Private company

Golub Capital Direct Lending Unlevered Corp

Investment fund based in Chicago, United States2

In its 2025 annual report the company says: “We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.”6

Last updated Oct 20, 2026.

Overview

$29.3MNet income, fiscal 20253
  • HeadquartersChicago, United States2
  • Incorporated inMD4
  • Business address200 Park Avenue, 25Th Floor, New York, Ny 101664
  • Filer categoryNon-accelerated filer, Emerging growth company4
  • Legal formCorporation2
  • Kind of organizationInvestment fund2
  • LEI254900S0NTEY6VJ61U862
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O The Corporation Trust Incorporated, 21093-2264 Lutherville Timonium, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D227656142

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We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. We were formed to make investments and generate current income and capital appreciation by investing primarily in one stop loans (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans that are often referred to by other middle market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. GC Advisors st…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.3%Return on equity3
0.00×Debt to equity3

Financial statements

Net income3$29.3M in 2025+226% since 2023
0$10.0M$20.0M$30.0M2023: $9.0M$9.0M20232024: $24.7M$24.7M2024+174%2025: $29.3M$29.3M2025+19%
Fiscal year2022202320242025
Net income$9.0M3$24.7M3$29.3M3
Earnings per share$1.473$1.603$1.243
Earnings per share (diluted)$1.473$1.603$1.243
Shares (weighted, basic)6.1M shares315.4M shares323.6M shares3
Shares (weighted, diluted)6.1M shares315.4M shares323.6M shares3

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Corporate structure

Golub Capital Direct Lending Unlevered Corp sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Golub Capital Direct Lending Unlevered Corp Chicago, Illinois, United States
    • Golub Capital Direct Lending Unlevered Corporation Holdings Coinvest, Inc. Subsidiary · Delaware, United States
    • Golub Capital Direct Lending Unlevered Corporation Holdings LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What Golub Capital Direct Lending Unlevered Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

Properties

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 200 Park Avenue, 25th Floor, New York, NY 10166 and are provided by the Administrator pursuant to the Administration Agreement. We believe that our office facilities are suitable and adequate to our business.

Item 2 of the 10-K filed Nov 26, 2025.6

Leadership

Who has led Golub Capital Direct Lending Unlevered Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David Golub2022–now

Chair

  1. Lawrence E. Golub2022–now

President

  1. David Golub2022–now

Chief financial officer

  1. Christopher Compton Ericson2022
2025
Board members and other officers (9)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorAnita P. Rival named Jan 2, 202623

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Golub Capital Direct Lending Unlevered Corporation Holdings Coinvest, Inc. Delaware5
  • Golub Capital Direct Lending Unlevered Corporation Holdings LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Golub Capital Direct Lending Unlevered LLCMar 31, 2022 to Mar 31, 20224

Timeline

  1. Aug 7, 20268-K Results of operations24
  2. May 8, 20268-K Results of operations25
  3. Feb 13, 20268-K Results of operations26
  4. Feb 6, 20268-K Executive or director change27
  5. Feb 5, 20268-K Shareholder vote28
  6. Nov 26, 20258-K Results of operations29
  7. Sep 12, 20258-K Unregistered sale of shares30
  8. Aug 29, 20258-K Regulation FD disclosure31
  9. Aug 8, 20258-K Results of operations32
  10. Jul 16, 20258-K Unregistered sale of shares33
  11. Jun 16, 20258-K Unregistered sale of shares34
  12. May 9, 20258-K Results of operations35
  13. May 31, 2022New chief executive David Golub becomes CEO12
  14. Mar 31, 2022Founded Golub Capital Direct Lending Unlevered Corp is founded2

Calendar

Coming up

  1. Around Nov 6, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results24
  2. May 8, 2026Reported quarterly or annual results25
  3. Feb 13, 2026Reported quarterly or annual results26
  4. Nov 26, 2025Reported quarterly or annual results29
  5. Aug 8, 2025Reported quarterly or annual results32
  6. May 9, 2025Reported quarterly or annual results35
  7. May 8, 2025Reported quarterly or annual results36
  8. Feb 14, 2025Reported quarterly or annual results37

