidated financial statements) are included in the December 31, 2025 Consolidated Statement of Financial Condition as our debt and the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation. As of both December 31, 2025 and September 30, 2025, we had outstanding debt under the 2025 Debt Securitization of $599.1 million.

2027 Notes

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

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

2028 Notes

On July 23, 2025, we issued $500.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of December 31, 2025 and September 30, 2025.

On July 16, 2025, we entered into interest rate swaps on the 2028 Notes pursuant to which we agreed to (i) receive a fixed interest rate of 5.450% and (ii) pay a floating interest rate of three-month Term SOFR plus 1.8340%. The interest rate swaps are designated as effective hedge accounting instruments. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

2029 Notes

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

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

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2030 Notes

On February 24, 2025, we issued $500.0 million in aggregate principal amount of the 2030 Notes, all of which remained outstanding as our debt as of December 31, 2025 and September 30, 2025.

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

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

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On May 17, 2023, our sole shareholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined an offer by us to repurchase all our outstanding common shares. As a result of such approval, effective as of May 18, 2023, our asset coverage requirement was reduced from 200% to 150%, or a ratio of total debt-to-equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. We currently intend to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of December 31, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 179.8% and 1.25x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.22x as of December 31, 2025.

As of December 31, 2025 and September 30, 2025, we had outstanding commitments to fund investments totaling $1,850.8 million and $1,875.1 million, respectively. As of December 31, 2025, total commitments included $576.2 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of December 31, 2025, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of December 31, 2025 is 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 December 31, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on the cash balances that we maintain, availability under our SMBC Credit Facility, BANA Credit Facility and Adviser Revolver, ongoing principal repayments on debt investment assets.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding derivatives as of December 31, 2025 and September 30, 2025. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We minimize market risk through monitoring its investments and borrowings.

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

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Portfolio Composition, Investment Activity and Yield

As of December 31, 2025 and September 30, 2025, we had investments in 458 and 414 portfolio companies, respectively, with a total fair value of $9,913.4 million and $8,555.3 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																																							$	386,589					22.0		%	$	607,247					24.3		%				$	169,356					15.2		%
One stop																																							1,265,465						71.9			1,718,268						68.8						924,570						82.5
Second lien																																							—						—			9,197						0.4						22,696						2.0
Subordinated debt																																							—						—			44,120						1.8						—						—
Structured finance note																																							100,500						5.7			101,100						4.0						—						—
Equity																																							7,507						0.4			16,265						0.7						3,531						0.3
Total new investment commitments																																							$	1,760,061					100.0		%	$	2,496,197					100.0		%				$	1,120,153					100.0		%

For the three months ended December 31, 2025, we had approximately $421.8 million in proceeds from principal payments and sales of portfolio investments.

For the three months ended December 31, 2024, we had approximately $93.6 million in proceeds from principal payments and sales of portfolio investments.

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

			As of 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			$	2,365,806					$	2,360,197					$	2,355,739					$	2,288,864					$	2,283,507					$	2,285,901
Non-accrual(3)			—						—						—						—						—						—
One stop
Performing			7,159,758						7,060,198						7,136,624						5,973,137						5,879,176						5,946,459
Non-accrual(3)			17,507						14,061						9,682						5,066						2,133						2,381
Second lien
Performing			26,697						26,524						26,697						35,084						34,869						35,084
Non-accrual(3)			—						—						—						—						—						—
Subordinated debt
Performing			60,061						59,053						60,061						58,087						57,122						57,646
Non-accrual(3)			—						—						—						—						—						—
Structured finance note
Performing			250,025						249,992						251,122						161,525						161,487						162,943
Non-accrual(3)			—						—						—						—						—						—
Equity
Performing			N/A						$	69,229					$	73,483					N/A						$	61,047					$	64,837
Non-accrual(3)			N/A						$	—					$	—					N/A						$	—					$	—
Total			$	9,879,854					$	9,839,254					$	9,913,408					$	8,521,763					$	8,479,341					$	8,555,251

(1)As of December 31, 2025, $1,267.2 million and $1,280.8 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loan to be PIK interest. As of December 31, 2025, $4.2 million and $4.1 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

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(2)As of September 30, 2025, $1,093.1 million and $1,106.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loan to be PIK interest. As of September 30, 2025, $2.1 million and $2.4 million at amortized cost and fair value, respectively, 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, 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 three portfolio companies on non-accrual status and no preferred equity securities on non-accrual status, and non-accrual investments as a percentage of total investments at both cost and fair value were 0.1%. As of September 30, 2025, we had loans in one portfolio company on non-accrual status, no preferred equity securities on non-accrual status, and non-accrual investments as a percentage of total investments at both cost and fair value were less than 0.1%. As of December 31, 2024, we had no loans or preferred equity securities on non-accrual status.

