Document

424B3 1 gcred-fy26q110xq424b3.htm 424B3 Document

Filed pursuant to Rule 424(b)(3)

File No. 333-290479, 333-272674 and 333-293067

GOLUB CAPITAL PRIVATE CREDIT FUND

SUPPLEMENT NO. 1 DATED FEBRUARY 20, 2026

TO THE PROSPECTUS DATED JANUARY 29, 2026

This prospectus supplement (the “Supplement”) is part of and should be read in conjunction with the prospectus of Golub Capital Private Credit Fund (“we,” “us,” “our,” or the “Fund”), dated January 29, 2026 (as further amended and supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are to:

•update the Prospectus; and

•include our Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025.

Updates to Prospectus

The following replaces the section titled “Management of the Fund—Officers Who Are Not Trustees”.

We have a total of seven officers who are not trustees. Information regarding our officers who are not trustees is as follows:


Name	Year of Birth	Position
Wu-Kwan Kit	1981	Chief Compliance Officer & Secretary
Timothy J. Topicz	1984	Chief Operating Officer
Paul Solini	1984	Chief Accounting Officer
Daniel J. Colaizzi	1983	Managing Director
Robert G. Tuchscherer	1974	Managing Director
Jonathan D. Simmons	1982	Managing Director, Corporate Strategy

The address for each officer is c/o Golub Capital Private Credit Fund, 200 Park Avenue, 25th Floor, New York, NY 10166.

The following replaces the section titled “Biographical Information—Officers Who Are Not Trustees”.

Wu-Kwan Kit, Chief Compliance Officer & Secretary

Ms. Wu-Kwan Kit is Chief Compliance Officer and Secretary of the Fund. Ms. Kit also serves as Chief Compliance Officer and Secretary of GBDC, GDLC, GDLCU, GBDC 4, GPIF I and GPIF S. Ms. Kit has served as Senior BDC Counsel to Golub Capital since September 2024. Prior to joining Golub Capital, Ms. Kit was Senior Vice President and Senior Counsel at PIMCO, where she primarily supported its registered funds. Prior to this position, she worked at Van Eck Associates as Assistant General Counsel. Prior to that, Ms. Kit worked as an Associate in Schulte Roth & Zabel’s Investment Management Group. Ms. Kit earned her BA degree cum laude from the University of Pennsylvania. She received a JD from the University of Pennsylvania Law School.

Timothy J. Topicz, Chief Operating Officer

Mr. Timothy J. Topicz is Chief Operating Officer of the Fund. He also serves as a Director in its Investor Partners Group. He is responsible for the program management of the BDC business for the firm. Mr. Topicz currently serves as Chief Operating Officer of GDLC, GDLCU, GBDC, GBDC 4, GPIF S, and GPIF I. Prior to joining Golub Capital, Mr. Topicz was a Vice President in the Financial Institutions Investment Banking group at Wells Fargo Securities, where he led the firm’s investment banking coverage effort for the Business Development Company sector. Mr. Topicz earned his BS with honors in Business Administration and Finance from The Ohio State University and his MBA from the University of Chicago Booth School of Business. He is a CFA® Charterholder.

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Paul Solini, Chief Accounting Officer

Mr. Paul Solini is Chief Accounting Officer of the Fund. He also currently serves as Chief Accounting Officer of GDLC, GDLCU, GBDC 4, GPIF S, and GPIF I. Prior to joining Golub Capital in 2026, Mr. Solini served as a Senior Controller at TPG Twin Brook Capital Partners where he helped oversee financial reporting, regulatory filings, investor reporting, audit coordination, and key operational and control processes. Prior to this position, he worked as an Auditor at PricewaterhouseCoopers where he led engagements for public and private investment managers, private equity funds, hedge funds, and registered funds. Mr. Solini earned his BS in Accounting from Niagara University and his MS in Accounting from the University of Connecticut. He is currently a registered Certified Public Accountant in both New York and Illinois.

Daniel J. Colaizzi, Managing Director

Mr. Daniel J. Colaizzi joined Golub Capital in 2017 and is a Managing Director of the Fund. Mr. Colaizzi also serves as a Managing Director of GPIF I and GPIF S. Mr. Colaizzi is a Managing Director and Co-Head of the Global Product Group, responsible for product origination and management, product specialist, investor diligence and thought leadership for the Firm. He was previously Co-Head of the Solutions Group, responsible for new product development for the Firm. Before that, Mr. Colaizzi was Deputy General Counsel on the Legal and Compliance Team, responsible for representing Golub Capital in all transactions in which the Firm obtains financing, including collateralized loan obligations, lines of credit and other financings. Prior to joining Golub Capital, Mr. Colaizzi was an Associate in the Finance and Real Estate group at Dechert, where he represented asset managers in the negotiation of collateralized loan obligation and other asset financing debt transactions. Prior to this position, he worked at Cohen & Grigsby as an Associate on the Business Services team, where he represented private equity funds, asset managers and commercial banks in mergers and acquisitions and acquisition financing transactions. Mr. Colaizzi earned his BA in Political Science from Coastal Carolina University. He received a JD summa cum laude from the University of Pittsburgh.