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

143 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 49 major events, 54 insider forms, 7 private raises, 16 other. The latest 20:

  1. Sep 25, 202640-17G/A EDGAR
  2. Sep 10, 202640-17G EDGAR
  3. Aug 7, 202610-Q EDGAR
  4. Aug 7, 20268-K EDGAR
  5. May 8, 20268-K EDGAR
  6. May 8, 202610-Q EDGAR
  7. Feb 13, 202610-Q EDGAR
  8. Feb 13, 20268-K EDGAR
  9. Feb 6, 20268-K EDGAR
  10. Feb 6, 20263 EDGAR
  11. Feb 5, 20268-K EDGAR
  12. Jan 2, 2026D/A EDGAR
  13. Dec 12, 2025DEFA14A EDGAR
  14. Nov 26, 20258-K EDGAR
  15. Nov 26, 202510-K EDGAR
  16. Oct 15, 2025D/A EDGAR
  17. Sep 12, 20258-K EDGAR
  18. Sep 11, 20254 EDGAR
  19. Sep 11, 20254 EDGAR
  20. Aug 29, 20258-K EDGAR

The 143 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

44 open-market trades by officers, directors and large owners since October 2021: 44 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 9, 2025Golub DavidPresident, CEOBuy93,358$15.00$1.4MForm 4
Sep 9, 2025Golub Lawrence ECHAIRMANBuy93,358$15.00$1.4MForm 4
Jul 14, 2025Golub Lawrence ECHAIRMANBuy93,358$15.00$1.4MForm 4
Jul 14, 2025Golub DavidPresident, CEOBuy93,358$15.00$1.4MForm 4
Feb 4, 2025Golub Lawrence ECHAIRMANBuy149,300$15.00$2.2MForm 4
Feb 4, 2025Golub DavidPresident, CEOBuy149,300$15.00$2.2MForm 4
Dec 5, 2024Golub Lawrence ECHAIRMANBuy120,032$15.00$1.8MForm 4
Dec 5, 2024Golub DavidPresident, CEOBuy120,032$15.00$1.8MForm 4
Oct 24, 2024Golub DavidPresident, CEOBuy120,032$15.00$1.8MForm 4
Oct 24, 2024Golub Lawrence ECHAIRMANBuy120,032$15.00$1.8MForm 4
Jun 21, 2024Golub Lawrence ECHAIRMANBuy120,032$15.00$1.8MForm 4
Jun 21, 2024Golub DavidPresident, CEOBuy120,032$15.00$1.8MForm 4
May 22, 2024Golub Lawrence ECHAIRMANBuy253,400$15.00$3.8MForm 4
May 22, 2024Golub DavidPresident, CEOBuy253,400$15.00$3.8MForm 4
May 21, 2024Golub Lawrence ECHAIRMANBuy550,000$15.00$8.2MForm 4
May 21, 2024Golub DavidPresident, CEOBuy550,000$15.00$8.2MForm 4
May 7, 2024Golub Lawrence ECHAIRMANBuy75,032$15.00$1.1MForm 4
May 7, 2024Golub DavidPresident, CEOBuy75,032$15.00$1.1MForm 4
Apr 23, 2024Golub DavidPresident, CEOBuy75,032$15.00$1.1MForm 4
Apr 23, 2024Golub Lawrence ECHAIRMANBuy75,032$15.00$1.1MForm 4

All 44 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Apr 1, 2022Raised $401.2 million in a private offering of equity Form D: 10 investors so far Form D

SEC filer profile

How Golub Capital Direct Lending Unlevered Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGolub Capital Direct Lending Unlevered Corp1
  • CIK0001901606
  • Employer ID (EIN)88-16320396
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inMaryland6
  • Fiscal year endsSeptember 301
  • Business address200 Park Avenue, 25Th Floor, New York, NY 101661
  • Phone212-750-60601
  • Shares outstanding26,772,467 as of Aug 7, 20269
  • Public float$0 as of Sep 30, 20253
  • AuditorErnst & Young LLP, Chicago PCAOB ID 42; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceMar 31, 20221
  • Filings152 in all: 8-K (49), 4 (43), 10-Q (13), 3 (11), D/A (6), 40-17G (5), 10-K (4), DEF 14A (4)1
    All 17 form types