As of both December 31, 2025 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 99.6%.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate investments and fees of middle-market (“MM”) investments originated and weighted average rate of sales and payoffs of portfolio companies during the years 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 MM investment fundings																					8.5%						9.0%						9.5%
Weighted average spread over the applicable base rate of new floating rate MM investment fundings																					4.8%						4.9%						5.0%
Weighted average fees of new MM investment fundings																					0.5%						0.5%						0.9%
Weighted average rate of sales and payoffs of portfolio investments																					8.3%						9.1%						11.1%

As of December 31, 2025, 92.4% 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, 93.6% of our debt portfolio at both 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 $87.9 million and $87.0 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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

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

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

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

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

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

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of 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						$	214,798					2.2		%				$	285,612					3.3		%
4						9,523,951						96.1						8,135,488						95.1
3						164,940						1.6						131,770						1.6
2						9,719						0.1						2,381						0.0		^
1						—						—						—						—
Total						$	9,913,408					100.0		%				$	8,555,251					100.0		%

^ Represents an amount less than 0.1%.

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The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of 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)						90.4						93.2
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						55.3						47.0
Total						99.6%						99.6%

(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.

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Distributions

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

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

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

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

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

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Related Party Transactions

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

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

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

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

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

•We entered into the Expense Support Agreement with GC Advisors, pursuant to which GC Advisors may elect to pay certain expenses on our behalf, provided that no portion of the payment will be used to pay any interest or any of our distribution and/or shareholder servicing fees.

•GC Advisors serves as collateral manager to the 2025-R Issuer and the 2025 Issuer under the 2025 Reset Collateral Management Agreement and the 2025 Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.

•On July 3, 2023, we entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis. As of December 31, 2025, we were permitted to borrow up to $300.0 million at any one time outstanding under the Adviser Revolver.

•On April 27, 2023, an affiliate of GC Advisors purchased 2,000 shares of our Class F Shares of beneficial interest at $25.00 per share.

•On July 1, 2023, we entered into the Share Purchase and Sale Agreement, with GCP HS Fund, GCP CLO Holdings Sub LP, and GC Advisors, in which we acquired all of the assets and liabilities (“Seed Assets”) of the CLO Vehicle through the purchase of 100% of the beneficial interests in, and 100% of the subordinated notes issued by the CLO Vehicle. The Seed Assets consisted of loans to 80 borrowers, cash and other assets.

•On May 1, 2024, an affiliate of the Investment Adviser indirectly purchased $9.9 million of Class I Shares through its ownership of a feeder vehicle.

•On March 1, 2025, an affiliate of the Investment Adviser indirectly purchased $6.6 million of Class I Shares through its ownership of a feeder vehicle.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, Golub Capital Private Income Fund I, or GPIF I, and Golub Capital Private Income Fund S, or GPIF S, which are business development companies that primarily focus on investing in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans. In addition, our officers and trustees serve in similar capacities for GBDC, GDLC, GDLCU, GBDC 4, GPIF I, and GPIF S. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC,

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GDLCU, GBDC 4, 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, trustees and employees. Our officers and trustees also remain subject to the duties imposed by both the 1940 Act and Delaware law.

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

Fair Value Measurements

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

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

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event to corroborate the 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 as part of the regular valuation process and in any other situation where portfolio investments require a fair value determination.

With respect to investments that are not publicly-traded or whose market price is not otherwise (a) readily available or (b) provided via a third-party pricing service or other quote, our Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with each portfolio investment being initially valued by the investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The Valuation Designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The Valuation Designee discusses valuations and determines the fair value of each portfolio investment in good faith.

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

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The Valuation Designee’s fair value methodology is conducted in accordance with the fair value principles established by 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. The Valuation Designee’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Valuation Designee considers factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. During the three months ended December 31, 2025 and 2024, certain debt investments with a fair value of $356.3 million and $31.0 million, respectively, transferred from Level 2 to Level 3 of the fair value hierarchy and certain debt investments with a fair value of $10.7 million and $22.9 million, respectively, transferred from Level 3 to Level 2 of the fair value hierarchy. The transfers into or out of Level 3 were primarily due to decreased or increased transparency of the observable prices for both the 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.

