GCRED Overview

*The Fund has received an exemptive order from the U.S. Securities and Exchange Commission that permits the Fund to issue multiple classes of Common Shares with, among others, different ongoing shareholder servicing and/or distribution fees.

Fund Features
1. Certain states have additional suitability standards. See the Prospectus for additional information.
2. Quarterly tender offers to repurchase shares are expected, but not guaranteed. The board of trustees may amend, suspend or terminate share repurchases at its discretion.
3. GCRED charges a 1.25% management fee on net assets and an incentive fee of 12.5% of net investment income (subject to a 5.0% hurdle with a catch up on the income portion, paid quarterly) and 12.5% of realized gains net of realized and unrealized losses (paid annually). The median management fee charged by publicly traded BDCs is 1.5% on gross assets and the median incentive fee is 17.5% as a percentage of pre-incentive fee net investment income (source: SEC filings). The BDC peer group utilized by Golub Capital is the 15 largest publicly traded, externally managed BDCs by total balance sheet assets, excluding GBDC, Golub Capital’s public BDC, as of December 31, 2023. Golub Capital has selected this group of BDCs for comparison because the Firm believes that the group represents companies that have a similar structure and size as GBDC. You will bear substantial fees and expenses in connection with your investment.
4. GCRED has elected to be treated as a regulated investment company for U.S. federal income tax purposes.
5. Effectively Connected Income generally refers to all income from sources within the United States connected with the conduct of a foreign person engaging in a trade or business in the United States.
6. Unrelated Business Taxable Income refers to income from a trade or business, regularly carried on, that is not substantially related to the charitable, educational, or other purpose that is the basis of the organization’s exemption.
7. Golub Capital does not provide tax advice. Investors should consult with their own advisors when considering an investment in any investment strategy.

Overview of Key Terms & Share Class Summary: 

Note: Terms are indicative and subject to change.
8. GCRED is a Delaware statutory trust organized as a non-diversified closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940.
9. Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) directly or indirectly in private credit investments (loans, bonds and other credit and related instruments that are issued in private offerings or issued by private companies).
10. Investors may only purchase our shares pursuant to accepted subscription orders as of the first day of each month (based on the price per share as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request must be made with a completed and executed subscription agreement in good order and payment of the full purchase price of our Shares being subscribed at least 5 business days prior to the first day of the month. If a purchase order is received less than 5 business days prior to the first day of the month, unless waived by the Managing Dealer, the purchase order will be executed in the next month’s closing at the transaction price applicable to that month.
11. An investment in our shares has limited or no liquidity outside of our share repurchase program and our share repurchase program may be modified or suspended by the board of trustees at its discretion. An investment in our Shares is only intended for investors who do not need the ability to sell their shares in the near future since we are not obligated to offer to repurchase any of our Shares in any particular quarter. Quarterly repurchases are limited to 5.0% of aggregate shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Shares not held for one year will be repurchased at 98% of NAV. See “Key Risk Factors” and “Important Disclosure Information” and the Prospectus.
12. Subject to the limitations set forth in the Investment Company Act of 1940, as amended, which currently allows the Fund to borrow up to a 2:1 debt to equity ratio.
13. Shares may be purchased by any investor who meets the minimum suitability requirements. While the standard varies by state, it generally requires that a potential investor has either (i) both net worth and annual net income of $70,000, or (ii) net worth of at least $250,000 (for this purpose, net worth does not include an investor’s home, home furnishings and personal automobiles). Certain states have additional suitability standards. See the Prospectus for more information.
14. The Dealer Manager may elect to accept smaller investments in its discretion.

Important Disclosure Information
Certain countries have been susceptible to epidemics or pandemics, most recently Covid-19. The outbreak of such epidemics or pandemics, together with any resulting restrictions on travel or quarantines imposed, has had and will likely continue to have a negative impact on the economy and business activity globally (including in the countries in which GCRED invests), and thereby is expected to adversely affect the performance of GCRED’s investments. Furthermore, the rapid development of epidemics or pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to GCRED and the performance of its investments or operations.

Summary of Risks

• We have limited prior operating history and there is no assurance that we will achieve our investment objective.
• The majority of our portfolio investments will be recorded at fair value as determined in good faith by our board of trustees and, as a result, there could be uncertainty as to the value of our portfolio investments.
• Because subscriptions must be submitted at least five business days prior to the first calendar day of each month, you will not know the net offering price per share at which you will be subscribing at the time you subscribe.
• You should not expect to be able to sell your common shares of beneficial interest (“Common Shares”) regardless of how we perform.
• You should consider that you should not expect to have access to the money you invest for an extended period of time.
• We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop prior to any listing.
• Because you should not expect to be able to sell your shares, you should not expect to be able to reduce your exposure in any market downturn.
• At the discretion of the board of trustees, we intend to implement a quarterly share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity, among other significant restrictions. As a result, we cannot guarantee that share repurchases will be available each quarter.
• An investment in our Common Shares is not suitable for you if you need access to the money you invest.
• You will bear substantial fees and expenses in connection with your investment.
• Because the incentive fee is based on the performance of our portfolio, the Investment Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement.
• We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Any capital returned through distributions will be returned after the payment of fees and expenses.
• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Investment Adviser or its affiliates, that may be subject to reimbursement to the Investment Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
• We use and expect to continue to use leverage, which will magnify the potential for loss on amounts invested in us.
• We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.
• We intend to invest in securities that are rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
• Neither the U.S. Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
• This website must be read in conjunction with the Prospectus in order to fully understand all the implications and risks of an investment in GCRED. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the Prospectus. Prior to making an investment, investors should read the Prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business’ operating results.