    DEFA14A (4), 40-APP (3), 40-APP/A (3), 40-17G/A (2), 10-12G (1), 10-12G/A (1), CORRESP (1), D (1), N-54A (1)

  • Latest filingsAnnual report (10-K) Nov 26, 2025
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Dec 12, 2025
    Latest 8-K (8-K) Aug 7, 2026

Risk factors and legal proceedings

The risks Golub Capital Direct Lending Unlevered Corp names in Item 1A of its 10-K filed Nov 26, 2025: 76 risks under these headings, as written.6

  • Risks Related to Our Business and Structure
  • We are subject to risks associated with the current interest rate environment.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • Changing interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans.
  • We are dependent upon GC Advisors for our success and upon its access to the investment professionals and partners of Golub Capital and its affiliates.
  • Our business model depends to a significant extent upon strong referral relationships with sponsors and investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We can provide no assurance that we will be able to replicate the historical results achieved by other entities managed or sponsored by members of GC Advisors’ investment committee, or by GC Advisors or its affiliates.
  • Our financial condition, results of operations and cash flows depend on our ability to manage our business effectively.
  • There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns.
  • There are conflicts related to the obligations of GC Advisors’ investment committee, GC Advisors or its affiliates have to other clients and conflicts related to fees and expenses of such other clients.
  • GC Advisors’ investment committee, GC Advisors or its affiliates could, from time to time, possess material non-public information, limiting our investment discretion.
  • Our management and incentive fee structure creates incentives for GC Advisors that are not fully aligned with the interests of our stockholders and could induce GC Advisors to make certain investments, including speculative investments.
The other 65 risks
  • Our securities could be purchased by GC Advisors or its affiliates.
  • The valuation process for certain of our portfolio holdings creates a conflict of interest.
  • Conflicts related to other arrangements with GC Advisors or its affiliates.
  • Our ability to enter into transactions with our affiliates is restricted, which could limit the scope of investments available to us.
  • We have entered into the Adviser Revolver, resulting in a conflict of interest between GC Advisors’ obligation to act in its own best interest and in our best interest.
  • GC Advisors could make certain investment decisions for the purpose of receiving transaction fees.
  • Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged.
  • GC Advisors could prioritize its relationship with a borrower or private equity sponsor instead of seeking the most advantageous terms for our investments.
  • GC Advisors operates in multiple business lines and jurisdictions and could pursue additional business lines or operations in additional jurisdictions, which could create a conflict of interest in the allocation of its time and focus.
  • Golub Capital could pursue strategic transactions, which could create a conflict of interest in the allocation of GC Advisors’ time and focus.
  • We and GC Advisors could be the target of litigation or regulatory investigations.
  • We will be subject to corporate-level income tax if we are unable to qualify for taxation as a RIC.
  • We could need to raise additional capital to grow because we must distribute most of our income.
  • We could have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, U.S. stockholders that are individuals, trusts or estates could be subject to tax as though they received a distribution of some of our expenses.
  • Our investment period, or the Investment Period, could be extended.
  • Our stockholders could receive shares of our common stock as dividends, which could result in adverse tax consequences to them.
  • The tax treatment of a non-U.S. stockholder in its jurisdiction of tax residence will depend entirely on the laws of such jurisdiction and could vary considerably from jurisdiction to jurisdiction.
  • Regulations governing our operation as a business development company affect our ability to, and the way in which we, raise additional capital. As a business development company, the necessity of raising additional capital exposes us to risks.
  • We can provide no assurance as to when or how often investors will be required to fund drawdown purchases; investors could fail to fund a drawdown purchase when due and GC Advisors’ management of our cash balances could affect our returns.
  • We are a holding company and could depend on payments from our subsidiaries in order to pay distributions on our common stock.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a material adverse effect on us, GC Advisors and our portfolio companies.
  • Our ability to invest in public companies is limited in certain circumstances. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company or be precluded from investing according to our current business strategy and decrease our operating flexibility.
  • The majority of our portfolio investments are valued using the investment’s fair value, as determined in good faith by the Valuation Designee, subject to oversight by the Board and, as a result, there could be uncertainty as to the value of our portfolio investments.
