DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

Golub Capital Direct Lending Unlevered Corp

BDCnon-tradedCIK 1901606file 814-01505NEW YORK, NYmanaged by GC ADVISORS LLC

Fair value

$396M

as of Jun 30, 2026

Principal held

$398M

debt pieces, the filer's figure

Cost

$398M

100c on cost

Unfunded

n/a

commitments not yet drawn

Positions

695

205 borrowers

First lien

99%

99% debt by fair value

Quarters on the tape

since Sep 30, 2022

Facilities held

245

36 sponsors financed

Portfolio through time

Fair value by quarter end$396M as of Jun 30, 2026

Sep 30, 2022$54.0M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$396M	205	99c	75	513 bp
Mar 31, 2026	$395M	207	99c	75	515 bp
Dec 31, 2025	$392M	202	101c	64	519 bp
Sep 30, 2025	$778M	183	101c	115	528 bp
Jun 30, 2025	$362M	160	101c	54	529 bp
Mar 31, 2025	$342M	149	101c	46	540 bp
Dec 31, 2024	$327M	141	101c	42	547 bp
Sep 30, 2024	$296M	129	101c	44	566 bp
Jun 30, 2024	$267M	116	101c	34	578 bp
Mar 31, 2024	$205M	97	101c	32	611 bp
Dec 31, 2023	$176M	89	100c	30	618 bp
Sep 30, 2023	$111M	68	100c	29	629 bp
Jun 30, 2023	$92.3M	55	100c	22	648 bp
Mar 31, 2023	$84.9M	50	100c	16	637 bp
Sep 30, 2022	$54.0M	36	99c	5	611 bp

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

Marked down (one lender)Jun 30, 2026
Golub Capital Direct Lending Unlevered Corp: fair value markdown in Plasma Buyer LLC (86 to 53 cents on cost)
Spread increasedJun 30, 2026
Golub Capital Direct Lending Unlevered Corp: spread increased in National Express Wash Parent Holdco, LLC (5.00% to 6.00%)
PIK interest appearsJun 30, 2026
Golub Capital Direct Lending Unlevered Corp: pik added in National Express Wash Parent Holdco, LLC (0.00% to 3.25%)
Lender left a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp no longer holds Celerion Buyer, Inc term loan after 2026-03-31; 4 BDC(s) still hold it
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins MS Buyer, Inc term loan (first lien) held by 8 other BDCs
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins Majesco term loan (first lien) held by 16 other BDCs
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins Trintech, Inc term loan (first lien) held by 24 other BDCs
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins CMI Parent Inc term loan (first lien) held by 7 other BDCs
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins Excel Fitness Consolidator LLC term loan (first lien) held by 10 other BDCs
Lender left a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp no longer holds Burning Glass Intermediate Holding Company, Inc term loan after 2026-03-31; 1 BDC(s) still hold it
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins Signature MD, Inc term loan (first lien) held by 5 other BDCs
New lender joined a facilityMar 31, 2026
Golub Capital Direct Lending Unlevered Corp joins Teaching Company term loan (first lien) held by 5 other BDCs
Marked down (one lender)Mar 31, 2026
Golub Capital Direct Lending Unlevered Corp: fair value markdown in Excelitas Technologies Corp (106 to 97 cents on cost)
Marked down (one lender)Mar 31, 2026
Golub Capital Direct Lending Unlevered Corp: fair value markdown in Empyrean Solutions, LLC (100 to 95 cents on cost)
Marked down (one lender)Mar 31, 2026
Golub Capital Direct Lending Unlevered Corp: fair value markdown in Varicent Intermediate Holdings Corporation (101 to 95 cents on cost)
Marked down (one lender)Mar 31, 2026
Golub Capital Direct Lending Unlevered Corp: fair value markdown in PDQ.com Corporation (100 to 93 cents on cost)
Marked down (one lender)Mar 31, 2026
Golub Capital Direct Lending Unlevered Corp: fair value markdown in Plasma Buyer LLC (87 to 66 cents on cost)
Spread increasedMar 31, 2026
Golub Capital Direct Lending Unlevered Corp: spread increased in Plasma Buyer LLC (5.75% to 6.25%)
Spread increasedMar 31, 2026
Golub Capital Direct Lending Unlevered Corp: spread increased in Any Hour, LLC (5.25% to 5.75%)
Spread increasedMar 31, 2026
Golub Capital Direct Lending Unlevered Corp: spread increased in Essential Services Holding Corporation (5.00% to 5.50%)