Robert G. Tuchscherer, Managing Director

Mr. Tuchscherer joined Golub Capital in 2007 and is a Managing director of the Fund. He is also a Senior Managing Director on the Direct Lending team at Golub Capital. He is a member of the Firm’s Investment Committee and is responsible for originating, underwriting, executing and monitoring investments for the Firm. Mr. Tuchscherer also serves as an officer of GBDC, GDLC, GDLCU, GBDC 4, GPIF I and GPIF S. Prior to joining Golub Capital, Mr. Tuchscherer was a Vice President at GE Antares Capital, where he led the structuring, underwriting, documentation and syndication of leveraged finance transactions for middle market private equity sponsors. Prior to that, he was an Associate Director in the Asset-Backed Securities group at Heller Financial. Mr. Tuchscherer earned a BS degree in Finance from the University of Illinois at Urbana – Champaign. He received an MBA with honors in Accounting and Entrepreneurship from the University of Chicago Booth School of Business.

Jonathan D. Simmons, Managing Director, Corporate Strategy

Mr. Jonathan D. Simmons is the Managing Director of Corporate Strategy of the Fund. He is also a Senior Managing Director and Head of Corporate Development at Golub Capital. In these capacities, he is responsible for developing and executing strategic projects across the Firm. Mr. Simmons also serves as an officer of GBDC, GDLC, GDLCU and GBDC 4. He previously served as an officer of GBDC 3 and GCIC prior to their mergers with GBDC in 2024 and 2019, respectively. He was previously a member of the Direct Lending team, where he underwrote, executed and monitored investments for the Firm. Prior to joining Golub Capital, Mr. Simmons was a Senior Associate at Churchill Financial where he executed senior and junior debt investments as well as equity co-investments in middle-market companies and managed the workout of distressed investments. Prior to this position, he was an investment banking Associate at J.P. Morgan Securities Inc. where he originated, structured and executed senior and subordinated debt, hybrid and preferred equity transactions for specialty finance and banking institutions. Mr. Simmons graduated magna cum laude from Colgate University with a BA in Mathematics and Economics.

Quarterly Report on Form 10-Q for the Quarterly Period Ended December 31, 2025

On February 12, 2026, we filed our Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

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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

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

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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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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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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

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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

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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

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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

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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

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

11/2024

N/A

1,563

962

—

1,320

Auto Components

Arnott, LLC

Common stock

N/A

12/2024

N/A

—

125

—

Automobiles

CAP-KSI Holdings, LLC

Preferred stock

N/A

06/2024

N/A

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

06/2024

N/A

417

—

562

Quick Quack Car Wash Holdings, LLC

LLC interest

N/A

06/2024

N/A

—

107

Yorkshire Parent, Inc.

LP interest

N/A

12/2023

N/A

—

119

1,740

—

2,269

Beverages

Spindrift Beverage Co. Inc.

LP interest

N/A

02/2025

N/A

3,178

0.1

3,799

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP interest

N/A

01/2024

N/A

—

109

—

140

Containers & Packaging

Packaging Coordinators Midco, Inc.

LP interest

N/A

09/2025

N/A

182

1,822

—

1,822

Diversified Consumer Services

Action Termite Control, LLC

Preferred stock

N/A

12/2025

N/A

—

358

—

358

Action Termite Control, LLC

Common stock

N/A

12/2025

N/A

—

CHVAC Services Investment, LLC

Common stock

N/A

05/2024

N/A

162

408

0.1

768

Kodiak Buyer, LLC

Common stock

N/A

08/2025

N/A

448

—

454

SCP CDH Buyer, Inc.

Preferred stock

N/A

12/2025

N/A

729

—

729

SCP CDH Buyer, Inc.

Common stock

N/A

12/2025

N/A

—

Virginia Green Acquisition, LLC

LP interest

N/A

12/2023

N/A

—

100

2,073

0.1

2,466

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

01/2025

N/A

—

178

Electrical Equipment

Wildcat TopCo, Inc.(23)

LP interest

N/A

12/2024

N/A

191

156

—

208

Food & Staples Retailing

GMF Parent, Inc.

LP interest

N/A

12/2025

N/A

1,700

—

1,700

Food Products

Zullas, L.C.

Common stock

N/A

06/2025

N/A

1,726

—

1,796

Healthcare Equipment & Supplies

Centegix Intermediate II, LLC

LLC interest

N/A

08/2025

N/A

3,652

0.1

3,909

Isto Group, Inc.(9)

LP interest

N/A

09/2025

N/A

2,189

0.1

2,167

ZimVie, Inc.

LP interest

N/A

10/2025

N/A

857

—

857

6,698

0.2

6,933

Healthcare Providers & Services

HP TLE Buyer, Inc.

Common stock

N/A

07/2025

N/A

743

—

750

See Notes to Consolidated Financial Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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)
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

TABLE OF CONTENTS

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.

(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.