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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value based on unobservable inputs significant to their fair value as determined in good faith by the Valuation Designee, and may be based on input of the Valuation Designee’s personnel (which may involve the use of a third-party pricing service or quote) and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation at least every other quarter of each non-de minimis portfolio investment in accordance with the Company’s valuation policies, including for those that do not have a readily available market quotation or are not valued via a third-party pricing service or other quote. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of December 31, 2025, $1,475.7 million and $8,437.7 million of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2025, $1,750.4 million and $6,804.9 million of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of December 31, 2025 and September 30, 2025, all interest rate swaps and forward currency contracts were valued using Level 2 inputs and all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs.

When determining fair value of Level 3 portfolio investments, the Valuation Designee may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly-traded securities, and changes in the interest rate environment and the credit markets generally that could affect the price at which similar investments could be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. 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 or directly from brokers. Bid prices reflect the highest price that we and others could be willing to pay. Ask prices represent the lowest price that we and others could be willing to accept. The Valuation Designee generally uses the midpoint of the independent third-party market “bid” and “ask” quotes to determine the value of our portfolio investments. While market price quotes from third-party pricing sources may be available, the Valuation Designee has the discretion to seek and utilize independent quotes from independent broker dealers to determine the fair value of the applicable portfolio investment. The Valuation Designee may obtain and consider both “bid” and “ask” quotes from either independent third-party vendors or directly from independent brokers.

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

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

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

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

•Its assessment of whether any change in the net asset value per share of our Common Shares has occurred (including through the realization of gains on the sale of portfolio securities) during the period beginning on the date of the most recently disclosed net asset value per share of our Common Shares and ending on the date on which the offering price for such month is determined; and

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

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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” and “short-term borrowings” which are reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity.

Revenue Recognition

Our revenue recognition policies are as follows:

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

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

Non-accrual loans: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest are paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $9.7 million and $2.4 million as of December 31, 2025 and September 30, 2025, respectively.

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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 taxation as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our shareholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our shareholders, which will generally relieve us from U.S. federal income taxes on amounts distributed.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would generally distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For both the three 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.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

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

Valuation Risk. We will 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 will value these portfolio investments at fair value as determined in good faith by our Valuation Designee, subject to oversight by the Board in accordance with our valuation policy and process. 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 to sell or liquidate a portfolio investment, including, for example, 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 0.54% and 0.59%, respectively. The SMBC Credit Facility has a floating interest rate provision primarily based on an applicable base rate (as defined in Note 7 of our consolidated financial statements), the BANA Credit Facility has a floating rate applicable to the currency of such borrowing, the Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate the Class A-1R 2025 Reset Notes and Class A-2R 2025 Reset Notes issued in connection with the 2025-R Debt Securitization as well as the Class A-1 2025 Notes, Class A-2 2025 Notes, Class B 2025 Notes, Class A-1L-1 2025 Loans, Class A-1L-2 2025 Loans, Class A-2L 2025 Loans, and Class B-L 2025 Loans issued in connection with the 2025 Debt Securitization have floating rate interest provisions based on three-month term SOFR, and the 2027 Tranche B Notes and 2027 Tranche C Notes have floating rate interest provisions based on SOFR and EURIBOR, respectively. We have entered into two interest rate swaps on the 2027 Tranche A Notes which have floating rate provisions based on three-month SOFR plus a spread of 2.5975% and three-month SOFR plus a spread of 2.644%. We have entered into an interest rate swap on the 2028 Notes which have floating rate provisions based on three-month SOFR plus a spread of 1.834%. We have entered into two interest rate swaps on the 2029 Notes which have floating rate provisions based on three-month SOFR plus a spread of 2.7875% and three-month SOFR plus a spread of 2.770%. We have entered into two interest rate swaps on the 2030 Notes which have floating rate provisions based on SOFR plus a spread of 1.727% and SOFR plus a spread of 1.745%. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

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Assuming that the unaudited interim Consolidated Statement of Financial Condition as of December 31, 2025 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the 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						$	(194,920)					$	(108,255)					$	(86,665)
Down 150 basis points						(146,522)						(81,192)						(65,330)
Down 100 basis points						(97,889)						(54,128)						(43,761)
Down 50 basis points						(48,960)						(27,064)						(21,896)
Up 50 basis points						48,982						27,064						21,918
Up 100 basis points						97,965						54,128						43,837
Up 150 basis points						146,947						81,192						65,755
Up 200 basis points						195,929						108,255						87,674

(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 SMBC Credit Facility, the BANA Credit Facility, the Adviser Revolver, the 2025-R Debt Securitization, the 2025 Debt Securitization, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

Item 4. Controls and Procedures.