Every position change, including routine ones

Largest facilities held, with co-lenders

Anaplan, Inc first lien term loan
26 BDCs hold it · matures Jun 21, 2029
$9.2M 98c
Hyland Software, Inc first lien term loan
23 BDCs hold it · matures Sep 19, 2030 · Thoma Bravo
$7.1M 98c
Quick Quack Car Wash Holdings, LLC first lien term loan
9 BDCs hold it · matures Jun 10, 2031 · Seidler Kutsenda Management Company, LLC
$6.9M 101c
PPV Intermediate Holdings, LLC first lien term loan
24 BDCs hold it · matures Aug 1, 2030
$6.8M 99c
Crewline Buyer, Inc first lien term loan
27 BDCs hold it · matures Nov 30, 2030 · Francisco Partners
$6.2M 99c
ReliaQuest Holdings, LLC first lien term loan
6 BDCs hold it · matures Apr 1, 2031 · Finback Investment Partners
$6.1M 100c
Togetherwork Holdings, LLC first lien term loan
6 BDCs hold it · matures May 1, 2031 · GI Partners
$6.1M 97c
Cavender Stores L.P first lien term loan
6 BDCs hold it · matures Oct 1, 2029
$6.0M 101c
Apex Service Partners, LLC first lien term loan
35 BDCs hold it · matures Oct 24, 2030 · Alpine Investors
$5.9M 101c
Navex Global Holdings Corporation first lien term loan
15 BDCs hold it · matures Oct 31, 2032
$5.8M 99c
PPW Aero Buyer, Inc first lien term loan
15 BDCs hold it · matures Sep 30, 2031 · Greenbriar Equity Group
$5.7M 101c
National Express Wash Parent Holdco, LLC first lien term loan
8 BDCs hold it · matures Jul 1, 2029
$5.5M 100c

