GC Advisors is a limited liability company organized in September 2008. The beneficial owners of GC Advisors are primarily persons and entities associated with Lawrence E. Golub and David B. Golub. Lawrence E. Golub is the Chief Executive Officer of GC Advisors, and David B. Golub is the President of GC Advisors. GC OPAL Advisors is a limited liability company organized in July 2017. The beneficial owners of GC OPAL Advisors are primarily persons and entities associated with Lawrence E. Golub and David B. Golub. Lawrence E. Golub is the Chief Executive Officer of GC OPAL Advisors, and David B. Golub is the President of GC OPAL Advisors. GC OPAL Advisors is separately registered as an investment adviser but is part of a common investment advisory business with GC Advisors. GCIM is a limited liability company organized in October 2010. The beneficial owners of GCIM are primarily persons and entities associated with Lawrence E. Golub and David B. Golub. Pursuant to a contractual arrangement, GCIM receives nondiscretionary subadviser services, fundraising and back office support from GC Advisors and its affiliates. GCIM is a relying adviser of GC OPAL Advisors. Lawrence E. Golub and David B. Golub are the controlling managers of GCIM. OPAL BSL is a series of a multi-series limited liability company organized in April 2017. The beneficial owners of OPAL BSL are primarily persons and entities associated with Lawrence E. Golub and David B. Golub, and an entity, Golub Capital Partners Holdings, Ltd., that is owned indirectly by certain pooled investment vehicles managed by us. This ownership structure is intended to assist in our compliance with relevant risk retention rules. OPAL BSL is a relying adviser of GC OPAL Advisors. Craig Benton is the President of OPAL BSL. Firm Overview We provide investment management services as the adviser or subadviser to pooled investment vehicles, private investment funds and separately managed accounts (collectively, “clients”). Other than with respect to GCIM, we operate primarily out of offices in New York, Chicago, Huntersville, Greenwich, Miami, San Francisco, and London. GCIM operates out of offices in the U.S. Virgin Islands and Canada. GC Advisors provides investment advisory and management services to Golub Capital BDC, Inc. (“GBDC”), Golub Capital BDC 3, Inc. (“GBDC3”), Golub Capital Direct Lending Corporation (“GDLC”), Golub Capital BDC 4, Inc. (“GBDC4”), Golub Capital Direct Lending Unlevered Corporation (“GDLCU”), and Golub Capital Private Credit Fund (“GCRED”, and, together with GBDC, GBDC3, GDLC, GBDC4, and GDLCU, the “BDCs”), each of which has elected to be regulated as a business development company under the Investment Company Act of 1940 (the “1940 Act”). We provide tailored investment advisory services to our clients in accordance with each account’s investment objectives, strategies, restrictions and guidelines. Other than for separately managed accounts, we do not tailor our advice to the individualized needs of any particular investor. Each investor in a pooled investment vehicle or private investment fund must consider whether an investment in that vehicle meets such investor’s investment objectives and risk tolerances prior to investing. Additional information about each client is contained in the relevant client documents, which will be available to current and eligible prospective investors only through us or another authorized party. While we generally have broad investment discretion, examples of the types of instruments in which our clients typically invest include:
• unitranche, senior and mezzanine loans, either directly or indirectly through collateralized loan obligations or financing securitizations (“CLOs”) or leveraged subsidiaries, revolvers,

swingline facilities and other related products;
• broadly syndicated loans, either directly or indirectly through CLOs, warehouse facilities or total return swaps;
• corporate debt securities;
• CLOs, including the junior tranches of such CLOs, for which an affiliate of the Advisers serves as collateral manager;
• securitization liabilities and risk retention vehicles;
• swaps, including credit default swaps and interest rate swaps;
• interests in other pooled investment vehicles, including those that we manage and/or in which we have an interest; and
• public and private equity investments, including in preferred stock, publicly traded securities and interests in operating companies. Golub Capital Golub Capital is a U.S.-based firm founded in 1994 with principal offices in New York, Chicago, Huntersville, Greenwich, Miami, San Francisco, and London. Golub Capital has three primary business strategies: direct lending, broadly syndicated loans and credit opportunities. Golub Capital’s direct lending unit focuses on originating, underwriting and investing in unitranche, senior and mezzanine loans, directly or indirectly through a series of CLOs and leveraged subsidiaries. Golub Capital also syndicates portions of certain loans that it originates to certain of our clients and to third party investors. Golub Capital’s broadly syndicated loans unit focuses on investing in larger loans that are generally liquid in the secondary market, directly or indirectly through CLOs, warehouse facilities or total return swaps that are managed by the Advisers and/or their affiliates. Golub Capital also sponsors pooled investment funds that focus on investing in credit opportunities. In the future, Golub Capital could seek to create other business units on a limited and/or opportunistic basis. Most clients will invest in assets associated with one or more, but not necessarily all, of our primary business strategies. There can be no guarantee that the activities of any business unit will not conflict with clients who invest in assets associated with another business unit. The Advisers are not required to offer any particular client any investment opportunities that are not within that client’s expected investment mandate. Employees and Client Assets As of December 31, 2023, the Advisers had, through services agreements, over 800 employees. As of December 31, 2023, GC Advisors managed client assets as an investment adviser, on a discretionary basis, in the amount of $36,972,033,039 and as a nondiscretionary subadviser in the amount of $95,796,543,038. As of December 31, 2023, GC OPAL Advisors managed client assets as an investment adviser, on a discretionary basis, in the amount of $749,586,152. As of December 31, 2023, GCIM managed client assets as an investment adviser, on a discretionary basis, in the amount of $93,568,233,292. As of December 31, 2023, OPAL BSL managed client assets as an investment adviser, on a discretionary basis, in the amount of $9,809,295,774. In each case, the amount of client assets listed above is guided by the SEC’s definition of Regulatory Assets Under Management, which results in figures that are materially higher than the sum of the advised clients’ net asset values. Our interpretation of Regulatory Assets Under Management counts individual assets more than once, at different levels of our capital structure. Using our internal methodology, which is a measure of gross assets that includes leverage and uncalled capital, the Advisers had over $65 billion of capital under management firmwide as of December 31, 2023. We believe this lower figure provides a better understanding of the relative scope of our investment management activities.