SCHEDULE: Cliffwater Boosts Stake in Golub Capital BDC 4 to 20.1%

Cliffwater Corporate Lending Fund and affiliates have increased their beneficial ownership in Golub Capital BDC 4, Inc. to 20.1% of outstanding common stock.

Summary

• Cliffwater Corporate Lending Fund, Cliffwater LLC, and Stephen Nesbitt (collectively, the "Reporting Persons") have filed an Amendment No. 4 to Schedule 13G.
• The Reporting Persons collectively beneficially own 13,333,333.30 shares of Golub Capital BDC 4, Inc. common stock.
• This represents 20.1% of the issuer's common stock, based on 66,306,066.5 shares outstanding as of June 16, 2025.
• The Reporting Persons have shared voting power over 3,315,303.30 shares, noting that voting rights above 4.99% have been waived.
• Shared dispositive power is held over all 13,333,333.30 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as a significant increase in institutional ownership (20.1%) typically signals confidence in the company's value and prospects, even with a voting rights waiver. It suggests a long-term, strategic investment.

Positives

• A significant stake of 20.1% held by institutional investors like Cliffwater may signal confidence in Golub Capital BDC 4, Inc.'s long-term prospects.
• The acquisition of shares in the ordinary course of business suggests a strategic investment rather than an attempt to influence control, which can be viewed positively by existing management and shareholders.

Negatives

• The waiver of voting rights above 4.99% by the Reporting Person limits their direct influence on corporate governance despite a large ownership stake.

Risks

• The filing indicates a waiver of voting rights above 4.99%, which could limit the influence of a significant shareholder in corporate decisions.

Future Outlook

The filing does not provide forward-looking statements or guidance regarding the issuer's financial performance or strategic direction, as it is a beneficial ownership report.

Industry Context

This filing reflects an institutional investor's significant stake in a Business Development Company (BDC). BDCs typically invest in privately held companies, often providing debt financing, and are a key component of the private credit market. Increased institutional ownership in BDCs can reflect broader investor interest in private credit assets.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Increased institutional ownership may be viewed positively, potentially signaling confidence in the company and its valuation. The waiver of voting rights above 4.99% means the large stake does not translate into proportional voting control, which could be a point of consideration for other shareholders regarding corporate governance.

Key Dates

Recommendation

The filing indicates a significant increase in institutional ownership, which is generally a positive signal of confidence. However, as a Schedule 13G, it does not provide operational or financial performance details of Golub Capital BDC 4, Inc. to warrant a 'buy' or 'sell' recommendation. The waiver of voting rights by the large shareholder also limits their direct influence. Therefore, a 'hold' recommendation is appropriate, pending further financial and operational disclosures from the company.

Keywords

Golub Capital BDC 4, Cliffwater, Schedule 13G, Beneficial Ownership, Common Stock, Investment Fund, BDC, Institutional Investor