Compared against all funds.
1Y return
+11.9%
80th pctile · ahead of most peersas of 2025-11-21
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$1.23B
as of 2025-11-21
Net expenses
10.64%
85th pctile · pricier than median
Repurchase
not stated yet
Level 3
not stated yet
Last offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.38% management fee)10.64%
Minus interest on borrowings, the cost of portfolio leverage7.82%
Minus incentive fees accrued this period, which vary with returns1.26%
Ongoing cost, determined from the filings1.55%
Ongoing cost is 1.55% of net assets a year: 1.04% for the manager after it waived its fee from 1.375% to 0.50% of gross assets, plus 0.51% for administration, audit, legal and other running costs. Borrowing cost of 7.82% and performance fees of 1.26% are excluded. Ending the waiver would roughly triple the manager's fee.
Sales loadnone
Total drag per year1.55%
This is the cost for common stock (single class; no multi-class structure).
Based on Annual, fiscal year ended September 30, 2025 (fund's own stated annual ratios, not annualized by us). Base is the FY2025 annual report; no persisting .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Income incentive fee: 7% annualized (1.75% quarterly) hurdle, 100% catch-up, then 20% of pre-incentive fee net investment income, with adviser waiving the portion above 10% until a liquidity event; capital gain fee 20% (waived above 10% pre-liquidity event) of cumulative gains net of losses and depr) apply only to returns earned. Before waivers, the gross expense ratio is 13.67%. How this is calculated
Against all funds
Total drag
27th pctile · cheaper than most
1Y return
80th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annual, fiscal year ended September 30, 2025 (fund's own stated annual ratios, not annualized by us). Base is the FY2025 annual report; no persisting change required adjustment. The nine months ended June 30, 2026 interim report implies the same recurring figure (1.57% annualized), and the interim reduction in the BNP facility spread affects only excluded interest cost..
Open the filing on sec.gov (0001901612-25-000053)Size and leverage
Net assets$1.23B?
Borrowings$1.50B?
Leveragedebt to equity1.22x?
Asset coverage181.20%?
Investments held265
Started2022-04-01?
What the manager charges
Management feeof gross assets1.38%?
The same fee against your equitybecause it is charged on borrowed assets too3.05%
Performance feeIncome incentive fee of 20% of pre-incentive fee net investment income above a 1.75% quarterly hurdle with a 100% catch-up, plus a capital gain incentive fee of 20% of the capital gain incentive fee base, plus a subordinated liquidation incentive fee of 10% of net liquidation proceeds above adjusted capital. For periods ending on or prior to a Liquidity Event, the adviser irrevocably waives the portion of the income incentive fee above 10% and the capital gain incentive fee above 10%.?
Hurdle7.00%?
High water markYes?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersNone. No share repurchase program; shares have limited transferability and require Company consent to transfer.
Where distributions come from
Distribution rate11.45%
Paid out of income97.40%
Return of your own capital0.00%
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position2.00%
Top ten15.00%
Not paying interestloans on non-accrual0.10%
Priced by the managerno market price available100.00%
MostlySoftware (26.0% of investments at fair value as of June 30, 2026)
Who is involved
AdviserGC Advisors LLC
AuditorErnst & Young LLP
ValuedMonthly for periods beginning after December 31, 2025 (previously quarterly, with each investment reviewed by an independent valuation firm at least every other quarter)
Independent valuation agentYes
Deals with affiliatesYes
Also worth knowing
- Base management fee is irrevocably waived from 1.375% to 0.50% of average adjusted gross assets, and the income incentive fee from 20% to 10%, only for periods ending on or prior to the closing of a Liquidity Event.
- There is no share repurchase program and no public market; investors generally cannot exit before a Liquidity Event, which the fund states is not guaranteed.
- Uncalled capital commitments were $339.7 million as of June 30, 2026, with 77.7% of $1,523.6 million of subscriptions called.
- Because distributions are set so that net asset value stays at $15.00 per share, no distribution was declared for the February, March and April 2026 record dates when net asset value was at or below $15.00.
- Effective management fee rate after irrevocable waiver: 0.5 % of average adjusted gross assets per year (The published drag rests on the waived 0.50% rate. If a Liquidity Event occurs the contractual 1.375% applies and the manager's fee roughly triples, lifting drag by about 2 percentage points of net assets at current leverage.)
- Interest and other debt financing expense (excluded from drag): 64,666,000 USD for fiscal year ended September 30, 2025 (7.82% of average net assets) (Borrowing cost is by far the largest line in the expense ratio and is excluded from drag because it funds assets; investors should understand that the 10.64% net expense ratio is mostly leverage cost, not fees.)
- Effective average interest rate on total debt: 5.8 % for the nine months ended June 30, 2026 (6.9% for FY2025) (Falling base rates and tighter spreads on the credit facilities and the securitization reduce interest cost, which supports net investment income even as asset yields decline.)
- Unfunded portfolio commitments: 419,510,000 USD as of June 30, 2026, including $198,857 thousand of undrawn revolvers (These commitments must be funded from cash, facility availability and uncalled capital; they constrain liquidity and can force borrowing at times not of the fund's choosing.)
- Payment-in-kind interest as a share of total investment income: 6.7 % for the nine months ended June 30, 2026 (5.4% for FY2025) (PIK income is accrued but not received in cash, yet it feeds the income incentive fee calculation and the distribution formula, so a rising PIK share raises the risk that fees and distributions are paid on income never collected.)
- 2025 Debt Securitization (CLO) financing: $1,154.9 million transaction; $799.25 million of notes held by third parties at a weighted average spread of about 1.68% over three-month SOFR (This is the fund's cheapest and longest financing, with reinvestment permitted through June 2029 and notes maturing in 2037, which locks in leverage cost and reduces refinancing risk relative to the bank facilities.)
- Net unrealized depreciation in the current fiscal year: -35,756,000 USD, nine months ended June 30, 2026 (investments only) (Marks moved against the portfolio mainly in the quarter ended March 31, 2026 on market wide spread widening, and the fixed $15.00 NAV means these losses show up as smaller or zero distributions rather than a lower share price.)
- Distributions suspended for three record dates when NAV was at or below $15.00: February 25, 2026, March 16, 2026 and April 17, 2026 record dates: zero distribution declared (Distributions are formula driven to hold NAV at $15.00, so credit or mark losses translate directly into missed cash distributions rather than a falling share price.)
Fees
Liquidity terms
Not stated in filings as of 2026-09-05.
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Structure
Share classesSingle class of common stock
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-09-302026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$1.23B
Total annual expenses, net of waiver10.64%
Total annual expenses, gross13.67%
Total return, 1 yearraised from 2.39% · Jun 20265.11%
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.