Schedule of investments at Jun 30, 2026

695 positions

Borrower	Instrument	Principal	Fair value	Rate
Anaplan, Inc.	term loan first lien	$9.2M	$9.0M 98c	S+450 bp
Hyland Software, Inc.	term loan first lien	$7.1M	$6.9M 98c	S+475 bp
Quick Quack Car Wash Holdings, LLC	term loan first lien	$6.5M	$6.5M 101c	S+500 bp
Crewline Buyer, Inc.	term loan first lien	$6.2M	$6.1M 99c	S+675 bp
ReliaQuest Holdings, LLC	term loan first lien	$6.1M	$6.1M 100c	S+576 bp PIK 3.13%
Cavender Stores L.P.	term loan first lien	$6.0M	$6.0M 101c	S+450 bp
Navex Global Holdings Corporation	term loan first lien	$5.8M	$5.7M 100c	S+500 bp
Togetherwork Holdings, LLC	term loan first lien	$5.8M	$5.6M 98c	S+525 bp
National Express Wash Parent Holdco, LLC	term loan first lien	$5.5M	$5.5M 100c	S+600 bp PIK 3.25%
Denali Intermediate Holdings, Inc.	term loan first lien	$5.4M	$5.4M 100c	S+550 bp
NSG Buyer, Inc.	term loan first lien	$5.3M	$5.3M 101c	S+500 bp
OEConnection, LLC	term loan first lien	$5.2M	$5.2M 101c	S+450 bp
PPW Aero Buyer, Inc.	term loan first lien	$5.2M	$5.2M 101c	S+500 bp
Virginia Green Acquisition, LLC	term loan first lien	$5.0M	$5.0M 100c	S+525 bp
Pareto Health Intermediate Holdings, Inc.	term loan first lien	$5.0M	$4.9M 100c	S+500 bp
Premise Health Holding Corp.	term loan first lien	$4.9M	$4.9M 100c	S+475 bp
Blackbird Purchaser, Inc.	term loan first lien	$4.9M	$4.8M 100c	S+575 bp
Netwrix Corporation	term loan first lien	$4.8M	$4.7M 98c	S+475 bp
Excelitas Technologies Corp.	term loan first lien	$4.7M	$4.6M 100c	S+525 bp
Captive Resources Midco, LLC	term loan first lien	$4.5M	$4.5M 101c	S+450 bp
Apex Service Partners, LLC	term loan first lien	$4.5M	$4.5M 101c	S+500 bp
CHVAC Services Investment, LLC	term loan first lien	$4.3M	$4.2M 98c	S+475 bp
Zendesk, Inc.	term loan first lien	$4.0M	$3.9M 98c	S+500 bp
Blast Bidco Inc.	term loan first lien	$3.8M	$3.8M 101c	S+600 bp
Icefall Parent, Inc.	term loan first lien	$3.9M	$3.8M 98c	S+450 bp
PPV Intermediate Holdings, LLC	term loan first lien	$3.7M	$3.6M 99c	S+575 bp
Modernizing Medicine, Inc.	term loan first lien	$3.5M	$3.5M 101c	S+475 bp PIK 2.25%
Crunch Holdings, LLC	term loan first lien	$3.5M	$3.5M 100c	S+450 bp
Radiance Borrower, LLC	term loan first lien	$3.4M	$3.4M 101c	S+525 bp
Consor Intermediate II, LLC	term loan first lien	$3.4M	$3.4M 100c	S+450 bp
Biscuit Parent, LLC	term loan first lien	$3.4M	$3.4M 101c	S+475 bp
Netsmart Technologies, Inc.	term loan first lien	$3.4M	$3.4M 98c	S+520 bp PIK 2.70%
LogicMonitor, Inc.	term loan first lien	$3.4M	$3.3M 99c	S+550 bp
QSR Acquisition Co.	term loan first lien	$3.3M	$3.3M 98c	S+425 bp
CHA Vision Holdings, Inc.	term loan first lien	$3.2M	$3.2M 100c	S+500 bp
Yorkshire Parent, Inc.	term loan first lien	$3.2M	$3.2M 100c	S+450 bp
Creek Parent, Inc.	term loan first lien	$3.2M	$3.2M 100c	S+500 bp
GHX Ultimate Parent Corporation	term loan first lien	$3.1M	$3.1M 101c	S+500 bp PIK 2.50%
ICIMS, Inc.	term loan first lien	$3.3M	$3.1M 94c	S+575 bp
CR Fitness Holdings, LLC	term loan first lien	$3.0M	$3.0M 100c	S+425 bp
MS Buyer, Inc.	term loan first lien	$3.0M	$3.0M 99c	S+525 bp
Varicent Intermediate Holdings Corporation	term loan first lien	$3.1M	$2.9M 96c	S+600 bp PIK 3.25%
BestPass, Inc.	term loan first lien	$3.0M	$2.9M 98c	S+475 bp
Tricentis Operations Holdings, Inc.	term loan first lien	$3.0M	$2.9M 98c	S+600 bp PIK 3.25%
Evergreen IX Borrower 2023, LLC	term loan first lien	$3.0M	$2.9M 100c	S+475 bp
RJW Group Holdings, Inc.	term loan first lien	$2.9M	$2.9M 101c	S+500 bp
Gurobi Optimization, LLC	term loan first lien	$2.9M	$2.9M 101c	S+450 bp
Bloomerang, LLC	term loan first lien	$2.8M	$2.8M 100c	S+550 bp PIK 3.00%
LDS Intermediate Holdings, LLC	term loan first lien	$2.8M	$2.7M 100c	S+500 bp
Integrity Marketing Acquisition, LLC	term loan first lien	$2.7M	$2.7M 100c	S+500 bp
CVP Holdco, Inc.	term loan first lien	$2.7M	$2.7M 100c	S+475 bp
