Compared against all funds.
1Y return
+8.6%
51th pctile · ahead of most peersas of 2025-11-26
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$401.6M
as of 2025-11-26
Net expenses
2.13%
24th pctile · cheaper 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% management fee)2.13%
Minus incentive fees accrued this period, which vary with returns0.92%
Ongoing cost, determined from the filings1.34%
Costs are low because the fund uses no leverage and pays a 1.00% management fee with no sales load. Reported net expenses were 2.13% of net assets for the year to 9/30/2025, but 0.92% of that was performance-based incentive fees. Excluding those, and at the full fee rate now that a phased fee waiver has ended, ongoing cost is about 1.34%.
Sales loadnone
Total drag per year1.34%
This is the cost for common stock (single class).
Based on Base: fiscal year ended 9/30/2025 annual ratios as stated by the fund (net expenses 2.13%, incentive fees 0.92%, management fee waiver 0.15%, total ex.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Income Incentive Fee of 10% of Pre-Incentive Fee Net Investment Income above a 1.0% quarterly (4.0% annualized) hurdle with a 100% catch-up, a Capital Gain Incentive Fee of 10.0% of the Capital Gain Incentive Fee Base calculated annually, and a Subordinated Liquidation Incentive Fee of 10.0% of net ) apply only to returns earned. Before waivers, the gross expense ratio is 2.28%. How this is calculated
Against all funds
Total drag
20th pctile · cheaper than most
1Y return
51th 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 Base: fiscal year ended 9/30/2025 annual ratios as stated by the fund (net expenses 2.13%, incentive fees 0.92%, management fee waiver 0.15%, total expenses ex-incentive 1.36%). Adjusted for two persisting changes: the tiered base management fee waiver expired 3/31/2025 (add back 0.15%) and offering-cost amortization ended in FY2025 (remove 0.02%). Confirmed by the interim 10-Q for the nine months ended 6/30/2026, whose annualized 'total expenses (without incentive fees) to average net assets' is 1.34% with no waiver..
Open the filing on sec.gov (0001901606-25-000079)Size and leverage
Net assets$401.6M?
Borrowings$0?
Leveragedebt to equity0.00x?
Investments held204
Started2022-04-01?
What the manager charges
Management feeof gross assets1.00%?
Performance feeIncome incentive fee: 10% of pre-incentive fee net investment income above a 1.0% quarterly hurdle, with a 100% catch-up between the hurdle and the 10% level. Capital gain incentive fee: 10% of cumulative net realized gains less unrealized depreciation, paid annually in arrears. Subordinated liquidation incentive fee: 10% of net liquidation/liquidity-event proceeds above adjusted capital. All subject to an Incentive Fee Cap of 10% of cumulative pre-incentive fee net income since 4/1/2022.?
Hurdle4.00%?
High water markYes?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersNone - no periodic share repurchase program; shares are not transferable without the Company's consent and liquidity depends on an Accelerated Liquidity Event (requiring stockholder approval) or wind-down
Where distributions come from
Paid out of income99.20%
Return of your own capital0.00%
Funded by borrowing0.00%
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 position2.50%
Top ten17.40%
Floating rate99.10%
Not paying interestloans on non-accrual0.10%
Priced by the managerno market price available100.00%
MostlySoftware
Who is involved
AdviserGC Advisors LLC
AuditorErnst & Young LLP
ValuedMonthly for periods beginning after December 31, 2025 (previously quarterly)
Independent valuation agentYes
Deals with affiliatesYes
Also worth knowing
- The tiered base management fee waiver (100%, then 66.7%, then 33.3%) fully expired on March 31, 2025; investors now bear the full 1.00% base management fee, raising ongoing costs versus prior periods.
- The fund is unlevered: no debt or senior securities outstanding at 6/30/2026 or 9/30/2025; the only borrowing facility is a $75.0 million adviser revolver used for short-term working capital (average debt outstanding of $79 thousand over the nine months to 6/30/2026).
- Distributions are set by a formula designed to leave net asset value at exactly $15.00 per share each month, so NAV per share has been flat since inception and essentially all economic return is paid out; the distribution for the March 16, 2026 record date was zero because NAV was not above $15.00.
- First non-accruals appeared in fiscal 2026: two portfolio company loans and one preferred equity position, 0.2% of investments at cost and 0.1% at fair value as of 6/30/2026, versus none at 9/30/2025.
- Contradictory 0.50% base management fee waiver language in the annual report: 10-K narrative describes an irrevocable waiver of fee above 0.50% of average adjusted gross assets, but accrued fees equal roughly 1.00% percent of average adjusted gross assets (If the 0.50% cap were operative, ongoing cost would fall by roughly half a point to about 0.85%. The audited financial statements and both the annual and interim expense ratios instead show a full 1.00% accrual, so an allocator should get written confirmation of which fee actually applies before an Accelerated Liquidity Event.)
- Distribution formula pins NAV at $15.00 per share: Monthly distributions sized so pro forma NAV equals $15.00 per share USD per share (All economic return is distributed, so NAV per share never moves and total return equals the distribution stream. Investors receive nothing in months when the portfolio does not earn above the $15.00 threshold, as happened for the March 2026 record date.)
- Back-end subordinated liquidation incentive fee: 10 percent of net liquidity-event proceeds above adjusted capital (This fee is not part of any ongoing expense ratio, but it takes a tenth of terminal value above contributed capital when the fund is sold or wound down, and it is the largest fee an investor could pay in the final year.)
- Unfunded commitments versus available cash: 46,295 of unfunded commitments against 6,804 of cash and cash equivalents USD thousands (Capital is fully called and the fund cannot use leverage, so unfunded revolver and delayed-draw obligations must be met from repayments or short-term adviser borrowings, which constrains flexibility if many borrowers draw at once.)
- Capital fully drawn; no dry powder from investors: 100.0% of $401.2 million of subscriptions contributed percent (Future investment activity and commitment funding must come from portfolio repayments rather than new capital calls, and the fund cannot grow into its fixed costs, so the expense ratio is unlikely to fall further from scale.)
- Emergence of non-accruals and weaker internal ratings: 2.7% of investments rated 3 and 0.1% rated 2 at fair value; 0.1% on non-accrual percent of investments at fair value (The share of loans performing below expectations roughly doubled from 1.3% at 9/30/2025, and loans rated 3 are carried at 91.1 cents on the dollar, signaling where future realized losses would come from.)
- Unrealized depreciation driven by spread widening in the March 2026 quarter: -6,159 USD thousands, nine months ended June 30, 2026 (Because NAV per share is held at $15.00 by the distribution formula, mark-to-market losses reduce the cash actually distributed rather than the stated NAV, so an allocator must look at unrealized marks to see performance deterioration.)
- Investment Period end and absence of an exit mechanism: Investment Period ends on the sixth anniversary of the April 1, 2022 initial closing, extendable by up to two one-year periods (There is no repurchase facility and no listing, so an investor's only exits are a stockholder-approved Accelerated Liquidity Event or a prolonged wind-down, and the term can be extended without investor consent for the first two years.)
Fees
Liquidity terms
Notice period, days60
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Structure
Legal structurechanged · Nov 2025
Share classes
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$401.6M
Total annual expenses, net of waiver2.13%
Total annual expenses, gross2.28%
Total return, 1 yearraised from 2.34% · Jun 20264.12%
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.