As of 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.

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TABLE OF CONTENTS

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.

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended 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”.

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Item 6: Exhibits.

EXHIBIT INDEX

Number						Description
3.1						Third Amended and Restated Declaration of Trust of the Company. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on February 7, 2024).
3.2						Bylaws of the Company. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on November 19, 2025).
4.1						Indenture, dated as of September 12, 2024, by and between Golub Capital Private Credit Fund and U.S. Bank Trust Company, National Association, as trustee. (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on September 13, 2024).
4.2						Fourth Supplemental Indenture, dated as of January 29, 2026, by and between Golub Capital Private Credit Fund and U.S. Bank Trust Company, National Association, as trustee. (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on January 29, 2026).
4.3						Form of Global Note with respect to 5.600% notes due 2031 sold in reliance on Rule 144A under the Securities Act. (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on January 29, 2026).
4.4						Form of Global Note with respect to 5.600% notes due 2031 sold in reliance on Regulation S under the Securities Act. (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on January 29, 2026).
4.5						Registration Rights Agreement, dated as of January 29, 2026, by and among Golub Capital Private Credit Fund and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, and SMBC Nikko Securities America, Inc., as representatives of the Initial Purchasers. (incorporated by reference to Exhibit 4.5 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on January 29, 2026).
10.1						Amended and Restated Indenture, dated as of September 25, 2025, by and between Golub Capital Private Credit Fund CLO-R, as Issuer, and Wilmington Trust, National Association, as Trustee. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 2025).
10.2						Note Purchase Agreement, dated as of September 25, 2025, by and between Golub Capital Private Credit Fund CLO-R, as Issuer, and SG Americas Securities, LLC as Initial Purchaser. (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 2025).
10.3						Amended and Restated Collateral Management Agreement, dated as of September 25, 2025, by and between Golub Capital Private Credit Fund CLO-R, as Issuer, and GC Advisors LLC, as Collateral Manager. (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 2025).
10.4						Amended and Restated Master Loan Sale Agreement, dated as of September 25, 2025, by and among Golub Capital Private Credit Fund, as the Seller, Golub Capital Private Credit Fund CLO Depositor, as Intermediate Seller and Golub Capital Private Credit Fund CLO-R, as Buyer. (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on October 3, 2025).
10.5						Response to Notice of Commitment Increase Request, dated as of December 9, 2025, by and among Golub Capital Private Credit Fund, a Delaware statutory trust, Sumitomo Mitsui Banking Corporation, as administrative agent and an issuing bank, and the issuing banks party thereto. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01555), filed on December 15, 2025).
10.6						Response to Notice of Commitment Increase Request, dated as of December 9, 2025, by and among Golub Capital Private Credit Fund, a Delaware statutory trust, Sumitomo Mitsui Banking Corporation, as administrative and an issuing bank, and the issuing banks party thereto. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on December 15, 2025).
10.7						Indenture, dated as of January 14, 2026, by and between GCRED BSL CLO 1, as Issuer, and Computershare Trust Company, N.A., as Trustee. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on January 21, 2026).

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10.8						Note Purchase Agreement, dated as of January 14, 2026, by and between GCRED BSL CLO 1, as Issuer and BofA Securities, Inc., as Initial Purchaser. (incorporated by reference to Exhibit 10.2 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on January 21, 2026).
10.9						Collateral Management Agreement, dated as of January 14, 2026, by and between GCRED BSL CLO 1, as Issuer and GC Advisors LLC, as Collateral Manager. (incorporated by reference to Exhibit 10.3 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on January 21, 2026).
10.10						Master Loan Sale Agreement, dated as of January 14, 2026, by and among Golub Capital Private Credit Fund, as the Seller, GCRED BSL CLO 1 Depositor, as Intermediate Seller and GCRED BSL CLO 1, as Buyer. (incorporated by reference to Exhibit 10.4 to the Registrant’s Current report on Form 8-K (File No. 814-01555), filed on January 21, 2026).
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 Private Credit Fund
Date: February 12, 2026			By			/s/ David B. Golub
						David B. Golub
						Chief Executive Officer
						(Principal Executive Officer)
Date: February 12, 2026			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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