Einstein Parent, Inc.	term loan first lien	$2.7M	$2.7M 100c	S+525 bp
HuFriedy Group Acquisition, LLC	term loan first lien	$2.6M	$2.6M 100c	S+550 bp
WRE Holding Corp.	term loan first lien	$2.6M	$2.6M 99c	S+500 bp
Quant Buyer, Inc.	term loan first lien	$2.6M	$2.5M 97c	S+525 bp
BlueMatrix Holdings, LLC	term loan first lien	$2.6M	$2.5M 99c	S+475 bp
Doxa Insurance Holdings LLC	term loan first lien	$2.5M	$2.5M 99c	S+450 bp
Salon Lofts Group, LLC	term loan first lien	$2.5M	$2.5M 100c	S+575 bp
Essential Services Holdings Corporation	term loan first lien	$2.5M	$2.4M 98c	S+576 bp PIK 2.88%
Lotus Topco, Inc.	term loan first lien	$2.4M	$2.4M 101c	S+475 bp
PB Group Holdings, LLC	term loan first lien	$2.4M	$2.4M 100c	S+550 bp PIK 2.75%
Doxa Insurance Holdings LLC	term loan first lien	$2.4M	$2.4M 98c	S+450 bp
Quant Buyer, Inc.	term loan first lien	$2.3M	$2.2M 97c	S+525 bp
Severin Acquisition, LLC	term loan first lien	$2.3M	$2.2M 98c	S+500 bp PIK 2.25%
Crumbl Enterprises, LLC	term loan first lien	$2.1M	$2.1M 100c	S+450 bp
Coupa Holdings, LLC	term loan first lien	$2.1M	$2.1M 101c	S+525 bp
Jeppesen Holdings, LLC	term loan first lien	$2.1M	$2.1M 98c	S+475 bp
GTY Technology Holdings, Inc.	term loan first lien	$2.1M	$2.1M 98c	S+663 bp PIK 4.13%
PetVet Care Centers LLC	term loan first lien	$2.3M	$2.0M 89c	S+600 bp
PPV Intermediate Holdings, LLC	term loan first lien	$2.1M	$2.0M 99c	PIK 14.75%
Amberfield Acquisition Co.	term loan first lien	$2.0M	$2.0M 100c	S+500 bp
Any Hour, LLC	term loan first lien	$2.0M	$1.9M 95c	S+575 bp PIK 3.25%
Olo Parent, Inc.	term loan first lien	$1.9M	$1.9M 98c	S+450 bp
BHG Holdings, LLC	term loan first lien	$1.9M	$1.9M 100c	S+550 bp
Deerfield Dakota Holding, LLC	term loan first lien	$1.9M	$1.9M 100c	S+575 bp PIK 2.75%
HP TLE Buyer, Inc.	term loan first lien	$1.9M	$1.9M 100c	S+475 bp
Litera Bidco, LLC	term loan first lien	$1.8M	$1.8M 99c	S+500 bp
CAP-KSI Holdings, LLC	term loan first lien	$1.8M	$1.8M 98c	S+525 bp
Patriot Acquireco, LLC	term loan first lien	$1.8M	$1.8M 100c	S+450 bp
Movement Holdings, LLC	term loan first lien	$1.8M	$1.8M 101c	S+550 bp
Collision SP Subco, LLC	term loan first lien	$1.7M	$1.7M 101c	S+475 bp
Oakbridge Insurance Agency LLC	term loan first lien	$1.7M	$1.6M 100c	S+475 bp
PSC Parent, Inc.	term loan first lien	$1.6M	$1.6M 100c	S+525 bp
YE Brands Holding, LLC	term loan first lien	$1.6M	$1.6M 100c	S+475 bp
CST Holding Company	term loan first lien	$1.5M	$1.5M 101c	S+500 bp
YI, LLC	term loan first lien	$1.5M	$1.5M 100c	S+575 bp
Centegix Intermediate II, LLC	term loan first lien	$1.5M	$1.5M 100c	S+600 bp PIK 3.25%
Aptive Environmental, LLC	term loan first lien	$1.5M	$1.5M 101c	S+475 bp
Koala Investment Holdings, Inc.	term loan first lien	$1.5M	$1.5M 100c	S+425 bp
Financial Information Technologies, LLC	term loan first lien	$1.5M	$1.5M 100c	S+475 bp
ESN Venture Holdings, LLC	term loan first lien	$1.4M	$1.4M 101c	S+626 bp PIK 3.38%
LOV Acquisition LLC	term loan first lien	$1.4M	$1.4M 100c	S+425 bp
Neptune Holdings, Inc.	term loan first lien	$1.4M	$1.4M 100c	S+450 bp
Azurite Intermediate Holdings, Inc.	term loan first lien	$1.4M	$1.4M 100c	S+600 bp
GTY Technology Holdings, Inc.	term loan first lien	$1.4M	$1.4M 98c	S+663 bp PIK 4.13%
BlueMatrix Holdings, LLC	term loan first lien	$1.3M	$1.3M 99c	S+475 bp
Baker Tilly Advisory Group, LP	term loan first lien	$1.3M	$1.3M 102c	S+475 bp
Belmont	term loan first lien	$1.2M	$1.2M 101c	S+525 bp
Benefit Plan Administrators of Eau Claire, LLC	term loan first lien	$1.2M	$1.2M 100c	S+475 bp
Higginbotham Insurance Agency, Inc.	term loan first lien	$1.2M	$1.2M 100c	S+450 bp

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Registration

Fiscal year end: 0930reported
Incorporated: MDreported
On the SEC BDC report: 2026 to 2026reported
Filings listed: 17reported10-Q and 10-K since 2022
Former names: Golub Capital Direct Lending Unlevered LLCreported
Latest schedule: 0001901606-26-000026reported