  • Government intervention in the credit markets could adversely affect our business.
  • The Board could change our investment objective, operating policies and strategies without prior notice or stockholder approval.
  • Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts, which could have an adverse effect on the price of our common stock.
  • GC Advisors can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • The Administrator can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • We intend to limit participation in our common stock by certain investors due to certain restrictions of the Employee Retirement Income Security Act of 1974 (ERISA) as amended.
  • Risks Relating to Our Investments
  • Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results.
  • Inflation could adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Our debt investments are risky and we could lose all or part of our investments.
  • Our investments in leveraged portfolio companies are risky, and we could lose all or part of our investment.
  • Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • We would be subject to risks if we are required to assume operation of portfolio companies upon default.
  • The lack of liquidity in our investments could adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets could adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.
  • Our portfolio companies could prepay loans, which could reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • We are subject to risks to the extent we invest in covenant-lite loans.
  • We are subject to credit and default risk and our portfolio companies could be unable to repay or refinance outstanding principal on their loans at or prior to maturity.
  • We have not yet identified the portfolio company investments we will acquire and we could have difficulty sourcing investment opportunities.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and we are therefore not limited with respect to the proportion of our assets that could be invested in securities of a single issuer.
  • Our portfolio could be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • We could hold the debt securities of leveraged companies that could, due to the significant volatility of such companies, enter into bankruptcy proceedings.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we generally will not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • Our portfolio companies could incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies could fail to generate sufficient cash flow to service their debt obligations to us.
  • The disposition of our investments could result in contingent liabilities.
  • GC Advisors’ liability is limited, and we have agreed to indemnify GC Advisors against certain liabilities, which could lead GC Advisors to act in a riskier manner on our behalf than it would when acting for its own account.
  • We could be subject to risks related to investments in non-U.S. companies.
  • We could be subject to risks if we engage in hedging transactions and could become subject to risks if we invest in foreign securities.
  • We could suffer losses from our equity investments.
  • We could be subject to lender liability claims with respect to our portfolio company investments.
  • Risks Relating to Investors in Our Securities
  • There is no public market for shares of our common stock, and we do not expect there to be a market for shares of our common stock.
  • There are restrictions on the ability of holders of our common stock to transfer shares in excess of the restrictions typically associated with a private placement of securities under Regulation D and other exemptions from regulations under the Securities Act, and these additional restrictions could further limit the liquidity of an
  • investment in shares of our common stock and the price at which holders could be able to sell shares of our common stock.
  • There is a risk that investors in our equity securities will not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital.
  • There is no guarantee of an Accelerated Liquidity Event; therefore, there is no guarantee that an investor will be able to exit its investment in us by a specific date.
  • We are subject to risks associated with an Accelerated Liquidity Event and we cannot provide any assurance that we will be able to complete a liquidity event on acceptable terms or at all.
  • Our stockholders will experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan, or DRIP.
  • We have not established any limit on the amount of funds we can use from available sources, such as borrowings, if any, or proceeds from private placements of our common stock, to fund distributions (which could reduce the amount of capital we ultimately invest in assets).
  • We can distribute assets in-kind.
  • We can enter into reverse repurchase agreements, which are another form of leverage.
  • General Risk Factors

Legal proceedings

We, GC Advisors and the Administrator could, from time to time, be involved in legal and regulatory proceedings arising out of their respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and the Administrator do not believe it is currently subject to any material legal proceedings.

The opening of Item 3, Legal Proceedings.6

Sources

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