GC Opal Advisors LLC

• A percentage of assets under your management
• Performance-based fees
• Other

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated June 16, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$124,304,284,578 as of October 2026, filing dated August 28, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients
• Selection of other advisers (including private fund managers)

Also doing business as

GC INVESTMENT MANAGEMENT LLC, RELYING ADVISER, GOLUB CAPITAL LIQUID CREDIT ADVISORS, LLC (MANAGEMENT SERIES), RELYING ADVISOR, OPAL BSL LLC (MANAGEMENT SERIES), RELYING ADVISER

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2017 (9 years)

Employees

Total: 1,087. Performing investment advisory functions: 306.

Wrap fee program participation

No.

Custodians (Schedule D, Section 5.K(3))

Northern Trust CompanyWells Fargo Bank, National Association

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

10 other offices, as of the September 2026 filing

Chicago, ILDallas, TXGreenwich, CTHuntersville, NCLondonMiami, FLNew York, NYSan Francisco, CASt. Thomas, VIToronto

States registered or notice-filed

8 states or jurisdictions

COCTFLILNCNYTXVI

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

None Reports no disclosure items on Form ADV Item 11. View on IAPD.

Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $46,028,809,009 in the October 2021 data and $124,304,284,578 in the October 2026 data, up 170%.

Total employees: 522 in October 2021 and 1,087 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. July 2026
   • Updated its list of owners and control persons (Schedule A).
2. June 2026
   • Updated its list of owners and control persons (Schedule A).
3. April 2026
   • Employees performing advisory functions went from 290 to 306.
   • Changed its office addresses in London.
   • Changed its office addresses in St. Thomas, VI.
   • Added an office in Dallas, TX.
   • Registered or notice-filed in CT, FL, TX.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.